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The resolution is shifting investor expectations, particularly where State influence, capital allocation and corporate governance intersect.

HÀ NỘI — As Việt Nam ushers in a new phase of State capital restructuring under Resolution 79-NQ/TW, the domestic financial market is reacting to what many analysts describe as a fundamental recalibration of the economy's institutional framework.

According to experts, this resolution is shifting investor expectations, particularly where State influence, capital allocation and corporate governance intersect.

In a recent VietFirst Securities (VFS) report says that the resolution's implications stem from its broader agenda on strengthening State budget mechanisms, national reserves and extra-budgetary funds.

VFS highlights the upgrade of major State conglomerates and enhanced financial autonomy of public service units, with targets like achieving at least 50 per cent self-sufficiency in recurrent and investment spending.

Within the equity market, these reforms are expected to transmit most directly through sectors with strong State participation, particularly State-owned banks and strategic infrastructure companies.

Head of analysis at VFS Nguyễn Minh Hoàng told aViệt Nam News and Lawreporter that the strongest market impact would likely concentrate on stocks and industries where State influence remains prominent.

He identified State-owned commercial banks, including Vietcombank (VCB), VietinBank (CTG) and BIDV (BID), along with leading State enterprises in aviation and telecommunications, such as Airports Corporation of Vietnam (ACV) and parts of the Viettel ecosystem (Viettel Construction CTR, Viettel Global Investment VGI and Viettel Post VTP), as potential beneficiaries of repricing if governance structures and growth outlooks improve.

Experts believe the resolution's impact on the stock market operates through three distinct transmission mechanisms: retention of investment proceeds, clearer segmentation between strategic and commercial enterprises and more efficient land resource utilisation.

Under the first mechanism, the resolution allows enterprises to retain all proceeds from equitisation and divestment for reinvestment instead of remitting them to the State budget. This alone could ease capital constraints for major State banks such as BIDV and VietinBank, helping them bolster Tier-1 capital ratios and support credit expansion.

The second mechanism entails a clearer bifurcation between State-owned strategic firms, where the State may own 50 per cent to 100 per cent of equity, and commercial enterprises where State ownership is intended to be below 50 per cent, potentially triggering a wave of divestment in 2026–2027.

In strategic sectors such as national defence, infrastructure, energy and financial services, this framework aims to concentrate State capital toward entities with systemic importance, while freeing commercial firms to attract private and foreign capital through governance reform.

Third, the resolution emphasises market-based valuation of land assets, unlocking holdouts in companies with significant land holdings, notably industrial park developers.

Firms such as Vietnam Rubber Group (GVR), Phuoc Hoa Rubber (PHR), Dong Phu Rubber (DPR) and Nam Tan Uyen (NTC) are cited as examples where improved land accounting and compensation mechanisms could materially enhance net asset value and investment profiles.

In addition to infrastructure sectors, the energy and oil and gas value chain would remain central to the resolution's strategic orientation, Hoàng said.

With State direction confirming the importance of energy security, entities like PetroVietnam Technical Services Corporation (PVS), PV Drilling (PVD) and PV Gas (GAS) are highlighted for their roles in executing large infrastructure projects, including gas-to-power initiatives, while preserving margin structures under evolving market pricing.

Market responses in early 2026 have reflected these policy interpretations.

Over the past eight trading sessions, the banking sector has led the Vietnamese stock market benchmark VN-Index to achieve new record levels. On January 13, the VN-Index hit 1,902.93 points, the highest in its history. This surge was driven by three key stocks: VCB, CTG and BID from BIDV, all of which sustained their upward momentum along with increased trading volume.

This dynamic underscores the renewed investor focus on names perceived to have disproportionate exposure to Resolution 79's structural reforms.

Despite the focus on State-linked stocks, some experts emphasise that favourable outcomes are not automatic. They caution that stock selection should draw on enterprise fundamentals, competitive position, leadership and genuine reform execution, rather than State affiliation alone.

Some areas recording increases of more than 40%.

Apartment prices in Vietnam surged sharply in 2025, rising 20–30% year on year, with some areas recording increases of more than 40%, particularly in the mid-range and high-end segments, according to the Ministry of Construction.

In Hanoi, the average selling price of primary apartments was estimated at VND100 million ($3,802) per sq.m, up 40% from 2024. Several projects were listed at notably high levels, including Celestine Westlake at VND160–255 million per sq.m, LUMIÈRE Essence Peak at VND130–177 million, Vinhomes D’Capitale at VND120–150 million, and Diamond Residence at VND130–151 million per sq.m.

In Ho Chi Minh City, the average apartment price reached VND111 million per sq.m in 2025, representing a 23% increase compared to the previous year.

Meanwhile, in other localities, average apartment prices rose by 10–15% year on year.

For the villa and townhouse segment, selling prices at the end of 2025 remained broadly stable compared to the previous quarter. However, on a full-year basis, prices increased by 10–20% from 2024, with the strongest gains concentrated in areas featuring well-developed infrastructure and central locations.

The Ministry of Construction said it will keep close watch over the real estate market to have appropriate measures to monitor to ensure the safe, transparent and sustainable development of the market.

Funded by the city's public investment budget, the project has a total investment of approximately VND55.179 trillion ($2.1 billion) and is scheduled for completion in the fourth quarter of 2030.

Ho Chi Minh City officially commenced construction on four key infrastructure projects on January 15. Among them, Metro Line 2 (Ben Thanh – Tham Luong) stands out as the only project funded entirely by public investment and the first to pioneer special mechanisms under Resolution 188.

The Metro Line 2 is identified as a vital radial axis in the local urban railway system, connecting the city center with the northwestern districts. The line starts at Ben Thanh Station, which will serve as a future central transit hub for the entire metro network.

Speaking at the ceremony, Vice Chairman of the City People’s Committee Bui Xuan Cuong emphasized that the commencement of Metro Line 2 at this stage is of particular significance as several favorable conditions have converged. Notably, site clearance has been completed, and project funding has transitioned to the city budget, with full allocation secured in the 2026–2030 medium-term plan.

As a large-scale project with high technical requirements passing through densely populated urban areas, Metro Line 2 is the pioneer in applying specific policies under Resolution 188/2025/QH15. This mechanism is designed to remove bottlenecks in investment procedures, capital sourcing, design standards, and contractor selection. It further aims to link transportation development with urban spatial reorganization under the Transit-Oriented Development (TOD) model.

In its first phase, the line will span approximately 11.3 km, consisting of 9.3 km of underground tracks and 2 km of elevated sections. The project includes 10 underground stations, one elevated station, and one depot. Funded by the city's public investment budget, the project has a total investment of approximately VND55.179 trillion ($2.1 billion) and is scheduled for completion in the fourth quarter of 2030.

According to Mr. Phan Cong Bang, Head of the Management Authority for Urban Railways (MAUR), Metro Line 2 will utilize European-standard technology to ensure modernization, synchronization, and compatibility across the city's entire railway network.

The three other projects include the Phu My 2 Bridge, the Can Gio Bridge, and the Rach Chiec National Sports Complex.

The practice is part of a series of activities to welcome the 14th National Party Congress, affirming the strong political resolve of the City’s Party Committee, government, and citizens to complete a synchronous and modern infrastructure system.

Vietnam plans to mobilize more than US$5.5 billion in foreign loans in 2026 to finance major national infrastructure projects, the Ministry of Finance said, noting that disbursement of the funds has been slow.

Speaking at a meeting of the National Steering Committee on Official Development Assistance (ODA) and Concessional Loans in Hanoi on Friday, Deputy Minister of Finance Tran Quoc Phuong said ODA and concessional foreign loans would continue to play an important role in Vietnam’s overall development investment.

In allocating this foreign capital, priority will be given to large-scale projects, including key infrastructure works, that generate strong spillover effects and support broader economic growth.

He noted that in December last year, Vietnam broke ground on and inaugurated 234 infrastructure projects with a combined investment of VND3,400 trillion (about $129.3 billion), of which 18 percent came from state funding and the remainder from private and other sources.

In 2026, Vietnam is expected to mobilize foreign loans totaling about VND146.28 trillion ($5.56 billion) to meet funding needs for the implementation of a number of major national infrastructure projects.

Phuong warned, however, that disbursement of the foreign funding has been slow.

During 2025, Vietnam secured $624 million in new ODA and concessional loans for 10 projects, a level comparable to the preceding year.

However, only 35.27 percent of this funding was disbursed, down from the rate recorded a year earlier, Phuong said.

Among ministries and central agencies, the 2025 foreign capital disbursement rate reached 46.02 percent.

Phuong attributed the slower disbursement to a range of factors, including delays in project preparation.

Land clearance, resettlement, verification of land origin, land pricing, and forest land-use conversion remained among the most significant bottlenecks.

Progress was also hampered by delays in securing approvals or non-objection opinions from development partners for bidding documents and related dossiers.

External challenges, including shortages of construction materials, rising input costs, and the impact of extreme weather events, natural disasters, storms, floods, and landslides in some localities, continued to weigh on construction progress and capital disbursement.

In addition, several projects faced setbacks related to bidding procedures, contract signing, tax issues, or ongoing adjustments to investment policies, loan agreements, and capital plans.

Institutional constraints were also cited, as procedures for negotiating, signing, amending, and extending loan agreements remained time-consuming.

To address these challenges and boost foreign funding disbursement, Vietnam has, since October 2025, approved and issued a series of new legal regulations related to ODA and concessional foreign loans, the Vietnam Government Portal cited Phuong as saying.

One notable move was the passage of the revised Law on Public Debt Management, which took effect on January 1, 2026.

The amended law introduces fundamental changes to the loan proposal process, simplifies procedures and documentation, cuts red tape, and strengthens decentralization and delegation of authority in negotiating and signing international agreements on ODA and concessional loans.

According to the finance ministry, an orientation plan on mobilizing, managing, and using ODA and concessional loans for the 2026–30 period is being finalized for submission to the prime minister.

Under the plan, total ODA and concessional loans to be mobilized over the five-year period are estimated at around $38 billion.

The plan reaffirms that such funding will remain a key source of development investment, with priority given to major infrastructure projects that create breakthroughs, generate strong spillover effects, and drive development transformation at national, regional, and local levels.

Total export revenue reaching $2.12 billion.

Vietnam’s pepper and spice exports reached a record high of more than $2.12 billion in 2025, up 20.1% year-on-year, according to the Vietnam Pepper and Spice Association (VPSA).

Pepper accounted for 78% of the total export value. In 2025, Vietnam exported more than 246,000 tonnes of pepper, generating $1.66 billion in revenue. While export volume declined 1.5% compared with the previous year, export value rose sharply by 26%, driven by higher prices. The average export price climbed to nearly $6,750 per ton, up 28.3% from 2024.

Other spice products also made significant contributions to export earnings. Cinnamon brought in about $300 million, followed by ginger and turmeric with $61 million, star anise with nearly $59 million, cardamom and nutmeg with $33 million, and chili with around $10 million.

According to the association, these figures indicate that Vietnam’s spice export structure is becoming increasingly diversified, helping to reduce dependence on a single product.

State-controlled industrial real estate developer Becamex will build the nearly VND168 trillion ($6.4 billion) Chon Thanh-Bau Bang-An Binh-Cai Mep rail line linking Ho Chi Minh City with its neighboring province of Dong Nai.

The company has been assigned by the HCMC People’s Committee to prepare resources, personnel and feasibility study reports for several railway projects, including the Chon Thanh-Bau Bang-An Binh-Cai Mep route, Le Nguyen Bao Trong, director of Becamex’s economic and technical department, was quoted by local media as saying.

According to Trong, the railway is nearly 154 kilometers long, with the An Binh-Cai Mep section stretching 88.44 km long (over 12 km from An Binh in the former Binh Duong province, now part of HCMC after their July 2025 merger) to Dong Nai Bridge; nearly 43 km from Dong Nai Bridge to Phu My in the former Ba Ria-Vung Tau province (now also part of HCMC); and nearly 34 km from Phu My to Cai Mep port.

The An Binh-Bau Bang section is 52.25 km long, while the Bau Bang-Chon Thanh section is 12.7 km long, including 10.5 km in Ho Chi Minh City and 2.2 km in Dong Nai province.

This is a strategic railway project connecting industrial parks in HCMC and Dong Nai with the Cai Mep-Thi Vai deep-water port, aimed at resolving logistics bottlenecks and enabling faster cargo transport, while reducing pressure on road transport, he noted.

HCMC (now including Binh Duong and Ba Ria-Vung Tau), Dong Nai, and Tay Ninh (formed by the merger of Long An and Tay Ninh) are industrial hubs in southern Vietnam. The country is building Long Thanh International Airport in Dong Nai.

The proposed line will have a double-track standard gauge (1,435 mm) and high operating speeds (160 km/h for passenger transport and 120 km/h for freight), and is expected to be developed under a public-private partnership (PPP) model. Once completed, it will save more than $2 billion per year in logistics costs, he said.

According to the HCMC Department of Construction, the railway is planned as a national rail line forming part of Ho Chi Minh City-Loc Ninh and Bien Hoa-Vung Tau routes.

For the An Binh (Di An)-Cai Mep section, the Railway Project Management Board under the Ministry of Construction has been assigned to prepare a pre-feasibility study report.

The project is expected to be submitted to the National Assembly for in-principle approval in early 2026, with construction targeted to start in 2027 and phase-one operations planned for 2035.

For the Bau Bang-An Binh (Di An) section, the Prime Minister previously assigned the former Binh Duong province to prepare a pre-feasibility study report for the project.

To provide sufficient grounds for submission to competent authorities for consideration and decision on the Chon Thanh-Bau Bang-An Binh-Cai Mep railway project, the HCMC Department of Construction has proposed that the municipal People’s Committee assign Becamex to study investment options.

The railway plays a strategic role in connecting major industrial centers with the Cai Mep-Thi Vai deep-water port. It will benefit significantly from the new legal framework, particularly Decree No. 123/2025/ND-CP and special resolutions of the National Assembly.

Decree 123 allows the application of advanced technical standards, such as the Front-End Engineering Design (FEED) model and the use of Building Information Modeling (BIM) technology, helping to optimize design processes and project management.

More importantly, the project can leverage special mechanisms for investment and site clearance under resolutions on the development of the Southern Key Economic Region, enabling faster progress in investment preparation under the PPP model, thereby realizing the goal of enhancing logistics capacity and promoting regional economic growth.

Becamex is one of the leading industrial park developers in Vietnam. The corporation is the Vietnamese partner in VSIP, a joint venture with Singapore’s Sembcorp.

Credit flows will be guided towards projects with complete legal status, reputable developers, social housing and genuine housing demand.

HÀ NỘI — The State Bank of Vietnam (SBV) has asked commercial lenders to keep growth in real estate lending no higher than their overall credit growth ceilings, a move framed as tighter supervision rather than an outright restriction on property loans.

The request forms part of the SBV’s guidance on managing credit growth in 2026, which sets an overall system-wide target of about 15 per cent.

The central bank said the policy is intended to channel capital towards production and business activities and other priority sectors, while safeguarding the safety and stability of the banking system.

At the same time, banks are being directed to prioritise lending to projects with full legal status, reputable developers, social housing and genuine housing demand. Credit to speculative projects with a high risk of bad debts will be strictly limited, the SBV said.

The measure is aimed at curbing systemic risks as real estate lending has expanded rapidly in recent years, heightening concerns over liquidity pressures and a potential rise in non-performing loans.

A report by Vietcombank Securities (VCBS) showed that by the end of August 2025, outstanding loans linked to real estate, including home purchases and property-related business, exceeded VNĐ4 quadrillion (US$157 billion). This represented a year-on-year increase of 19 per cent and accounted for about 24 per cent of total credit in the economy.

VCBS also highlighted a shift in the structure of real estate lending, with credit to property developers accelerating sharply.

By the end of the third quarter of 2025, credit for real estate business had surpassed VNĐ1.82 quadrillion, up 35 per cent from the beginning of the year. Lending to developers alone jumped by nearly 40 per cent, far outpacing loans to individual homebuyers, which rose by just 12.4 per cent.

Most real estate credit has flowed into business activities, particularly transactions involving developers and secondary buyers, according to VCBS.

An SBV survey found that credit risk is currently highest in the real estate sector, exceeding risks in securities and import-export lending. As a result, tighter control of credit flows into property is seen as urgent to prevent a return of extreme boom-and-bust cycles.

Tight control, not restriction

At a Government meeting on Tuesday, Prime Minister Phạm Minh Chính called for strong action to curb speculative capital and push commercial housing prices to more reasonable levels. He urged the SBV to tighten oversight of real estate credit.

In response, the SBV set an indicative credit growth target of about 15 per cent for 2026, while signalling to the property sector that lending will not be banned but will be closely controlled.

The central bank has asked commercial lenders to ensure that growth in real estate credit does not exceed their overall credit growth rates. Capital is to be channelled towards projects with clear legal status, reputable developers, social housing and genuine housing demand, while lending to speculative projects with a high risk of bad debts will be firmly limited.

Analysts said the sector is unlikely to face a credit squeeze, but capital flows are expected to shift, narrowing access for speculators while widening it for transparent projects and real homebuyers.

Cấn Văn Lực, chief economist at BIDV, warned that the high share of property loans, around 24 per cent of total credit, combined with aggressive expansion by some developers across multiple projects, could amplify risks if market conditions weaken.

Nguyễn Thế Minh of Yuanta Vietnam Securities said the cap on real estate credit growth should be viewed as a necessary step to bring order to the market after a year of strong recovery, rather than a restrictive measure as initially feared.

He noted that absolute capital flows into real estate are expected to remain high next year, estimated at VNĐ749 trillion, sufficient to maintain basic market liquidity.

The market should shift its focus from credit quotas to interest rates this year, Minh said, adding that rates of 8–9.5 per cent a year or higher are likely to dampen transaction volumes and weed out investors overly reliant on leverage.

Nguyễn Thuý Hạnh, director general of Standard Chartered Việt Nam, said that while real estate credit growth in 2025 was significantly higher than in previous years, the key challenge for 2026 will be to sustain economic and credit growth while containing risks.

Credit should be directed towards real estate projects that play a vital role in the economy, meet quality standards and serve genuine housing demand, she said, citing industrial parks, residential developments and especially social housing as priority segments.

Financial expert Nguyễn Quang Huy said it is necessary to clearly differentiate credit policies by segment to maintain macroeconomic stability without disrupting growth momentum.

As capital flowing into real estate is typically locked in over the long term, with limited mobility and little short-term value creation, interest rate policy should be applied flexibly and selectively rather than uniformly across the entire property market, Huy said.

High-risk speculative segments that rely heavily on leverage should face tighter controls, while projects serving real housing needs, such as social housing and homes for workers, should continue to have access to reasonably priced credit.

The Ministry of Finance has recently proposed allowing the State Treasury of Vietnam to increase the cap on idle funds deposited at commercial banks to improve liquidity during the year-end period.

HÀ NỘI — The Ministry of Finance has proposed allowing the State Treasury to temporarily raise the cap on idle funds deposited at commercial banks, a move aimed at easing liquidity pressures during the year-end period.

The proposal is included in a Government resolution on adjusting the limit for using temporarily idle State funds for term deposits at commercial banks, drafted by the State Treasury.

Under the proposal, the maximum proportion of idle funds deposited by the State Treasury at commercial banks could be increased from the current 50 per cent to 60 per cent until February 28. After that date, deposited funds will be maintained until maturity, but the balance must be brought back within the existing 50 per cent cap by March 31.

Temporarily idle State funds refer to money that has not yet been disbursed but already has designated expenditure purposes.

According to the Ministry of Finance, while raising the limit would increase pressure on the ministry to meet State budget payment needs in a timely and complete manner, including social security spending and investment capital disbursement, the adjustment would support the State Bank of Vietnam (SBV) in stabilising banking system liquidity during the year-end period and the Lunar New Year 2026. This would help ease pressure on market interest rates, stabilise the macroeconomy and contribute to achieving growth targets.

Credit growth in the banking system has accelerated in recent months, while capital mobilisation has lagged behind. An SBV report showed that as of December 24, credit had risen 17.87 per cent compared to the beginning of the year to VNĐ18.4 quadrillion (US$700 billion). By contrast, capital mobilisation grew by only about 14 per cent. This gap has put significant strain on banking system liquidity, particularly ahead of the Lunar New Year when seasonal demand for capital increases.

In response, the SBV has rolled out measures to stabilise the market, while the Ministry of Finance has deposited temporarily idle funds at commercial banks up to the current 50 per cent ceiling.

However, liquidity in the money market has at times remained tight, pushing up interbank interest rates. Short-term rates of under one month in the interbank market have occasionally stood at 6.5 to 7.5 per cent per year, markedly higher than levels below 5 per cent seen in the first half of the year.

Adjusting the maximum deposit limit is therefore both necessary and urgent, the Ministry of Finance said, adding that it will proactively manage deposit balances to ensure liquidity safety and compliance with the prescribed ceiling.

The ministry also said it will continue to coordinate closely with the SBV on synchronising fiscal and monetary policy management, supporting economic growth while maintaining macroeconomic stability.

Vietnam’s central bank has instructed lenders to rein in growth of credit to the property sector in 2026, capping it at no more than each bank’s overall credit growth rate in 2025, according to an official directive.

In a new directive on 2026 credit growth control sent to credit institutions, The State Bank of Vietnam (SBV) said it has issued credit growth quotas for individual credit institutions based on their 2024 supervisory ratings.

Banks are required to keep total credit growth within the assigned limits throughout 2026. In addition, credit expansion in the first three months of the year must not exceed 25% of each lender’s full-year quota.

The central bank said it will closely monitor overall credit growth as well as property lending at individual banks during 2026, and may cut credit quotas for institutions that fail to comply.

The SBV also urged banks to strengthen their credit appraisal and risk assessment capabilities, enhance internal controls over lending activities and ensure compliance with legal requirements. Violations of regulations or internal rules in credit extension must be detected promptly and dealt with strictly, it said.

Targeted control, not across-the-board tightening

In 2026, the SBV said it will continue to closely track economic developments and manage credit growth in a proactive and flexible manner, with the aim of supporting banks in supplying capital to the economy while safeguarding financial system stability, maintaining macroeconomic stability, and keeping inflation under control.

Based on assessments of macroeconomic conditions, inflation, and credit growth at individual lenders, the SBV said it may adjust credit growth targets upward or downward as needed. Banks will not be required to submit formal requests for quota adjustments, it added.

The approach of linking property credit growth to each bank’s overall lending expansion signals that the SBV is not pursuing blanket tightening, but rather seeking to prevent an excessive concentration of capital in higher-risk sectors at a time when real estate loans already account for a large share of total credit at many banks.

Commenting on the SBV’s indicative credit growth target of around 15% for 2026, a source from Standard Chartered Vietnam commented that the figure remains relatively high by historical standards. A 15% expansion on last year’s large credit base should be sufficient to support economic activity and meet the government’s growth objectives, the source said.

The key issue, the source added, is not the headline growth figure but how credit is allocated. Instead of concentrating lending in risk-prone sectors, the 2026 strategy emphasises steady disbursement and prioritization of manufacturing and real estate projects serving genuine end-user demand. More evenly distributed credit growth would help banks better manage non-performing loans and ensure capital flows into activities that generate real economic value.

A notable feature of this year’s policy stance is the SBV’s guidance that roughly 25% of the year's credit growth be allocated to each quarter. While this presents challenges, it also creates opportunities to improve corporate governance.

For highly cyclical industries, particularly those reliant on year-end peak seasons, the guidance requires businesses to develop more detailed and disciplined business plans from the start of the year.

With clearer financial roadmaps, companies can better align their operations with regulatory oversight, reducing the risk of funding shortages or disruptions as credit limits tighten toward year-end.

Overall, the SBV’s credit policy orientation for 2026 underscores a growing emphasis on capital efficiency and financial discipline, rather than a sole focus on headline credit quotas. This raises the bar for risk governance and financial planning capabilities at both banks and borrowing firms.

Vietnam’s central bank targets credit growth of around 15% this year, lower than both its target of 16% and the actual expansion of 19.1% recorded last year.

Outstanding loans in 2025 hit VND18,580 trillion ($707.14 billion). Credit growth outpaced deposit mobilization, at times putting significant pressure on system liquidity, particularly ahead of the Lunar New Year holiday (starting February 14, 2026).

Google will start developing and manufacturing high-end smartphones in Vietnam this year, Nikkei Asia reported on Tuesday, citing sources familiar with the matter.

Google already has a large network of suppliers in Vietnam that assemble its products, including Pixel smartphones.

Google will begin new product introductions (NPI) for its Pixel, Pixel Pro, and Pixel Fold phones in Vietnam, with development of the lower-end Pixel A series remaining in China for now, the report said.

NPI is a critical phase in launching a new electronics device, involving process development, verification, and refinement, the report added.

Google already mass-produces high-end smartphones in Vietnam and conducts some verification there, so building new phones from scratch in the country should be achievable, the report said.

The average per capita income was estimated at VND5.9 million (US$225 USD) per person per month last year, up 9.3% from 2024, a survey has found.

The year-on-year growth was stronger than the 9.1% seen in 2024, according to preliminary results from the Household Living Standards Survey 2025 conducted by the National Statistics Office.

Part of this increase was attributed to income related to public officials and employees retiring or resigning following the streamlining of the political system’s organizational apparatus.

Nguyen Thi Huong, the office's director, said the income structure is shifting in a more progressive and sustainable direction, with the proportion of wages and wage-like earnings in total household income continuing to rise.

The survey indicated that household living standards remained stable throughout 2025. Household income during the year showed a more stable and positive trend than in 2024.

More than a quarter of surveyed households (31.3%) reported higher incomes, nearly two-thirds (65%) said their income was unchanged, while only 2.8% reported a decline and 0.9% were unsure.

The office attributed the increase in income and the stability of living standards to several factors. Production and business performance across all three economic sectors improved, contributing to job creation and higher earnings for workers and households.

Social security programs and policies were implemented in a timely and effective manner, generating positive impacts on living conditions.

