Blog

The target is set in the draft National Financial Inclusion Strategy for the 2026-2030 period.

Vietnam targets 95 per cent of its population aged 15 and above to own bank accounts, the Government News quoted the draft National Financial Inclusion Strategy for the 2026-2030 period as reporting on March 12.

Other goals include the value of non-cash payments reaching 30 times higher than the nation's GDP, at least 30 per cent of adults having savings deposits, and at least 300,000 small and medium-sized enterprises (SMEs) having outstanding loans at credit institutions.

Meanwhile, during 2026-2030, Vietnam aims that outstanding credit for agricultural and rural development will account for at least 25 per cent of total credit while at least 75 per cent of adults will have credit history information.

In addition, insurance industry revenue is projected to reach 3.3–3.5 per cent of the nation's GDP.

Under the draft strategy, priorities will be given to:

(1) People living in rural, remote, border, and island areas;

(2) Poor households, near-poor households, low-income households, and middle-income households;

(3) Pupils and students;

(4) SMEs, cooperatives, business households, small and micro enterprises and business households and enterprises run by youth, women, vulnerable groups, ethnic minorities, and people in mountainous, border, and island areas;

(5) Developing synchronized, inclusive, and comprehensive strategic infrastructure, aligned with priority groups; and

(6) Promoting digital transformation, green transformation, and structural transformation in the implementation of the strategy.

As of the end of February this year, nearly 87 per cent of Vietnamese adults (aged 18 and above) currently own bank accounts, exceeding the set targets by 3-8 per cent, according to the State Bank of Vietnam.

Around 71 per cent of people aged 18 and above have credit history information, meaning they have conducted transactions, such as payments or loans, within the banking system.

Around 33 per cent of adults had savings deposits over the past 12 months.

Loans for agriculture and rural development accounted for about 24 per cent of total outstanding credit in the 2020-2025 period.

The number of non-cash payment transactions has increased by nearly 59 per cent annually, more than double the planned target.

The Vietnamese government has approved in principle a plan to extend a metro line in Ho Chi Minh City to the Long Thanh International Airport in the neighboring province of Dong Nai, under an emergency mechanism aimed at accelerating procedures.

The move follows a proposal from Dong Nai authorities and was endorsed by Prime Minister Pham Minh Chinh on Tuesday, according to the Government Office.

The emergency construction mechanism allows authorities to shorten certain procedures such as appraisal and bidding in order to accelerate project implementation, while still maintaining legal compliance, quality standards, and oversight responsibilities.

Under the plan, the Ministries of Construction and Finance, HCMC, and Dong Nai will study and implement the extension of the Ben Thanh-Suoi Tien metro in accordance with regulations while ensuring transparency and avoiding corruption, waste, or inefficiency during execution.

The government also asked HCMC authorities to work with relevant agencies to resolve issues involving contractors on the metro project and report matters beyond their authority to higher levels.

On Tuesday, Deputy Prime Minister Tran Hong Ha also tasked Dong Nai officials with coordinating with the Ministries of Construction and Finance to propose special mechanisms for the metro extension project to Long Thanh airport.

The 19.7-kilometer Ben Thanh-Suoi Tien line, HCMC’s first urban metro system, began operations in December 2024 after years of construction. The project cost more than VND43.7 trillion ($1.66 billion) and includes 14 stations, including three underground ones.

The line operates with 17 trains, each consisting of three carriages with capacity of around 930 passengers. In the initial phase, nine trains run daily from 5 a.m. to 10 p.m., providing roughly 200 trips with intervals of 8-12 minutes. Travel time between Suoi Tien station in Thu Duc commune and Ben Thanh station in downtown city is about 30 minutes.

The metro extension plan comes as Vietnam accelerates work on Long Thanh airport, a major aviation hub expected to ease congestion at the HCMC-based Tan Son Nhat airport. In late February, PM Chinh instructed ministries and the Airports Corporation of Vietnam (ACV) to ensure the first phase of Long Thanh airport is completed in the first half of 2026.

Currently, transport links between HCMC and Long Thanh airport rely mainly on road networks, particularly the frequently congested HCMC-Long Thanh-Dau Giay Expressway. The roughly 40-kilometer route from downtown city to the airport is expected to face heavier traffic once the airport becomes operational.

The move aiming to improve connectivity and support economic growth in Vietnam’s southernmost province.

Authorities in southernmost Ca Mau Province plan to mobilise more than VND65.6 trillion (about $2.6 billion) to develop key transport infrastructure projects between 2026 and 2030 in a bid to improve connectivity and support economic growth in Vietnam’s southernmost region.

According to the provincial People’s Committee, the plan aims to gradually complete the local transport network and strengthen links with neighbouring localities. Many existing roads in the province are narrow, have low load capacity or are frequently flooded due to high tides in the Mekong Delta, creating difficulties for freight transport and increasing logistics costs.

During the 2026–2030 period, the province plans to prioritise 18 major transport projects that have already been approved or are undergoing investment procedures, with total capital demand estimated at around VND28.7 trillion. Funding will come from central and local budgets as well as official development assistance.

Among the largest projects is a coastal road running through Ca Mau with an estimated investment of more than VND8.48 trillion, financed by loans from the Export-Import Bank of Korea. The route will form part of the coastal transport corridor in the Mekong Delta region.

Another regional project includes a coastal road section passing through former Bac Lieu province, now merged into Ca Mau province, and linking to the Nam Song Hau route, with total investment of more than VND3.76 trillion funded by loans from the Asian Development Bank.

In addition, Ca Mau has proposed new infrastructure projects worth about VND36.9 trillion, including a 55-km road linking Ca Mau and Bac Lieu urban areas with estimated investment of VND25.5 trillion.

The plant, invested in by Vinfast, has a designed capacity of up to two million vehicles per year.

The Economic Zones Management Board of central Ha Tinh province on February 28 approved an electric vehicle (EV) manufacturing project in the Vung Ang Economic Zone, with a total registered investment of more than VND13.25 trillion (around $506 million).

Covering 64 hectares, the plant will be developed byVinFastand will specialise in the production of electric scooters and electric bicycles, with a designed capacity of up to two million vehicles per year.

The project also includes the construction of workshops and auxiliary facilities to support EV manufacturing.

The development will be implemented in two phases. The first phase, slated for completion in 2026, will have an annual capacity of one million vehicles. The second phase, expected to begin in late 2026, will double total output to two million units per year.

VinFast plans to complete investment procedures and commence construction in the first quarter of 2026, with mass production targeted for the second quarter of the same year.

Authorities are reviewing commercial housing projects to ensure they adhere to regulations requiring a 20% land allocation for social housing construction.

In implementation of Government Resolution No. 07/NQ-CP, south central Lam Dong province’s social housing development target for the 2026–2030 period was initially set at 9,637 units. However, to compensate for the shortfall from the previous period, the province has established a more ambitious plan, aiming to complete 17,219 units between 2026 and 2030.

According to the Provincial People’s Committee, the province was assigned a total target of 15,000 social housing units for the 2021–2030 decade. By the end of 2025, the locality had completed 1,894 units. Consequently, the province must finish an additional 13,106 units during the 2026–2030 phase to reach its overall objective.

For 2026, the province is striving to complete 1,857 social housing units from ongoing projects.

By 2027, the province expects to complete 1,522 units more, primarily from social housing projects at Ham Kiem II IP, Phu Hoi, and the Kim Dong project in Da Lat. In subsequent years, several large-scale projects will be deployed in areas such as Duc Trong, B’Lao, Trai Mat, and various other industrial parks to further boost the local housing supply.

Alongside project implementation, the province is focusing on zoning and allocating land funds specifically for social housing. Many areas have already been designated for this purpose. Simultaneously, authorities are reviewing commercial housing projects to ensure they adhere to regulations requiring a 20% land allocation for social housing construction.

Chinese electric vehicle (EV) maker BYD could soon introduce its ultra-fast Flash Charging technology to Vietnam, which is capable of charging a battery from 10 to 97 percent in roughly nine minutes.

Vo Minh Luc, CEO of BYD Vietnam, shared the plan on his personal Facebook page a few days ago.

While the company has yet to make an official announcement, the remark from a senior executive has already attracted considerable attention among BYD owners and EV enthusiasts.

If implemented, the plan could mark a turning point in the development of EV charging infrastructure in Vietnam, potentially intensifying competition among manufacturers and infrastructure providers.

According to BYD, the Flash Charging system is built on a high-voltage architecture combined with next-generation battery technology, dramatically shortening charging times.

In suitable conditions, drivers can recharge their batteries from 10 to 97 percent in about nine minutes, bringing the EV charging experience much closer to the time required to refuel a gasoline-powered vehicle.

In Vietnam, VinFast remains the only automaker that has proactively built a nationwide charging network.

This infrastructure has been widely regarded as a major competitive advantage for the Vietnamese EV manufacturer during the early stages of the country’s EV transition.

By contrast, many international brands entering the Vietnamese market, including BYD, have tended to adopt a more cautious approach.

Their strategies typically focus first on introducing vehicle models and building brand presence before committing significant investment to charging infrastructure.

The revelation by BYD Vietnam leadership about the possibility of introducing BYD Flash Charging ultra-fast charging technology to Vietnam is seen as a noteworthy signal.

