The Vietnam State Treasury (VST) successfully issued VND58.7tn (USD2.5bn; +80% MoM) of G-bonds in July with the wining ratio reaching 79%. In 7M 2020, the VST issued VND145.7tn (USD6.3bn; +6.2% YoY) of G-bonds, achieving 56% of the FY2020 plan. Despite the high bond supply, abundant liquidity in the banking system further depressed bond yields on both the primary and secondary markets. As of July 31, 1Y, 5Y and 10Y secondary bond yields quoted at 0.51% (-9 bps MoM), 1.86% (-16 bps) and 3.0