Bond yields continued rising across almost tenors. The 5Y bond yield cooled at the beginning of the month but began to rise again from mid-month to a five-month high of 3.73%, up 12 bps MoM. Bond yields rose across almost tenors, due to 1) profit-taking, 2) declining system liquidity and 3) moderately rising inflation. Net foreign inflows of VND1.45tn (USD63.7mn) were 1.5 times higher than total net foreign inflows in the previous four months.