If realized, the initiative could indicate that global automakers are beginning to view the Vietnamese EV market through a longer-term strategic lens.

Currently, BYD Vietnam is distributing 10 vehicle models in the country, including both EVs and plug-in hybrid electric vehicles.

The company also plans to debut four new models in the Vietnamese market in 2026.

In terms of scale, between 2026 and 2030, Vietnam is projected to achieve the 4th largest absolute growth in merchandise trade in the world, trailing only China, India, and the United States.

Trade and Foreign Direct Investment (FDI) continue to be vital engines driving growth and enhancing Vietnam’s integration into the global economy, according to the DHL Global Connectedness Report 2026, released on March 10 by DHL Express in collaboration with New York University’s Stern School of Business.

The report indicates that Vietnam’s global connectivity is seeing significant improvement, with its Global Connectedness Index currently ranked 36th out of 180 economies worldwide. This index tracks international flows across four key pillars: trade, capital, information, and people.

Among these, trade is Vietnam’s strongest pillar, ranking 9th globally. This is followed by the capital pillar at 46th, while the people pillar ranks 102nd.

Beyond high trade connectivity, Vietnam’s export reach is also highly impressive. The report ranks Vietnam 5th in the world for the breadth of its merchandise export network, demonstrating that Vietnamese goods are present in numerous global markets and are deeply integrated into international import networks.

Furthermore, the role of trade within the national economy is becoming increasingly prominent. Vietnam currently ranks 6th globally for merchandise exports as a percentage of GDP and 8th for merchandise imports. This reflects a higher level of economic interdependence and integration with international trade compared to most other nations.

Looking at long-term prospects, the report forecasts that Vietnam will sustain its strong trade growth momentum.

In terms of scale, between 2026 and 2030, Vietnam is projected to achieve the 4th largest absolute growth in merchandise trade in the world, trailing only China, India, and the United States. Regarding growth speed, Vietnam is expected to rank 24th globally in trade volume growth, with a compound annual growth rate (CAGR) of approximately 6% during this period.

According to John Pearson, CEO of DHL Express, Vietnam has made remarkable strides in strengthening its connection to the global economy over recent decades, particularly in the scale and geographical reach of its merchandise trade flows.

An overview of Vietnam's economy in February and the first two months of 2026.

As of the end of 2025, Ho Chi Minh City remained the leading locality in Vietnam for FDI attraction, with a cumulative total of approximately $142.2 billion, corresponding to over 20,470 active projects.

In the early months of 2026, Ho Chi Minh City continues to witness positive signals in attracting foreign direct investment (FDI), with a clear shift towards sectors with high added value.

As of the end of 2025, Ho Chi Minh City remained the leading locality in Vietnam for FDI attraction, with a cumulative capital of approximately $142.2 billion, registered and disbursed for over 20,470 active projects. Following the administrative boundary merger, the city attracted more than $8.37 billion in registered FDI capital in 2025, the highest in the country.

According to statistics from the National Statistics Office (the Ministry of Finance), in the first two months of 2026, Ho Chi Minh City attracted approximately $900.2 million in registered FDI capital, ranking second nationwide.

For 2026, the city aims to attract around $11 billion in FDI capital, prioritizing projects in high-tech, logistics, and financial-commercial centers. Along with the increase in scale, the demand for improving the quality of FDI inflows is becoming more pronounced. Previously, investment attraction mainly aimed at expanding capacity, leveraging cost advantages, and tax incentives. Now, criteria such as added value, technology transfer, and the ability to link with domestic enterprises are more emphasized.

The investment structure at the end of 2025 and the beginning of 2026 also shows this shift, with the emergence of large-scale technology and financial projects, reflecting a trend of capital pouring into high-value-added sectors instead of labor-intensive industries.

One notable project is the agreement between G42 Group (UAE) and a consortium of domestic investors to develop data center infrastructure with a total estimated value of about $2 billion, indicating that FDI is strongly directed towards digital infrastructure.

Additionally, the financial infrastructure sector is also attracting international investors' attention. As soon as Vietnam's International Financial Center in Ho Chi Minh City (VIFC-HCMC) was launched on February 11, 2026, Vantage Point Asset Management (VPAM) committed to raising up to $10 billion over five years to invest in data infrastructure and the fintech sector. Simultaneously, the establishment of a $1 billion Digital Asset Investment Fund was also announced.

Despite the positive figures, economic experts believe that the 2026 context still poses significant challenges to the investment environment and growth quality. From a medium and long-term perspective, Mr. Ngo Thanh Huan, Chairman and CEO of FIDT Corporation, suggested that FDI, domestic consumption, and public investment will form three pillars of Vietnam's growth, but the role of each pillar is changing significantly.

Firstly, FDI remains a structural driver, measured not only by registered capital size but also by the quality of the value chain. New capital flows focus more on technology, mid-to-high-end production, and supporting infrastructure. This helps stabilize exports and production capacity, but the spillover effect will be slow and heavily dependent on the absorption capacity of domestic enterprises. The capital and labor-intensive model, which has been a growth engine for the past 20 years, needs time to gradually transition to technology and knowledge-intensive.

Secondly, domestic consumption acts as the "shock absorber" of the cycle. As the global economy diverges, domestic demand helps maintain growth momentum but will increase selectively and cautiously, reflecting real income and savings psychology after years of volatility. This is not a booming driver but a stable foundation and also the "room" for accumulation that the economy will need if the global macro context is more negative than expected.

Thirdly, public investment plays a role in activation and guidance. In the context of limited monetary policy space, public investment, if effectively disbursed, will be an important pull for short-term growth, while laying the foundation for long-term productivity through infrastructure, logistics, and energy.

"Overall, growth in the coming period will not come from a single pillar but from a harmonious coordination: FDI creates production capacity, consumption maintains the economic rhythm, and public investment paves the way for the next growth cycle," Mr. Huan noted.

Selective FDI attraction is necessary but also occurs in an increasingly fierce competitive context. Investors are concerned about policy stability, legal transparency, human resource quality, and the capacity of the domestic business ecosystem. This requires localities and management agencies to continue improving the investment environment in a predictable, synchronized, and more effective manner.

A report from the Foreign Investment Agency, the Ministry of Finance, indicated that from the beginning of the year, the total registered FDI in Vietnam reached $6.03 billion. Implemented capital reached $3.21 billion, up 8.8% compared to the same period last year and the highest for the first two months in the past five years.

Among 34 provinces and cities, Thai Nguyen leads the country in terms of FDI attraction in the two-month period, with nearly $1.7 billion, a sharp increase of 1,354% compared to the same period last year. Ho Chi Minh City follows with about $900.2 million, Bac Ninh $818.5 million and Hanoi $624.52 million.

Ho Chi Minh City's Department of Finance stated that for the period 2026 - 2030, the city aims to attract FDI in depth, towards high added value and sustainable development. The focus is on attracting investment in high-tech fields such as semiconductors, digital technology like AI, IoT, big data, blockchain, new materials industries, and biotechnology.

To address bottlenecks and improve the investment environment, the city is implementing a comprehensive set of solutions such as infrastructure investment (roads, railways, seaports), completing mechanisms, and policies to attract FDI by reforming the incentive framework towards more international competitiveness, linking incentives with project efficiency.

At the same time, promoting administrative procedure reform towards digitalization, implementing a one-stop-shop mechanism, and increasing dialogue with businesses.

To further enhance FDI attraction amid rising global and regional competition, Deputy Minister of Finance Tran Quoc Phuong said the ministry is drafting new strategies on foreign-invested economic development and next-generation FDI attraction, focusing on more open, transparent and competitive institutional frameworks.

​Hanoi (VNA)– As global competition for foreign direct investment (FDI) intensifies, Vietnam continues to enhance its appeal to multinational investors, backed by competitive advantages, an improving business environment and policy reforms aligned with emerging global investment standards.

The increases in registered and disbursed capital not only signal growth in volume but also highlight a shift toward higher-quality projects, particularly in high-tech and strategic sectors.

In early February, Savills Vietnam reported that Taiwan (China)-based UNIVACCO Technology Inc. leased 29,742 sq.m of industrial land at Long Thanh Industrial Park in Dong Nai province, marking the selection of Vietnam as its strategic manufacturing base in Southeast Asia.

Around the same time, Bac Ninh province granted investment approvals and registration certificates to multiple projects with total registered capital exceeding 1.03 billion USD. Key projects include a 100-million-USD Cooler Master Vietnam facility at Gia Binh Industrial Park, a 56.3-million-USD office and factory leasing development at Nam Son – Hap Linh Industrial Park, and a 25-million-USD project producing printed circuit boards, semiconductor chips and specialised electronic cables at Gia Binh Industrial Park.

Data from the National Statistics Office under the Ministry of Finance show that total registered FDI reached 6.03 billion USD in the first two months of 2026, down 12.6% year-on-year. However, new investment registrations remained robust, with 620 newly licensed projects worth 3.54 billion USD, up 20.2% in the project number and 61.5% in registered capital compared to the same period last year.

Meanwhile, the disbursed FDI was estimated at 3.21 billion USD, an increase of 8.8% year-on-year and the highest level recorded for the first two months in the past five years.