Key measures included continued support and allowances for people who rendered services to the nation, the poor, disadvantaged groups and social protection beneficiaries. Emergency assistance and post-disaster relief were also promptly delivered, with total support reaching VND92.4 trillion, up 32.4%, from 2024. The nationwide program to eliminate temporary and dilapidated houses was also highlighted.

In addition, the average worker income rose by 8.9% year-on-year, while employment levels were maintained and the unemployment rate remained low and improved compared to 2024. These trends reflect a more positive labor market, with higher worker incomes contributing to increased household earnings.

Policies related to public officials, employees, workers and the armed forces in the context of streamlining the political system also helped raise incomes and create new livelihoods for part of the population. Continued support for free health insurance cards and medical examination cards for eligible groups further eased healthcare-related financial burdens.

However, the office noted that a small proportion of households still faced difficulties. Among households reporting lower income in 2025 (2.8%), the main reasons included job loss or temporary suspension of work (37.5%), reduced production or business scale (24.1%), higher input costs (21.2%) and lower selling prices of products (19.5%).

Natural disasters such as floods, storms and droughts continued to cause damage to housing and livelihoods, increasing vulnerability, particularly in rural, mountainous and coastal areas.

To ensure continued growth in per capita income and further improvements in living standards in 2026, the office recommended that the government and local authorities continue to effectively implement social security programs, improve job quality and employment opportunities, maintain timely support for vulnerable groups, and strengthen disaster preparedness and climate change adaptation through early warning systems, safe residential planning and livelihood transition support.

According to Asia Manufacturing Index 2026, released by Dezan Shira & Associates, Vietnam, boasts a very favorable economic outlook, now ranks third.

The AMI 2026 captures the relative competitiveness of 11 major Asian manufacturing economies across 8 key pillars and 43 sub-parameters. This edition provides a structured and transparent benchmark designed to support fact driven comparisons at a time when manufacturing decisions have become increasingly complex.

According to AMI 2026, Vietnam’s economic outlook bolstered by the stabilization of its government after years of uncertainty regarding the succession of the former party secretary. This political stability is critical for investors, as it signals a consistent policy environment.

The country has also cultivated a relatively open investment environment for foreign businesses, enhancing its attractiveness as a manufacturing hub.

Infrastructure plays a pivotal role in Vietnam's success, with the country ranking 3rd in this tier, yet it faces challenges in meeting growing infrastructure demands. Key projects like Ho Chi Minh City's Long Thanh airport and the high-speed railway, which is not expected to be completed until 2035, highlight the slow pace of expansion.

Additionally, concerns over energy stability and the environmental toll of rapid manufacturing growth persist, with Vietnam ranking last out of 180 countries in the 2024 Environmental Performance Index (EPI) by Yale University.

Despite this, setting up a factory in Vietnam offers a logistical advantage, as the country's long coastline ensures proximity to the sea and ports, reducing reliance on extensive railway and highway networks, which only rank 8th in the Infrastructure Quality parameter.

Vietnam's significant infrastructure investment, however, ranking 2nd, underpins its ambition to become a global manufacturing leader. Coupled with its young, dynamic, and increasingly skilled workforce, this strengthens the country's competitiveness as a prime manufacturing destination.

One of Vietnam's standout strengths is its excellent integration into the global network of free trade agreements (FTAs). This strategic positioning makes Vietnam an ideal location for production, allowing companies to efficiently export to key markets, including China, Australia and New Zealand (ANZ), ASEAN nations, and the United States.

In summary, Vietnam's combination of a strong economic outlook, political stability, open investment climate, robust infrastructure, and advantageous trade agreements positions it as a top destination for manufacturing in Asia.

The AMI is also a core component of Dezan Shira & Associates’ APAC manufacturing market research work, created to help investors navigate the region more efficiently.

According to AMI 2026, China remains the number one ranked manufacturing country for the third consecutive year. The most significant shift in this edition is Malaysia’s rise to second place, its first time entering the top two. Singapore climbs into fourth place, Thailand rises from tenth to eighth, and Japan, the Philippines, and South Korea each adjust modestly. India remains stable at sixth and Indonesia remains stable at seventh. Bangladesh remains in eleventh place.​

With proactive efforts and clearly defined plans from the outset, many enterprises across Việt Nam’s industrial sectors are confident about sustaining stable growth in 2026.

HÀ NỘI — Many enterprises across Việt Nam’s industrial sectors share the view that 2026 will remain a challenging and unpredictable year. Nevertheless, with proactive efforts and clearly defined plans from the outset, they are confident about sustaining stable growth.

As one of the country’s leading players in precision mold-making, Lập Phúc Co., Ltd., based in Phú Thuận ward, HCM City, has set a growth target of 20 per cent–30 per cent compared to last year. Thanks to sustained investment in advanced technologies over many years and continuous improvements in the skills of its engineers and workers, Lập Phúc’s mold products are now highly competitive in both price and quality against those from other regional markets.

US importers are currently prioritising the company’s products, and its orders for 2026 remain relatively stable, said Nguyễn Văn Trí, General Director of Lập Phúc Co., Ltd.

In the mechanical–electrical sector, Lê Mai Hữu Lâm, General Director of Cát Vạn Lợi Industrial Electrical Equipment Manufacturing JSC, has set a growth target of 23 per cent. To achieve this goal, the company plans to strengthen internal capabilities, with human resources identified as the decisive factor. At the same time, Cát Vạn Lợi is pursuing additional international certifications to participate in major projects at home and abroad, while stepping up trade promotion to help Vietnamese products reach wider markets.

Thanks to its standardised production aligned with international norms, the company’s mechanical–electrical products have been deployed in major domestic projects such as Metro Line No.1 (Bến Thành–Suối Tiên), Long Thành International Airport, Vân Phong 1 Thermal Power Plant, and the National Data Centre. Internationally, the company has supplied projects including the Malina Metro Line in the Philippines, Cambodia’s Techo International Airport, and the Matarbari coal-fired power plant in Bangladesh.

Although many Vietnamese mechanical–electrical products already meet European and Japanese standards and supply foreign partners, local enterprises note that they still face barriers to participating in large-scale domestic projects. Trần Thành Trọng, Vice Chairman of the HCM City Mechanical–Electrical Enterprises Association, emphasised that domestic firms are fully capable of providing auxiliary system installations for urban railways, including power supply systems, backup generators, ventilation, peripheral automation controls, fire prevention systems, and elevators.

He stressed that alongside investment in technology, process standardisation, and high-quality workforce development by enterprises, state management agencies should give greater consideration to prioritising domestically produced goods and services in urban railway projects. This will help reduce investment and operating costs, enhance national self-reliance, and lay the groundwork for the development of a modern Vietnamese railway industry. For components that must be imported, clear roadmaps for technology transfer in production, operation, and maintenance should be required.

According to Trí, access to capital remains a major challenge, as investment demands are high while lending interest rates remain elevated. Although HCM City is implementing stimulus loan programmes, not all enterprises can access them. In addition, industrial land rental costs are rising sharply, with prices in Củ Chi Industrial Park reaching around US$250/sq.m for a 50-year lease, eroding manufacturers’ competitiveness.

Survey results among industrial enterprises in the city indicate strong confidence going into the first quarter of this year. Specifically, 32.8 per cent of firms expect conditions to improve, while 73.5 per cent of state-owned enterprises assess their business outlook for Q1-2026 as more positive.

Actual business conditions in Q4 2025 significantly outperformed previous expectations. In the Q3 2025 survey, only 56% of businesses predicted that conditions in Q4 would be positive.

With a score of 80—the highest in seven years, the Business Confidence Index (BCI) from the European Chamber of Commerce in Vietnam (EuroCham) for Q4 2025 confirms the unwavering trust European enterprises place in Vietnam.

This recovery solidifies Vietnam’s position as a strategic investment destination and a leading regional growth engine.

EuroCham released its BCI for the fourth quarter of 2025 on January 13, which marks a clear shift, signaling that strengthened confidence is now becoming a primary driver for expansion and investment decisions in the coming period.

Surge in optimism

After years of navigating international volatility and disruptions, the Q4 2025 BCI indicated that sentiment among European businesses in Vietnam has returned to a positive growth zone. This score surpasses levels recorded both prior to the imposition of US tariffs and before the COVID-19 pandemic.

The report identified this as one of the strongest quarterly increases since the BCI was first launched in 2011. It reflected a distinct and uniform improvement in both the assessment of current business conditions and expectations for the future.

In Q4 2025, 65% of surveyed enterprises rated their current business situation as positive. This optimism is expected to build further momentum heading into the new year, with the percentage rising to 69% when looking toward Q1 2026.

Notably, actual business conditions in Q4 2025 significantly outperformed previous expectations. In the Q3 2025 survey, only 56% of businesses predicted that conditions in Q4 would be positive.

Driven by macroeconomic momentum

This trend closely mirrors Vietnam’s macroeconomic recovery and acceleration. Vietnam’s GDP growth in Q4 2025 reached 8.46%—the fastest quarterly growth rate since Q4 2007—surpassing the forecasts of many major international organizations.

“Our latest BCI confirms what many of us have felt intuitively,” said EuroCham Chairman Bruno Jaspaert. “After years of hovering around the mid-line, reaching 80 tells us that confidence is now grounded in delivery – in factories running, orders returning, and investments being executed. We are seeing a structural shift where Vietnam is quickly transforming itself into a powerful growth engine, on track to rank among the top three economies in ASEAN.”

Beyond short-term gains, the Q4 2025 BCI revealed exceptionally strong confidence in Vietnam’s medium-term outlook. An overwhelming 88% of respondents expressed optimism about their organisation’s prospects in Vietnam over the 2026–2030 period, including 31% who described themselves as “very optimistic”.

“88 may sound like a lucky number, but it is much more than a fortune cookie: for our members, it is a rational one. Over the next five to seven years, provided it plays its cards right, Vietnam is destined to become the place to be, rising to enter a golden era of growth and transformation," Mr. Jaspaert noted.

This confidence is further bolstered by strong business performance. In 2025, 60% of enterprises reported improved results compared to 2024. Furthermore, optimism remains high for the future, with 82% of businesses expecting their performance to continue growing in 2026.

Vietnam’s appeal is also reinforced by vocal support from the business community. An impressive 87% of companies expressed their willingness to recommend Vietnam as a prime investment destination to other foreign firms, with the highest level of confidence recorded among large-scale enterprises.

Strategic priorities for 2026

The report noted that as market confidence solidifies, European businesses are entering 2026 with increasingly clear strategic priorities. Expansion and portfolio diversification top the list, cited by 50% of respondents as their primary focus.

Human resources remains the second-highest priority, with 45% of businesses focusing on recruitment and talent retention. This reflects persistent pressure in securing high-quality labor and underscores the pivotal role of human capital in maintaining sustainable growth momentum.

In parallel, technology integration, automation, and Artificial Intelligence (AI) are prioritized by 41% of enterprises. This highlights a strategic shift toward enhancing efficiency, productivity, and long-term competitiveness in an increasingly digital landscape.

Under the latest statement on managing credit growth in 2026, the SBV said that this year it will focus on maintaining macroeconomic stability and sustainable development, and control risk areas and real estate.

HÀ NỘI — Việt Nam’s central bank has set a credit growth target of 15 per cent for 2026, down from last year’s target of 16 per cent and well below the 19.1 per cent expansion recorded in 2025, signalling a more cautious approach as it prioritises stability and risk control.

In its latest statement on managing credit growth this year, the State Bank of Vietnam (SBV) said the focus will be on maintaining macroeconomic stability and sustainable development, while tightening control over risk-prone areas, particularly real estate.

“In the first quarter of 2026, credit institutions must ensure that the credit growth rate does not exceed 25 per cent of the annual target and ensure sufficient capital balance. Besides, the credit growth rate for the real estate sector of the credit institution in 2026 must not exceed its overall credit growth rate at the end of 2025,” the SBV stated.

The central bank noted that the overall credit growth target could be adjusted depending on actual conditions, as long as it remains consistent with goals of inflation control, macroeconomic stability, support for economic growth and the safety of the credit institution system.

According to the SBV, monetary policy will continue to be managed proactively, flexibly, promptly and effectively, in line with resolutions of the National Assembly and directives of the Government and the Prime Minister.

This approach will be implemented in close coordination with a focused and targeted expansionary fiscal policy and other macroeconomic measures, with the aim of safeguarding macroeconomic stability, controlling inflation, restructuring weak banks under mandatory transfer and supporting economic growth.

To guide implementation, the SBV has issued a written notice to credit institutions, publicly and transparently setting out the principles for assigning credit growth quotas for 2026. The targets allocated to each institution are based on 2024 rating scores in accordance with Circular 52/2018/TT-SBV.

The central bank has also instructed lenders to strictly control credit growth in sectors with potential risks and in real estate, while channelling capital towards production and business activities, priority sectors and key growth drivers of the economy. This is intended to ensure money market liquidity and the overall safety of the banking system.

“Credit institutions must seriously, fully and promptly implement the directives of the Government and Government leaders regarding the effective and timely deployment of credit solutions. In addition, credit growth must be safe and in accordance with the law, based on risk management capacity, liquidity situation and capital raising ability, ensuring the safety ratios, especially liquidity and solvency ratios, improving credit quality, using capital for the right purposes and effectively, limiting the increase and emergence of bad debts and ensuring operational safety,” the SBV said.

Credit institutions are also required to strengthen credit assessment and appraisal, enhance internal inspection and control of lending activities to ensure compliance with regulations and promptly detect and strictly handle violations of the law and internal rules.

The SBV said it will continue to closely monitor developments to manage credit growth proactively and flexibly, supporting the banking system in supplying capital to the economy while ensuring system safety in line with macroeconomic stability and inflation control.

Last year, credit expanded by 19.1 per cent while capital mobilisation rose by 14 per cent. Credit growth outpaced capital raising in 2025, putting pressure on banking system liquidity at times, especially in the run-up to the Lunar New Year.

Phạm Chí Quang, Director of the SBV’s Monetary Policy Department, noted that with such rapid expansion, the credit-to-GDP ratio has reached 146 per cent, a high level for a lower-middle-income country such as Việt Nam. He said it is therefore necessary to further develop the capital market and promote alternative funding channels to ease pressure on bank credit.

Vietnam's Prime Minister Pham Minh Chinh has directed ministries and local authorities nationwide to step up efforts to achieve GDP growth of at least 10 percent and raise per capita GDP to between US$5,400 and $5,500 in 2026, alongside other key socio-economic targets.

The directive was issued on Sunday at a conference of the government's Party Committee, chaired by PM Chinh in his capacity as secretary, to review 2025 performance and set priorities for 2026.

According to a report presented at the meeting, the government's Party Committee in 2025 led and coordinated the implementation of multiple critical and unprecedented tasks in a proactive and decisive manner, delivering comprehensive results across a wide range of areas.

Participants at the conference agreed that the Party Committee had adopted a leadership approach described as a 'shift in mindset and turnaround in execution,' helping to enhance overall governance effectiveness.

Determination to meet 2026 targets

Under this leadership, Vietnam met and exceeded all 15 major socio-economic development targets in 2025, with GDP growth reaching 8.02 percent, among the fastest in the region and globally.

The economy expanded to an estimated $514 billion, ranking 32nd worldwide, while per capita GDP rose to about $5,026, placing Vietnam in the upper-middle-income group.

Total import-export turnover reached approximately $930 billion, with a trade surplus of more than $21 billion for the 10th consecutive year.

Disbursed foreign direct investment rose nine percent to a record $27.6 billion in 2025, the highest level in five years, reinforcing Vietnam's position as a leading destination for international capital.

Building on these results, the conference agreed that the government will continue to prioritize accelerating economic growth while maintaining macroeconomic stability, controlling inflation and safeguarding major economic balances.

PM Chinh called on all ministries and local authorities to fully implement the socio-economic development targets for 2026 set by the National Assembly in Resolution No. 244, adopted in November last year.

Key goals include GDP growth of 10 percent or higher, about two percentage points above the 2025 level; per capita GDP of $5,400–5,500, up 7.4–9.4 percent year on year; and an average consumer price index of around 4.5 percent.

Other objectives cover raising the share of processing and manufacturing industries to around 25 percent of GDP, achieving average labor productivity growth of about 8.5 percent, and reducing the share of agricultural workers to approximately 25.3 percent of the total workforce.

Key tasks to be fulfilled

To strengthen leadership capacity and governance effectiveness in pursuing these objectives, PM Chinh stressed the need to build clean and strong Party organizations at all levels and ensure the effective implementation of political tasks.

Priority areas include promoting growth alongside macroeconomic stability, accelerating institutional reforms to remove bottlenecks and unlock resources, and building a streamlined, efficient, and effective administrative apparatus.

The government will also seek to enhance strategic autonomy and renew the development model.

Science and technology, innovation, and digital transformation have been identified as key growth drivers, while efforts will continue to improve productivity, quality, resilience, and competitiveness of the economy.

Other tasks include developing socio-economic infrastructure, making effective use of new development opportunities, and strengthening high-quality human resources.

Cultural and social development will be promoted alongside economic growth, with social welfare and living standards remaining among priorities.

PM Chinh also emphasized the government's responsibility to safeguard national sovereignty, maintain political stability and social order, preserve a peaceful environment for development, strengthen national defense and security, and further promote diplomacy and international integration.

Projections reveal the value of maturing bonds in 2026 to be approximately VNĐ206.29 trillion (US$7.8 billion).

HÀ NỘI — Experts have projected the value of maturing bonds in 2026 to be approximately VNĐ206.29 trillion (US$7.8 billion).

In the first month of 2026, total bond maturities are estimated to decline to VNĐ8.6 trillion, roughly one-fifth of the December level and broadly in line with the same period last year. Non-bank issuers are expected to account for about VNĐ5 trillion, lower than in December but still 23.4 per cent higher year on year.

According to data compiled by the Vietnam Bond Market Association from the Hanoi Stock Exchange and the State Securities Commission, the market recorded 62 private placements of corporate bonds in December 2025, with a total value of VNĐ58.67 trillion.

In addition, there were six public offerings, raising VNĐ3.77 trillion.

For all of 2025, the value of private placements of corporate bonds reached VNĐ534.98 trillion, while public offerings reached VNĐ54.35 trillion.

Conversely, in December 2025, businesses repurchased VNĐ35.82 trillion worth of bonds before maturity, a decrease of approximately 15 per cent compared to the same period last year.

As for unusual information disclosures in the last month of last year, three bond codes had delayed interest and principal payments totalling VNĐ110 billion.

Industrial projects accounted for the bulk of new investment, with six projects worth nearly VNĐ19.8 trillion.

HÀ NỘI — The Central Highlands province of Gia Lai attracted 12 investment projects worth more than VNĐ22.2 trillion (US$846 million) in the first nine days of January, provincial authorities said, as industry and renewable energy projects dominated new inflows.

According to deputy director of the Gia Lai Department of Finance, Nguyễn Văn Châu, industrial projects accounted for the bulk of new investment, with six projects worth nearly VNĐ19.8 trillion announced between January 1 and 9.

Agriculture, forestry and fisheries attracted two projects valued at about VNĐ205 billion, while real estate and urban development drew two projects worth around VNĐ1.51 trillion. Two infrastructure projects accounted for a combined VNĐ720 billion.

Three renewable energy projects made up a significant share of new approvals, including the Vĩnh Thuận wind power project by VinEnergo Energy JSC, valued at about VNĐ4.68 trillion, and the Vân Canh 1 and Vân Canh 1 2 wind power projects by Sai Gon-Bac Giang Industrial Park Corp, with combined investments exceeding VNĐ14.6 trillion.

Residential real estate approvals included a social housing project with a total investment of over VNĐ1.25 trillion and a townhouse and villa development valued at more than VNĐ262 billion.

Châu said two industrial cluster infrastructure projects, Canh Vinh 1 and Canh Vinh 2, each valued at VNĐ360 billion, were also approved.

He added his department has submitted five additional projects to the provincial People's Committee for investment policy appraisal, including a high-tech forestry project and a commercial, services and housing complex in Pleiku City.

To improve the investment climate, the provincial chairman has approved an operational framework for a business support hotline, effective from early this year.

Gia Lai has also shortened the time needed to issue business registration certificates from three days to three hours. Companies are now allowed to submit applications regardless of administrative boundaries, a move aimed at reducing costs and processing time.

In 2025, the province, including the former Gia Lai and Bình Định localities, attracted 192 projects with a total registered capital of nearly VND160 trillion. Foreign direct investment accounted for more than $1.4 billion across 16 projects.

The figures represented a year-on-year decline of 10.8 per cent in volume and 27.6 per cent in value, clearly reflecting the impact of the global downturn in rice prices over the past year.

HÀ NỘI — Việt Nam exported more than 8.06 million tonnes of rice in 2025, earning over US$4.1 billion, according to the latest statistics from the Department of Customs.

The figures represented a year-on-year decline of 10.8 per cent in volume and 27.6 per cent in value, clearly reflecting the impact of the global downturn in rice prices over the past year.

The country’s 5 per cent broken rice was quoted in recent days at between $360 and $365 per tonne. A trader in HCM City said trading activity has slowed amid weak overseas demand, forecasting that demand is likely to remain subdued as the Philippines and Indonesia may curb purchases, while supplies from India are expected to rise sharply.

According to the Ministry of Agriculture and Environment, as of December 31, 2025, the Mekong Delta, Việt Nam's largest granary, had planted 921,000 hectares of the 2025–2026 Winter–Spring rice crop, equivalent to 73.8 per cent of the total planned area of 1.266 million hectares. Some early-sown areas have already begun to be harvested.

The centre will serve as a controlled testing ground for new financial models and pioneer the deployment and expansion of digital asset products, digital payments, specialised trading platforms and exchanges.

The Vietnam International Financial Centre (IFC) in central Da Nang city was inaugurated on January 9 at Software Park No. 2, according to a report from the Vietnam News Agency.

It will be developed into multiple functional zones covering a total area of approximately 300 hectares.

The inauguration ceremony formally announced the commencement of operations of the IFC in Da Nang and provided domestic and foreign organisations, businesses, and investors with information on its key features, development plans, and implementation roadmap.

The Government has clearly defined the development orientation of the IFC in Da Nang as a modern international financial hub closely linked with the innovation ecosystem, digital technology, and sustainable finance.

The centre will serve as a controlled testing ground for new financial models and pioneer the deployment and expansion of digital asset products, digital payments, specialised trading platforms and exchanges.

It will also promote supply chain financing, third-party financial services, and non-deposit-taking lending institutions to complement the traditional financial market, thereby forming flexible, innovative, and specialised financial products.

The event also marked the launch of the official website of the IFC in Da Nang. The portal serves as the centre’s official information channel and integrates one-stop services, including member registration and licensing systems, work permit and visa registration, and support services.

Vietnam’s agriculture, forestry, and fisheries exports are expected to set a new record in 2026, as the sector accelerates market opening, deep processing and value-chain integration to strengthen competitiveness amid rising global uncertainty.

THE HANOI TIMES — Vietnam’s agriculture, forestry and fisheries exports are forecast to climb 5.7% year on year to a record US$74 billion in 2026, Deputy Minister of Agriculture and Environment Phung Duc Tien said on January 6.

Agricultural exports are projected to advance 7.2% to around $40 billion while seafood international sales and forestry and wood-based shipments are expected to expand by 7.6% and 3.6%, reaching $12 billion and $18.8 billion, respectively, Tien told the ministry’s monthly press briefing.

The deputy minister said this year will be crucial for rolling out development goals for the 2026-2030 period.

Against this backdrop, the agriculture and environment sector will maintain an open-market orientation while pushing exports in a more efficient and sustainable direction.

To deliver on the 2026 target, the ministry will pursue a holistic value-chain approach that connects raw material zones with standards, processing, logistics and end markets.

Standardizing production areas in line with concrete market demand will stand out as a top priority.

Planned measures include widening the use of planting-area and aquaculture codes, tightening oversight of input quality and food safety and reinforcing traceability systems.

Production will increasingly align with recognized benchmarks such as GAP, organic and sustainability certifications, helping limit export alerts and reduce rejected consignments.

The ministry will also fast-track deep processing and product diversification by channeling investment into modern processing, preservation and packaging technologies.

Ministerial bodies and local authorities will steer producers toward refined, convenient and ready-to-eat goods, while agricultural by-products will be leveraged to build new value chains in animal feed, bio-based materials and extracts.

Lowering logistics costs remains central to boosting export competitiveness.

Efforts will focus on expanding cold storage capacity, strengthening cold-chain networks and developing regional logistics hubs, alongside streamlining transport routes and raising efficiency at ports and border gates.

Authorities will intensify digitalization of procedures to speed up customs clearance and ease compliance burdens for exporters.

The ministry will continue talks on market access and work to resolve technical barriers to trade as well as sanitary and phytosanitary requirements.

Brand building, geographical indications and market-specific marketing strategies will gain momentum to sharpen the global profile of Vietnamese agricultural products.

The sector will also scale up circular economy practices and low-emission production, which Tien described as a “passport” to premium markets and high-end retail channels.

Providing context for the outlook, Tran Gia Long, Deputy Director of the ministry’s Department of Planning and Finance, said combined exports of agriculture, forestry and fisheries reached $70 billion in 2025, marking a 12% rise from the previous year.

Agricultural products generated $37.3 billion, up 13.7%, while livestock exports climbed 17.4% to $627.8 million. Seafood earnings increased 12.7% to $11.3 billion and forestry products added $18.5 billion, reflecting growth of 6.6%.

Vietnam recorded 10 export categories valued at more than $1 billion, including three that surpassed the $8 billion mark. Wood and wood products topped the list with $17.3 billion, followed by fruits and vegetables at $8.6 billion and coffee at $8.5 billion.

China, the United States and Japan continued to anchor demand, while exports gathered pace across Asia, Europe and Oceania. Africa emerged as a standout market, with shipments jumping by more than 67%.

