VST failed to achieve Q2 issuance plan. G-bond issuance surged 51.5% MoM to reach a five-month high of VND16.9bn (USD755mn) in June. The winning rate also increased to 54.3% from only 36.6% last month, with primary market yields picking up by 5 bps to 10 bps across all tenors. The Vietnam State Treasury (VST) failed to achieve its Q2 issuance plan as it issued only VND34.2tn (USD1.5bn) of G-bonds, completing only 52.6% of its plan.