FDI flows are increasingly directed toward high-value sectors, including high technology, green industry, renewable energy and the digital economy. The energy sector has drawn particular attention, with a wave of LNG power, green hydrogen and renewable energy projects being proposed or accelerated. Among them is a 10-billion-USD LNG power centre in Ca Na commune, Khanh Hoa province, proposed by a consortium of investors from the US, the Republic of Korea and Singapore, in partnership with the Mekong Delta Investment and Development of Maritime Economic Zones JSC.

Economic analysts note that Vietnam remains an attractive investment destination thanks to its stable macroeconomic environment, a population exceeding 100 million, improving labour quality and increasingly competitive investment attraction policies.

On the policy front, Hong Sun, Honorary Chairman of the Korea Chamber of Business in Vietnam (Kocham), welcomed the amended Investment Law passed in December 2025, highlighting simplified post-licensing procedures and special incentives for mega projects and research and development (R&D) investments.

He said the introduction of new investment support mechanisms to replace traditional tax incentives, in line with global minimum tax regulations, will help retain major investors while enhancing Vietnam’s competitiveness and signalling its readiness to adapt to new global investment rules.

The reforms are expected to remove procedural bottlenecks, shorten the timeline from project registration to implementation and strengthen Vietnam’s competitiveness within the region, he added.

Nguyen Hong Chung, investment policy expert and Chairman of DVL Lawfirm, said the revised law promotes decentralisation, clearer authority and procedures, and a transition from pre-licensing to post-licensing inspection in business conditions.

While these reforms are hoped to accelerate decision-making, lower compliance costs and improve investment predictability, they also place greater requirements on local implementation capacity and inter-agency coordination.

The move toward post-licensing inspection reflects modern governance practices adopted globally, helping reduce market entry barriers while reinforcing compliance discipline and accountability, Chung said.

To further enhance FDI attraction amid rising global and regional competition, Deputy Minister of Finance Tran Quoc Phuong said the ministry is drafting new strategies on foreign-invested economic development and next-generation FDI attraction, focusing on more open, transparent and competitive institutional frameworks.

Experts believe that positive FDI inflows in early 2026, combined with ongoing policy reforms by the Government and the Ministry of Finance, will provide a strong stepping stone for Vietnam to maintain its standing as a leading destination for foreign investment.​

The first EU – Vietnam Global Gateway Business and Investment Forum is scheduled to take place in Hà Nội on March 24, aiming to deepen economic and investment cooperation between the two sides.

HÀ NỘI — The first EU–Vietnam Global Gateway Business and Investment Forum is scheduled to take place in Hà Nội on March 24, aiming to deepen economic and investment cooperation between the two sides.

Held under the theme “Investing together in a sustainable future”, the forum is designed as a key platform to strengthen EU–Việt Nam economic engagement following the recent upgrade of bilateral ties to a Comprehensive Strategic Partnership.

The event is expected to attract around 500 delegates, including representatives from EU institutions, Vietnamese government agencies, leading European and Vietnamese enterprises, and international financial organisations.

EU Commissioner for International Partnerships Jozef Sikela is scheduled to attend as part of his official visit to Việt Nam, alongside Nicola Beer, Vice-President of the European Investment Bank (EIB).

The programme will include a plenary session and thematic discussions, offering policymakers, business leaders and experts opportunities to network, explore investment opportunities and exchange insights on emerging policy developments.

Key discussions will centre on sectors viewed as catalysts for Việt Nam’s sustainable growth such as sustainable transport, energy transition, infrastructure connectivity, green and digital transformation and the adoption of environmental, social and governance (ESG) standards in investment and business practices.

Ahead of the forum, EU Ambassador to Việt Nam Julien Guerrier said the Global Gateway strategy demonstrates the EU’s commitment to fostering sustainable partnerships worldwide.

In Việt Nam, the EU prioritises support for green and digital transitions while promoting connectivity and innovation, he noted, adding that such cooperation delivers shared economic benefits and contributes to long-term sustainable growth.

Beyond dialogue, the forum is expected to help ease regulatory barriers and encourage more practical cooperation between European and Vietnamese businesses. It will also assist Vietnamese small- and medium-sized enterprises (SMEs) in connecting with potential international investors and partners.

By enhancing cooperation, the event aims to boost investment flows, facilitate technology transfer and support the development of a highly skilled workforce. These efforts are expected to help Vietnamese enterprises integrate more deeply into global value chains, advance low-emission growth and strengthen climate resilience.

Cooler Master has invested about $200 million in northern Bac Ninh Province.

Cooler Master, a Taiwan-based computer hardware manufacturer, has invested about $200 million in northern Bac Ninh Province, Vietnam, and plans to raise its total investment capital in the country to around $3 billion in the coming years.

In 2023, Cooler Master Vietnam Manufacturing Co., Ltd. was first granted an investment certificate for a project at the Province's Gia Binh Industrial Park.

According to information released at a meeting between Bac Ninh provincial leaders and Cooler Master on March 10, the first phase of the project began operations in July 2025 with implemented capital of about $140 million. The company currently employs nearly 1,300 workers, with its workforce expected to increase to about 5,000 by 2026.

Enterprises under the group focus on producing cooling modules for AI servers, machine learning systems, and high-precision liquid cooling equipment for data centres.

Positioning Bac Ninh as a key hub for its global supply chain, Cooler Master plans to invest around $3 billion to implement additional projects. If carried out as planned, these projects could create about 40,000 jobs by 2029 while forming a network of suppliers and partners involved in the production chain.

The company has also expressed interest in investing in a training centre and accommodation facilities for its employees and experts in the province.

The project aims to establish world-class, modern data infrastructure to bolster AI research and application across various sectors.

The HCMC Department of Science and Technology and Accelerated Infrastructure Capital (AIC) have signed a Memorandum of Understanding (MOU) to develop an AI data center at the Tan Phu Trung Industrial Park.

The AI data center is a joint venture between Accelerated Infrastructure Capital (AIC) and the Kinh Bac City Development Holding Corporation (KBC), in collaboration with several international partners.

With a total projected investment capital of approximately $2.1 billion, the project includes the construction of the data center, regional infrastructure, specialized equipment, power systems, water supply and drainage, and a high-performance GPU system. The entire investment capital is expected to be fully disbursed by the end of the first quarter of 2027.

In its initial phase, the project will develop an "AI Factory" with a capacity of 50 MW, equipped with 28,000 Graphics Processing Units (GPUs). This facility will provide the massive computing power required for AI applications and High-Performance Computing (HPC) to serve both domestic and international clients.

The project aims to establish world-class, modern data infrastructure to bolster AI research and application across various sectors. Furthermore, it is expected to play a pivotal role in building an innovation ecosystem and driving the digital economy in Ho Chi Minh City.

VOV.VN - A liquefied natural gas (LNG) carrier transporting about 63,000 tonnes of fuel from the Middle East arrived at Vietnam’s Thi Vai LNG terminal on March 10, helping strengthen the country’s energy supply amid rising demand.

According to Petrovietnam Gas Corporation (PV Gas), the vessel docked at the Thi Vai LNG terminal operated by the company, a member unit of Vietnam National Industry – Energy Group (Petrovietnam).

The vessel, FAT’H AL KHAIR LNG, carried around 63,000 tonnes of LNG, equivalent to approximately 87 million standard cubic meters (Sm³) of natural gas.

The cargo was arranged by PV Gas and loaded on February 26 before departing the Middle East. The vessel traveled through the Strait of Hormuz before military tensions involving Iran escalated in the region, and later arrived safely at the Thi Vai terminal after completing its international voyage.

The LNG shipment will be regasified at the Thi Vai LNG terminal to supply fuel for power plants, contributing to ensuring fuel availability for Vietnam’s national power system as energy demand continues to grow.

This also marks the first LNG import shipment of PV Gas in 2026, helping secure energy supply for electricity generation at a time when the global LNG market remains volatile.

The safe arrival of the first LNG shipment of the year not only supports fuel supply for power generation but also signals a positive start for the LNG import activities of Petrovietnam and PV Gas in 2026, amid ongoing challenges in the global energy market.

PV Gas said its proactive efforts in arranging cargo supply, signing contracts early and organising timely transportation demonstrate the company’s capacity in managing the gas supply chain, while contributing to stabilising the energy market and ensuring Vietnam’s national energy security.

The government has issued a decree slashing the preferential import tariffs on several fuel products and raw materials used in fuel production to stabilize local supply.

The decree, issued and effective on Monday, slashed preferential import duties on unleaded petrol from 10% to zero. Tariffs on petrol blending components such as naphtha and reformate were also reduced to 0%.

Duties on diesel fuel, fuel oil, aviation fuel and kerosene were cut from 7% to 0%.

Additionally, tax rates on certain raw petrochemical materials such as xylene, condensate and p-xylene were lowered from 3% to 0%, while those on other cyclic hydrocarbons were reduced from 2% to 0%.

The decree is effective until April 30, after which the 0% tariffs will revert to their previous levels unless an extension is approved.

It comes as rising tensions in the Middle East, particularly the conflict involving the U.S., Israel and Iran, have substantially affected the global energy market, especially shipping activity through the Strait of Hormuz, a strategic route for transporting crude oil from the region.