The sector also delivered a trade surplus of about $20.7 billion, up 16.6%. Officials, however, cautioned that climate change, disease threats, geopolitical tensions and fiercer global competition remain key risks to sustaining export momentum.

Vietnam’s electricity consumption grew more slowly than GDP in 2025, a development experts say reflects improving energy efficiency and a healthier growth model rather than any abnormal divergence.

According to figures released by state utility Vietnam Electricity (EVN), total commercial power sales reached an estimated 287.9 billion kWh in 2025, up 4.9% from the previous year.

That compares with GDP growth of 8.02%, raising questions about a possible mismatch between economic expansion and electricity demand, which have traditionally moved in tandem.

But Ngo Tri Long, former head of the Institute of Price Research under the Ministry of Finance, said the slower growth in power consumption was a positive signal, indicating a shift in Vietnam’s growth structure and more efficient use of energy.

“The fact that electricity growth is lower than GDP growth does not point to an anomaly,” Long was quoted by the government's news portal as saying. “It reflects improvements in growth quality and a gradual move away from an energy-intensive development model, in line with sustainable development goals.”

With electricity sales rising more slowly than GDP, Vietnam’s electricity-to-GDP elasticity in 2025 fell below one, meaning economic output expanded faster than power demand. Long said this was an important indicator of growth quality rather than a supply-demand imbalance in the power sector.

One key factor, he said, was the source of economic growth. In 2025, GDP was driven largely by public investment, particularly large-scale infrastructure projects such as expressways, airports, and major transport works.

"While these projects involve substantial capital spending and contribute significantly to GDP, their electricity consumption during construction is relatively modest compared with energy-intensive manufacturing.

"Electricity use in industrial production still accounts for more than half of Vietnam’s total commercial power consumption. As a result, strong GDP growth led by infrastructure investment does not necessarily translate into a commensurate rise in electricity demand."

Weather conditions also played a role. Long noted that 2025 saw multiple typhoons, floods and prolonged heavy rainfall across parts of northern and central Vietnam, disrupting production and business activities and dampening electricity demand.

At the same time, the year experienced fewer prolonged heatwaves, which in previous years had driven sharp increases in household power use.

Another contributing factor was the rapid expansion of rooftop solar power for self-consumption. More households and businesses have installed rooftop solar systems to meet their own electricity needs, according to Long.

While nationwide data remain incomplete, the power sector estimates self-produced and self-consumed electricity at around 10 billion kWh, equivalent to nearly 4% of total commercial power sales in 2025. This electricity is not recorded in EVN’s sales figures but still supports economic activity.

Over the longer term, Vietnam’s electricity-to-GDP elasticity has been on a steady decline, reflecting improved energy efficiency, the expert noted. The ratio was close to 2 in 2000-2010, indicating heavy reliance on electricity for growth. It fell to 1.86 in 2011-2015, 1.37 in 2016-2020, and about 1.09 in 2021-2024.

By sector, the trend is even clearer. In industry, the largest electricity consumer, elasticity fell to 0.83 in 2021–2024, meaning electricity demand grew more slowly than GDP. Household consumption has shown a similar decline, while services and commerce account for a relatively small share of total electricity demand (8.8-10.5%).

Nguyen Minh Phong, another economist, said the slower rise in electricity use might seem surprising if viewed in isolation, but aligns with a broader trend since 2020.

“This is a positive signal, showing that Vietnam’s economy is becoming less energy-dependent,” Phong told the government's news portal, adding that higher electricity prices also encouraged energy-intensive firms to adopt rooftop solar, upgrade technology, and improve efficiency.

The trend, however, poses new challenges for the power sector, including grid management and ensuring reliable baseload supply as renewable energy accounts for a growing share of generation and weather patterns become more extreme.

Vietnam seeks to further strengthen and deepen the Comprehensive Partnership with Canada in a more substantive and effective manner for mutual benefit.

THE HANOI TIMES— Vietnam and Canada aim to diversify and expand bilateral trade relations to double two-way trade over the next five to ten years.

The view was shared during a meeting between Prime Minister Pham Minh Chinh and Canada’s Secretary of State for International Development Randeep Sarai on January 6, during the latter’s visit to Vietnam.

At the meeting, both sides welcomed the positive momentum of the Vietnam-Canada Comprehensive Partnership, noting steady progress across all fields underpinned by strong political trust.

Leaders of the two countries have maintained regular high-level engagement at multilateral forums. In 2025, Prime Minister Chinh and Canadian Prime Minister Mark Carney met twice on the sidelines of the ASEAN 47 Summit and the G20 Summit in South Africa.

Bilateral trade reached $6.35 billion as of September 2025, with Vietnam ranking among Canada’s leading trade partners within ASEAN and the CPTPP framework.

On this occasion, Chinh thanked the Canadian government for providing nearly $2 billion in official development assistance to Vietnam since 1990.

He noted that Vietnam’s GDP growth exceeded 8% in 2025, laying a solid foundation for double-digit growth in the coming years. This growth path is expected to be green, fast and sustainable, driven by science and technology, innovation and digital transformation.

"In this context, Vietnam seeks to further strengthen and deepen the Comprehensive Partnership with Canada in a substantive and effective manner for mutual benefit," said Chinh.

The prime minister called for stronger political and diplomatic ties and more frequent exchanges at all levels. He also suggested studying an upgrade of bilateral relations, strengthening the legal framework, and easing visa procedures to facilitate people-to-people and business exchanges.

Chinh also urged Sarai to continue promoting cooperation with Vietnam, particularly in economic, trade and investment ties, while fully leveraging CPTPP benefits. This includes further market opening, stronger supply chain linkages and cooperation in sectors where Vietnam has strengths, such as electronics and agriculture.

He encouraged closer business connections, support for Vietnam’s participation in global value chains and joint investment in concrete projects of shared interest, while also proposing expanded cooperation in high-quality human resource training and technology transfer.

Chinh called on Canada to increase scholarships for Vietnamese students in priority fields where Canada has strengths and Vietnam has demand, including high technology, digital transformation, peaceful nuclear energy, clean energy, artificial intelligence, semiconductors, environmental protection and climate change and green and high-tech agriculture.

"These areas are seen as critical to Vietnam’s next phase of development," said Chinh.

In addition, he urged stronger cultural and people-to-people exchanges, the organization of Vietnam cultural days in Canada and Canadian cultural days in Vietnam and consideration of direct or connecting flights between the two countries.

He asked Canada to continue supporting the Vietnamese community of about 300,000 people living, studying and working there and to consider recognizing Vietnamese people as a minority group with improved legal status, enabling them to contribute more to Canada and bilateral relations. He also proposed closer coordination at multilateral forums.

Minister Sarai congratulated Vietnam on the 80th anniversary of its first general election to the National Assembly and conveyed the Canadian Prime Minister’s satisfaction with the steady progress of bilateral ties, noting that two-way trade has multiplied since both countries joined the CPTPP.

The minister expressed agreement with Prime Minister Pham Minh Chinh’s proposals and said his visit aligns with Canada’s new Indo-Pacific Strategy, under which ASEAN and Vietnam remain top priorities.

He affirmed Canada’s commitment to strengthening cooperation with Vietnam on climate change response and supporting Vietnam’s commitments, while expressing Canada’s desire to diversify and expand trade ties with Vietnam and double bilateral trade over the next five to ten years.

He also underscored plans to deepen cooperation under the CPTPP in 2026, when Vietnam serves as the rotating chair of the CPTPP Commission.

He added that Canada will continue providing ODA to Vietnam and announced a $30 million ODA package during the visit, along with the launch of the book Sustainable Legacy - 30 Years of Development Cooperation Between Canada and Vietnam.

The nuclear power plants are expected to meet the country’s development requirements in the new era.

Prime Minister Pham Minh Chinh has called for stronger efforts to accelerate Ninh Thuan nuclear power plants to serve the country’s development requirements in the new era.

Chairing the 4th meeting of the Steering Committee for Nuclear Power Plant Construction in Hanoi on January 7, PM Chinh asked relevant ministries and agencies to soon develop negotiation plans on unresolved issues to discuss with Russia partners for the construction of the Ninh Thuan 1 nuclear power plant. Any arising difficulties should be promptly reported to competent authorities in January.

For the Ninh Thuan 2 plant, the PM required the Vietnam National Industry - Energy Group (PetroVietnam), the Ministry of Industry and Trade, and the Ministry of Foreign Affairs to collaborate to research and propose plans for selecting a partner with suitable advanced source technology, and report to the competent authorities for consideration and decision.

The Ministry of Finance is tasked with urgently coordinating with relevant ministries and agencies to proactively organize negotiations with partners regarding credit agreement for the Ninh Thuan 1 and Ninh Thuan 2 power plants, ensuring synchronization with the investment cooperation agreement for the construction of the plants.

Other relevant ministries, agencies, and localities were instructed to concentrate on resettlement, site clearance, negotiate credit agreements for the Ninh Thuan 1 and 2 nuclear power plants, finalise the nuclear workforce training plan, and develop a strategy for selecting partners with advanced reactor technology.

Vietnam is reshaping its semiconductor strategy, moving beyond low-cost assembly and testing toward higher-value chip design and advanced packaging, as global manufacturers seek to diversify supply chains away from China, according to a report.

The country’s semiconductor market is forecast to reach $10.16 billion in 2025, said the Vietnam Tech & Venture Capital Outlook 2025 report by VinVentures, the investment arm of Vingroup (HoSE: VIC). The shift reflects a broader effort by Southeast Asian economies to capture more value in the global chip industry amid rising geopolitical and supply-chain risks.

While Vietnam has historically functioned as a back-end hub, a structural “upstream pivot” is currently underway. Industrial giants and domestic champions are leading the charge. Nvidia and FPT launched an AI chip factory with an initial $200 million investment, while players such as Intel, Amkor, Hana Micron, and Samsung continue to scale substrate production and advanced packaging facilities.

Domestically, firms like Viettel and FPT Semiconductor are making inroads into 5G and power-management chip design. This evolution is supported by a 20-year training pipeline that has produced over 6,000 design engineers, giving Vietnam a scale advantage over regional peers.

Despite the momentum, industry experts warn of a critical shortage of “chip architects” – the high-level engineers who define system architecture and make pivotal intellectual property (IP) decisions.

“The number of Vietnamese engineers operating at this level remains exceptionally limited, effectively countable on one hand,” the report cited Dr. Trinh Thanh Lam, manager of Synopsys South Asia, as saying.

Vietnam should avoid competing head-to-head with incumbents like TSMC or Samsung on cutting-edge nodes like 3nm or 5nm. Instead, the nation’s “best chances” lie in focused niches, including security cameras, 5G/6G telecom, and ASICs/SoCs for electric vehicles (EVs) and industrial IoT. “If Vietnam hesitates, we lose the decade,” he warned.

Le Quang Dam, general director of Marvell Vietnam, also cautioned that while government policy intent is strong, fragmented decision-making across government, industry, and academia risks turning a capability opportunity into a “timing failure”.

The executive emphasized that outcomes will depend on how decisively the policy framework is implemented, noting that execution speed still lags behind established hubs like Singapore or Taiwan.

The report said that the Vietnamese government has elevated the semiconductor sector to a national priority through Strategy 1018, which mandates the training of 50,000 to 100,000 engineers by 2030. As of the 2025 admissions cycle, over 137,000 students were already enrolled in related fields.

In addition, policy tailwinds are further strengthening with the establishment of the Da Nang Free Trade Zone, designed as a “logistics-manufacturing hybrid” to support specialized warehousing and vibration-controlled storage for the chip industry. Looking ahead, the government has set a target to establish the country's first semiconductor manufacturing facility by 2026.

While venture capital (VC) activity in the sector remains early-stage, exemplified by VB Tech’s recent undisclosed seed round, the strategic upside is significant. Analysts suggest that if Vietnam can coordinate its fragmented decision-making across government and industry, it has a credible pathway to evolve from a manufacturing base into a trusted global technology partner.

This was the highest growth rate among ASEAN countries and placed Vietnam among the world’s fastest-growing economies.​

THE HANOI TIMES— Vietnam’s economy outperformed its Southeast Asian peers in 2025 with a GDP growth of 8.02%, driven mainly by the services sector and industrial production.​

Nguyen Thi Huong, Director General of the National Statistics Office, revealed the figure during a press conference held today [January 5], adding that this was the second-highest rate in the 2011–2025 period after the 8.12% recorded in 2022.

Vietnam's GDP in the fourth quarter of 2025 rose by 8.46% year on year.

"The economy maintained a pattern of each quarter outperforming the previous one throughout the year," Huong said.

According to Huong, Vietnam’s economic growth of more than 8% in 2025 stood out against a global backdrop marked by ongoing volatility, particularly trade tensions and reciprocal tariff policies imposed by the US.

"This was the highest growth rate among ASEAN countries and placed Vietnam among the world’s leading high-growth economies," she noted.

With this performance, average GDP growth in the 2021–2025 period reached about 6.3% a year, higher than the 6.2% recorded in the previous five-year term.

At current prices, GDP in 2025 was estimated at $514 billion, an increase of $38 billion from the previous year. GDP per capita reached $5,026, up $326 from 2024’s level of $4,700, moving Vietnam into the group of upper-middle-income countries.

On inflation, average CPI growth in 2025 stood at 3.31% compared with the previous year. Services remained the largest contributor to value added in the economy, accounting for more than 51.08%. According to the statistics office, value added in this sector rose by 8.62% year on year.

Industry and construction grew by 8.95% and contributed 43.62% to total value added, while agriculture, forestry and fisheries accounted for 5.3% of growth.

For the first time, Vietnam recorded a record trade turnover exceeding $930 billion, up 18.2 %from 2024. Exports reached $475 billion, an increase of 17%, with 36 products each generating more than $1 billion in export value.

In 2025, nearly 297,500 enterprises were newly registered or resumed operations, up 27.4% year on year. On average, about 24,800 businesses entered or re-entered the market each month, while nearly 18,900 exited.

Business sentiment also improved. In the fourth quarter of 2025, the proportion of enterprises reporting more favorable conditions than the previous quarter rose by 1.1%, while the shares citing stable conditions or greater difficulties declined by 0.2% and 0.9% respectively.

Looking ahead to 2026, Vietnam has set a target of double-digit growth while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances.

Huong noted that this would be a major challenge and would require strong measures to accelerate public investment disbursement, particularly for key national projects.

At the same time, authorities need to resolve long-standing stalled projects and continue deep economic restructuring, alongside boosting exports and developing the domestic market.

For businesses, she added that regulators should adopt competitive incentive policies and create a more favorable business environment to attract large-scale and high-technology projects.

“Vietnam needs selective mechanisms to attract foreign investment in high-potential areas that can create new growth drivers, such as chips, semiconductors, innovation and green hydrogen,” Huong noted.

Amid an uneven recovery of real estate investment across the Asia-Pacific region, Việt Nam has emerged as an increasingly favoured destination.

HÀ NỘI — Real estate mergers and acquisitions (M&A) in Việt Nam continue to draw steady interest from foreign investors, according to insiders.

While the headline values of announced deals have tended to remain modest, these figures do not fully reflect the scale of actual capital commitments as investor focus is increasingly shifting towards development opportunities and long-term, strategic partnerships.

Research by Savills shows that amid an uneven recovery of real estate investment across the Asia-Pacific region, Việt Nam has emerged as an increasingly favoured destination.

This is underpinned by a stable macroeconomic environment, sustained inflows of foreign direct investment (FDI), and legal reforms gradually proving effective. This trend is clearly reflected in Việt Nam's real estate M&A landscape.

Although market activity remained relatively vibrant throughout 2025, with the active participation of foreign investors, the disclosed values of many transactions were not particularly high.

Experts note that this should not be interpreted as a sign of market weakening, but rather as a consequence of changes in deal structures and investment strategies.

Neil MacGregor, Managing Director of Savills Vietnam, said that M&A activity had gained momentum over the past two years as the market adapted to the 2024 Land Law, alongside the amended Housing Law and Law on Real Estate Business.

Together, these regulations had provided a clearer and more transparent legal framework for investors.

At the same time, the supply of income-generating assets remained limited, prompting most M&A activity to concentrate on development projects rather than cash-flow assets.

According to Savills, the growing concentration of M&A activity in development projects, particularly large-scale residential and urban areas, accurately reflects current market conditions.

Việt Nam has recently seen a series of major infrastructure projects, laying the groundwork for urban expansion and the development of satellite areas, including HCM City’s Ring Road 3, which, once completed, is expected to open up new areas for suburban housing development.

According to MacGregor while such projects typically involve long-term investment commitments, their initial capital outlay is often relatively small compared to the acquisition of large, income-producing assets.

This helps explain why publicly disclosed deal values may appear modest despite the substantial scale of the projects and the strong reputation of the developers involved.

Market research firms also observe a clear shift in capital flows from core urban areas to satellite locations, where infrastructure is improving and land reserves offer greater development potential. These areas align well with the long-term land accumulation strategies of many investors.

Another notable trend is the rise in joint ventures and minority stake acquisitions. According to MacGregor, this cautious yet calculated approach is particularly favoured by Japanese investors.

An improved legal framework has further strengthened confidence in more flexible transaction structures, ranging from majority control to active minority participation and purely financial investments, helping position Việt Nam as a dynamic real estate M&A market capable of attracting a wide range of capital flows.

Savills added real estate would remain a key component of Việt Nam's overall M&A value, driven by strong housing demand, rapid urbanisation, and ongoing infrastructure development.

Looking ahead, MacGregor said the market would need additional time for policy changes to be fully reflected in larger deal sizes and improved liquidity.

Nevertheless, in the medium term, a more transparent M&A market with better liquidity and more diversified capital sources was expected while over the longer term, Việt Nam would hold strong potential to attract sizable institutional investment flows.

Banks continue to be the major players, accounting for 67.7% of the total issuance value.

Vietnam’s corporate bond market continued its recovery in 2025 with total issuance value estimated at VND575.4 trillion ($21.8 billion), up 11.3% over 2024, according to a report from the Vietnam News Agency.

Private placements accounted for 90.6% with 486 issuances, according to the Vietnam Bond Market Association.

Banks continued to be the major players, accounting for 67.7% of the total issuance value, followed by real estate firms (22.9%) and securities companies (2.9%).

2025 saw major regulatory changes aimed at improving transparency, strengthening risk control and protecting investors, including tightening conditions for both private and public bond offerings.

Vietnam’s stock market development strategy by 2030 targets to develop corporate bond market into a key source of medium- and long-term capital raising with a total outstanding bonds equivalent to at least 25% of GDP by 2030.

The sector recording an added value of $72 billion in 2025.

The digital economy in Vietnam is estimated to contribute 14.02% to the country's GDP by 2025, with an estimated increase of $72 billion, according to the National Statistics Office.

The added value of the digital economy as a percentage of GDP has been steadily increasing, from 12.87% in 2021 to an anticipated 14.02% in 2025, averaging around 13.2% annually over the period.

The core digital economy sectors are expected to contribute 8.13%, while the digitalization of other sectors will account for 5.05%.

In 2025, the core digital economy sectors continued to play a leading role. These sectors include the production of electronic products, computers, telecommunications, computer programming, and data processing. The growth of domestic technology corporations and high-quality foreign direct investment (FDI) in semiconductors and electronic components is expected to elevate the core sectors' value to $43.3 billion in 2025.

E-commerce remains a standout in the digitalized sectors, accounting for approximately 11.8% of the digital economy's added value.

December CPI increased by 0.19 per cent compared to November and 3.48 per cent year-on-year.

HÀ NỘI — Việt Nam’s Consumer Price Index (CPI) rose by an average of 3.31 per cent in 2025, meeting the inflation target set by the National Assembly, according to the National Statistics Office (NSO).

Speaking at a press conference in Hà Nội on Monday, NSO Director General Nguyễn Thị Hương said December CPI increased by 0.19 per cent compared to November and 3.48 per cent year-on-year. Average CPI in the fourth quarter rose 3.44 per cent from the same period last year.

Prices increased in 11 months and fell in one month compared to the previous month, driven by seasonal demand during holidays and the Lunar New Year, fluctuations in global prices of rice, cooking gas and fuel and domestic changes in pork prices, electricity tariffs, construction materials and housing rents.

Hương said the outcome reflected flexible and coordinated macroeconomic management, prudent monetary policy, a stable foreign exchange market, interest rate reductions and faster public investment disbursement.

She also highlighted close management of State-controlled prices, optimisation of transport costs and measures to ensure energy and food security and stabilise inflation expectations.

Nguyễn Thu Oanh, head of the NSO’s Service and Price Statistics Department, said prices of food and catering services rose 3.27 per cent, contributing 1.17 percentage points to the overall CPI. Food prices alone increased 3.61 per cent, adding 0.8 point, while restaurant services rose 3.81 per cent. Prices of the narrower food group edged up 0.17 per cent.

Housing, electricity, water, fuel and construction materials increased by 6.08 per cent, contributing 1.38 points, mainly due to higher rents and home repair costs. Residential electricity prices rose 7.2 per cent following higher demand and tariff adjustments by Electricity of Vietnam on October 11, 2024, and May 10, 2025.

Prices of medicines and health services surged 13.07 per cent, adding 0.61 point to CPI, after a Ministry of Health circular issued on October 17, 2024 led to higher medical service fees.

Education costs rose 2.15 per cent, contributing 0.13 point, as some universities and private schools adjusted tuition fees. Prices of household equipment and furnishings increased 1.66 per cent, adding 0.09 point, while other goods and services rose 4.78 per cent, contributing 0.17 point.

Meanwhile, transport prices fell 2.14 per cent, reducing CPI by 0.21 point, largely due to an 8.53 per cent drop in petrol prices. Telecommunications prices declined 0.45 per cent, trimming 0.02 point, reflecting lower prices of older-generation mobile phones.

Domestic gold prices in December rose 2.18 per cent month on month and surged 70.37 per cent year on year. On average, gold prices increased 47.67 per cent in 2025. The US dollar index edged up 0.17 per cent in December and rose 3.68 per cent for the year, with an annual average increase of 3.92 per cent.

Core inflation rose 0.23 per cent in December from the previous month and 3.27 per cent year on year. For the whole of 2025, core inflation averaged 3.21 per cent, lower than the headline CPI, as it excludes volatile items such as food, electricity, healthcare and education.

Việt Nam’s total trade reached more than US$930 billion in 2025, up 18.2 per cent year on year, with a trade surplus of $20 billion, according to the National Statistics Office (NSO).

HÀ NỘI — Việt Nam’s total trade reached more than US$930 billion in 2025, up 18.2 per cent year-on-year, with a trade surplus of $20 billion, according to the National Statistics Office (NSO).

Speaking at a press conference in Hà Nội on Monday to announce fourth-quarter and full-year economic data, NSO Director General Nguyễn Thị Hương said the domestic sector recorded a trade deficit of $29.4 billion, while the foreign-invested sector, including crude oil, posted a surplus of nearly $49.5 billion.

Exports in December stood at $44 billion, up 12.6 per cent from November. Domestic enterprises contributed $9.7 billion, rising 17.9 per cent, while foreign-invested firms accounted for $34.3 billion, up 11.2 per cent.

In the fourth quarter, exports totalled $126.3 billion, increasing 20 per cent year-on-year but falling 1.7 per cent quarter-on-quarter. For the whole year, exports rose 17 per cent to $475 billion.

Domestic enterprises exported nearly $108 billion, down 6.1 per cent and accounting for 22.7 per cent of the total, while foreign-invested firms shipped $367.1 billion, up 26.1 per cent and making up 77.3 per cent.

The NSO reported that 36 product groups recorded export turnover of more than $1 billion, accounting for 94 per cent of total exports. Eight groups exceeded $10 billion, representing 70.2 per cent.

Processed industrial products led exports with $421.5 billion, or 88.7 per cent. Agriculture and forestry earned $39.5 billion, seafood $11.3 billion, and fuels and minerals $2.8 billion.

On the import side, December imports rose 17.6 per cent month on month to $44.7 billion. Domestic firms imported $14.6 billion, up 28.5 per cent, while the foreign-invested sector imported $30.1 billion, up 13 per cent. December imports surged 27.7 per cent year-on-year, driven mainly by foreign-invested demand.

Fourth-quarter imports reached $123.1 billion, up 21.3 per cent year-on-year and 2.9 per cent quarter-on-quarter. For the whole year, imports grew 19.4 per cent to $455 billion.

Domestic enterprises imported $137.4 billion, down 2 per cent, while foreign-invested firms imported $317.6 billion, up 31.9 per cent.

In 2025, 47 imported items recorded turnover of more than $1 billion, accounting for 93.8 per cent of total imports, including nine items exceeding $10 billion.

Inputs for production dominated the import structure at $426.1 billion, or 93.6 per cent. Machinery, equipment and spare parts accounted for 52.7 per cent, raw materials and fuels 40.9 per cent, while consumer goods totalled $28.9 billion, or 6.4 per cent.

The United States remained Việt Nam’s largest export market with $153.2 billion in turnover, while China continued to be the biggest import source at $186 billion.

Việt Nam posted a trade surplus of nearly $134 billion with the US, up 28.2 per cent, and $38.6 billion with the European Union, up 10.1 per cent. The surplus with Japan narrowed by 30.1 per cent to $2.1 billion.

Trade deficits widened with China to $115.6 billion, up 39.6 per cent, the Republic of Korea to $31.6 billion, up 4.3 per cent, and ASEAN to $14.2 billion, up 42.4 per cent.

Disbursed FDI was estimated at $27.6 billion, up 9 per cent from a year earlier and the highest level recorded in the past five years.

HÀ NỘI — Foreign direct investment (FDI) inflows into Việt Nam remained resilient in 2025, with newly registered capital reaching more than US$38.4 billion, up 0.5 per cent year on year, according to the National Statistics Office (NSO) under the Ministry of Finance.

The figures were announced at a press conference on Monday, releasing socio-economic data for the fourth quarter and the whole of 2025.

Disbursed FDI was estimated at $27.6 billion, up 9 per cent from a year earlier and the highest level recorded in the past five years.

