Demand for bonds remained high in October. Total issuance value doubled from the previous month to VND20.19tn (USD870mn). Yields declined further by 30 to more than 90 bps across all tenors.In line with our expectation (see our August 2019 Fixed Income report), the Vietnam State Treasury (VST) reduced its annual target (by 20% to VND209tn or USD9.0bn) due to sluggish State disbursement for investment and development. As of end-October, total G-bond issuance reached VND174.2tn