Asia has been directly impacted by the disruptions as it heavily depends on crude oil supply from the Middle East.

The new facility will manufacture large power transformers mainly for High-Voltage Direct Current (HVDC) projects, complementing GE Vernova’s existing HVDC transformer manufacturing facilities in Stafford, the UK, and India, etc…

At the inaugural Energy of Change Summit held in Hanoi on March 10,GE Vernova announced that it is investing approximately $200 million to expand manufacturing capacity with a new facility in Hai Phong, Vietnam, supporting the infrastructure required to meet growing global electrification needs as electricity demand continues to rise.

The new facility will manufacture large power transformers mainly for High-Voltage Direct Current (HVDC) projects, complementing GE Vernova’s existing HVDC transformer manufacturing facilities in Stafford, the UK, and India.

These technologies are used to move electricity efficiently over long distances and ensure power networks can safely and reliably handle rising electricity demand.

The Hai Phong facility will be developed in phases, with full operations expected in 2028, subject to regulatory approvals. Once operational, the site is expected to manufacture critical power equipment at scale, supporting GE Vernova’s global project pipeline, with a primary focus on meeting growing regional demand.

"Vietnam has emerged as one of Asia's fastest growing economies, with a power system undergoing rapid and ambitious transformation," said Mr. Scott Strazik, President and CEO of GE Vernova. "From supplying our HA technology for Nhon Trach 3 & 4, the country's first LNG-to-power plants — to establishing our HVDC manufacturing presence for the region's growing electrification needs, what we build here extends far beyond Vietnam's borders. These investments strengthen supply chains, build local skills and industrial capability, and lay the foundation to power economies across Asia and beyond.”

Centered on the theme "Powering Vietnam: From Concept to Reality", the summit examined Vietnam's power sector as an integral part of Asia's broader energy future. Discussions covered the next phase of execution of the Revised Power Development Plan VIII (PDP8R) from strengthening local capability and deepening supply chain integration to enhancing system flexibility for a more diversified energy mix alongside the latest advances in generation and transmission technologies and best practices from leading markets worldwide.

In his keynote speech, Vietnam's Acting Minister of Industry and Trade Le Manh Hung underscored the country's commitment to accelerating its energy transition, emphasizing the need to meet rapidly growing energy demand while ensuring longterm, sustainable economic growth.

New initiatives and milestones announced at the event

Accordingly, GE Vernova marked the start of commercial operation of PetroVietnam Power Corporation (PV Power)’s Nhon Trach 3&4 1.6-gigawatt (GW) Power Plant. This is the first HA-powered plant in Vietnam and the first to be powered by liquefied natural gas (LNG). Powered by 9HA.02 technology, the power plant can deliver 1.6 gigawatt of electricity to the grid. The power plant is expected to improve the reliability and stability of the energy grid to support renewables penetration.

In addition, GE Vernova has been selected by PV Power to supply 9HA.02 gas turbines and H78 generators. Under the agreement signed on March 10, 2026, two gas turbine and generator units will be prioritized for delivery in 2029 for the Quynh Lap LNG power project in central Nghe An province, which will have an installed capacity of approximately 1.6 gigawatts. The supply of additional units will be discussed by both parties in the near future. This agreement marks a significant milestone in the collaboration between GE Vernova and PV Power. The Quynh Lap project—is one of PV Power’s priority projects for development and operation during the 2025–2030 period.

GE Vernova has been selected also by the Vingroup–VinEnergo joint venture to supply two 9HA.02 gas turbines and two H78 generators, delivering more than 1.6 gigawatts (GW) of power. The project is expected to reduce reliance on traditional fossil fuels, enhance national energy security, and improve power grid stability, marking a strategic step by Vingroup toward more sustainable growth. In addition to strengthening electricity supply for Hai Phong and the national grid, the plant is anticipated to catalyze hightech- industrial development in line with more sustainable growth trends.

Especially, GE Vernova technology has been approved to provide over 1.6 gigawatts (GW) of power by Electricity of Vietnam (EVN) for their Quang Trach II LNG power plant in central Quang Tri Province, Vietnam. For the new gasfired facility, GE Vernova is expected to supply two 9HA.02 gas turbines and two H78 generators. The plant is targeted to be fully operational by 2030. Originally, Quang Trach II was designed as a coalfired power plant with a capacity of 1.2 GW. The conversion of the Quang Trach II Thermal Power Plant from coal to LNG has been approved by the Government in accordance with Vietnam’s National Energy Development Strategy through 2030. This project marks a significant expansion of gas-fired power generation and accelerates the country’s transition from coal to gas.

GE Vernova’s equipment provides up to 30% of Vietnam's electricity needs, with over 1,100 employees across 9 locations from various GE Vernova businesses throughout the country. GE Vernova’s global customers are served by a global network of repair and manufacturing capabilities which include GE Vernova’s Phu My repair facility and Dung Quat HRSG manufacturing plant in Vietnam.

Among the newly licensed projects are several large-scale developments expected to generate strong spillover effects and contribute to the central province’s economic growth in the coming years.
Authorities in central Thanh Hoa province licensed 22 new projects in the first two months of 2026, with total registered capital of more than VND8.97 trillion ($342 million), according to local officials.

The figures represent a year-on-year increase of nearly 100% in both the number of projects and registered capital, reflecting the province’s efforts to improve its investment environment and strengthen investment promotion.

Among the newly licensed projects are several large-scale developments expected to generate strong spillover effects and contribute to the central province’s economic growth in the coming years.

Notable projects include the Industrial Zone No. 16 development project with total investment of nearly VND3 trillion, and the Tan Cang Thanh Hoa Industrial Zone project in Quang Binh commune with registered capital of about VND1.97 trillion.

Another major project is a wood pellet and biomass charcoal factory in Xuan Binh commune, which has an investment of VND1 trillion and is expected to utilise local raw materials while creating jobs for local workers.

In addition, the EcoAlu high-tech aluminium factory project in Hop Thang Industrial Cluster in Hop Tien commune will be developed with an investment of VND980 billion, marking a step forward in high-tech processing and manufacturing in the locality.

The customs authority said it will intensify monitoring of revenue sources, tighten control over customs valuation, origin and tax policies, and strengthen risk analysis to prevent tax evasion and revenue losses.

HÀ NỘI — Việt Nam collected VNĐ70.085 trillion (US$2.66 billion) in State budget revenue from import – export activities in the first two months of 2026, fulfilling 15.5 per cent of the annual target and marking a 12.3 per cent increase from the same period last year, according to the Customs Department of Vietnam.

Revenue in February alone reached an estimated VNĐ28.696 trillion, representing a 30.7 per cent decline compared with January.

Total foreign trade turnover in February was valued at $67.19 billion, down 23.8 per cent month-on-month. Export value stood at $33.09 billion, a decrease of 23.4 per cent, while imports were estimated at $34.1 billion, down 24.2 per cent.

For the first two months of the year, trade value totalled $155.73 billion, up 22.3 per cent year-on-year, equivalent to an increase of $28.36 billion. Exports rose 18.3 per cent to $76.39 billion while imports climbed 26.3 per cent to 79.34 billion USD.

Foreign-invested enterprises made up $117.1 billion of the total trade turnover during the period, surging 35.9 per cent from the same period in 2025.

At the same time, authorities reported that smuggling, trade fraud and illegal cross-border transport of goods remain complex. Recent cases mainly involve narcotics, firecrackers and frozen food products that fail to meet safety standards along northern border routes with China and central border areas with Laos.

Sea routes accounted for the largest share of violations, with 1,006 out of 1,787 detected cases, or 56.3 per cent of the total, an increase of 479 cases, or 90.9 per cent, compared with the same period last year. Land routes recorded an increase of 61.3 per cent, or 200 cases, mostly along the Việt Nam – China and Việt Nam – Cambodia borders.

Violations on air routes also increased by 32 cases year-on-year, with the value of confiscated goods estimated at VNĐ28.8 billion. Most cases were detected at major international airports including Nội Bài International Airport, Tân Sơn Nhất International Airport and Đà Nẵng International Airport. Authorities also uncovered drug trafficking cases on transit flights via Qatar involving passengers arriving from Thailand or travelling from Việt Nam to New Zealand and Australia.

The customs authority said it will intensify monitoring of revenue sources, tighten control over customs valuation, origin and tax policies, and strengthen risk analysis to prevent tax evasion and revenue losses.

It also plans to expand post-clearance inspections and enterprise audits, particularly in cases suspected of tax declaration irregularities, transfer pricing or misuse of preferential tariff policies. In addition, the agency will step up coordination with police, border guard and coast guard forces to crack down on smuggling and trade fraud, and strictly handle violations of customs and tax regulations.

Vietnam has mobilized about four million barrels of oil from partners to ensure short-term supply and help stabilize market sentiment and public life amid global energy volatility, said Prime Minister Pham Minh Chinh.

The remark was made during a Monday meeting co-chaired by National Assembly Chairman Tran Thanh Man and PM Chinh on the content of the upcoming parliament session.

Man noted that global and domestic conditions remain challenging, particularly with regard to energy markets and rising fuel prices. He said the prime minister has been working with leaders of several countries to explore ways to share energy supplies and ensure stability for Vietnam.