During the year, 4,054 new FDI projects were licensed, with total registered capital of $17.3 billion. While the number of newly licensed projects rose by 20.1 per cent compared to 2024, registered capital fell by 12.2 per cent.

Manufacturing and processing attracted the largest share of new FDI, with $9.8 billion, accounting for 56.5 per cent of total newly registered capital. Real estate followed with nearly $3.7 billion, or 21.2 per cent, while other sectors together accounted for $3.85 billion, or 22.2 per cent.

In addition, 1,404 ongoing projects were allowed to adjust their capital, adding $14.1 billion, up 0.8 per cent year on year. Combined newly registered and adjusted capital in manufacturing and processing reached $18.6 billion, or 59.2 per cent of the total.

Real estate ranked second with $6.3 billion, equivalent to 19.9 per cent, while other sectors received more than $6.5 billion, or 20.9 per cent.

Foreign investors were also active through capital contributions and share purchases. In 2025, there were 3,587 such transactions, with a total value of over $7 billion, up 54.8 per cent from the previous year. Of these, 1,305 transactions increased the charter capital of domestic enterprises, contributing $2.55 billion, while 2,282 transactions involved share purchases without capital increases, valued at $4.5 billion.

By sector, manufacturing and processing again led capital contributions and share purchases with $2.4 billion, accounting for 34.6 per cent. Professional, scientific and technological activities attracted $1.3 billion, or 18.3 per cent, while other sectors accounted for 47.1 per cent.

Among 90 countries and territories investing in newly licensed projects in Việt Nam in 2025, Singapore was the largest investor, with over $4.8 billion, representing 27.9 per cent of newly registered capital.

China ranked second with $3.6 billion, or 21 per cent, followed by Hong Kong (China) with $1.7 billion, Japan with $1.6 billion and Sweden with $1 billion.

Within the sector, manufacturing and processing rose by 10.5%, contributing 8.4 percentage points to the overall growth.

The Index of Industrial Production (IIP) for the whole of 2025 is estimated to have increased by 9.2% compared to the previous year that witnessed an 8.2% increase against 2023.

This is the highest growth rate recorded since 2019, according to a report on the socio-economic situation for the fourth quarter and the full year of 2025, announced on January 5 by the National Statistics Office, under the Ministry of Finance.

In 2025, manufacturing and processing rose by 10.5%, contributing 8.4 percentage points to the overall growth, while electricity production and distribution by 6.7%, contributing 0.6 percentage points; the water supply, waste, and wastewater management and treatment sector by 7.8%; and the mining industry by 0.5%, with both sectors contributing 0.1 percentage points each.

In the fourth quarter alone, the IIP growth rate was estimated at 9.9% year-on-year. Specifically, manufacturing and processing increased by 10.8%; electricity production and distribution by 8.0%; water supply and waste management by 5.3%; and mining by 3.4%.

Notably, compared to 2024, the 2025 IIP increased across all 34 provinces and centrally-run cities nationwide. Several of them recorded significant growth driven by strong performances in the manufacturing, processing, and electricity sectors.

Some key industrial products also saw high growth rate in 2025 compared to 2024: automobiles surged by 39.1%; rolled steel by 17.6%; televisions by 17.4%; aquaculture feed and casual wear both increased by 13.8%; cement by 13.6%; leather footwear by 13.3%; processed seafood by 11.1%; and NPK compound fertilizer by 10.7%.

Another positive indicator is the industrial workforce. As of December 1, 2025, the number of employees working in industrial enterprises increased by 0.8% compared to the previous month and by 2.4% compared to the same period of 2024.

Industrial parks and export processing zones in HCM City attracted total newly registered and adjusted investment capital of US$5.3 billion in 2025, up 0.37 per cent year on year and 17.5 per cent above the annual target, according to the HCM City Export Processing and Industrial Zones Authority (HEPZA).

HCM CITY — Industrial parks and export processing zones in HCM City attracted total newly registered and adjusted investment capital of US$5.3 billion in 2025, up 0.37 per cent year on year and 17.5 per cent above the annual target, according to the HCM City Export Processing and Industrial Zones Authority (HEPZA).

The leased land area exceeded 470.5 hectares, a sharp increase of 69.5 per cent compared with the previous year. Notably, the leased factory space surged to over 492,075 square metres, nearly 2.6 times higher year-on-year.

Foreign direct investment (FDI) accounted for over $3.39 billion. This included 210 newly licensed projects with registered capital of $1.93 billion, down 7.09 per cent from 2024, while 179 existing projects increased capital by $1.99 billion, an increase of 74.5 per cent year-on-year.

According to HEPZA, Hong Kong (China) led the list of countries and territories with the highest number of newly licensed projects, with 66 projects worth nearly $392 million. China followed with 36 projects totalling more than $247 million, while Singapore recorded 24 projects worth over $415 million, making it the largest source of newly registered capital.

Mechanical engineering attracted the most foreign investment, with 52 projects totalling more than $258.5 million. This was followed by the plastics and rubber industry with 22 projects worth over $80 million, and the electronics sector with 21 projects and total investment exceeding $210 million.

Domestic investment also recorded strong growth, reaching more than VNĐ48 trillion (equivalent to over $1.9 billion), up 17 per cent from 2024. Of this amount, 99 newly licensed projects accounted for more than VNĐ33.6 trillion (around $1.3 billion), an increase of 26.6 per cent, while 52 existing projects adjusted their capital, adding VNĐ14.3 trillion (approximately $574 million), down 12.9 per cent from the previous year.

The sectors attracting the most domestic investment were mechanical engineering, with 24 projects totalling more than VNĐ3.2 trillion; services, with 17 projects worth over VNĐ2.5 trillion; and real estate, with 16 projects totalling more than VNĐ18.9 trillion.

New growth momentum

Võ Văn Thân, chairman of the HCM City Industrial Parks Business Association, said after the administrative boundary merger with Bình Dương and Bà Rịa–Vũng Tàu, HCM City now has the largest industrial space in the country.

The city currently has 58 operating industrial parks and export processing zones, covering a total area of about 22,400 hectares, with an average occupancy rate of around 75 per cent, which is considered a very positive outcome.

Under its vision to 2050, HCM City is expected to have 105 industrial parks with a total area of about 49,242 hectares, providing substantial room to develop new-generation industrial parks oriented towards high technology, ecological models, smart solutions and a circular economy.

The city has also identified four priority industrial groups for investment attraction: microchips, semiconductors, batteries and new materials; selective chemicals; precision engineering, automation and robotics; and food and beverage processing. These sectors feature high technological content, are less directly affected by tariff barriers, and align well with global sustainable development trends.

At the same time, a regional integrated industrial ecosystem is gradually taking shape, with HCM City serving as a centre for innovation and services, former Bình Dương Province as the manufacturing hub, and former Bà Rịa–Vũng Tàu Province handling logistics and seaport services. This structure helps businesses reduce costs, shorten supply chains, and enhance competitiveness.

Speaking at a recent conference, Trương Văn Phong, HEPZA’s deputy head, said the synchronisation of transport infrastructure, administrative reforms and a green development strategy has played a crucial role in helping the city maintain its strong appeal to investors. However, he stressed that further groundwork is needed to capture the next wave of foreign investment.

The city is currently reviewing its planning to ensure sufficient and appropriate land availability for the next development phase. Most administrative procedures have been integrated under a “one-stop shop” mechanism, minimising the need for businesses to deal with multiple agencies.

Administrative procedures will continue to be streamlined and made more transparent, helping businesses save time, reduce unofficial costs. The city has also set a clear direction to prioritise higher-value industries that require less manual labour and land while minimising environmental impacts, he said.

With strong infrastructure, land potential and improving coordination among municipal departments and local authorities, HCM City is expected to continue affirming its position as a strategic investment destination in the southern key economic region, he added.

The figure marking a year-on-year increase of 13% despite ongoing global challenges.

Vietnam’s seafood export revenue surpassed $11.34 billion in 2025, representing a 13% year-on-year increase, despite ongoing global challenges, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

China and Hong Kong (China) remained the largest import markets, with combined export value reaching $2.45 billion, up 29% from 2024. Exports to the United States totalled nearly $1.9 billion, a modest increase of 3%, while shipments to the European Union rose 12.5% year on year to $1.2 billion.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continued to serve as a major growth driver. Seafood exports to CPTPP member countries reached $3.07 billion in 2025, up 22% compared to the previous year, supported by stable demand from key markets such as Japan, Canada, and Australia.

In terms of product structure, Vietnam recorded relatively balanced growth across major seafood categories, with aquaculture maintaining a leading role.

Shrimp exports generated $4.65 billion, a sharp 20% increase year on year and the largest share of the total export turnover. Notably, lobster exports surged to $817 million, more than doubling compared to 2024. Meanwhile, tra fish exports earned $2.19 billion, up 8% from the previous year.

VASEP noted that surpassing the $11 billion milestone reflects the industry’s flexibility and ability to seize market opportunities amid significant fluctuations. However, the association stressed that market and product restructuring remains a long-term strategy, requiring sustained efforts to achieve lasting and sustainable growth.

Regarding the outlook for 2026, S&P Global indicated that manufacturers are showing increasing optimism about production prospects. Business confidence strengthened for the third consecutive month, hitting its highest level since March 2024.

Vietnam's manufacturing sector closed 2025 with positive growth signals as the Purchasing Managers' Index (PMI) reached 53 points, marking a continuous improvement in business conditions throughout the second half of the year.

With a surge in output and new orders, coupled with rising business confidence, enterprises are creating a solid launchpad toward the goal of a 6.7% increase in industrial output in 2026.

S&P Global on January 2 released its PMI report for Vietnam's manufacturing sector for December 2025, which highlighted three key points: growth in output, new orders, and employment; input costs rising at their fastest rate since June 2022; and business confidence reaching a 21-month high.

The report noted that the Vietnamese manufacturing sector concluded 2025 with positive growth signals, with the December PMI recorded at 53 points. Although this was a slight dip from 53.8 points in November, the fact that the index remained above the 50-point threshold indicates a robust improvement in the health of the manufacturing industry.

A standout highlight was that manufacturers extended their period of production growth for the eighth consecutive month, driven by a combination of mild weather conditions and momentum from new orders. While the rate of production growth remained strong, it was the softest increase seen in the last three months.

According to the report, the volume of new orders rose for the fourth consecutive month due to improved customer demand. However, the overall growth rate slowed compared to November. This was partly due to new export orders declining for the first time in three months, which exerted pressure on total demand.

Expectations for a breakthrough in 2026

Regarding the outlook for 2026, S&P Global indicated that manufacturers are showing increasing optimism about production prospects. Business confidence strengthened for the third consecutive month, hitting its highest level since March 2024.

According to the survey, nearly half of the respondents forecast that output will grow in the coming year, fueled by improved customer demand, the launch of new product lines, and efforts to enhance production capacity.

Economics Director at S&P Global Market Intelligence, Mr. Andrew Harker, said: "The Vietnamese manufacturing sector ended a turbulent year on a positive note, with output and new orders rising solidly again and business confidence hitting a 21-month high."

"Overall, the sector goes into 2026 in a positive position, with manufacturers optimistic of securing new business and being able to expand their production capacity. S&P Global Market Intelligence forecasts industrial production growth of 6.7% in 2026," he added.

Vietnam’s stock market upgrade to secondary emerging-market status by FTSE Russell has drawn interest from some of the world’s largest investment funds, including institutions managing trillions of dollars in assets, the country’s securities regulator said.

State Securities Commission chairwoman Vu Thi Chan Phuong said several large international investors were in discussions with regulators about opening accounts in Vietnam following the market's reclassification to secondary emerging-market status.

FTSE Russell announced in October 2025 that Vietnam met all criteria for the upgrade, citing reforms in regulation, market access, and trading infrastructure.

Vietnam launched the KRX trading system last year to improve transaction capacity and align the market with international standards, Phuong said.

She said the regulator's priority was to safeguard market stability while managing foreign capital flows and improving the quality of listed companies.

State Securities Commission chairwoman Vu Thi Chan Phuong

The benchmark VN-Index gained about 40 percent during the year, supported by strong trading volumes and a rising number of retail investors, which exceeded 11.6 million accounts, she added.

In 2026, authorities will focus on legal reforms, product expansion, infrastructure upgrades, and stricter market supervision, Phuong said.

Foreign investors were net sellers in Vietnam in 2025, with outflows totaling about VND131 trillion (US$5.2 billion), according to SSC vice-chairman Bui Hoang Hai.

However, the trend reflected global portfolio rebalancing rather than reduced confidence in the market.

Foreign investors' total holdings in Vietnam still rose to an estimated $51 billion by the end of October 2025, accounting for about 14 percent of the market capitalization.

Hai cited data showing foreign investors were net buyers in the United States and Europe in 2025, while selling across several emerging and frontier markets, including India and Southeast Asia.

The SSC is working to complete remaining reforms ahead of FTSE Russell's next market review in March 2026.

Hai said regulators expected active foreign inflows to emerge as investors position ahead of Vietnam's formal inclusion in emerging-market indices.

The tariff increases on finished wood products, including upholstered chairs, kitchen cabinets and bathroom cabinets will be delayed by one year, from January 1, 2026 to January 1, 2027, under the US President Donald Trump’s decision on adjusting import tariffs on wood products under Section 232 of the Trade Expansion Act of 1962.​

HÀ NỘI — The US has postponed a planned tariff increase on certain finished wood products in a move that is not linked to its reciprocal tariff regime, Việt Nam's Ministry of Industry and Trade said.

Specifically, the tariff increases on finished wood products, including upholstered chairs, kitchen cabinets and bathroom cabinets, will be delayed by one year, from January 1, 2026 to January 1, 2027, under the US President Donald Trump’s decision on adjusting import tariffs on wood products under Section 232 of the Trade Expansion Act of 1962.

A proclamation issued in September 2025 had imposed tariffs of 10 per cent on raw timber and 25 per cent on deeply processed wood products, with planned increases to 30 per cent and 50 per cent, respectively, from the beginning of this year.

With the current tariff levels remaining in place for another year, the US said that the delay aimed to allow more room for ongoing trade negotiations, to support economic security and supply chain stability. Future tariff adjustments will depend on the outcome of the negotiations, signaling that tariffs will continue to be used as a strategic tool rather than a pure protectionist measure.

The ministry’s Agency of Foreign Trade said that the move should be understood as a delay in raising tariffs, noting that wood products imported into the US still be subject to duties under Section 232.

Despite numerous difficulties, Việt Nam’s wood exports to the US remained robust last year. The tariff increase delay would be meaningful for exporters to maintain orders, stabilise prices and adjust market strategies, the agency said.

The ministry said that risks remain in the medium term as the US is expanding investigations and applying Section 232 tariffs on other imported products and may adjust tariffs in 2026 to support negotiations.

The ministry urged close watch on the US’s policy developments to timely raise measures to cope with adjustments.

Vietnam’s agro-forestry-fishery exports staged a dramatic gain in 2025, setting a new record of more than US$70 billion, well above the $65 billion target and nearly $8 billion higher than the previous year.

The Ministry of Agriculture and Environment attributed the breakthrough to a combination of proactive responses to shifting tariff regimes, swift handling of food safety incidents, the removal of technical barriers, and the timely resolution of bottlenecks, most notably those affecting durian exports to China.

Within the export picture, fruits and vegetables stood out, generating $8.6 billion in revenue, up nearly 20 percent despite global volatility.

This marked the third consecutive year the sector had set a new record while maintaining double-digit growth.

According to the Vietnam Fruit and Vegetable Association (Vinafruit), China remained Vietnam’s largest fruit and vegetable buyer in 2025, making up more than 60 percent of the latter's total fruit and vegetable exports.

Shipments to the United States also rose sharply, up more than 50 percent to around $500 million despite the impact of tariff policies.

Other major markets such as Japan, South Korea, the Netherlands, and Australia also recorded a steady expansion.

Growth was fueled primarily by key fruits such as durians, bananas, mangoes, jackfruit, coconuts, and pomelos.

Durians continued to play a pivotal role, leading the sector with export earnings hitting $4 billion.

Dang Phuc Nguyen, secretary general of Vinafruit, toldTuoi Tre(Youth) newspaper that exports plunged 30-50 percent year on year in the first quarter and early second quarter of 2025 after China tightened controls on banned substance residues.

Meanwhile, news of potential reciprocal tariffs from the U.S. dampened business sentiment, leading many to doubt that the sector could meet its annual target of $7.6 billion.

That outlook changed in the second half of the year.

Coordinated efforts by the government, the Ministry of Agriculture and Environment, and the Ministry of Industry and Trade, including high-level delegations to China and the U.S., helped unlock a strong rebound.

When China tightened inspections for auramine O and cadmium residues, durian shipments were delayed or temporarily halted, with containers taking up to 10 days to clear customs, Nguyen said.

The Ministry of Agriculture and Environment worked with Chinese authorities to accredit testing laboratories, speed up clearance procedures, and later secure approval for nearly 1,000 additional planting area and packing facility codes.

A ‘green lane’ mechanism for agricultural products was also established.

Vietnam simultaneously rolled out domestic measures to control cadmium and auramine O residues, laying the groundwork for a strong recovery in durian exports.

Europe emerged as a bright spot, with fruit and vegetable exports to the EU surging 40 percent from 2024.

Food safety alerts fell by half to just 60 cases, mostly involving small shipments.

Meeting Europe’s stringent standards makes it easier for exporters to access other markets, he explained.

The $8.6 billion result was no stroke of luck, he stressed.

Vietnam’s agricultural exports from coffee, pepper, and cashew nuts to rice and fresh produce are expanding on a more sustainable, low-emission, and green trajectory.

“Without resilience and adaptability, we would have stumbled in 2025 under U.S. tariffs and technical barriers in China and Europe,” he said.

Seafood reaches an all-time high

Seafood exports also hit a historic high of $11.32 billion last year.

Nhu Van Can, deputy head of the Directorate of Fisheries, attributed the result to the agility of exporters amid U.S. reciprocal tariffs and anti-dumping investigations on shrimp.

Anticipating policy changes, companies accelerated shipments ahead of tariff implementation, with export values tapering off toward the end of the year.

Market diversification played a crucial role.

Between January and November last year, China overtook the U.S. as Vietnam’s biggest seafood importer, making up 20.2 percent of total exports, while the U.S. slipped to second place with about 17 percent.

Japan ranked third with $1.6 billion, Can noted.

One standout was lobster, whose exports, mainly to China, surged.

The Vietnam Association of Seafood Exporters and Producers (VASEP) said Vietnam benefited from the absence of Chinese retaliatory tariffs applied to suppliers such as Canada and the U.S..

Geographic proximity reduced transport costs and losses for live shipments, while Chinese consumers increasingly favored lobster, a segment where Vietnam has abundant supply.

Lobster exports could have climbed even higher if the country had not been hit by floods, Can said.

Le Hang, deputy secretary general of VASEP, noted that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continued to provide strong momentum, thanks to tariff advantages and stable demand in markets such as Japan, Canada, and Australia.

Exports to the EU surpassed $1 billion, up more than 17 percent, with farmed seafood benefiting even as wild-caught products remained constrained by the EU’s IUU ‘yellow card.’

Aiming higher in 2026

For 2026, the Ministry of Agriculture and Environment has set an ambitious target of $73-74 billion in total agro-forestry-fishery exports, a goal that would deliver greater gains for farmers.

To achieve it, the ministry plans to strengthen market linkages, boost processing and domestic consumption, and address oversupply and price slumps that harm producers.

Measures include improved forecasting, timely support for peak harvests, expanded supermarket distribution, and new market openings in the Middle East and Africa.

Vinafruit’s Nguyen believes fruit and vegetable exports of $9-10 billion in 2026 are well within reach.

China will remain the core market, with Vietnam increasingly adept at meeting its standards.

Newly signed protocols for fresh jackfruit exports alone could double annual export value from about $200 million.

The seafood outlook, however, remains uncertain.

Hang warned that 2026 could be volatile due to unpredictable U.S. tariffs and technical barriers, intensifying competition in markets such as the EU, China, ASEAN, and the Middle East.

Also, the IUU yellow card remains a critical bottleneck.

To sustain double-digit growth, Vietnam must defend its market share in the U.S., while continuing efforts to have the EU’s yellow card lifted, she said.

6 proposals to reach $10 billion in fruit and vegetable exports

Nguyen Thanh Binh, chairman of the Vietnam Fruit and Vegetable Association, outlined six priorities to help the sector hit $10 billion, four years ahead of the national roadmap.

– Improve quality and food safety, with stronger guidance, inspections, and enforcement to build compliance across the supply chain.

– Complete a modern, globally connected traceability system to protect producers, consumers, and exporters.

– Reform inspection, testing and certification systems to ensure fast customs clearance and safeguard Vietnam’s export reputation.

– Enhance branding and promotion of Vietnamese fruits and vegetables at home and abroad.

– Intensify trade promotion and increase frequency, formats, geographic reach, and funding.

– Establish state-backed R&D funds to support new technologies in breeding, post-harvest handling and preservation.

VASEP deputy secretary general To Thi Tuong Lan said that Vietnamese seafood companies have shown exceptional flexibility.

While competitors such as India rely heavily on the U.S. market, Vietnamese exporters diversified quickly into Japan, Europe, and other countries.

Besides, deep processing further boosted value, with processed shrimp exports to Japan alone jumping nearly 60 percent.

However, the sector is bracing for pressure in early 2026, when the U.S. issues final rulings on anti-dumping duties for pangasius and shrimp, potentially as high as 35 percent.

With a long-term operational roadmap and systematic investment, the centre is expected to serve as a launch pad for Vietnamese intellectual property to reach global markets. 

Hanoi (VNS/VNA) -The Minister of Science and Technology has signed a decision officially defining the functions, tasks and organisational structure of the Vietnam National Multi-Project Wafer Coordination Centre.
It is a public service unit under the Authority of Information Technology Industry. Acting as a strategic hub, the centre will coordinate among research institutions, chip design enterprises and fabrication, packaging and testing facilities, both domestically and internationally.
The establishment of the centre addresses one of the biggest challenges currently facing chip design entities, which is the need for comprehensive support throughout the pilot production chain.
The centre will provide design tools, software libraries and in-depth technical support, helping transform ideas on paper into tangible products more quickly.
Beyond its management role, the centre will focus on delivering essential public services. These include granting access to specialised electronic design automation software, sharing intellectual property libraries, and conducting technical design verification, as well as measuring and evaluating chip performance and quality after pilot production.
Workforce training will be a core mission, with the centre organising intensive hands-on courses and supporting universities in chip design activities to help build a highly experienced engineering workforce for this key industry.
In addition, start-ups will receive support in product commercialisation and connections with national investment funds.
Notably, the centre has been tasked with developing the semiconductor ecosystem through enhanced international cooperation. This includes building collaborative networks with countries that have advanced semiconductor industries, promoting data sharing and encouraging the development of an open-technology chip design community.
The establishment of the centre not only strengthens Vietnam’s technological self-reliance but also reinforces its position as a promising destination in the global semiconductor value chain.
With a long-term operational roadmap and systematic investment, the centre is expected to serve as a launch pad for Vietnamese intellectual property to reach global markets.​

The investment roadmap for all five projects is slated for the medium-term periods of 2026–2030 and 2031–2035.

During its recent 7th session, the 10th Ho Chi Minh City People’s Council officially passed a resolution to add five more urban railway projects to the list of priority works under National Assembly Resolution No. 188/2025/QH15 (Resolution 188).

Resolution 188 outlines the pilot application of special mechanisms and policies specifically designed to accelerate the development of urban railway networks in both Hanoi and Ho Chi Minh City.

Following this approval, Ho Chi Minh City will apply these special mechanisms to five more new urban railway projects aimed at enhancing regional connectivity and completing the city's transport infrastructure. The projects include: metro line 1 (connecting Binh Duong New City to Suoi Tien); metro line 2 (connecting Thu Dau Mot to Ho Chi Minh City); metro line 3 (Connecting Vung Tau – Ba Ria – Phu My); the Thu Thiem – Long Thanh line; and extension of the Ben Thanh – Suoi Tien Metro line to the Dong Nai Provincial Administrative Center and Long Thanh International Airport in Dong Nai province.

According to the proposal by the City People’s Committee, the investment roadmap for all five projects is slated for the medium-term periods of 2026–2030 and 2031–2035.

Regarding the investment model, the extension of the Ben Thanh – Suoi Tien line to Long Thanh Airport is expected to be carried out via Public-Private Partnership (PPP). The remaining four lines are planned to be funded through either public investment or the PPP model.

Vietnam’s credit growth has reached one of its highest levels in years, pushing the country’s credit-to-GDP ratio to the highest among lower-middle-income economies, according to the central bank.

At a press briefing on Monday, State Bank of Vietnam (SBV) Deputy Governor Pham Thanh Ha said outstanding credit across the banking system had risen 17.87% by December 24 compared to the beginning of the year, reaching VND18,400 trillion ($700 billion).

Credit flows have been directed mainly toward production and business activities, particularly priority sectors and key growth drivers in line with government policy, he added.

For the full year, credit expansion could reach about 19%, the highest level in many years, Pham Chi Quang, head of the SBV’s monetary policy department, told the press briefing.

“This is a very high growth rate. The SBV has repeatedly reported this to higher authorities,” Quang said, adding that Vietnam’s credit-to-GDP ratio has climbed to 146%, the highest among lower-middle-income countries.

In 2024, the credit growth was 15.08 %, government data shows.

Quang noted that banks face structural risks, as around 80% of their funding is short-term while about half of lending is medium- to long-term, creating a persistent mismatch and posing major challenges for risk management.

Credit growth of nearly 18% has also outpaced deposit growth of around 14%, putting pressure on system liquidity, especially ahead of the Lunar New Year when seasonal demand for funds typically rises. Banks are also facing intense competition from other investment channels, making it harder to mobilize deposits to meet credit demand, he said.

In response, the central bank has deployed a range of monetary policy tools, including open market operations (OMO) and a new foreign-exchange swap mechanism, to ensure system liquidity, he added.

