Yields increased further on tightening liquidity. On the primary market, G-bond issuance remained stable at VND16.1tn (USD700mn), up 4.2% from July. Winning rates have not picked yet, reaching only 49.8% for overall G-bonds and 13% for G-backed bonds due to tightening liquidity in the system. Yields on the primary market continued to inch up from 2 bps to 5 bps, with the 5Y reaching 3.5%.