PM Chinh added that the Government is holding continuous meetings and issuing directives to respond to the situation. "Vietnam has already secured about four million barrels of oil from partners to ensure near-term supply," he said.

The Government on Monday decided to reduce preferential import taxes on many gasoline products and raw materials for gasoline production to 0% to help businesses proactively secure supplies, respond to fluctuations in the global energy market, and contribute to stabilizing domestic supply.

According to Decree 72, the preferential import tax rate for unleaded motor gasoline has been reduced from 10% to 0%. This policy applies to items under HS code 2710.12, including unblended gasoline and gasoline blended with ethanol.

Gasoline blending materials such as naphtha and reformate (HS code 2710.12.80) also have their import tax reduced to 0%.

For other fuel products, the rates have been significantly adjusted. Specifically, diesel fuel, fuel oil, aviation fuel, and kerosene have had their import tax cut from 7% to 0%.

Several petrochemical raw materials also have their tax rates adjusted. Specifically, xylene, condensate, and p-xylene see their taxes drop from 3% to 0%. For other cyclic hydrocarbons, the tallies went down from 2% to 0%.

Decree 72 is effective from March 9 to April 30th. After this period, the preferential import tax rates for gasoline products and raw materials for gasoline production will revert to the application of Decree 26/2023.

However, in the event that the gasoline market continues to experience significant fluctuations and urgent measures are needed to ensure socio-economic stability, the Ministry of Industry and Trade may propose extending the policy's application period, submitting it to the Ministry of Finance for compilation and presentation to the Government for decision making.

The domestic market has proven invaluable in maintaining growth in retail goods and services revenue amid global fluctuations.

With global trade facing persistent uncertainties, Vietnam’s internal market has become increasingly important not only as a driver of GDP growth but also as a stabilizing force for production, employment, and investment. According to the Overview Report on Vietnam’s Domestic Market 2025, released by the Agency for Domestic Market Surveillance and Development at the Ministry of Industry and Trade, domestic consumption has expanded steadily, underpinned by macro-economic stability, rising incomes, and accelerating digitalization.

Scale and diversity

As of 2025, Vietnam’s total retail market for goods and services was estimated at approximately $269 billion, with retail goods accounting for more than $200 billion. Compared to 2024, the market posted growth of some 9-10 per cent, reinforcing Vietnam’s position among the fastest-growing consumer markets in Southeast Asia.

This expansion reflects both quantitative growth and qualitative change. Consumption is no longer concentrated solely on essential goods. While food, beverages, and daily necessities remain dominant, demand for consumer durables, electronics, household equipment, and lifestyle products has grown more rapidly, driven by higher disposable incomes and evolving consumer preferences.

Retail distribution channels are also becoming more diversified. Traditional markets and small family-run shops continue to play a vital role, particularly in rural areas and smaller cities. At the same time, modern retail formats - including supermarkets, convenience stores, shopping centers, and specialized chains - are expanding quickly, supported by domestic investors and foreign capital.

E-commerce has emerged as one of the most dynamic components of the domestic market. Online platforms are no longer confined to urban consumers; they increasingly serve suburban and rural areas as logistics networks and digital payment systems improve. Omni-channel retail models, combining online ordering with offline fulfilment, are becoming standard strategy rather than the exception.

Geographically, market development remains uneven. Major urban centers such as Hanoi and Ho Chi Minh City account for a disproportionate share of modern retail infrastructure, digital commerce, and high-value consumption. However, secondary cities and provincial markets are gradually narrowing the gap as income levels rise and distribution networks expand. Strengthening regional connectivity and supply chains has become a key priority for sustaining nationwide market growth.

Drivers, digitalization, and constraints

Several structural drivers underpin the domestic market’s performance in 2025. Macro-economic stability has supported consumer confidence, inflation has remained under control, employment conditions have improved, and policy measures to stimulate demand have helped maintain purchasing power, particularly among middle-income households.

Demographic factors also play a decisive role. With a population exceeding 100 million and a relatively young age structure, Vietnam benefits from a large and expanding consumer base. Urbanization continues to reshape spending patterns, with urban households allocating a higher share of income to services, branded goods, and discretionary consumption.

Digital transformation is arguably the most influential force shaping the domestic market today. Rapid growth in internet penetration, smartphone use, and cashless payments has accelerated the shift towards digital commerce. Businesses across the retail value chain, from manufacturers and wholesalers to retailers and logistics providers, are investing in technology to improve efficiency, transparency, and customer engagement.

Digital platforms have lowered market entry barriers for small and medium-sized enterprises, enabling them to reach consumers beyond their immediate geographic areas. At the same time, data-driven retailing, personalized marketing, and integrated inventory management are becoming critical competitive tools in an increasingly crowded marketplace.

Policy and regulatory frameworks remain central to market development. The government has continued to refine regulations on market surveillance, consumer protection, and competition, particularly in response to the growth of online trade. Efforts to combat counterfeit goods, smuggling, and unfair trading practices have been strengthened, reflecting the need to maintain trust and order in a rapidly-evolving market environment.

Vietnam’s participation in multiple free trade agreements has added another layer of complexity. While these agreements create opportunities for export-oriented industries and attract foreign investment, they also intensify competition within the domestic market. Local producers and retailers face increasing pressure to improve product quality, branding, and operational efficiency to remain competitive.

Despite positive trends, the domestic market in 2025 still faces notable constraints. Infrastructure gaps, especially in logistics, warehousing, and last-mile delivery, continue to limit market integration, particularly in remote and mountainous regions.

Market fragmentation is another persistent issue. The coexistence of formal and informal distribution channels complicates regulatory enforcement and creates uneven competitive conditions. While informal trade provides livelihoods and affordable access for many consumers, it also raises concerns related to product quality, safety, and tax compliance.

As online transactions increase, so do risks related to fraud, data security, and dispute resolution. Strengthening legal frameworks and enforcement mechanisms is essential to sustaining consumer confidence and long-term market growth.

From expansion to maturity

Looking ahead, the domestic market is expected to maintain solid growth through 2030, though the nature of expansion is likely to evolve. Rather than relying solely on volume growth, future development will increasingly depend on productivity gains, value creation, and service quality.

Rising incomes and a growing middle class are expected to drive demand for higher-quality, branded, and value added products. Consumption patterns will likely shift further towards services, including education, healthcare, culture, entertainment, and tourism-related spending. Sustainability considerations are also expected to gain prominence, with greater consumer interest in environmentally-friendly and responsibly-produced goods.

Digitalization will remain a defining trend. The integration of advanced technologies such as AI, big data analytics, and automated logistics is expected to reshape retail operations and supply chain management.

From a policy perspective, the report underscores the importance of continued reform and investment. Key priorities include upgrading transport and logistics infrastructure, expanding digital payment ecosystems, and strengthening market governance in both physical and digital spaces.

For businesses, the strategic imperative is clear: adaptability. Enterprises that invest in digital capabilities, customer-centric models, and resilient supply chains will be better positioned to navigate competitive pressures and external shocks. Collaboration between retailers, logistics providers, and technology firms will play an increasingly important role in shaping market outcomes.

Regionally, Vietnam is well positioned to consolidate its role as one of Southeast Asia’s most dynamic consumer markets. However, sustaining this position will require balancing openness with effective regulation, encouraging innovation while safeguarding market integrity, and ensuring that growth benefits both urban and rural consumers.

How Vietnam addresses these constraints over the next five years will determine whether its domestic market evolves from rapid expansion to sustainable maturity - anchoring economic resilience and supporting long-term national development.

Approximately 61% of Vietnamese businesses utilizing AI have reported expected revenue growth driven by improved operations, while 58% anticipate significant cost savings.

In Vietnam, Generative AI (GenAI) is playing a pivotal role in driving development and accelerating the digital economy.

Reports indicate that the adoption rate of AI among Vietnamese businesses surged by 39% year-on-year (YoY) in 2025, highlighting AI's growing significance in enhancing operational efficiency, fostering innovation, and creating a competitive edge.

Speaking at a press briefing on March 4 regarding the landscape of Generative AI adoption and its benefits for Vietnamese enterprises—including technology updates and the outlook for 2026, Mr. Eric Yeo, General Director of AWS Vietnam, emphasized that the GenAI trend is gaining momentum across all industries and organizational scales.

According to Mr. Yeo, approximately 61% of Vietnamese businesses utilizing AI have reported expected revenue growth driven by improved operations, while 58% anticipate significant cost savings.

"This demonstrates that GenAI has become a primary driver in business operations and a vital support system for Vietnamese enterprises," he said.

Regarding the adoption landscape across various sectors in Vietnam, Mr. Yeo noted that finance and insurance are among the pioneering and fastest-growing fields. Additionally, manufacturing firms, startups, content creators, designers, and game developers are also demonstrating robust AI integration.

AWS Vietnam also cited global data to illustrate the rapid momentum of AI. Specifically, according to McKinsey, 78% of organizations worldwide are now using GenAI in at least one business function—a remarkable expansion achieved in just 12 months. Notably, IDC reports that 50% of these organizations successfully transitioned GenAI from the Proof of Concept (PoC) stage to actual production in 2024.