The National Assembly, Vietnam's legislature, on November 12 approved a resolution setting an economic expansion target of at least 10% for 2026 and inflation controlled at around 4.5%.

The government aims to enlarge the national economy by 8.3-8.5% for 2025. GDP grew 7.85% in the first nine months. The figure was the second-highest levels in 11 years, except for 2023 which saw a strong surge post the pandemic.

Driving forces of the high economic growth are export, FDI inflows, public investment expansion, and domestic consumption.

The National Financial and Monetary Policy Advisory Council has recommended that the Government refrain from expanding monetary policy in 2026, adopt a more cautious approach, and coordinate monetary and fiscal policies in a balanced manner.

The recommendation came as experts warned that 2026 would remain challenging, with significant capital pressures and risks related to interest rates, bad debts, exchange rates, and corporate bonds, Deputy Prime Minister Ho Duc Phoc, chairman of the council, said at a meeting last Friday.

At the same briefing on Monday, Dao Xuan Tuan, head of the SBV's foreign exchange management department, provided an update on licensing for gold bar production. Under current regulations, the central bank reviews and grants licences before December 15 each year.

So far, it has received nine applications from eligible commercial banks and enterprises seeking licences to produce gold bars. The central bank is coordinating with relevant ministries and agencies to conduct assessments, Tuan said.

“The process is being carried out cautiously to ensure compliance with regulations. Enterprises and banks themselves are also proceeding carefully when approaching the market, including weighing options for import permits,” he said.

On plans to establish a gold trading exchange, Tuan said proposals have been submitted to the Government.

In a report released on December 22, Singaporean bank UOB noted that Vietnam’s inflation rate has yet to show a meaningful slowdown. Year-to-date headline inflation rate hit 3.3% in Octover, vs average of 3.6% in 2024 and 3.26% in 2023.

Main drivers continue to be costs of housing & construction materials (6.2% year-on-year average year to date; 18.8% weight) and health care (17% year-on-year average year to date; 5.4% weight).

Combined with the potential for decent growth prospects going into 2026 and persistent VND weakness, these factors would constrain the SBV’s ability to ease policy. As such, UOB analysts expect the central bank to keep its refinancing rate steady at 4.5%.

Vietnam’s e-commerce sector is expanding rapidly on the back of young, tech-savvy sellers, but challenges in logistics, platform fees, and competition from foreign players are clouding its long-term outlook, according to a new study by Milieu Insight.

The Singapore-based market research firm notes that Vietnam stands out regionally in e-commerce for the youthfulness and momentum of its online seller community.

Strong entrepreneurial momentum from young sellers

The study found that 74 percent of the e-commerce merchants surveyed have been operating for less than two years, while 33 percent are aged 18 to 24, well above the regional average of 27 percent.

Nearly one-third of sellers now process more than 100 orders per month, compared with a regional average of 22 percent, highlighting the speed at which Vietnamese merchants are scaling up.

Juda Kanaprach, co-founder and chief commercial officer at Milieu Insight, highlighted young sellers’ rapid expansion as a sign of entrepreneurial momentum, noting that sustained success requires clear fees, reliable logistics, and platform support.

Platform reliance fuels growth but exposes gaps

Milieu Insight noted that Vietnam’s e-commerce ecosystem remains heavily platform-centric.

Shopee is used by 78 percent of sellers, followed by TikTok Shop at 66 percent, Tiki at 20 percent, and Sendo at 10 percent, while only around six percent operate their own websites.

This reliance on major platforms has accelerated digital adoption for growth, with 80 percent of sellers saying digital management tools are essential and 78 percent valuing platform support such as training and guidance.

Confidence in platform services, however, remains uneven.

While more than half of sellers use platform-linked logistics and around 40 percent have adopted AI-powered tools, only 20 percent find analytics tools meaningful, and just 38 percent report clear improvements from platform-provided logistics solutions.

Nearly 80 percent of sellers called for deeper collaboration and more effective platform support.

Platform fees accepted only when returns are clear

Vietnamese sellers increasingly view platform fees as a necessary investment rather than a simple operating cost, but only when benefits are clear and measurable.

The study found that 51 percent of respondents accept fees tied to proven performance, while 41 percent are willing to pay when platform charges clearly translate into higher sales.

At the same time, 44 percent said they lose confidence in platforms if the benefits of fees are unclear, highlighting the importance of fee transparency for user confidence.

Logistics remains persistent bottleneck

Logistics continues to rank among the most pressing challenges for online sellers.

Forty-eight percent of respondents reported late deliveries or damaged goods, while 42 percent cited unpredictable shipping costs.

Many sellers said inconsistent logistics undermines customer satisfaction, store ratings, and repeat purchases.

An overwhelming 85 percent believe platforms should impose stricter standards on third-party logistics providers, calling for improvements in parcel handling, delivery speed, and overall reliability.

Buyer protection features such as product verification, secure payment systems, and reliable delivery are highly valued, helping increase purchase frequency, order volumes, store ratings, and average basket values.

Local sellers face fierce competition from foreign players

Beyond operational constraints, competition from international sellers has emerged as a major concern among domestic traders.

Eighty percent of the Vietnamese merchants surveyed said they face intense pressure from overseas brands, resulting in lowered prices, reduced visibility on platforms, and squeezed profit margins.

Many have had to offer steep discounts to stay competitive, eroding margins and threatening long-term viability.

As a result, sellers are calling for stronger promotional support for domestic businesses, local incentives, tax relief, and measures to prevent unfair competition.

Seventy-four percent of respondents said sustainable growth in Vietnam’s e-commerce sector depends on coordinated efforts from sellers, platforms, and regulators.

The Milieu Insight study also noted that success hinges on addressing key challenges in logistics, fee transparency, and competition from foreign players.

The ten major outcomes span governance reform, economic growth, institutional restructuring and digital transformation despite a year marked by heavy workloads and unprecedented challenges.

THE HANOI TIMES —Hanoi on December 29 highlighted ten major outcomes achieved in 2025 at a citywide conference reviewing the year’s performance and rolling out tasks for 2026.

City leaders said 2025 posed exceptional challenges,with heavy workloads and urgent demands, yet Hanoi still delivered wide-ranging results in governance, economic growth, institutional reform and digital transformation.

The conference was jointly organized by the Hanoi Party Committee, the Municipal People’s Council, the People’s Committee and the Vietnam Fatherland Front Committee of Hanoi. It was held in person at the Party Committee headquarters and connected online to 134 venues, with the participation of more than 11,900 delegates.

This marked the first time Hanoi has organized its annual review conference in a hybrid format citywide, replacing nearly 1,600 separate meetings previously held at different levels. The approach aligns with the Secretariat’s Conclusion No. 226, dated December 11, 2025, on improving discipline and effectiveness across the political system.

The Hanoi Timeswill update readers on the conference, with details of the city’s tasks for 2026.

The Thai chamber expects Việt Nam to remain among the region’s fastest-growing economies over the next five years.

HÀ NỘI — Thailand’s The Nation newspaper on December 28 published an article noting that Vietnam is rapidly establishing itself as a key economic hub in Southeast Asia, delivering some of ASEAN’s strongest GDP growth as the government pushes industrial reforms, accelerates infrastructure development, and steers the economy towards a greener growth model.

According to the article titled “Việt Nam positions itself as a key Southeast Asian economic hub,” Vietnam is currently among the fastest-growing economies in the ASEAN. Citing data from the Thai Chamber of Commerce and Industry in Việt Nam, it said Vietnam’s gross domestic product (GDP) recorded strong quarterly growth in 2025, rising by 6.93 per cent in the first quarter, 7.7 per cent in the second quarter and 8.23 per cent in the third quarter – far outpacing many regional economies.

Overall, GDP expanded by 7.85 per cent in the first nine months of the year, second only to the 9.4 per cent growth recorded in the same period of 2022, reflecting Việt Nam's sustained recovery momentum amid a regional economic slowdown.

The Thai chamber expects Việt Nam to remain among the region’s fastest-growing economies over the next five years. It noted that while Thailand is likely to grow at a steadier pace, Việt Nam’s economy is forecast to reach a similar size by 2029.

Việt Nam is pursuing an annual GDP growth target of 10 per cent from 2026 to 2030 as it aims to achieve high-income status by 2045, the chamber said. GDP per capita is projected to rise from nearly US$5,000 in 2024 to around $8,500 by 2030.

Việt Nam’s growth outlook is underpinned by several structural advantages, including a population of more than 100 million, with nearly 70 per cent of working age, competitive labour and energy costs compared with regional peers, and a relatively stable political environment and monetary policy. Beyond short-term advantages, the country is also pursuing a long-term green development strategy, aiming to achieve net-zero emissions by 2050.

Foreign direct investment (FDI) inflows into Việt Nam reached around $38 billion in 2024, surpassing Thailand, and are increasingly concentrated in high-tech industries and artificial intelligence.

The chamber noted that Việt Nam’s development roadmap is anchored in administrative reform, accelerated infrastructure development, improvements in human capital quality, and a shift towards higher value-added industries.

The article also said Việt Nam continues to benefit from global supply chain diversification trends thanks to its favourable investment climate and an increasingly prominent role in regional value chains, particularly in high-tech sectors.

The Nation concluded that, with its large population, rapidly growing domestic demand, deepening administrative reforms and sustained FDI inflows, Việt Nam is steadily emerging as a dynamic economic hub in Southeast Asia.

With the establishment of an International Financial Center, Ho Chi Minh City will form an elite community of entrepreneurs and professionals from around the globe. This is very attractive for real estate investors, saysarchitect Truong Van Quang,deputy secretary generalof theVietnam Urban Planning and Development Association (VUPDA).

Capital from investors in the northern region, especially Hanoi, has been strongly shifting into the southern real estate market. What is your assessment of the underlying driving force behind this strong "southward migration" of capital?

This strong "southward migration" of capital is due to several reasons. Real estate prices in the North are currently too high. Meanwhile, the South, after the restructuring of territorial space and the redistribution of production forces, has become the most dynamic economic region in the country with many development poles, opening up opportunities for multilateral, comprehensive, and highly integrated business and investment.

The new HCMC (after the merger with Ba Ria-Vung Tau and Binh Duong provinces) will become a regional-scale center for finance, services, trade, logistics, high-tech industries, and coastal tourism, with a development orientation based on digital technology; a green economy; environmental sustainability; and a harmonious, interconnected and open society embodying the advanced values of Asia and the world.

As the "economic heart" of the country, HCMC has become a leading megacity in Southeast Asia and Asia, with over 14 million inhabitants, accounting for approximately 24% of the national GDP. The city possesses a "soft" ecosystem, with distinctive mechanisms and policies.

Therefore, the HCMC real estate market will certainly benefit, becoming the most attractive destination for investment capital at present. In fact, investors from the North, especially Hanoi, account for a large proportion of investors in the southern real estate market.

What are the core factors that contribute to the enduring appeal and continuous value appreciation of the luxury real estate segment in the heart of Ho Chi Minh City?

The attractiveness of the luxury real estate segment in the central area of HCMC is shaped by several factors.

Firstly, the vision for HCMC's future development is to become an "international megacity" - a smart, green, and innovative city, exemplary not only in terms of economic strength but also in its richness of culture, art, sports, entertainment, and a modern, dynamic, youthful, and fresh lifestyle.

Secondly, the city benefits from distinctive mechanisms and policies (the Politburo's Resolution 31-NQ/TW; the parliament's Resolution 98/2023/QH15).

Thirdly, HCMC has a prime location and a well-compiled urban development plan (the Prime Minister's Decision No. 1125/QD-TTg: Approving the revised master plan for HCMC until 2040, with a vision to 2060).

Fourth, HCMC has a comprehensively planned and modern transport infrastructure system, capable of flexibly connecting the city with neighboring localities, the whole country, and internationally according to strategic priorities; strengthening connections between areas within the city to organize urban activities efficiently; and developing the city according to the orientation of public transport development.

Fifth, it has a high-class living ecosystem, a modern, ecological, and sustainable city with diverse amenities.

The value of luxury real estate in the heart of HCMC tends to increase sustainably due to the above advantages and the pressure from limited land supply, scarcity of supply, and continuously increasing demand from the superior economic efficiency and quality of life that this segment offers.

As Ho Chi Minh City aims to become a world-class megacity, what essential requirements and trends must luxury real estate projects in the city center meet to not only attract high-quality investment but also create a sustainable, civilized community with international standards?

Technical infrastructure and institutions are necessary conditions, however, the sufficient condition for the successful development of HCMC's central urban area is to create "soft" infrastructure - a high-quality living and working environment to attract talent, experts, and international investors to settle and work there.

Social infrastructure (schools, hospitals, sports facilities, public amenities, etc.) is a fundamental and mandatory requirement for the sustainable development of residential communities. Projects must be built according to the criteria of "Integrated - smart - TOD - green - civilized and friendly".

In particular, it is necessary to create attractiveness through the uniqueness or "personality" of the project. It is essential to promote the value of the diverse architectural, landscape, and ecological space of the city, especially the distinctive values of a riverside and coastal urban area, and to adapt to climate change.

What will the presence of foreign experts and investors living, working, and investing in the International Financial Center impact Ho Chi Minh City's luxury property market? And their impact on the formation of an elite residential community in next-generation financial city models?

HCMC is an attractive destination, a hub for talent and entrepreneurs from both Vietnam and abroad, a center for startups and innovation, and a breeding ground for cutting-edge trends and models, especially with the presence of the International Financial Center.

HCMC is not only the economic engine of the nation but will also become a modern metropolis with significant influence within the global network of cities. It will form a community of global elite residents, including entrepreneurs and professionals from many countries around the world.

I believe that rental prices will be very attractive for investors. The value of the apartments will increase significantly and sustainably as infrastructure develops over time.

Vietnam on December 21 announced the establishment of its International Financial Center (IFC), with Prime Minister Pham Minh Chinh pledging to fast-track the resolution of investor difficulties through a “special process”.

The IFC is located in both HCMC and Danang, following the model of “one center, two destinations,” according to a resolution adopted by the country’s legislature in June.

HCMC will serve as the main hub, focusing on large-scale financial markets including securities, bonds, banking, fund management, and listing services. Danang will prioritize financial services related to logistics, maritime activities, free trade, and supply chains for industrial and agricultural sectors.

De Lasala said Spanish Prime Minister Pedro Sánchez’s official visit to Vietnam in April 2025 - the first by a Spanish prime minister since diplomatic ties were established in 1977 - marked a historic milestone, as leaders of the two countries agreed to work towards upgrading the bilateral relations to a comprehensive strategic partnership, a goal reinforced by the inaugural meeting of the Joint Committee for Economic, Trade, and Investment Cooperation held in Madrid two months ago. 

Hanoi (VNA) -Spanish Ambassador to Vietnam Carmen Cano De Lasala has described 2025 as a “highly important and special” year, marked by pivotal milestones that laid a solid foundation for the two countries to elevate the bilateral relations to a comprehensive strategic partnership in the near future.
In a recent interview granted to the Vietnam News Agency (VNA), De Lasala said Spanish Prime Minister Pedro Sánchez’s official visit to Vietnam in April 2025 - the first by a Spanish prime minister since diplomatic ties were established in 1977 - marked a historic milestone, as leaders of the two countries agreed to work towards upgrading the bilateral relations to a comprehensive strategic partnership, a goal reinforced by the inaugural meeting of the Joint Committee for Economic, Trade, and Investment Cooperation held in Madrid two months ago.
Despite the geographical distance, people-to-people ties between the two countries have grown stronger than ever, she stated, adding that Spaniards feel extremely comfortable in Vietnam, where they are always welcomed with warmth and sincerity.
A record of nearly 100,000 Spanish tourists visit Vietnam each year, vividly underscoring the Southeast Asian country’s growing appeal, she noted, adding that Spain’s newly released Foreign Action Strategy identifies Vietnam as a top-priority partner to fully unlock the potential for bilateral cooperation.

Regarding the European Union (EU) - Vietnam diplomatic relations and five years of the implementation of the EU – Vietnam Free Trade Agreement (EVFTA), the diplomat noted the agreement had been extremely positive for the bilateral ties. Since the agreement took effect, EU–Vietnam trade has surged by 46%. The bilateral trade with Spain alone rose 17% in 2024, hitting 6 billion EUR (over 7 billion USD).

However, the ambassador emphasised that efforts are needed to address the current trade imbalance, as Spanish exports to Vietnam remain relatively modest compared with their potential.

De Lasala called for the removal of non-tariff barriers and encouraging Spanish companies operating in key sectors such as infrastructure, energy, textiles, pharmaceuticals, and tourism to engage more deeply in Vietnam’s impressive socio-economic development. She also highlighted that Spain was among the first EU countries to ratify the EU–Vietnam Investment Protection Agreement (EVIPA).

Regarding sustainable development, the diplomat particularly spotlighted the long-standing maritime tradition of both countries, noting that Spain is not only a member of the International Maritime Organisation (IMO) but also the world’s second-largest fishing power.

For efforts to lift the European Commission's “yellow card” for illegal, unreported, and unregulated (IUU) fishing, the ambassador affirmed that this is a key and decisive task to protect the ocean. She stated that Spain has invested heavily in both technology and human resources in this fight, much like Vietnam is determined to do.

De Lasala emphasised that the Memorandum of Understanding (MoU) signed between the two countries in April this year has opened the door to deeper cooperation in the fisheries sector.

Spain stands ready to share its valuable practical experience with Vietnam to jointly promote sustainable ocean management and blue economic development, she added.

The Ho Chi Minh City People’s Committee has proposed adding five metro lines to the appendix of the parliamentary Resolution No. 188 on piloting special mechanisms and policies to develop the urban railway network in Hanoi and HCMC.
This addition is permitted by the Vietnamese legislature to meet the city’s development needs, after it merged with Binh Duong and Ba Ria-Vung Tau provinces in July to form the new HCMC, as stipulated in Resolution No. 98 (amended).

According to the proposal, the five metro lines include Binh Duong New City-Suoi Tien (Line No. 1); Thu Dau Mot City-HCMC (Line No. 2); Vung Tau-Ba Ria-Phu My (Line No. 3); Thu Thiem-Long Thanh; and the extension of the Ben Thanh-Suoi Tien line to the administrative center and Long Thanh International Airport of Dong Nai province.

All five lines are planned for implementation during the medium-term phases of 2026-2030 and 2031-2035, and will be invested through public investment or public-private partnership (PPP) models.

Thu Thiem-Long Thanh line

On October 29, 2025, the Prime Minister issued a decision approving adjustments to the railway network plan for the 2021-2030 period, with a vision to 2050.

Accordingly, the Thu Thiem-Long Thanh line is removed from the national railway plan and converted into an urban railway; HCMC and Dong Nai province are assigned to include this line in their master plans and related schemes.

Currently, the two localities are reviewing and updating their respective master plans. The parliament's Resolution No. 260/2025 amending and supplementing Resolution No. 98 also allows the HCMC People’s Committee to approve the city master plan and adjust it concurrently with the preparation, appraisal, and approval of project investment policy and investment decisions.

The route starts from Thu Thiem station, running parallel on the right side of the HCMC-Long Thanh-Dau Giay Expressway and the North-South high-speed railway. It then turns right, crosses Ring Road 3, and runs parallel on the left side of Ring Road 3, continuing to cross the Dong Nai River at a point about 62.5 meters upstream from the centerline of the Dong Nai Bridge on Ring Road 3 (Phase 1).

After crossing the Dong Nai River, the line continues closely along Ring Road 3 and enters the left median strip of Ring Road 3 in accordance with the planning of Dong Nai province’s former Nhon Trach district. The route then turns left into the median of Provincial Road 25B (as planned), before turning right to separate from Provincial Road 25B and head toward Long Thanh airport.

The line aims to address the urgent need for connectivity between HCMC, Tan Son Nhat International Airport, and Long Thanh International Airport using a high-capacity, modern, environmentally-friendly mode of transport, while the road transport network is already overloaded.

Although the line passes through both HCMC and Dong Nai province, the two localities have agreed to assign the HCMC People’s Committee as the competent authority and HCMC is authorized to apply the special mechanisms and policies under Resolution No. 188/2025/QH15.

During implementation, flexible application of the special mechanisms under the Railway Law and Resolution No. 188/2025/QH15 will be adopted to ensure compliance with legal regulations.

Extended Ben Thanh-Suoi Tien line

The extension of the Ben Thanh-Suoi Tien metro line to HCMC's administrative center and Long Thanh International Airport in Dong Nai province has been identified in Dong Nai province’s approved master plan for the 2021-2030 period, with a vision to 2050.

The route starts from Station S0 at Tan Van (HCMC), follows the planned alignment, crosses the Dong Nai River, and runs along National Highway 1 to connect with Station SC of the new provincial administrative center.

It then follows the planned corridor of the Bien Hoa - Long Thanh railway line along Provincial Road DT.771, crosses the HCMC - Long Thanh Expressway, connects to Station SA, and continues along the planned railway corridor into Long Thanh airport.

The total length of the line is approximately 41.4 kilometers, of which about 1.1 km lies within HCMC.

The project aims to extend the Ben Thanh - Suoi Tien Metro line to the provincial administrative center and Long Thanh International Airport, meeting the urgent demand for connectivity between HCMC and Dong Nai province through a modern, environmentally friendly transport mode. It also contributes to maximizing the efficiency of Long Thanh International Airport operations, urban services, tourism, and logistics, thereby promoting socio-economic development in both localities.

The project will enhance transport capacity, reduce congestion on currently overloaded road corridors such as Hanoi Highway and National Highway 51, create new development spaces, accelerate urban development, promote compact urban development under the Transit Oriented Development (TOD) model, redistribute population and labor along the corridor, and improve economic competitiveness, creating momentum for industrial, tourism, and service development.

Line No. 1: Binh Duong New City-Suoi Tien

This line has been identified in the former Binh Duong province’s master plan for the 2021-2030 period, with a vision to 2050, and is included in the list of priority investment projects for the 2025-2030 phase.

The route runs from the central roundabout of Binh Duong New City via Hung Vuong street, My Phuoc - Tan Van expressway, to Long Binh depot.

The objective is to expand the urban railway network by synchronously connecting with Metro Line No. 1 (Ben Thanh – Suoi Tien), which has been officially put into operation since December 2024.

The line will connect the two administrative and political centers of HCMC from Binh Duong ward to Saigon ward, using modern, environmentally friendly public transport, increase transport capacity, and reduce traffic load on the My Phuoc – Tan Van road corridor.

It will also create new development spaces, accelerate urban development, promote compact TOD-based urban development, redistribute population and labor along the corridor, and enhance economic competitiveness, driving industrial, tourism, and service development.

Line No. 2: Thu Dau Mot City-Ho Chi Minh City

This line has also been named in the former Binh Duong province’s master plan for the 2021-2030 period, with a vision to 2050, with an investment roadmap for 2025-2030.

The metro line will run from Thu Dau Mot via Hung Vuong street, Pham Ngoc Thach street, National Highway 13, Vinh Binh Bridge, and connect with HCMC Metro Line No. 3, using the Hiep Binh Phuoc depot.

It aims to expand the urban railway network by connecting Line No. 2 (Thu Dau Mot-HCMC) with Urban Railway Line No. 3 (Hiep Binh Phuoc-An Ha), forming a central radial corridor.

The project will directly connect Thu Dau Mot ward and surrounding areas along the corridor to central HCMC with modern, environmentally-friendly public transport, increase transport capacity, and reduce congestion at the gateway on National Highway 13, which is currently overloaded and frequently congested.

It will also create new development spaces, accelerate urban development, promote compact TOD-based urban development, redistribute population and labor along the corridor, and enhance economic competitiveness, driving industrial, tourism, and service development.

Line No. 3: Vung Tau-Ba Ria-Phu My

This line has been identified in the former Ba Ria-Vung Tau province’s master plan for the 2021-2030 period, with a vision to 2050, and includes options for connection to Long Thanh International Airport in Dong Nai province.

The metro line will run along 3/2 Street-Chi Linh Tourist Area-Vung Tau-Binh Chau Road-Coastal Road-Road 55-National Highway 51.

The aim is to connect Long Thanh International Airport and areas along the route with the center of Vung Tau ward, promote tourism development in coastal areas, and form an economic, tourism, and coastal urban growth axis, creating a safe, clean, high-quality living environment oriented toward harmonious development with nature.

At the same time, the project will contribute to the formation of a national-level logistics center, the establishment of a free trade zone in Cai Mep Ha, attract strategic investors, and develop a comprehensive and integrated ecosystem in line with leading international standards.

In 2026, experts suggest that if businesses continue to diversify into the CPTPP, EU, and Middle East markets while prioritizing value-added products, Vietnam’s shrimp industry can still maintain growth despite a challenging global landscape.

With sustained growth momentum over the first 11 months of the year, Vietnam’s shrimp export turnover for the full year 2025 is projected to reach $4.6 billion, marking an all-time historic high.

According to data from Vietnam Customs, cumulative shrimp exports from the beginning of the year through November 2025 reached $4.3 billion, a 21% increase compared to the same period last year.

The performance over the past 11 months reflects a clear recovery in global consumer demand, particularly for processed shrimp and premium segments. In a context where many other industries still face significant hurdles, Vietnam’s shrimp industry has demonstrated a remarkable ability to adapt quickly to market fluctuations, trade policies, and shifting consumer trends.

Mainland China and Hong Kong (China) remain the largest destinations for Vietnamese shrimp. In the first 11 months of 2025, export turnover to these markets reached $1.2 billion, accounting for more than 28% of Vietnam's total shrimp exports and surging by 59% year-on-year.

However, competition in these markets is intensifying. While Ecuador and India maintain an edge in the low-cost segment, Thailand and Vietnam are competing directly in the premium and processed product categories. Furthermore, stringent requirements regarding traceability, border controls, and changes in Chinese customs policies continue to pose significant challenges for Vietnamese exporters.

The CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) bloc remains a bright spot, with export turnover reaching $1.2 billion in the first 11 months, a 32% increase. Japan maintains its role as a key market with $535 million, up 13%, driven largely by processed products destined for retail channels. Steady growth in Australia, the UK, and Canada has helped the CPTPP region become a vital "buffer" for the industry amidst high volatility in the US and EU markets.

In the first 11 months of 2025, shrimp exports to the US reached $754 million, a 7% year-on-year increase. However, November figures saw a 7% dip to $52 million, attributed to the impact of trade defense measures.

Conversely, the EU market has recorded a significant recovery. Turnover reached $540 million in the first 11 months, up 21% over the same period last year, with Germany, Belgium, and the Netherlands leading the growth.

The Vietnam Association of Seafood Exporters and Producers (VASEP) estimates that total shrimp exports for 2025 will certainly surpass $4.5 billion and could reach the $4.6 billion milestone—the highest level ever recorded.

Looking toward 2026, the outlook is more cautious due to tariff pressures from the US, fierce competition in China, and high domestic production costs. Nevertheless, experts suggest that if businesses continue to diversify into the CPTPP, EU, and Middle East markets while prioritizing value-added products, Vietnam’s shrimp industry can still maintain growth despite a challenging global landscape.

The residential real estate sector leads real estate mergers and acquisitions activity with over 70 per cent of total transaction volume, experts said.

HCM CITY — The residential real estate sector leads real estate mergers and acquisitions (M&A) activity with over 70 per cent of total transaction volume, experts said.

Other segments, such as commercial and resort real estate, account for approximately 17.7 per cent and 5.3 per cent, respectively. The data centre sector also emerged as a potential niche market, accounting for 3.3 per cent of M&A transaction volume.

According to JLL's observations of M&A deals with publicly available information in the first 11 months of 2025, the cumulative transaction volume reached approximately US$2.4 billion.

The Vietnamese real-estate M&A market in 2025 recorded significant growth, marking a positive shift after a prolonged downturn. Unlike the previous period when the market faced difficulties due to administrative barriers, this year has seen the resolution of many legal bottlenecks along with greater clarity in planning, creating conditions for increased supply and promoting cooperation among industry players.

Amid tight financial conditions, businesses have turned to M&A strategies as a key solution to maintain growth momentum, while many corporations, after restructuring, have actively expanded their real estate portfolios through mergers and acquisitions, according to Trang Lê, country head, Vietnam, JLL. Typical examples are domestic companies such as Novaland Group and Phat Dat Group, which are actively participating in the M&A market.

Investment capital has focused significantly on projects with high legal transparency, especially commercial land funds that have been approved for planning, have land use rights documents, and have a clear construction completion roadmap.

The market also shows a clear stratification among investor groups. Local investors lead in transaction frequency with small and medium-sized deals, while foreign partners focus on large-scale deals, especially in the high-end residential segment, integrated urban development, and strategic industrial real estate.

The policy allowing agreements on non-residential land use rights for commercial housing development from April 2025 has opened up great opportunities for converting industrial and agricultural land. This will strongly promote M&A deals in the housing segment, which is experiencing a prolonged supply shortage and high absorption rates.

The office segment shows clear differentiation. HCM City is experiencing a severe supply shortage with high occupancy rates and strong rental growth, while Hà Nội is seeing a strong wave of FDI from international investors. For the hotel sector, the expected investment yield is estimated at 8-9 per cent this year, with total M&A transaction volume estimated at $125 million.

The cumulative M&A transaction volume of the industrial real estate segment in the first 11 months of the year reached approximately $74 million. Instead of just leasing land to build themselves, investors now increasingly prefer the model of acquiring existing industrial parks with infrastructure and then expanding them in new phases. This approach saves implementation time, ensures infrastructure quality, and minimises legal risks.

The emergence of diverse investment products such as industrial land funds, ready-built factories, and specialised segments like cold storage and data centres is creating abundant M&A opportunities.

JLL attributed the development of M&A to three core reasons.

One key reason is legal policy reforms that have emerged as a decisive factor, particularly with the issuance of Resolution 171/2024/QH15, which ushers in a new era for the market from April 2025, allowing investors to flexibly convert non-agricultural land into commercial housing projects. Alongside this, Resolution 68 has created a solid foundation for the private economy to develop strongly, while the government is actively improving the legal framework and innovating capital mobilisation mechanisms.

The need for corporate restructuring plays a crucial second role. Many domestic companies face liquidity challenges and accumulated bad debts from the 'hot' growth phase of 2020-2022, forcing them to seek M&A solutions to reorganise their finances and complete project legalities.

Stable monetary policy, with an average lending rate of 7-9 per cent, lower than in recent years, has created a favourable environment for capital access. This preferential interest rate not only helps balance competitiveness between domestic and international investors but also encourages long-term capital inflows into the market.

JLL recommended that Vietnamese businesses focus on improving four key factors to effectively attract investors.

First, they should ensure complete legal compliance of the asset, particularly land use rights documents and related permits, while preparing a detailed legal due diligence report.

Second, conducting professional valuations according to international standards and updating them regularly to accurately reflect market value is a key factor in negotiations.

Third, they should maintain flexibility in the transaction structure. Businesses need to be ready to consider various forms of cooperation, from joint ventures and strategic partnerships to complete asset transfers.

Finally, they should build a transparent financial system with internationally audited reports and clear corporate governance. Companies should invest in standardising their financial reporting systems and establishing rigorous internal governance processes to ensure success in future M&A deals, it added.

The Ho Chi Minh City People’s Committee has written to the municipal People’s Council seeking approval for the development of the Rach Chiec national sports complex project under a public-private partnership (PPP) model, which was put forward by Sun Vung Tau Company, a subsidiary of Sun Group, and is set to carry a price tag of over VND145 trillion (US$5.5 billion).

The proposal is scheduled for consideration at the council’s seventh sitting on Friday and Saturday.

Under the proposal, the municipal administration would act as the competent authority.

The project aims to establish a modern national- and regional-level sports center with fully integrated professional functions, serving both the community and broader socio-economic development goals, according to the municipal administration.

Once in place, the complex is expected to host major domestic and international sporting events, including the Southeast Asian (SEA) Games, the Asian Games (Asiad), regional Olympic competitions and other international tournaments.

It would also function as a hub for training elite athletes and developing sports professionals for Ho Chi Minh City and the country as a whole.

In addition, the project is designed to meet public demand for physical training and recreation through a system of modern sports facilities and open community exercise spaces.

The integration of commercial, tourism and entertainment services is expected to generate spillover effects for the regional economy, contributing to the development of a distinctive cultural, sports and tourism destination in eastern Ho Chi Minh City.

The project is oriented toward harmonious development with nature, environmental protection and long-term sustainability.

It would help stimulate economic growth, increase state budget revenues, attract investment, promote sports tourism and related commercial activities, while also creating jobs, raising incomes and contributing to social welfare.

The project will be developed under a PPP framework using a build-transfer (BT) contract, with payment to the investor made through land allocation in accordance with regulations.

The project would be financed entirely by the investor, without the use of state budget funds.

Project preparation costs would be implemented in line with the Law on Public-Private Partnership.

If Sun Vung Tau Sun Company is not selected as the project investor, the winning investor would be responsible for reimbursing the preparation costs as prescribed.

Large-scale facilities planned

The municipal administration estimates that the project will require around 186.8 hectares of land, ensuring efficient land use in line with approved planning and avoiding overlap with other projects.

The planned complex will feature multiple functional zones.

The cultural and sports zone will include a stadium, indoor arena, aquatic sports center, tennis center, integrated sports facility and multi-purpose sports center.

The stadium, with a capacity of 65,000-75,000 seats, and the indoor arena, with around 18,000 seats, are expected to be the project’s flagship structures.

Also, an urban public services zone will house facilities for athletes and coaches, a public square, a sports hospital, and a conference and exhibition center.

Green and public-use areas will comprise a park and landscaped spaces.

A technical infrastructure and transport zone will include utility systems and internal road networks.

Additional functional areas include a heritage and religious site, notably the Bung Sau Xa relic area.

The total implementation period is projected at around eight years from the date of contract signing.

Prime Minister Pham Minh Chinh has directed authorities to resolve outstanding obstacles facing the Long An LNG I and II power projects, worth a total of $3.13 billion and backed by South Korea’s GS Energy, as the government seeks to accelerate large-scale energy investments nationwide.

In a conclusion dated December 22 by the Government Office following an early December working session, Chinh tasked Deputy Prime Minister Bui Thanh Son with chairing inter-agency meetings to settle all remaining issues in accordance with regulations, balanced risk-sharing, and fair competition.

Authorities have been instructed to complete the process by December 2025.

The Long An LNG I and II projects received in-principle approval and investment registration certificates in March 2021 from the then Long An province, which was merged into Tay Ninh province in July.

The projects will be developed by VinaCapital GS Energy Pte. Ltd., a joint venture between VinaCapital and South Korea’s GS Energy.

In June 2023, the investors signed an MoU with Export-Import Bank of Korea (KEXIM) on project financing. Local authorities approved the projects’ development plan in April 2024, targeting commercial operation of Long An LNG I by June 2028 and Long An LNG II by June 2031.

In March 2025, Deputy Minister of Industry and Trade Nguyen Hoang Long met GS Energy representatives, during which the investor said it had received feasibility study (F/S) appraisal results from the Electricity Authority of Vietnam and was completing final steps for F/S approval.

The developer is currently negotiating a power purchase agreement (PPA) with EVN Electricity Power Trading Company (EVNEPTC), a unit of state utility EVN, and is preparing to sign a preliminary grid connection agreement with National Power Transmission Corporation (NPT). It is also in talks with PV Gas on pipeline and gas supply arrangements.

In October 2025, a group of LNG power investors, including those behind the Long An projects, petitioned Vietnam’s National Assembly, the country's legislature, to consider special mechanisms for LNG developments, citing persistent bottlenecks in PPA negotiations, gas supply agreements, financing structures, and investment procedures.

Vietnam's first LNG power projects are Nhon Trach 3 and 4 in the southern province of Dong Nai, which were inaugurated on December 14 and are scheduled for commercial operations in early 2026.

Vietnam is planning LNG-fired power plants in some localities such as Quang Ninh, Hai Phong, Hung Yen, Nghi Sơn, Quang Trach, Hai Lang, Ca Na, Bac Lieu, and Long An.

Under the adjusted Power Development Plan VIII (PDP VIII), the country aims to add nearly 37,500 MW of new gas-fired power capacity, with LNG accounting for around 60%.

However, many projects are facing challenges in securing output offtake agreements to ensure stable cash flows, as well as in planning long-term fuel supply volumes and prices.

Experience from both Vietnam and global markets shows that initial public offering (IPO) stocks rarely deliver immediate gains. However, investors who select companies with solid fundamentals and maintain a long-term holding strategy can be rewarded for their patience.

Across markets, IPO stocks often face short-term price pressure but can offer significant long-term upside, provided the underlying businesses have strong financial foundations and clear growth strategies.

Even global market leaders have experienced difficult beginnings. Meta Platforms, formerly Facebook, is a notable example.

Meta went public on May 18, 2012 at $38 per share, but within four months its stock had plunged more than 50% to a low of $17.5 amid concerns over its business model and ability to monetize mobile users.

As the company later demonstrated success in shifting to mobile advertising and expanding its ecosystem, the stock recovered. Around three years after the IPO, early investors had doubled their money, while those holding until today have seen returns of roughly 15 times, with the share price now near $660.

Robinhood Markets Inc., the U.S.-based online brokerage platform, also illustrates the contrast between short-term volatility and long-term value. Listed on Nasdaq in 2021, Robinhood shares came under heavy selling pressure as the Federal Reserve tightened monetary policy, sending the stock sharply lower after its debut.

As business performance stabilized and markets recovered, the shares gradually rebounded. Investors who held since the IPO have seen the stock rise about fourfold to around $122 per share.

Similar patterns have been observed in Vietnam. BIDV bank saw its shares decline after its 2014 IPO and listing amid weak market conditions and supply pressure from newly issued shares.

Following restructuring efforts, improved efficiency, and steady growth in the banking sector, BIDV was gradually re-rated by the market. Its share price has since risen about 4.5 times from post-IPO levels, delivering strong returns for long-term investors.

Another prominent case is Vietcombank (VCB), which listed on the Ho Chi Minh City Stock Exchange in 2009 when Vietnam’s stock market was in deep decline and the VN-Index had fallen from a peak above 1,100 points to a low of 246.

Despite weak initial performance, Vietcombank’s strong financial position, prudent risk management, and consistent operating results across economic cycles led to a gradual revaluation. Its share price has increased roughly fourfold since the IPO, making it one of the best long-term performers among Vietnamese banks.

A similar story applies to Techcombank (TCB), one of Vietnam’s leading private banks. In April 2018, Techcombank set a record in the domestic banking sector by selling 164.1 million shares to foreign investors at VND128,000 per share, raising about $922 million and valuing the bank at more than VND145 trillion at the time of the IPO ($5.51 billion at current exchange rate).

However, TCB shares fell the maximum 20% on their first trading day, closing at VND102,400. Supported by a well-defined growth strategy and effective governance, Techcombank’s market capitalization has since climbed to nearly VND250 trillion ($9.5 billion), up about 73% from its IPO valuation.

What should investors expect from IPOs?

These examples highlight a common reality in capital markets: an IPO that is successful in terms of capital raising does not necessarily translate into immediate gains in share price after listing.

In 2025, IPO activity and capital raisings regained momentum in Vietnam, with large companies such as Hoa Phat Agriculture, Gelex Infra, Techcombank Securities, VPBank Securities, and VPS Securities entering the market.

This wave has been supported by a more stable macroeconomic environment, relatively low interest rates, and expectations that Vietnam’s stock market is entering a new growth cycle, attracting strong investor interest.

In practice, short-term price performance of IPO stocks depends heavily on market timing and overall market sentiment. When macro conditions are favorable, industry cycles are in an expansion phase, and investor confidence is high, newly listed stocks can post solid gains.

Conversely, during periods of heightened volatility and risk aversion, post-IPO price corrections are common, both in Vietnam and globally. In defensive market phases, capital tends to favor stocks with long trading histories, high liquidity, and proven stability. IPO stocks, where supply-demand dynamics are still imbalanced and information has yet to be fully absorbed by the market, are more vulnerable to selling pressure.

Investor psychology also plays a key role in the post-IPO phase. Many investors enter with expectations of quick profits and are willing to take gains or cut losses if prices do not move as anticipated, adding to supply pressure and amplifying early price swings.

Short-term volatility, however, often fails to fully reflect a company’s intrinsic value. As earnings performance, governance capability, and growth strategies are tested over time and reflected in financial results, the market tends to reprice shares closer to their fundamental value.

As a result, a pattern of “short-term decline, medium- to long-term growth” is frequently observed among high-quality IPO stocks, particularly those with strong balance sheets, sustainable competitive advantages, and clear growth potential.

Overall, lessons from both Vietnam and international markets suggest that while IPO stocks often face short-term pressure driven by market conditions and sentiment, this does not diminish the long-term appeal of strong businesses.

For investors, a reasonable expectation when participating in IPOs is to focus on company quality, market context, and long-term holding potential, rather than immediate gains in the first trading sessions.

Experts forecast that in 2026 a stronger shift towards outlying areas, especially projects linked to public transport and green standards, will shape product trends and developers’ strategies.

HCM CITY — The southern housing market is showing clear signs of recovery as macroeconomic conditions stabilise and a series of major infrastructure projects progress rapidly.

New supply in HCM City and neighbouring provinces has increased strongly, led by high-end apartments and low-rise housing, with owner-occupier demand continuing to dominate.

Experts forecast that in 2026 a stronger shift towards outlying areas, especially projects linked to public transport and green standards, will shape product trends and developers’ strategies.

New infrastructure has emerged as a powerful growth driver.

At the “Connecting the Present, Shaping the Future” Housing Real Estate Forum, property consultancy CBRE Việt Nam reported that the outlook for the southern housing market in 2025 and beyond would be reinforced by a stable macroeconomic environment, the region’s GDP growth target of 8 per cent and spillover effects from strategic transport projects.

According to Dương Thùy Dung, managing director of CBRE Việt Nam, the stabilised lending interest rate environment has supported both end-user and investment demand, though the market still needs time to absorb new supply.

The most significant push comes from major transport infrastructure, including Ring Roads Nos.3 and 4, Long Thành International Airport, the Biên Hòa-Vũng Tàu Expressway, the Bến Lức-Long Thành Expressway, and the expanding metro network in the city.

These projects reduce travel times between localities and create strong momentum for rapidly developing satellite urban centres.

The city housing market is expected to see around 12,000 new products in 2025 – 7,600 apartments and 4,400 low-rise houses.

In the apartment segment, high-end and luxury supply is set to dominate, accounting for 90 per cent of new launches, with average selling prices in the last quarter projected to rise by 18 per cent year-on-year.

Among the former provinces – including Bình Dương Province, Long An Province and Bà Rịa–Vũng Tàu Province – Bình Dương alone is projected to add more than 15,800 units, mostly apartments. Long An is expected to supply around 1,300 units, while Bà Rịa-Vũng Tàu is forecast to contribute over 800 low-rise homes.

In addition, Đồng Nai Province is projected to deliver approximately 9,400 units, with low-rise houses making up about 75 per cent of its total.

Across the five key southern localities, total new supply may exceed 39,300 units, double the volume in 2023-24.

Experts say the emergence of new ring roads and expressways is reshaping the region’s urban landscape.

The city will increasingly concentrate on high-end and luxury developments, while surrounding provinces will expand low-rise housing, ecological townships and projects oriented towards public transport.

This fuels a continuing outward shift, as residents seek larger living spaces while commuting times fall to 30-45 minutes.

A representative of a developer in Đồng Nai said buyers were now more cautious, shifting away from speculative activity towards long-term value.

Areas near future metro stations, Ring Road No.3 interchanges or connectors leading to Long Thành were becoming investment hotspots.

Buyers now would prioritise amenity quality, green standards and occupancy rates instead of seeking the lowest prices.

Green living and transit-oriented development (TOD) are also shaping demand.

Võ Huỳnh Tuấn Kiệt, director of residential at CBRE Việt Nam, said two major trends, transit-oriented development and green real estate, were becoming defining pillars of the market.

TOD would form the backbone of urban development, he reckoned.

Projects positioned along metro lines, bus rapid transit corridors or ecological routes typically achieved higher absorption due to reduced commuting times and integrated services.

Meanwhile, green criteria had become essential for younger buyers.

CBRE data shows that new launches in the city have an average selling price of around VNĐ90 million (US$3,700) per square metre, yet absorption remains healthy, particularly in the high-end and luxury segments.

In neighbouring markets, prices are 30-50 per cent lower, aligning well with the budgets of young families purchasing for long-term residence.

Lê Thị Thùy Trang, who lives in Cầu Kiệu Ward and is seeking a home in Hiệp Bình Ward, said her family would prioritise projects near metro lines and with ample green amenities for children.

Although prices are higher, she said the improved living environment and convenience would justify the cost.

New townships in Đồng Nai and Bình Dương Province incorporate parks, running tracks, schools and commercial centres.

Low-rise houses remain popular due to their generous living spaces, which suit multigenerational households.

CBRE Việt Nam expects the southern market to add up to 50,000 new housing units in 2026.

Greater diversity of location, segment and product quality is promoting healthy competition, prompting developers to raise design standards, amenities and service quality.

Economists say this competition benefits buyers since developments become more transparent, better equipped and more efficiently operated.

CBRE representatives said the region’s abundant land availability, excellent connectivity and competitive pricing continued to attract developers from South Korea, Singapore and Japan.

The new plan sets out a detailed roadmap to expand the development and application of nuclear energy through 2030.

Under recently-promulgated Prime Ministerial Decision No.2736/QD-TTg, a plan to implement the master plan on nuclear energy development by 2030, with a vision toward 2050, has been approved, according to a report from the Government News.

The new plan sets out a detailed roadmap to expand the development and application of nuclear energy through 2030, with a long-term vision to 2050, as part of a Government push to harness radiation and radioisotopes safely and effectively across key sectors.

Through 2030, key tasks focus on developing and applying radiation and radioisotopes in health care, natural resources and the environment, agriculture and industry, alongside strengthening nuclear science and technology capacity, human resources, and nuclear safety and security.

Regarding the healthcare sector, the plan targets to upgrade and expand networks of radiotherapy, nuclear medicine and diagnostic imaging facilities.

Specific tasks include investing in and establishing oncology and nuclear medicine departments in provinces and centrally-run cities. Private healthcare facilities are encouraged to invest in modern radiation-based equipment.

The plan also aims to improve facilities, workforce quality and operational efficiency of institutions involved in research, application and training in nuclear energy.

Priorities include studying the establishment of a national institute or center for radiation medicine; investing in leading oncology and nuclear medicine units.

Vietnamese commercial banks, which operate in the country’s International Financial Centre (IFC), are not allowed to purchase and sell bonds issued in foreign currency abroad exceeding 7 per cent of their equity.

HÀ NỘI — Vietnamese commercial banks, operating in the country’s International Financial Centre (IFC), are not allowed to purchase and sell bonds issued in foreign currency abroad exceeding 7 per cent of their equity.

The rule falls under the newly issued Decree No 329/2025/NĐ-CP regulating the licensing of bank establishment and operation, foreign exchange management, anti-money laundering, anti-terrorism financing and anti-proliferation financing of weapons of mass destruction at the IFC.

According to the new decree, to get a licence for buying and selling foreign currency-denominated bonds abroad, domestic commercial banks must have profits for three consecutive years immediately preceding the year of application for a certificate of registration for buying and selling foreign currency-denominated bonds abroad, as shown in independently audited financial statements as per current regulations of the Ministry of Finance.

Besides complying with regulations on safe investment ratios and capital sources, the banks must also fully fulfil their financial obligations to the State as stipulated by current tax laws, except for the first year of establishment, to qualify for buying and selling foreign currency-denominated bonds abroad.

Bonds bought and sold abroad by domestic commercial banks must be rated by international credit rating agencies, including Standard & Poor's, Moody's and Fitch Ratings.

In relation to the IFC, the Government has recently also issued Decree No 330/2025/NĐ-CP regulating the establishment and operation of commodity exchanges within the IFC.

Accordingly, to be qualified for establishing a commodity exchange in the IFC, enterprises must be a member of the IFC or a subsidiary of an IFC’s member company with the capital contribution of the member company accounting for at least 49 per cent of the charter capital.

In the case of a foreign-invested enterprise, the total capital contribution of foreign investors must not exceed 49 per cent.

In addition, the enterprises must have a charter capital of VNĐ1.5 trillion (US$56.8 million) or more; and have the organisational model and operational functions of a commodity exchange, and a draft operating charter that complies with the Government's regulations on trading goods through commodity exchanges.

The enterprises are also required to have an information technology system that meets the requirements for safe, stable and secure management and operation.

Việt Nam has recently announced the establishment of an IFC in Việt Nam, located in HCM City and Đà Nẵng, describing it as a turning point that will open the country to financial technology integration and green economy transformation.

The General Department of Việt Nam Customs announced that the total trade turnover was expected to reach $900 billion by December 26, 2025 - the highest level ever recorded.

HÀ NỘI — Việt Nam’s total trade turnover has surpassed US$900 billion for the first time, marking a historic milestone in the country’s economic integration, according to the General Department of Việt Nam Customs (GDVC).

At a ceremony on releasing the best achievement held on December 25, GDVC announced that the total trade turnover was expected to reach $900 billion by December 26, 2025 - the highest level ever recorded.

For the full year of 2025, Việt Nam’s total trade value is estimated at $920 billion, up 16.9 per cent year-on-year. Of which, imports are projected at $449.41 billion, an increase of 18 per cent, while exports are estimated at $470.59 billion, up 15.9 per cent.

With this result, Việt Nam has joined the group of the world’s 25 largest trading economies. According to the World Trade Organisation (WTO), Việt Nam currently ranks 21st globally in exports and 20th in imports, climbing 11 and 12 places respectively compared to a decade ago.

The nation has maintained a trade surplus for 10 consecutive years. The trade surplus this year is estimated at $21.2 billion.

In 2025, a total import–export turnover of the foreign direct investment (FDI) sector is expected to exceed $600 billion for the first time, reaching about $663 billion. This accounts for 72 per cent of Việt Nam’s total trade value and contributes as much as 99 per cent of the overall trade growth.

Meanwhile, the import-export value of domestic enterprises is estimated at around $257 billion, remaining largely unchanged from the previous year.

Speaking at the ceremony, GDVC deputy director general Nguyễn Văn Thọ said that global and regional economic conditions in 2025 continued to face significant uncertainties, while Việt Nam was repeatedly affected by natural disasters, storms, and floods, which posed challenges to production, business activities, and economic growth.

Despite these difficulties, Việt Nam achieved positive outcomes, most notably surpassing the $900 billion trade milestone for the first time.

According to Thọ, the achievement reaffirms Việt Nam’s status as a highly open economy with deep international integration and a bright spot in regional and global trade.

The milestone is a result of the Party and the Government's timely direction through resolutions, programmes, and plans aimed at promoting production and business, stabilising the macroeconomy, and enhancing national competitiveness.

It reflects the strong efforts of the business community and the coordinated involvement of ministries and sectors, including the Ministry of Finance and the customs sector.

These efforts have been complemented by measures to support import-export activities, effectively utilise free trade agreements, expand markets, develop logistics and reduce costs for businesses.

The customs sector has implemented comprehensive reforms and modernisation initiatives, accelerated digital transformation, and facilitated trade.

It has strengthened inter-agency coordination through the National Single Window and the ASEAN Single Window mechanisms, promptly addressed business difficulties, and expanded international cooperation and integration in the customs field.

Meanwhile, businesses have proactively adapted, innovated, and maintained effective operations, making significant contributions to trade growth and national economic development, according to Thọ.

In the coming period, GDVC will continue to promote administrative procedure reforms, modernise customs operations, strengthen risk management and anti-smuggling efforts, reduce inspection rates, and encourage legal compliance among enterprises, thereby further facilitating trade and enhancing Việt Nam’s position in international commerce.