Furthermore, a study by Deloitte revealed that 40% of organizations have already achieved their expected productivity and efficiency gains from the GenAI tasks they have implemented.

These figures reflect the rapid pace of change and a significant shift in the landscape of GenAI and Agentic AI, as well as the tangible value these technologies bring to businesses and organizations today.

A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.​

Hanoi (VNA)– The issuance of Resolution No. 68-NQ/TW by the Politburo on the private economic sector's development marked an important shift in Vietnam’s development mindset, identifying the private sector as a key driver of the economy. Experiences from other economies offer useful insights for Vietnam as it pursues this policy direction.
A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.
Singapore provides a typical example. Despite lacking a large domestic market and abundant natural resources, the city-state has built a transparent, stable and globally-connected business environment. Business establishment and operations are simplified, legal frameworks are clear and consistent, and property and intellectual property rights are well protected. This business-centred approach has enabled Singapore’s private sector to expand into regional and global markets, becoming a pillar of the national economy.
While Singapore highlights the importance of a strong institutional environment, Germany offers another lesson - the strength of small and medium-sized enterprises (SMEs) in sustainable growth. The country’s “Mittelstand” companies – mostly family-owned medium-sized firms – form the backbone of the German economy, contributing strongly to exports, innovation and high-quality employment.​

Rather than imposing administrative directives, the German Government focuses on strengthening enterprises’ internal capacity. Financial support and investment access programmes, such as the 30-billion-Euro Deutschland Fonds, help mobilise private capital for high-tech industries, green transition, digital transformation, workforce training and supply-chain connectivity. Over decades, this approach has enabled many SMEs to become global “hidden champions” in specialised industries.

In recent years, China has also stepped up efforts to reinforce the role of the private sector amid slower economic growth and global uncertainties. The Private Economy Promotion Law adopted in April 2025 strengthens legal commitments to protect private enterprises and ensure fair competition.

According to Zheng Bei, Vice Chair of the National Development and Reform Commission of China, China plans to reduce investment barriers, review market-access restrictions and expand openness in infrastructure and science and technology sectors while improving access to financing.

Meanwhile, the People's Bank of China and other state financial institutions have pledged to expand lending, diversify financing channels through equities and bonds, and reduce capital costs for private firms, reinforcing the message that business confidence is essential for growth.

The RoK and Thailand demonstrate complementary approaches to supporting private enterprises.

The RoK concentrates resources on strategic industries such as high technology, semiconductors, energy and automobiles, including through a 34-billion-USD policy fund providing preferential loans and investment for strategic firms.

Thailand, by contrast, focuses on strengthening SMEs through preferential credit programmes and loan guarantees, helping maintain economic resilience.

International experiences show that developing the private sector requires sustained institutional reform and policy consistency. The Politburo’s Resolution 68 provides a sound strategic framework. The key challenge now is effective and coordinated implementation so that the private sector can grow and become a major driving force of Vietnam’s economy in the new development stage.

Vietnamese tech giant FPT Corporation has proposed two projects - a technology urban area and a concentrated digital technology park - in the central province of Khanh Hoa, with a total investment of over VND8.86 trillion ($338 million).

Accordingly, the technology urban area project will span more than 44 hectares in Nam Nha Trang ward, at a cost of over VND8.7 trillion ($331.8 million).

The project is currently updating and finalizing its dossier for a third submission seeking in-principle approval, with an implementation period of 12 years, the firm reported at a meeting with local authorities on Thursday.

The nearly 8-hectare concentrated digital technology park project will also be developed in Nam Nha Trang ward, with a technical infrastructure investment of about VND163 billion ($6.22 million).

The project is expected to complete its dossier for in-principle approval in Q1/2026, with an implementation period of 11 years.

FPT called on local authorities to provide support in resolving issues related to planning, land procedures and site clearance, while guiding it to complete the dossiers.

Vice Chairman of the provincial People’s Committee Tran Hoa Nam assigned the provincial Department of Finance to work with FPT to align the timeline and implementation progress of the projects.

In Vietnam, FPT has affirmed its leading position in critical sectors, including technology, telecommunications, and education.

With a network of offices in 30 countries and territories globally, FPT provides services/solutions for hundreds of leading companies in many industries, including over 100 Fortune Global 500 ones. It is also a senior partner of leading tech firms namely GE, Airbus, Siemens, Microsoft, Amazon Web Services, and SAP.

The corporation aims to become a digital enterprise and stand in the top 50 global leading end-to-end digital transformation (DX) solutions and services providers by 2030, it said on its website.

In January 2026, FPT also broke ground on a large-scale digital technology park in Hanoi, with its core being a concentrated digital technology park covering about 168.9 hectares.

In 2025, FPT recorded revenue of VND70.11 trillion ($2.67 billion) and pre-tax profit of VND13.04 trillion ($497.33 million), up 11.6% and 17.8% year-on-year, respectively, achieving about 93% of its full-year revenue target and 98% of its pre-tax profit plan.

The inflow of high-quality capital is expected to underpin the city's new growth drivers and bolster its long-term competitiveness.

HCM CITY— HCM City is recording major shifts in the structure of foreign direct investment, with the emergence of large data centres and digital infrastructure and fintech projects signalling a new phase in its development trajectory.

The inflow of high-quality capital is expected to underpin its new growth drivers and bolster its long-term competitiveness.

A key highlight is the long-term framework agreement recently signed between Abu Dhabi-based G42, a leading technology group from the United Arab Emirates, and a consortium of domestic partners.

The agreement sets out plans to develop large-scale data centre infrastructure in Việt Nam, with total projected investment estimated at up to US$2 billion.

Under the arrangement, the parties plan to jointly invest in, build and operate international-standard data centres in the city, intended to serve as a critical platform for digital services catering to government agencies, businesses and international partners.

Alongside investment from the UAE, city authorities have also disclosed progress on another $2 billion data centre project backed by a US investor.

Speaking at the city’s socio-economic review meeting recently, Nguyễn Văn Được, chairman of the city's People’s Committee (municipal government), revealed that the investor had committed to disbursing 60 per cent of the capital, equivalent to $1.2 billion, as early as the second quarter of 2026.

“This is a strong indication that FDI flows into the city will become increasingly vibrant in the coming period, providing an important basis for the city to pursue double-digit economic growth,” Được said.

Data centre push

The development of large-scale data centres is expected to create a solid foundation for secure data storage, processing and transmission.

More importantly, analysts note that such infrastructure has become a prerequisite for attracting international financial institutions, fintech firms and global technology corporations.

This role has gained additional significance following the official launch of the Việt Nam International Financial Centre in HCM City (VIFC-HCMC) on February 11.

In modern financial systems, data is widely regarded as a core strategic asset.

According to Phạm Tuấn Anh, head of technology at the VIFC-HCMC Executive Agency, the centre will prioritise investment in advanced technological infrastructure to position itself as a “financial transit hub” for global capital flows.

“VIFC-HCMC is designed not only to serve investment flows into Việt Nam but also to evolve into a regional capital intermediary," Anh said.

“It will function as a buffer zone for FDI and especially foreign indirect investment (FII), which previously lacked sufficiently favourable mechanisms to enter Việt Nam.”

Such a mechanism is considered particularly meaningful as Việt Nam seeks to attract higher-quality capital.

Rather than focusing solely on manufacturing-oriented FDI, the city is increasingly targeting investment in sectors capable of generating higher value-added returns.

On its inaugural day, VIFC-HCMC drew strong interest from international investors. Among the highlights was a commitment by Vantage Point Asset Management, a major asset management firm operating in Singapore and Australia, to mobilise up to $10 billion over the next five years for investment through the centre.

The firm indicated that its investment focus would centre on data infrastructure, fintech platforms and smart urban systems.

Meanwhile, city authorities are advancing plans for the city’s Digital Assets Investment Fund, targeting a scale of roughly $1 billion.

Digital finance

The initiative is intended to support the development of the digital finance ecosystem and emerging fintech platforms.

VIFC-HCMC is also expanding into specialised segments, including an Asia-Pacific Aviation Finance Centre and a Maritime Finance Centre, aimed at serving industries with annual market values reaching hundreds of billions of US dollars.

Behind the successive announcements of major digital infrastructure projects lies a deeper structural trend: a qualitative transformation of FDI flows into HCM City.

While earlier decades saw the city attract strong inflows of manufacturing investment driven by labour costs and geographic advantages, the current wave of capital is increasingly directed towards sectors requiring advanced technical infrastructure, a stable energy supply, and transparent regulatory frameworks.

This shift suggests that the city’s competitive advantages are evolving — from cost-based factors to infrastructure quality and its role within the digital economy.

According to Lâm Đình Thắng, director of the city's Department of Science and Technology, the city is entering a new development phase in which digital infrastructure plays a central role.

“The expansion of large-scale data centres, artificial intelligence and cloud computing will not only accelerate digital transformation but also serve as a key enabler for building a smart city and supporting the Việt Nam International Financial Centre,” Thắng said.

Aggregate data continues to underscore the city’s appeal to international investors.

It is home to more than 20,470 foreign-invested projects, with total registered capital exceeding $142.2 billion, according to the city's Department of Finance.

In 2025, it attracted over $8.37 billion worth of FDI, maintaining its position as the country’s leading destination for foreign investment.

Infrastructure expansion

The increasing concentration of investment in technology-intensive and high value-added sectors capable of generating strong spillover effects aligns with HCM City’s long-term development strategy, under which it aims to regain double-digit economic growth from 2026 and ultimately emerge as an international mega-city by 2045.

Alongside technology and finance, the city is calling for investment in a series of major infrastructure projects, including the Cần Giờ International Transhipment Port, the Cái Mép Hạ Free Trade Zone, strategic regional rail links, and a metro network expected to span around 350 kilometres.

In the energy sector, the city is promoting eight offshore wind power projects with a combined capacity of approximately 15,000 MW, LNG power initiatives and large-scale industrial developments.

Such projects are expected to not only meet the rising energy demands of the digital economy but also to help the city comply with sustainability standards increasingly prioritised by global investors.

Experts caution that while large-scale digital infrastructure projects require time to materialise and deliver full economic benefits, their emergence reflects growing investor confidence in the city’s role in the region’s digital and financial ecosystem.

At the same time, technology-intensive investments impose higher demands on electricity infrastructure, energy stability and regulatory clarity.

To address these challenges, city authorities are stepping up efforts to improve the investment climate, upgrade infrastructure and develop human resources.

These measures, according to policymakers, will be essential in enhancing the city’s capacity to attract and effectively utilise high-quality FDI amid intensifying regional competition.

The retail price of E5RON92 biofuel rose by VNĐ3,777 (US$0.14) to a maximum of VNĐ25,226 per litre. The price of RON95-III gasoline increased by VNĐ4,707 to VNĐ27,0

HÀ NỘI — Domestic retail fuel prices were increased sharply from 3pm on Saturday following a surge in global oil prices and intensified foreign exchange pressures amid growing Middle East tensions, according to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance.

Under the latest adjustment, the retail price of E5RON92 biofuel rose by VNĐ3,777 (US$0.14) to a maximum of VNĐ25,226 per litre, remaining VNĐ1,821 lower than RON95-III gasoline.

The price of RON95-III gasoline increased by VNĐ4,707 to VNĐ27,047 per litre.

Diesel 0.05S saw the steepest rise, climbing VNĐ7,207 to a ceiling of VNĐ30,239 per litre, while kerosene increased by VNĐ8,490 to a maximum of VNĐ35,091 per litre.

Mazut oil rose by VNĐ3,831 to no more than VNĐ21,327 per kg.

The adjustment was implemented after the government allowed immediate price changes when the base price of widely used fuel products increases by 7 per cent or more under a resolution issued on March 6.

The increase was attributed to the latest surge due to global supply disruptions and geopolitical tensions in the Middle East.

The ministries said the move aimed to align domestic fuel prices with global market developments while maintaining a price gap between E5RON92 and RON95 to encourage the use of biofuels.

They also said the fuel price stabilisation fund was neither used nor replenished in this adjustment.

Domestic fuel prices have undergone 11 adjustments since the start of 2026, with RON95 gasoline increasing seven times and decreasing four times.

According to the Industry and Trade Ministry, the global oil market was affected by escalating conflicts in the Middle East which have caused disruptions via the Strait of Hormuz, refinery disruptions in parts of the Middle East, China and India, and export restrictions imposed by several Asian countries to secure domestic supply.

Average global refined fuel prices rose sharply during the March 5-7 calculation period. RON95 gasoline averaged $116.17 per barrel, up 26.37 per cent, while diesel averaged $153.49 per barrel, up nearly 36 per cent, and kerosene surged by more than 36 per cent to $180.88 per barrel.

The ministries said they would continue monitoring market developments and coordinate with relevant agencies to ensure fuel supply and enforce regulations on the domestic petroleum market.

Statistics of Vietnam Customs showed that Vietnam spent more than US$1.44 billion importing 2.18 million tonnes of petroleum products in the first two months of this year, representing a sharp increase of 31.4 per cent and 43 per cent, respectively, over the same period last year.

HÀ NỘI — Việt Nam saw strong increase in fuel imports in the first two months of this year amid global energy uncertainty triggered by spiralling Middle East tensions.

Statistics of Vietnam Customs showed that Việt Nam spent more than US$1.44 billion importing 2.18 million tonnes of petroleum products in the first two months of this year, representing a sharp increase of 31.4 per cent and 43 per cent, respectively, over the same period last year.

Crude oil imports totalled more than 2.16 million tonnes, worth $1.08 billion, falling by 10 per cent in volume and 25 per cent in value, however.

The country exported about $200.3 million in crude oil and nearly $55 million in petroleum product exports in the first two months of the year, falling by 16.7 per cent and 62.3 per cent, respectively.

In 2025, Việt Nam imported around 9.9 million tonnes of petroleum products worth $6.8 billion in 2025 and 14.1 tonnes of crude oil worth $7.7 billion.

Việt Nam is a net importer of petroleum products to meet the energy demand for the double-digit growth goal and ensure energy security.

According to the Ministry of Industry and Trade, major petrol wholesalers continue to import refined petroleum products to supply the domestic market despite rising import and logistics costs. Together with their commercial reserves, fuel supply for the domestic market is expected to remain stable in March.

However, if the tensions in the Middle East are prolonged, the domestic energy market could face greater challenges in April.

Chairing a meeting to review the development strategy and operational framework for the International Financial Centre, Bình acknowledged the progress made by relevant ministries and localities in a short period of time. However, he noted that current efforts have largely focused on building the organisational structure and legal framework.

HÀ NỘI — Trading platforms at the Vietnam International Financial Centre in HCM City and Đà Nẵng city should be launched early and introduced to the global market, according to Permanent Deputy Prime Minister Nguyễn Hòa Bình.

Chairing a meeting in Hà Nội on March 6 to review the development strategy and operational framework for the International Financial Centre, Bình acknowledged the progress made by relevant ministries and localities in a short period of time. However, he noted that current efforts have largely focused on building the organisational structure and legal framework.

He emphasised that two tasks must proceed in parallel: continuing to finalise the legal and institutional framework, infrastructure and human resources, and launching concrete initiatives that can contribute to economic activities.

To that end, the Deputy PM directed the Ministry of Finance (MoF) to work with the Government Office to promptly organise a meeting with relevant ministries to finalise and approve the operational regulations for the centre. Once consensus is reached, the regulations should be issued without delay.

Regarding the governing council’s 2026 work plan, Bình asked the MoF to incorporate feedback from parties and particularly from HCM City and Đà Nẵng in order to complete the plan. The two cities, he said, should then develop their own operational plans based on the overall framework. He also called on local authorities to introduce at least one concrete initiative or activity each month to demonstrate progress.

The principle is to prioritise feasible initiatives first, such as agricultural exchanges and traditional services that meet immediate market demand, while more complex areas like fintech and regulatory sandboxes continue to be studied, he said. HCM City, for instance, is preparing to launch a national agricultural trading platform where international buyers could directly trade Vietnamese products such as rice, durian and seafood instead of relying on fragmented transactions.

With regard to policy mechanisms, the Deputy PM noted that the Government is preparing a decree to establish a regulatory framework for its management body. At the same time, local authorities may adopt more flexible and competitive personnel policies for the financial centre’s operating agencies if needed, as the Government’s regulations will serve as a general legal framework.

He also tasked ministries with accelerating preparations for supporting institutions, including dispute resolution bodies, supervisory mechanisms, and the establishment of a specialised court within the International Financial Centre in HCM City.

The figure equivalent to 5.6% of the yearly plan assigned by the Prime Minister.

Vietnam’s public investment disbursement in the first two months of this year reached over VND55.73 trillion ($2.12 billion), equivalent to 5.6% of the plan assigned by the Prime Minister, according to the Ministry of Finance.

Of this, central budget disbursement totalled VND10.178 trillion ($388 million), or 2.9%, while local budget disbursement is estimated at VND45.56 trillion ($1.73 billion), or 7%.

During the period, 6 ministries and central agencies, and 14 provinces and centrally-run cities recorded disbursement rates meeting or exceeding the national average.

Total public investment planned for this year is estimated at more than VND1 quadrillion ($38.52 billion) this year.

This move marking a significant step in opening up the real estate market to international investors.

Ho Chi Minh City has recently announced a list of 24 real estate projects where foreign individuals and organizations are permitted to own residential properties.

This move marks a significant step in opening up the real estate market to international investors.

The announcement was made in accordance with Decree No. 95/2024/ND-CP issued by the Government on July 24, 2024.

Among the 24 approved projects, Phu My Hung Development Corporation holds a dominant position with 19 projects, while the remaining five projects are attributed to other companies such as C Holdings and Dien Phuc Thanh. This concentration of projects in rapidly developing areas highlights the keen interest of foreign investors in Vietnam's real estate market.

According to regulations, foreigners are allowed to own a maximum of 30% of the apartments in a condominium or 250 individual houses in a ward-level area, ensuring that national security and defense are not compromised.

We wish all our loyal readers of the Vietnam Blog a Happy New Year.

May the Year of the Fire Horse bring you good health, much success, and many wonderful moments.

Your Vietnam Team

Happy Lunar New Year 2026! Chúc Mừng Năm Mới 2026!