Currently, Việt Nam maintains trade relations with more than 230 countries and territories. China remains Việt Nam’s largest trading partner, with estimated bilateral trade of $252 billion, followed by the US at $170 billion.

These two markets account for about 46 per cent of Việt Nam’s total trade turnover and contribute 62 per cent of the country’s overall trade growth.

According to GDVC, Việt Nam’s total trade value during the 2015-2024 period reached $5.52 trillion. Trade turnover increased from about $328 billion in 2015 to $786 billion in 2024, representing a 2.4-fold increase over a decade.

The number of export products with annual turnover exceeding $1 billion has also risen rapidly, from 10 items in 2007 to 33 in 2023 and 36 in 2024. Việt Nam is expected to maintain 36 export items exceeding $1 billion in 2025.

A key macroeconomic achievement has been Việt Nam’s transition from persistent trade deficits to sustained trade surpluses. The country recorded its first trade surplus in 2012 and has maintained a surplus for 10 consecutive years since 2016.

The surplus grew to $19.9 billion in 2020 and reached a record $28.3 billion in 2023. It stood at $24.9 billion in 2024 and is projected to remain at around $21 billion in 2025.

The decision was carefully considered to ensure maximum concentration of resources on strategic infrastructure projects that the group has recently been assigned to implement.

HÀ NỘI — Vingroup JSC has officially submitted a document to the Government requesting to withdraw its investment registration for the North–South high-speed railway project.

The decision was carefully considered to ensure maximum concentration of resources on strategic infrastructure projects that the group has recently been assigned to implement.

A notable example is the Olympic Sports Urban Area project in Hà Nội, covering more than 9,000 hectares.

This is a special, nationally significant project entrusted by the Government to Vingroup, with the aim of showcasing Việt Nam’s national identity to the world.

As such, Vingroup has determined that it must mobilise all available resources to ensure the project is completed on schedule and meets committed quality standards.

In additon, it has also been appointed as the investor for several important transport infrastructure projects, including the Bến Thành–Cần Giờ high-speed railway line and the Hà Nội–Quảng Ninh high-speed railway line.

In addition, Vingroup is concentrating efforts on a series of other major industrial, energy and infrastructure projects, such as the VinMetal steel manufacturing plant, two wind power plants in Kỳ Anh (Hà Tĩnh), the Hải Phòng LNG thermal power plant and the Cần Giờ coastal megacity.

These projects play a significant role in upgrading national infrastructure and production capacity and require substantial investment in capital, time and implementation capability.

Meanwhile, the North–South high-speed railway project has attracted strong interest and investment proposals from a number of capable and experienced enterprises, including THACO Trường Hải, Vietnam Railway Transport Joint Stock Company and Vietnam Investment and Development Group.

Therefore, Vingroup stressed its bid withdrawal for the North–South high-speed railway project will not affect the project’s implementation.

This movewas described as a proactive and responsible approach by the group toward the Government, ensuring the effective execution of assigned projects and contributing to the development of modern, sustainable transport infrastructure, renewable energ, and urban systems.

Green transition is no longer an option; rather, it has become a top strategic priority for businesses, especially as Việt Nam has committed to achieving net-zero emissions by 2050.

HÀ NỘI — Green transition is no longer an option; rather, it has become a top strategic priority for businesses, especially as Việt Nam has committed to achieving net-zero emissions by 2050.

At present, domestic enterprises are facing great pressure from international regulations such as the European Union (EU)’s Carbon Border Adjustment Mechanism (CBAM) and environmental, social and governance (ESG) standards. Given this, strong State support through appropriate policies are required to accompany businesses in accelerating an efficient green transition, thereby turning challenges into opportunities, promoting a green economy, and creating momentum for sustainable growth.

Dual benefits of green transition

Green transition refers to the process of shifting the economy towards environmental sustainability, less greenhouse gas emissions, and efficient use of resources. This transition delivers multi-dimensional benefits and long-term strategic value for enterprises, particularly in enhancing their competitiveness in international markets.

The Việt Nam Chamber of Commerce and Industry (VCCI) said adopting green transition generates dual impacts. First, it helps businesses cut carbon emissions by 15–25 per cent through investments in renewable energy while saving 20–30 per cent in annual energy costs. At the same time, it boosts access to broader international markets and enhances brand reputation and export value as “green” products are always prioritised under free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Việt Nam Free Trade Agreement (EVFTA).

The benefits of green transition are evident, yet the process in Việt Nam still faces numerous problems, causing many businesses to hesitate. High investment costs are identified as the biggest barrier, particularly for small- and medium-sized enterprises (SMEs). Installing renewable energy systems or waste treatment technologies may require millions of US dollars while short-term returns remain uncertain.

A shortage of high-quality human resources and advanced, modern technologies is also a major bottleneck hindering businesses on their path toward “greening”.

According to a recent survey by VCCI, only about 30 per cent of asked enterprises have staff with professional knowledge of ESG, leading to “greenwashing” or delays in “green compliance”. Moreover, the legal framework has yet to fully align with international standards, resulting in overlapping procedures and legal risks that make businesses cautious about investing.

To reaffirm the commitment to green development and support businesses in the green transition, the Party and the State have issued a number of important policy guidelines. These include the National Green Growth Strategy for the 2021–30 period with a vision to 2050, the National Action Plan on Green Growth for 2021–30, and the scheme for developing a circular economy, among others.

However, VCCI Deputy Secretary General Đậu Anh Tuấn noted that administrative burdens, informal costs, and inconsistency in law enforcement still create great pressures on businesses during the green transition process. SMEs, in particular, are facing difficulties in accessing green finance and technical advice.

Therefore, he added, the Government needs to take more concrete and decisive actions to remove institutional bottlenecks related to policy implementation, green competitiveness, and the ability to attract high-value investment. Besides, it should continue to accelerate administrative procedure reforms in key areas such as investment, land, environment, and construction.

Promoting investment in and the development of green enterprises, as well as building an efficient green finance ecosystem, is also a prerequisite for advancing green transition in Việt Nam, Tuấn suggested.

Close coordination between the State and the business community needed

To speed up green transition among businesses, VCCI President Hồ Sỹ Hùng recommended close coordination between the State and the business community, with concrete and feasible solutions to remove bottlenecks in the digital era.

Businesses need a stable, transparent, predictable, and consistently enforced legal framework across different stages and localities, in line with the Politburo’s Resolution No. 66-NQ/TW, dated April 30, 2025, on law making and enforcement.

At the same time, breakthroughs are required in mechanisms for the energy sector by devising solutions to remove barriers linked with the “financial viability” of large-scale power projects such as LNG and offshore wind ones. It is also essential to address the “shortage” of high-quality human resources with digital skills, in accordance with the Politburo's Resolution No. 71-NQ/TW dated August 22, 2025, on breakthroughs in education and training development, Hùng stated.

In addition, businesses also need to take proactive steps such as building green strategies, integrating ESG standards into their entire value chains, allocating resources for efficient energy use and circular water treatment, improving manpower quality, and taking part in the carbon market and green supply chains. These will help them turn challenges into advantages, demonstrating their pioneering role in a low-carbon economy.

Green growth and sustainable development are not an easy path, but they promise many “sweet fruits” commensurate with businesses’ efforts. With its important geopolitical and economic position, Việt Nam is believed to hold great opportunities to transform, leapfrog development, and create strong momentum for economic, social, and environmental progress.

Statistics from blockchain analytics firm Chainalysis showed that Việt Nam ranked third in the Asia-Pacific region for crypto asset inflows in 2025, with a total transaction value of around US$220-230 billion, up 55 per cent over 2024. About 17-18 million Vietnamese, nearly 20 per cent of the population, are holding or using crypto assets.

HÀ NỘI — Network security and effective risk control are critical factors for the successful pilot implementation of the domestic crypto asset market in the context of robust capital inflow and high risks of fraud and money laundering, experts have said.

Statistics from blockchain analytics firm Chainalysis showed that Việt Nam ranked third in the Asia-Pacific region for crypto asset inflows in 2025, with a total transaction value of around US$225 billion, up 55 per cent over 2024. About 17-18 million Vietnamese, nearly 20 per cent of the population, are holding or using crypto assets.

Director of the National Innovation Centre Vũ Quốc Huy said that despite rapid growth, crypto asset trading is mainly taking place on overseas platforms, leading to tax loss and posing challenges for anti-money laundering and counter-terrorism financing efforts.

It is critical for Việt Nam to build a transparent, well-controlled crypto asset market to protect the legitimate rights of related parties, he said.

Figures from the Ministry of Public Security show that nearly 20,000 crypto-related fraud cases were detected between December 15, 2019 and May 14, 2024, involving more than 17,000 people and causing losses exceeding VNĐ12 trillion (US$456 million).

According to Vũ Duy Hiền, Deputy Secretary General of the National Cybersecurity Association, piloting a crypto asset market is an inevitable step for Việt Nam to keep pace with emerging trends in the digital economy.

However, without a sufficiently strong cybersecurity foundation, the market would be highly vulnerable to cross-border cyberattacks, high-tech fraud and money laundering activities.

Resolution 05/2025/NQ-CP introduces a five-year regulatory sandbox for the crypto asset market, he said, adding that it also sets out specific requirements on cybersecurity, information security, personal data protection, anti-money laundering measures, technical supervision and transparency.

Hiền urged an effort to ensure end-to-end cybersecurity, develop a transparent monitoring mechanism and promote international cooperation to successfully implement the crypto asset market.

Digital trust is the key to unlocking the potential of the crypto asset market, said co-founder of PILA Group Nguyễn Phú Dũng, adding that digital trust must be built on transparency with verifiable and real-time data and a reliable infrastructure system.

He also stressed the importance of comprehensive digital identification.

Lê Vũ Hương Quỳnh, Asia-Pacific regional director at Tether, said Việt Nam should take a cautious, phased approach anchored in a clear legal framework, stronger capacity among intermediaries like exchanges and financial institutions, and improved financial literacy for investors.

According to head of Business Development at OKX APAC Huỳnh Quốc Nam, the crypto market has characteristics that differ fundamentally from traditional stock markets.

While stock exchanges operate within fixed trading hours, digital asset markets run 24/7, without holidays and on a global scale, which requires highly stable and secure technological infrastructure capable of continuous operation with minimal downtime, he said.

He pointed out that liquidity is also a critical factor, adding that during periods of sharp market volatility, exchanges must ensure efficient liquidity for investors to be able to withdraw their assets at any time.

Bùi Hoàng Hải, Deputy Chairman of the State Securities Commission under the Ministry of Finance, said that the pilot digital asset market must be put under close supervision.

The Government will control the scale of the market during the testing phase and set standards to protect investors, he said, adding that a proper sandbox would not only foster a more transparent market, but also lay the groundwork for a comprehensive legal framework.

The system mandates traceability for certain product groups starting January 1, 2026.

The Ministry of Industry and Trade (MoIT) has officially launched the Traceability System atwww.verigoods.vn, fulfilling one of the six pioneering tasks assigned by Prime Minister Pham Minh Chinh at the 2025 Industry and Trade Sector Conference held on December 19.

The system, operational from December 23, 2025, aims to enhance transparency in product information, serving as a bridge between businesses and consumers, thereby strengthening market trust.

By utilizing verification methods such as QR codes, consumers can easily identify genuine products, while businesses gain a tool to assert brand credibility and combat counterfeiting. The system mandates traceability for certain product groups starting January 1, 2026, as determined by the ministry based on risk assessments related to human health, environmental impact, and social safety.

The implementation follows a phased approach to ensure feasibility and minimize costs for businesses. It allows companies to declare and update information on raw material origins, production processes, and distribution according to standardized data formats. This also aids government agencies in monitoring, post-inspection, risk analysis, and violation handling.

Director of the MoIT's Domestic Market Management and Development Department, Tran Huu Linh, emphasized the importance of this shift from pre-inspection to focused post-inspection, aligning with administrative reform and digital transformation goals.

"Despite the rapid digital shift, many businesses, especially small and medium enterprises, face challenges in technology infrastructure and data management. The system is expected to provide technical support, creating a common ground for traceability capabilities, thus promoting synchronized digital transformation across the industry," said Mr Linh.

As consumer interest in product quality, safety, origin, and sustainability grows, the system offers transparent, accurate information, aiding responsible consumer decisions and fostering a healthy consumption culture and sustainable market development.

"Businesses are encouraged to proactively register product information and obtain verification codes as the system becomes operational. From January 1, 2026, the ministry's circular on traceability will require businesses dealing with high-risk goods, such as chemicals and industrial precursors, to comply, while encouraging other sectors to adopt the system," said Mr. Linh.

The ministry will continue collaborating with other ministries, localities, industry associations, and the business community to refine the system, conduct training, and provide usage guidance. Additionally, the ministry will review and complete the legal framework, standards, and regulations related to traceability.

The implementation of the traceability system not only meets immediate requirements as the Product Quality Law takes effect on January 1, 2026, but also lays a long-term foundation for building a transparent business environment, protecting consumer rights, and promoting sustainable socio-economic development.

Vietnam’s sweeping infrastructure initiative sends a strong signal about growth ambitions and government resolve, but its long-term impact will depend on execution and the quality of private sector engagement, economist Do Thien Anh Tuan says, as officials hope to crowd in private capital with a slate of projects worth about US$142 billion.

Vietnam inaugurated and broke ground on 234 infrastructure projects nationwide last week with a total investment of about VND3.4 quadrillion ($142 billion), including airport runways, expressways, international stadiums, and major hospitals.

Despite concerns that the simultaneous launch could lead to bottlenecks and delays similar to those seen in previous major projects, experts say this wave of infrastructure investment sends a more forceful signal to the economy, supported by strong private-sector participation and Resolution 68.

Speaking toTuoi Tre News, Do Thien Anh Tuan, a lecturer in economics at Fulbright University Vietnam, said the scale and number of the projects reflect the government’s determination to accelerate growth, while signaling that public investment is being used to lead, create space, and build confidence in order to attract private capital.

In your opinion, what does the scale of this wave of projects say about the government’s determination to promote growth and public investment?

First and foremost, it sends a very clear message about the political resolve to accelerate economic growth. With the total investment equivalent to about 26.5 percent of Vietnam’s GDP in 2025, these projects reflect a decisive choice to fast-track development investment, treating public investment and infrastructure as key pillars for sustaining growth amid ongoing domestic and global uncertainties.

Public investment remains a tool the state can proactively deploy to stimulate aggregate demand, create jobs, and maintain economic momentum in 2026 and the years ahead.

Another notable point is the funding structure. A large share of the total investment does not come solely from the state budget but it is mobilized from non-state sources. This reflects a policy approach that avoids replacing the market, instead using public investment to lead the way, open up space, and build confidence, thereby drawing in private sector investment.

How will large-scale infrastructure investment affect growth, employment, and the economy’s momentum over the medium and long term?

Large-scale infrastructure investment typically generates both stimulus and productivity effects. The stimulus effect refers to short-term impacts on growth and employment. As projects are rolled out, demand rises for construction materials, building and installation work, transport, technical services, and a wide range of supply-chain activities. This creates jobs and income, which in turn supports broader consumption.

Many international studies show that public investment tends to have a higher output multiplier than recurrent spending, and that it is more likely to crowd in private investment when projects are well selected and effectively implemented.

The second effect is on productivity, which materializes over the medium and long term as infrastructure upgrades enhance the economy’s productive capacity.

Improvements in roads, seaports, airports, energy systems, urban infrastructure, and digital infrastructure help reduce logistics costs and delivery times, lower the risk of supply-chain disruptions, expand market access, and, most importantly, raise national productivity and competitiveness.

At its core, better infrastructure enables businesses to generate more value from the same level of effort.

That said, whether infrastructure investment truly delivers a growth boost depends heavily on project selection and implementation quality. If projects face delays, cost overruns, or weak connectivity upon completion, or if institutional bottlenecks are not addressed, the overall impact will be diminished.

How should 'empowering' the private sector in infrastructure projects be properly understood and implemented?

Empowerment should not be interpreted simply as loosening oversight or leaving companies to manage projects on their own. In its proper sense, empowerment means granting firms genuine autonomy in project design, construction organization, technology selection, and schedule management, based on clearly defined objectives and output standards set by the state from the outset.

The government should avoid excessive intervention in implementation details, instead focusing on setting goals, monitoring outcomes, and strictly enforcing compliance in cases of violations.

Empowerment must also be accompanied by clear accountability. As firms are given greater autonomy, they must assume full responsibility for project timelines, costs, and quality.

Strong performance should be rewarded accordingly, while delays or substandard delivery should be met with appropriate sanctions.

What is the most important message the government is sending to businesses through this wave of large-scale infrastructure investment?

From a policy perspective, I believe the most important message the government is sending to businesses through this large-scale infrastructure push is its readiness to shift from a hands-on implementer to an enabling and guiding role.

By committing substantial public resources while expanding space for deeper private sector participation, the government is signaling that infrastructure is no longer a closed domain of the public sector. Instead, it is becoming a platform for long-term cooperation between the public and private sectors based on shared interests.

A second, equally important message concerns speed and efficiency. The simultaneous launch and roll-out of multiple projects indicate that the government expects rapid implementation, tangible results, and early contributions to growth.

In other words, the government is signaling that time is of the essence, and that participating firms must possess sufficiently strong organizational capacity, financial strength, and management capabilities to meet these demands.

The number of digital technology enterprises reaching around 80,000 in 2025.

The digital economy has increasingly asserted itself as a key growth engine in Vietnam with estimated revenue of $198 billion in 2025, up 26% year-on-year, according to the Ministry of Science and Technology.

The figure also exceeds the yearly plan of 16%.

The sector’s contribution to the country's GDP is estimated at over VND1 quadrillion ($38 billion), increasing 10% compared to last year.

The number of digital technology enterprises rose to around 80,000 in 2025, up 10% year-on-year.

Exports of digital technology products were estimated at $178 billion in 2025, soaring 35% against 2024, and fulfilling 112% of the annual target.

The figure surging 20% year-on-year.

Vietnam’s fruit and vegetable export revenue is estimated at $8.59 billion in 2025, surging nearly 20% year-on-year, according to the Vietnam Fruit and Vegetable Association (Vinafruit).

In the first half of December, fruit and vegetable exports earned nearly $400 million, bringing the total export value to $8.2 billion as of December 15, figures from Vietnam Customs show.

China remains the biggest buyer. In the first 11 months of the year, China imported nearly $5 billion worth of fruit and vegetable from Vietnam, up 15% year-on-year, and accounting for 64% of the sector’s total export turnover.

Meanwhile, Vietnam’s fruit and vegetable imports reached $3 billion as of December 15, resulting in a trade surplus of over $5.5 billion.

Prime Minister says centres will mobilise capital for infrastructure without raising public debt whilst positioning Việt Nam in global financial network.

HÀ NỘI — Prime Minister Phạm Minh Chính on Sunday announced the establishment of an international financial centre (IFC) in Việt Nam, describing it as a turning point that will open the country to financial technology integration and green economy transformation.

The centre will operate in two locations – HCM City and Đà Nẵng.

The PM’s decision to establish and launch the Steering Council of Việt Nam’s International Financial Centre, chaired by Permanent Deputy Prime Minister Nguyễn Hòa Bình, was announced at a conference .

It also unveiled senior appointments to the centre’s executive agencies in HCM City and Đà Nẵng.

PM Chính said: "If agricultural development in 1986 helped Việt Nam escape poverty and industrial development with foreign investment helped Việt Nam become an upper-middle-income country, then today marks the moment Việt Nam opens the door to financial technology integration and green economy transformation to become a developed, high-income nation."

The government has issued eight decrees to implement National Assembly Resolution 222/2025/QH15 on the international financial centre in Việt Nam, covering its establishment in both cities as well as financial policy, trade procedures, residency rules, land use, labour, arbitration, banking, foreign exchange and anti-money laundering.

PM Chính said the centre aimed to mobilise large-scale, low-cost capital for strategic infrastructure without increasing public debt. The establishment represented a structural breakthrough designed to unleash resources and drive economic transformation whilst raising productivity and national competitiveness.

Việt Nam did not intend to compete directly with existing regional and international financial centres, the Prime Minister said. The country would instead develop a complementary model with special policies to create an interconnected financial ecosystem.

He drew historical parallels to the rise of London in the 19th century, New York in the 20th century and Singapore and Shanghai in recent decades.

"More than a century ago, the Dragon Wharf and Hội An trading port were bustling gateways connecting Việt Nam with the world. Today marks the beginning of reviving that prosperity flow with a new mindset and new tools: finance and technology," PM Chính said.

The centre will help position Việt Nam as an important link in the global financial security network, according to the prime minister. It will also serve as a platform for Vietnamese enterprises to access international markets and advanced governance standards.

Representatives from domestic and international financial institutions pledged to channel capital into Việt Nam and invest in digital transformation, green finance and inclusive finance.

Leaders from HCM City and Đà Nẵng said both cities were actively implementing development plans to make Việt Nam a credible and attractive financial destination.

PM Chính called for a fundamental shift in administrative thinking.

"We must completely eliminate the mentality of asking and giving, of arbitrary power, of managing what we don't understand, and of banning what we can't manage," he said.

All investor issues at the centre must be handled through special one-stop procedures with sufficient authority. Unresolved matters should be reported directly to the Prime Minister.

The government would accelerate infrastructure projects including airports, seaports, metro systems and ring roads. Cities must build international-standard healthcare, education and cultural facilities to help experts and investors settle comfortably, PM Chính said.

Supervisory agencies must operate independently and transparently while adhering to international anti-money laundering commitments, the prime minister said.

The approach must balance financial freedom with system safety without creating obstacles for clean capital linked to technology and modern management skills.

The Prime Minister asked international partners to share both success and failure experiences to help Việt Nam develop faster and more sustainably. He pledged the government would continue improving the business environment and protecting legitimate rights and interests based on the principle of harmonised benefits and shared risks.

Operations begin immediately following the announcement. Agencies must allocate resources, funding, offices and necessary equipment without delay.

Any obstacles must be reported to the Prime Minister by December 25, PM Chính said.

The government aimed to build a financial centre that is 'free, digital, green, safe, transparent, competitive, efficient and sustainable'.

He stressed that following the Resolution of the 14th meeting, the Politburo has directed continued, thorough preparations for the upcoming National Party Congress, including refining the personnel plans.

​Hanoi (VNA)- Party General Secretary To Lam urged focusing on key tasks to ensure success of the upcoming 14th National Party Congress, while delivering his opening remarks at the 15th meeting of the 13th Party Central Committee in Hanoi on December 22.

General Secretary Lam said that based on proposals by the Politburo, the 13th Party Central Committee had previously reached high consensus at its 13th and 14th meetings in nominating candidates for the Party Central Committee (both official and alternate members), the Politburo, and the Secretariat for the 14th tenure, ensuring structure, quantity and qualification requirements in line with the Party's regulations and personnel orientations.

He stressed that following the Resolution of the 14th meeting, the Politburo has directed continued, thorough preparations for the upcoming National Party Congress, including refining the personnel plans. At meetings of the personnel sub-committee, the Politburo members and key Party leaders placed the interests of the Party, people and nation above all, and discussed and analysed carefully and comprehensively nominations for the Party Central Committee, the Politburo and the Secretariat for the 14th tenure as well as key leadership positions of the Party and the State in the 2026–2031 tenure.

​At the 15th meeting, based on reports submitted by the Politburo, the Party chief urged delegates to thoroughly discuss and contribute opinions to complete the report on personnel affairs for the 14th Party Central Committee to be submitted to the 14th National Party Congress and the first meeting of the 14th Party Central Committee for decision-making and election in accordance with regulations.

The General Secretary emphasised that the personnel preparation and nomination for the 14th Party Central Committee are an especially important task, requiring prudence, accuracy and strict compliance with regulations, as the next Party leadership will shoulder the mission of leading the nation’s development in the new era.

Regarding draft documents for the Congress, he noted that the document sub-committees, the Politburo and the Secretariat had completed the drafts for submission to the 15th meeting. This process reflects an innovative and groundbreaking approach in document preparation, with the widest-ever public consultation, ensuring that collective wisdom and people’s opinions are fully reflected in the 14th National Party Congress's documents.

To ensure that the Congress's documents truly serve as a “guiding light” and “action compass” for the Party and people in the new revolutionary phase, the General Secretary called on Party members and the public to continue contributing constructive opinions. He urged delegates to further refine the Political Report, and other Congress documents, particularly the Party Central Committee’s action programme for implementing the 14th National Party Congress's Resolution.

He also requested careful study of the reports presented by sub-committees as well as the contents submitted by the Politburo and Secretariat to ensure the most thorough preparations for the 14th National Party Congress.

Authorities in Dak Lak Province, central Vietnam will break ground later this week on the Cu Lao Mai Nha high-end resort complex, a tourism project worth VND4.998 trillion (US$190 million), local officials said.

Leaders of the Dak Lak Department of Construction said the groundbreaking ceremony is scheduled for Friday, as part of a series of major infrastructure and investment projects marking the lead-up to the 14th Party National Congress.

The Party Congress is expected to take place in Hanoi from January 19 to 25, 2026.

According to the department, the Cu Lao Mai Nha luxury resort project was approved by the administration of former Phu Yen Province, now part of the expanded Dak Lak Province following a nationwide administrative restructuring drive effective from July 1 this year.

The project developer is Xuan Thien Ninh Binh Co. Ltd.

In addition to the resort project, Dak Lak will inaugurate the Ho Chi Minh Road eastern bypass section around Buon Ma Thuot, with an investment of VND1.841 trillion ($70 million).

This road project was approved by the Ministry of Construction and implemented by the provincial transport and rural development project management board.

The province will also open to traffic a sub-project of the Khanh Hoa-Buon Ma Thuot Expressway’s Phase 1.

The expressway section, also managed by the provincial project management board, has a price tag of VND6.165 trillion ($235 million).

The Dak Lak administration has proposed adding the launch ceremonies of two social housing projects to the Friday event.

One project, located in Binh Kien Ward, will include about 2,270 apartments with an estimated investment of VND2.584 trillion ($98 million), developed by Cloud Land JSC.

The second social housing project will be built north of Tran Phu Street in Tuy Hoa Ward, comprising a 13-story apartment building with approximately 480 units, at a total cost of VND548 billion ($21 million).

The project is led by HTL Vietnam Real Estate Investment and Construction JSC on behalf of an investor consortium.

The project is positioned as one of the most critical pieces of infrastructure for Phú Quốc as the island city prepares to host APEC 2027.

AN GIANG — As Phú Quốc accelerates preparations to host the APEC Economic Leaders’ Meeting in 2027, a major transport project that aims to reshape mobility on the island, is set to move from blueprint to reality.

The An Giang Provincial People’s Committee and Sun Group will break ground on Phú Quốc’s first urban light rail transit (LRT) line on Friday (December 19), with a total investment of nearly VNĐ9 trillion (US$341.7 million).

The project is positioned as one of the most critical pieces of infrastructure for Phú Quốc as the island city prepares to host APEC 2027.

In its first phase, the LRT will be developed under a build–operate–transfer (BOT) model, with Sun Group as the investor. Construction is scheduled for completion in the second quarter of 2027, allowing the system to be put into operation ahead of APEC 2027.

The nearly 18-kilometre line will run parallel to the 10-lane provincial road DT975. Together, the two projects will directly connect Phú Quốc International Airport with the APEC Boulevard, leading to the APEC Conference and Exhibition Centre and ensuring smooth connectivity for major international events.

Designed to operate at speeds of 70–100 kph with a capacity of 4,500 passengers per hour, the LRT system follows smart transport standards to optimise both travel time and operational efficiency. Of the total length, 0.78km will be elevated, 14.81km will run at ground level and 2km will be underground.

The line will include six stations, five at ground level and one underground station at the APEC conference centre. The airport station will serve as the starting point, while the terminal station, with a width of eight metres, is designed to accommodate large passenger volumes. Intermediate stations will feature six-metre-wide plazas tailored to the functional needs of each area.

Located within the airport parking area, the airport station will allow passengers quick and convenient access. All other stations will be equipped with underground pedestrian passages linking both sides of the road, integrating stairways, escalators and lifts for people with disabilities. This design enhances passenger safety while reflecting the city’s goal of building a civilised, international-standard public transport system.

Sun Group is among the largest infrastructure investors in Phú Quốc. Prior to the LRT project, the conglomerate received approval to invest in the expansion of Phú Quốc International Airport to raise capacity to 50 million passengers annually, as well as the APEC Conference and Exhibition Centre and a multi-purpose performance venue.

The LRT is expected to ease mounting traffic pressure on the island. In recent years, a steady surge in visitor numbers has led to localised congestion along key arterial roads, particularly during peak periods.

According to Sun Group representatives, the LRT will serve as a backbone transport corridor, linking major functional zones without increasing the number of private vehicles. This will help Phú Quốc gradually transition towards an energy-efficient, eco-friendly public transport model. This transition is one of the key criteria in the island's roadmap towards becoming a smart city, aligned with the long-term vision pursued by An Giang province.

Beyond its transport role, the LRT is also expected to significantly enhance the tourism experience. With direct connections from the airport to resort complexes, entertainment zones, event plazas and the conference centre, the line could become an ideal mode of travel for international visitors, who place a premium on fast, reliable and seamless mobility.

New rules let local companies compete for massive train and track contracts

HÀ NỘI — Việt Nam is betting that a new Government decree will help it build its own trains and railway equipment instead of relying on foreign suppliers, opening the door for local companies to compete for major contracts in a US$100 billion infrastructure boom.

Decree 319/2025/NĐ-CP, issued on December 12, sets clear rules for which Vietnamese firms can receive technology and manufacturing contracts for the nation's biggest rail projects. It's a major shift from the old approach of relying almost entirely on foreign contractors.

The opportunity is enormous.

Việt Nam plans to spend up to $64 billion over the next 20 years building a high-speed rail line from north to south. Technology and equipment – trains, carriages, signals and tracks – will account for up to 40 per cent of that cost. Including urban rail projects in Hà Nội, HCM City and other cities, the total value tops an estimated $100 billion through 2050.

Nguyễn Minh Thảo, deputy head of the Department for Business Development and Business Environment at the Ministry of Finance's Strategy and Policy Institute, said the new approach enables domestic firms to directly join major projects and gradually master technology rather than only performing low-value work.

"More importantly, Decree 319 has opened opportunities for domestic private enterprises to compete equally with State-owned enterprises and FDI companies, creating a ripple effect for the railway industry in the long term," Thảo said.

What companies need to qualify

Companies must have real factories and facilities ready to receive and install production equipment. They need money – either their own or the ability to borrow it – to pay for technology transfers. Most importantly, they must have skilled engineers and workers who can actually run advanced equipment without foreign help.

Firms also need proven experience working with international partners on technology projects. This requirement is meant to reduce risks when bringing in sophisticated systems. Enterprises going bankrupt or losing their business licences are automatically phased out.

By 2050, Việt Nam aims to build 25 railway lines covering 6,354 kilometres. That means the country will need 28.7 million metres of rail, 46 million concrete sleepers and thousands of locomotives and train cars in the next few decades.

Prime Minister Phạm Minh Chính said in April that Việt Nam must be able to make its own trains and railway equipment by 2045 at the latest.

"You can't build a modern railway system just by buying everything from abroad," Vietnam Association of Mechanical Industries Chairman Nguyễn Chí Sang toldchinhphu.vn.

"Developing our own industry could cut project costs by 10-20 per cent and create hundreds of thousands of skilled jobs."

Several major Vietnamese companies already meet these strict requirements. Hoa Phat Group, Southeast Asia's biggest steelmaker, will start building a railway steel factory on December 19 at the Dung Quất Economic Zone in Quảng Ngãi Province.

The $395 million plant will produce 700,000 tonnes of specialised steel rails per year using advanced European equipment.

Making steel rails in Việt Nam instead of importing them could reduce costs by 15-20 per cent, representing significant savings when the country needs thousands of kilometres of track.

Other companies that could participate include Thaco for manufacturing train cars, Viettel and EVN for electrical and signal systems, and Lilama for heavy engineering work.

“Without these new rules, Vietnamese companies would stay stuck doing minor work while foreign firms handle the important stuff,” Thảo said.

The service marking the first-ever nonstop air link between Vietnam and Northern Europe.

National flag carrier Vietnam Airlines on December 16 officially launched its first direct flight between Ho Chi Minh City and Danish capital, Copenhagen.

This move creates the only nonstop route currently available between the two countries, representing a significant milestone in Vietnam Airlines’ international expansion strategy and establishing a vital air bridge between Southeast Asia and Northern Europe.

The inaugural flight departed Tan Son Nhat International Airport at 22.45 on December 15 and landed safely at Copenhagen Airport after more than 12 hours of flight time. On the return leg, the flight departed Copenhagen at 22.50 local time on December 16 and arrived in HCM City later the same day.

The HCM City–Copenhagen service will operate three times a week. Flights depart HCM City on Monday, Wednesday and Friday evenings, while return flights leave Copenhagen on Tuesday, Thursday and Saturday mornings.

The new route is expected to significantly improve connectivity between Vietnam and Denmark. It is also anticipated to support the continued growth of Nordic visitors to Vietnam, which has increased steadily in recent years.

The Middle East and Turkey are not only promising export destinations but also key gateways for Vietnamese products to seek access to the global Halal market, experts said at a seminar held in Ho Chi Minh City on December 18.

HCM City (VNA)– The Middle East and Turkey are not only promising export destinations but also key gateways for Vietnamese products to seek access to the global Halal market, experts said at a seminar held in Ho Chi Minh City on December 18.

The seminar, titled “Export prospects to the Middle East and Turkey – Opportunities and challenges for Vietnamese enterprises”, was organised by the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) in coordination with the Ministry of Foreign Affairs’ Department of Middle East–Africa and the HCM City Food and Foodstuff Association.

Tran Phu Lu, Director of ITPC, said that amid mounting global economic uncertainties and rising trade protectionism, diversifying export markets has become essential for Vietnamese businesses, with the Middle East’s Halal market offering a particularly effective avenue.

The region is a dynamic import market, with annual goods imports estimated at more than 1.2 trillion USD and GDP growth of 5–6%. In the first 11 months of 2025, Vietnam’s exports to the UAE, Saudi Arabia and Turkey reached 5.4 billion USD, 1.9 billion USD and 1.6 billion USD, respectively.

Exports from HCM City to these three markets have all recorded double-digit growth, with key items including mobile phones and components, electronics, footwear, and agricultural products such as cashew nuts, rice and pepper.

Nguyen Phuong Tra, Director General of the Department of Middle East–Africa, highlighted the scale of the Halal economy, which serves around 25% of the global population and is forecast to reach 10 trillion USD before 2028. The Halal food segment alone is expected to grow from 2.7 trillion USD in 2024 to nearly 5.9 trillion USD by 2033, at an annual rate of about 9%.

With a population of around 500 million and a combined GDP of 3.6 trillion USD, the Middle East has particularly strong purchasing power. Gulf Cooperation Council (GCC) countries import roughly 85% of their food needs, driving strong demand for dairy products, meat, rice, processed foods and beverages.

However, Tra cautioned that Vietnamese enterprises face significant challenges, particularly the complexity of Halal certification systems. High certification costs, short validity periods and intense competition from established exporters remain major barriers. She also warned of trade fraud risks, including opaque certification fees and payment delays, stressing the need for careful partner verification and secure payment terms.

To better tap the market, HCM City was encouraged to strengthen cooperation with major regional hubs such as Dubai and Riyadh, establish a Halal business association, and introduce tax and credit incentives. Enterprises were also advised to participate in reputable trade fairs, including Saudi Food Expo, Halal Trade Expo Dubai and the Malaysia International Halal Showcase (MIHAS).

Ramlan Bin Osman, Director of the National Halal Certification Centre (HALCERT) under the Ministry of Science and Technology, said firms entering the Halal market must meet strict requirements, including the involvement of Muslim personnel in production or supervision and full transparency across the supply chain.

Sharing practical experience, Thi Hong Uytun, founder of HM Dragon Logistics and Consulting, said Turkey plays a dual role as both a consumer market and a gateway to the Middle East and the European Union. While Vietnam’s exports to Turkey continue to grow, they still account for only about 0.5% of the country’s total imports, indicating substantial untapped potential.

Experts recommended that Vietnamese firms prioritise irrevocable letters of credit confirmed by reputable banks and strengthen financial due diligence to mitigate risks when entering Middle Eastern and Turkish markets.

Currently, more than 70% of Vietnam's exports to South Korea consist of high-tech products, electronic components, and supporting products for the semiconductor industry.

With bilateral trade turnover reaching $81.5 billion in 2024 and total cumulative direct investment of approximately $92 billion, South Korea continues to solidify its position as one of Vietnam's leading economic partners.

These figures underscore the increasingly deep economic integration between the two nations. Amidst a robust restructuring of global supply chains, Vietnam-South Korea economic cooperation is clearly shifting from expanding in scale to enhancing quality, with a particular focus on high-tech industries, energy, and logistics.

Providing an overview of bilateral trade and investment, Mr. Nguyen Manh Dong from the Department of Foreign Markets (Ministry of Industry and Trade - MOIT) stated that South Korea is currently Vietnam's largest foreign investor. As of 2024, cumulative registered capital has reached $92 billion across more than 10,000 active projects.

In terms of trade, South Korea ranks as Vietnam's third-largest trading partner, trailing only China and the United States. It is also Vietnam's third-largest export market and its second-largest source of imports.

In 2024, total import-export turnover between the two countries hit $81.5 billion. Specifically, Vietnam’s exports to South Korea totaled $25.6 billion, while imports from South Korea reached $55.9 billion, resulting in a trade deficit of $30.3 billion for Vietnam.

A standout feature of recent economic relations is the distinct qualitative shift in Foreign Direct Investment (FDI). Major conglomerates such as Samsung, LG, SK, Hanwha, and LS are expanding their footprints into high-value sectors including electronics, semiconductors, batteries, energy, data centers, new materials, and research and development (R&D).

Speaking at the workshop "Promoting Vietnam’s Trade Cooperation with Japan and South Korea in the New Era," recently organized by MOIT in Ho Chi Minh City, Mr. Nguyen Duy Kien, also from the Department of Foreign Markets, highlighted this qualitative transformation in investment flows.

According to Mr. Kien, this shift is closely linked to the global supply chain restructuring strategies of South Korean enterprises. Vietnam is increasingly being chosen not just for its cost advantages, but for its stable investment environment and its ability to integrate deeper into the technological value chain.

Currently, more than 70% of Vietnam's exports to South Korea consist of high-tech products, electronic components, and supporting products for the semiconductor industry. This represents a significant transformation compared to 10–15 years ago, when Vietnam’s export structure was dominated by traditional goods such as textiles, footwear, and agricultural products.

“Major corporations like Samsung, SK, LG, Hanwha, and LS are not only investing on a large scale but are also focusing on cutting-edge fields. This includes electronics, semiconductors, Artificial Intelligence (AI), R&D, energy, batteries, data centers, new materials, automation, and energy-saving solutions,” Mr. Kien said.

In 2025, market capitalisation exceeded VND9.68 quadrillion ($368 billion), equivalent to 84.1% of estimated GDP in 2024.

Deputy Minister of Finance Nguyen Duc Chi has asked the State Securities Commission (SSC) to further improve the legal framework to facilitate the stock market’s development, maintain current rankings and move the market towards higher standard.

Addressing a conference held by the commission on December 15 to review the SSC’s performance in 2025 and outlined key tasks for 2026, Mr. Chi also called for the development of new products, improvements in investor quality, enhanced training and communications, and broader international cooperation.

SSC Chairwoman Vu Thi Chan Phuong said 2026 would be pivotal for the sector’s next development stage. The SSC is committed to ensuring the market operates safely and stably, develops in line with higher-ranking standards, and continues to serve as a key medium- and long-term capital mobilisation channel for the economy.

In 2025, the VN-Index rose 38% from the end of the previous year, with average trading value reaching nearly VND29.44 trillion ($1.11 billion) per session. Market capitalisation exceeded VND9.68 quadrillion ($368 billion), equivalent to 84.1% of estimated GDP in 2024.

Masan Consumer Corporation (UpCoM: MCH), the fast-moving consumer goods arm of Vietnam’s Masan Group, will officially debut on the Ho Chi Minh City Stock Exchange (HoSE) on December 25, with a reference price set at VND212,800 ($8.08) per share.

The reference price was calculated based on the average trading price over the last 30 sessions on the unlisted public companies market (UPCoM) market, from November 6 to December 17, the company said.

With more than 1.067 billion shares to be listed, Masan Consumer’s market capitalization at the debut price is estimated at around VND227 trillion ($8.62 billion).

That valuation would place the company among Vietnam’s largest listed firms, surpassing Hoa Phat Group (HoSE: HPG), Mobile World (HoSE: MWG), Vinamilk (HoSE: VNM), and FPT (HoSE: FPT), and at roughly double the current market value of its parent Masan Group (HoSE: MSN).

Masan Consumer currently has charter capital of nearly VND10.68 trillion ($405.4 million) and plans to further expand its equity base through bonus share distributions to existing shareholders.

Under a board resolution issued last week, the company plans to implement two capital increase measures. The first involves the distribution of 10.88 million treasury shares to existing shareholders at a ratio of 10,000:103. The second is a bonus issue of 226.8 million shares from retained earnings at a rate of 21.47%.

Masan Consumer is one of Vietnam’s largest FMCG producers, with flagship brands including Chin-su, Nam Ngu, Wake-Up 247, Omachi and Kokomi. The company said its products reach nearly 98% of Vietnamese households and hold leading positions in around 80% of essential consumer categories.

In the first nine months of 2025, Masan Consumer reported net revenue of VND21.28 trillion ($808.1 million) and net profit of VND4.66 trillion ($176.95 million), down 3% and 16% year-on-year, respectively.

For full-year 2025, the company targets revenue of VND33.5 trillion to VND35.5 trillion ($1.27 billion-1.35 billion) and net profit of VND7.3 trillion to VND7.8 trillion ($277.2 million-296.18 million).

Vietnam is set to break ground this week on a major expansion of the Ho Chi Minh City–Trung Luong–My Thuan expressway, a key transport artery linking the country’s largest city with the Mekong Delta.

The Department for Roads of Vietnam has signed a public-private partnership contract with investors to widen the 96-kilometer route under a build-operate-transfer model.

The project will expand the Ho Chi Minh City–Trung Luong section from four lanes to eight lanes, with a design speed of 120 km per hour, while the Trung Luong–My Thuan section will be widened to six lanes, according to project documents.

Construction will run from the Cho Dem interchange in Ho Chi Minh City to the northern approach of My Thuan 2 bridge in Dong Thap Province.

Total investment is estimated at more than VND36 trillion (US$1.37 billion), funded entirely by private capital.

The project is scheduled to begin on Friday and is expected to be completed in 2028.

Officials said the expansion is aimed at easing chronic congestion on the existing expressway and improving freight and passenger connectivity between southeastern Vietnam and the Mekong Delta.

The groundbreaking coincides with the launch or completion of more than 230 infrastructure projects nationwide on the same day, with combined investment exceeding VND3.4 quadrillion ($129 billion), according to government statements.

Ho Chi Minh City is also planning upgrades to western gateway roads, including sections of National Highway 1, to improve links between the city and the expanded expressway.

In the first 11 months of the year, the country's total export revenue reached $430.2 billion.

Vietnam is expected to achieve a record total export value of more than $470 billion in 2025, up 16% year-on-year, heard a seminar in Hanoi on December 16.

In the first 11 months of the year, the country's total export revenue reached $430.2 billion.

According to Mr. Nguyen Anh Son, Director General of the Import–Export Department under the Ministry of Industry and Trade, the 2020–2025 period has marked a strong breakthrough in Vietnam’s trade performance, with average annual export growth of around 10%.

Since 2023, Vietnam has been among the world’s 20 largest economies in terms of foreign trade. Notably, the country has maintained a continuous trade surplus over the past decade, contributing significantly to stable foreign currency inflows, easing pressure on the exchange rate, and strengthening foreign exchange reserves.

In 2025, Vietnam recorded its 10th consecutive year of trade surplus, reinforcing its position as one of the most open economies in the region. Total trade has expanded dramatically over the past three decades, rising from just $13.4 billion in 1995 to $786.29 billion in 2024.

Vietnam’s trade surplus for this year is estimated at approximately $22 billion.

Vietnam has actively chosen a proactive, preventive, and transformative approach, rather than solely focusing on handling consequences.

Vietnam needs an estimated $7.5 to $8.5 billion by 2030 to comprehensively address plastic pollution, according to the financial roadmap for the National Plastic Action Partnership (NPAP).

This information was shared at the 7th meeting of the Vietnam NPAP Working Group, organized by the Ministry of Agriculture and Environment in coordination with UNDP Vietnam on the afternoon of December 16

The workshop aimed to announce the financial roadmap report for plastic action in Vietnam through 2030, review the 2025 performance of the Vietnam NPAP Working Group and technical groups, and develop operational plans and priority orientations for 2026.

Additionally, delegates exchanged solutions to mobilize financial and technical resources to realize plastic waste reduction initiatives and discussed the preparation roadmap and national action plan to meet the requirements of the upcoming Global Plastic Pollution Treaty.

Deputy Minister of Agriculture and Environment Le Cong Thanh, Head of the NPAP Group, emphasized the need to promote the mobilization and effective use of financial resources for plastic actions. The focus is on strengthening connectivity, encouraging private sector participation, and creating favorable conditions for domestic and international capital to be transformed into specific projects and initiatives.

Furthermore, the ministry continues to perfect policies for transforming business models regarding plastic waste collection, recycling, and treatment in accordance with environmental standards, aiming to create significant momentum for scaling up and replicating sustainable solutions. Plastic actions will be closely integrated with Vietnam's sustainable development goals.

Mr. Thanh stated that Vietnam has actively chosen a proactive, preventive, and transformative approach, rather than solely focusing on handling consequences. Plastic pollution is not merely an environmental issue but a socio-economic development issue, closely linked to production-consumption models, market structures, and methods of mobilizing social resources.

Therefore, solutions for plastic pollution cannot stop at the collection or treatment stages but require a systemic approach based on appropriate policies, market mechanisms, innovation, and multi-stakeholder cooperation.

As announced at the workshop, the NPAP financial roadmap in Vietnam estimates that $7.5 – $8.5 billion will be required by 2030 to comprehensively tackle plastic pollution, ranging from upstream interventions (such as reducing and replacing plastic use) to downstream measures (collection and treatment infrastructure systems).

Speaking at the event, Ms. Ramla Khalidi, UNDP Resident Representative in Vietnam, noted that after five years, the partnership has engaged 200 organizations, mapped over 160 projects addressing plastic pollution, and catalyzed over 570 innovative solutions. Private sector participation is increasing, driven by green credit products from banks and investment flows for startups.

Mobilizing large-scale finance and public finance is necessary, but it will not be enough. Filling this gap depends on private investment in projects with managed risks and clear returns, she said, adding that connecting policies with investment projects is the point where NPAP creates value.

The project aligns with sustainable development orientations and contributes to improving the Capital's central urban area.

Hanoi plans to construct the Red River Landscape Boulevard Axis with a total capital of VND855 trillion (nearly $32.5 billion), spanning 19 communes and wards.

The project covers an area of approximately 11,000 ha, featuring an 80km transport boulevard, a system of landscape parks and entertainment areas covering 3,300 ha, and 2,100 ha to be designated for site clearance to serve urban reconstruction.

According to Mr. Duong Duc Tuan, Permanent Vice Chairman of the Hanoi People's Committee, the project aims to develop and complete the transport infrastructure system, promote urban space development along both riverbanks, and create a modern, synchronized urban space on both sides of the Red River.

The project aligns with sustainable development orientations and contributes to improving the Capital's central urban area. It is also consistent with the directives of Party General Secretary To Lam given during working sessions between the Politburo and the Hanoi Party Committee, as well as the Politburo Resolutions.

On this basis, the City Appraisal Council, established under Decision No. 6137/QĐ-UBND by the Chairman of the City People's Committee, has organized the appraisal of the project proposal.

The Council has also issued an appraisal report to be submitted to the City People's Council for consideration of the investment policy. Simultaneously, the latter will also review the initial component sub-project, a park in Phu Thuong ward, in preparation for the groundbreaking ceremony scheduled for December 19, 2025.

Under a draft circular to replace Circular 32/2024/TT-NHNN, now open for public comment, many administrative procedures for establishing and relocating commercial bank branches and transaction offices will be significantly shortened.

HÀ NỘI — Regulations governing the operational networks of commercial banks could be significantly streamlined under a new proposal from the State Bank of Vietnam (SBV).

Under a draft circular to replace Circular 32/2024/TT-NHNN, which is now open for public comment, numerous administrative procedures related to the establishment and relocation of bank branches and transaction offices will be shortened.

According to the SBV, the draft circular is intended to support a broader plan to simplify business regulations for banks in line with Government Resolution No. 66/NQ-CP on reducing and streamlining administrative procedures related to production and business activities.

For overseas operations, the SBV proposes reducing the time required to review and approve the establishment of branches, representative offices or subsidiaries of Vietnamese commercial banks from 45 working days to 30, counted from the date complete and valid documents are received.

For domestic networks, procedures for relocating head offices will also be shortened. The time needed for an SBV branch in a province or city to consider and approve the relocation of a branch office to another province or city will be reduced from 20 working days to 13. Cases involving relocation within the same province or city will be cut from 10 days to five.

Under the draft circular, the requirement for commercial banks to submit reports on compliance with safety limits and operational ratios will also be removed. The SBV said it already possessed sufficient data on these indicators through its periodic monitoring and reporting system, making the requirement unnecessary and a waste of time and money.

In addition, the draft circular proposes abolishing vague regulations, including the requirement to comply with the law in the conditions for bank establishment, to ensure transparency and ease of enforcement.

The SBV also plans to expand the autonomy of commercial banks when arranging their internal networks. Banks would be permitted to independently decide on changes to the branches managing their transaction offices and would only be required to report such changes to the SBV instead of seeking prior approval, as is currently the case. This greater autonomy is expected to enhance flexibility in management and operations.

According to Dr Hoàng Văn Thành, head of the Economic Law Department at the Banking Academy of Vietnam, in the context of an extensive review and amendment of the banking sector's legal framework to align with the 2024 Law on Credit Institutions, the development of a revised circular to replace Circular 32 is a necessary step to adjust outdated regulations and address practical challenges in organising the operational networks of commercial banks.

Thành proposed that the SBV amend the regulation on the outstanding loan cap at transaction offices, as the draft circular maintains the existing requirement that the total outstanding loan granted to a customer at a transaction office cannot exceed VNĐ2 billion or the equivalent in foreign currency, excluding credit secured by savings passbooks issued by the bank itself.

He argued that demand for capital in industrial parks and key economic zones had risen sharply. He suggested that the draft circular consider a conditional authorisation mechanism allowing certain bank branches to increase the loan cap when they meet internal control requirements.

The total number of foreign tourists in 2025 is expected to exceed 21 million.

Vietnam welcomed the 20 millionth foreign tourist on December 15, marking a historic milestone in the 65-year development of the country’s tourism sector, the Government News has reported.

The welcome ceremony took place at the Phu Quoc International Airport in the Mekong Delta province of An Giang.

Since Vietnam fully reopened its tourism sector on March 15, 2022, after the Covid-19 pendamic, the industry has rebounded strongly, with international arrivals reaching 12.6 million in 2023 and 17.6 million in 2024.

During January-November this year, Vietnam welcomed 19.15 million foreign arrivals.

The total number of foreign tourists in 2025 is expected to exceed 21 million, surpassing the pre-pandemic level of 18 million recorded in 2019.