Vietnamese brokerage Vietcap Securities has identified 28 local stocks that meet the preliminary criteria for inclusion in the FTSE Global All Cap Index, as Vietnam enters a decisive phase in its bid to be reclassified as a secondary emerging market.

In a recent update, Vietcap said the reclassification process has reached a critical juncture as index provider FTSE Russell begins its mid-year review in March 2026. The brokerage maintains September 2026 as its base-case timing for Vietnam’s official upgrade to secondary emerging market status.

Vietcap noted that recent regulatory changes have addressed key technical requirements. Following the issuance of Circular No. 08/2026 by the Ministry of Finance, effective from February 3, regulators have implemented adjustments to enable the Global Broker Model - a crucial mechanism for efficient index replication.

“The completion of the legal framework and improvements in market accessibility are important steps in Vietnam’s deeper integration into global capital flows,” Vietcap said, adding that the March review is largely procedural as FTSE Russell finalizes its assessment.

Easier access for foreign institutional investors

A key provision of Circular 08 allows foreign institutional investors to place orders with local brokerages via an offshore global broker, without the need to open trading accounts directly with domestic securities firms. The change removes the requirement for foreign institutions to complete direct registration procedures with each local broker.

The reform is expected to significantly reduce administrative hurdles for foreign institutional investors. For example, index-tracking funds such as Vanguard will no longer need to conduct know-your-customer (KYC) procedures with individual Vietnamese brokerages, relying instead on a global broker that has already vetted a selected group of local firms.

Key meetings and settlement capacity

FTSE Russell will hold two committee meetings in March: the Equity Country Classification Advisory Committee on Tuesday, March 3, and the Policy Advisory Board on Thursday, March 19. The official outcome will be announced on Tuesday, April 7.

Beyond standard criteria, the committees are also expected to discuss the non-prefunding (NPF) trading capacity of Vietnamese brokerages - a topic that has drawn recent scrutiny. Based on regulatory caps, which limit NPF exposure to twice a brokerage’s equity after deducting margin loan balances, the combined NPF capacity of the five largest domestic brokerages, including Vietcap, is estimated at nearly $5 billion.

This is well above the estimated $1.5 billion required by index-tracking funds to purchase Vietnamese equities. Vietcap added that such funds are likely to disburse capital in multiple tranches - for example, around $300 million across five rounds - easing concerns over settlement capacity. The final structure is expected to be clarified on April 7.

Stocks meeting preliminary criteriaVietcap said Vietnam is expected to pass the FTSE Russell review and reiterated its view that September 2026 remains the base-case timing for the upgrade. It also outlined 28 stocks that meet the preliminary screening criteria for the FTSE Global All Cap Index, based on data as of December 31, 2024.

The stocks include Vingroup (VIC), Vinhomes (VHM), Hoa Phat Group (HPG), Masan Group (MSN), Vietcombank (VCB), Vinamilk (VNM), SSI Securities (SSI), Sacombank (STB), VIX Securities (VIX), VietJet Air (VJC), Vincom Retail (VRE), Vietcap Securities (VCI), SHB (SHB), VNDirect (VND), Gelex Group (GEX), Kinh Bac City (KBC), Khang Dien House (KDH), FPT Retail (FRT), Duc Giang Chemicals (DGC), Eximbank (EIB), Tasco (HUT), Dat Xanh Group (DXG), PetroVietnam Fertilizer (DPM), Petrolimex (PLX), Phat Dat Corp (PDR), Sabeco (SAB), DIC Corp (DIG), and Kido Group (KDC).

FTSE Russell’s screening criteria include market capitalization, liquidity, free-float levels and remaining foreign ownership limits. Vietcap cautioned that the list is indicative only and subject to change, with the official constituent list expected to be announced in August 2026.

FTSE Russell published a Vietnam-focused FAQ document in November 2025, estimating Vietnam’s prospective weightings at 0.04% in the FTSE Global All Cap Index, 0.34% in the FTSE Emerging All Cap, 0.02% in the FTSE All-World and 0.22% in the FTSE Emerging Index.

Given that the Middle East offers relatively healthy profit margins for pangasius and certain value-added product lines, the sharp rise in logistics costs could fundamentally alter the profit structure of the entire supply chain.

The Middle East has emerged as a significant growth market for Vietnamese seafood. In 2025, seafood exports to this region reached $401 million, a 9.6% increase compared to 2024, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

However, escalating military tensions between the US, Israel, and Iran in recent days have rapidly transformed into a major "shock" for maritime transport and insurance in the Middle East—a region that plays a pivotal role in the global flow of energy and goods.

VASEP warns that for the seafood industry, the impact extends beyond skyrocketing shipping costs. There are also mounting risks of cold chain disruptions, localized supply shortages, and price volatility across various product segments. The primary risk is currently centered on the Strait of Hormuz, a strategic maritime gateway connecting the Persian Gulf with the Indian Ocean.

As security warnings intensify, several international shipping lines have adjusted their operations. Vessels have been instructed to find safe anchorages, while some routes through Hormuz have been suspended. Furthermore, many carriers are rerouting journeys around the Cape of Good Hope instead of using the Red Sea–Bab el-Mandeb–Suez Canal corridor.

In just a few days, freight rates on the Asia-Dubai route have nearly doubled. Emergency surcharges for routes to and from Gulf countries have been announced at levels between $1,500 and $4,000 per container, with refrigerated (reefer) containers facing even higher fees. For seafood enterprises, these direct costs are driving up product prices and narrowing profit margins.

Parallel to the transport crisis, the maritime insurance market is also reacting sharply. Several Protection and Indemnity (P&I) clubs and war risk insurers have issued notices to cancel or restrict coverage for vessels operating in Iran and the Persian Gulf region, with such notices becoming effective just 72 hours after issuance.

Seafood cold chain: vulnerable link

According to Deputy General Secretary of VASEP, Le Hang, seafood is a product category that requires strict temperature control and precise delivery timelines. The Middle East is a major consumer of salmon, shrimp, tuna, and various high-value products imported from Asia, Europe, and the Americas.

With restricted airspace and disrupted flight schedules, the supply of fresh seafood—which relies heavily on air freight—is at risk of shortages within just a few days. Consequently, importers are forced to shift to frozen products. However, this channel also faces significant challenges as bookings for refrigerated (reefer) containers are being restricted or temporarily suspended.

"For Vietnamese enterprises, particularly exporters of pangasius and shrimp, extending the transit journey by an additional one to two weeks means higher electricity costs to maintain temperatures, increased container storage fees, and the heightened risk of quality-related disputes," Ms. Hang said.

Given that the Middle East offers relatively healthy profit margins for pangasius and certain value-added product lines, the sharp rise in logistics costs could fundamentally alter the profit structure of the entire supply chain.

In the short term, if tensions de-escalate and security conditions improve, shipping lines may gradually restore routes through the Strait of Hormuz, reopen reefer container bookings, and phase out war risk surcharges. Under this scenario, the seafood supply chain could recover relatively quickly, particularly for frozen goods.

Conversely, if risks persist, rerouting will become the "new normal." Insurance premiums would remain high, war risk surcharges would stay in place, and the capacity for reefer containers into the Gulf region would be limited. In this case, seafood import costs into the Middle East could remain elevated for months, causing price volatility to spill over into related global markets.

In the current context, VASEP advises Vietnamese seafood enterprises to diversify transportation routes and avoid relying entirely on a single maritime corridor; increase cold storage reserves in regional facilities, especially at major transshipment centers; and prioritize long‑term shipping contracts to reduce dependence on the spot market.

Enterprises should closely monitor developments in marine insurance and the policies of shipping companies in order to proactively negotiate.

According to the plan, VND583.7 trillion will be borrowed for central budget to cover deficits, and over VND376 trillion for repayment of debts.

The Government will borrow nearly VND969.8 trillion ($38.5 billion) in 2026, according to its latest debt plan unveiled on February 28.

The figure includes VND583.7 trillion for central budget to cover deficits, and over VND376 trillion for repayment of debts.

The Government was quoted by the Government News as saying that it will mobilize the funding through issuance of Government bonds, international bonds, official development assistance and concessional loans, and other lawful resources.

Meanwhile, local governments shall be allowed to borrow more than VND26 trillion and use nearly VND4 trillion to repay their debts this year.

The Government requests ministries, agencies and localities to speed up disbursement of public investment capital in a bid to raise the efficiency of State funding.

It also urges the Ministry of Finance to strictly control budget overspending at both central and local levels, formulate a project for issuance of international bonds and submit to competent authorities for consideration.

Public debt is forecast to reach 36-37 per cent of GDP by the end of 2026, while government debt will stand at 34-35 per cent of GDP and foreign debt is expected at 32-33 per cent of GDP.

Vietnam’s Ministry of Industry and Trade has urged businesses to proactively hedge risks and review logistics and insurance arrangements as escalating conflict in the Middle East threatens to push up global fuel and commodity prices and disrupt supply chains.

The ministry’s import-export department said it expects consumer prices, fuel costs and global oil prices to trend higher in the coming period, creating indirect and multi-layered negative impacts on Vietnam’s production and trade activities.

In a new statement, the department cited a sharp escalation in regional tensions after the United States and Israel launched large-scale air strikes against Iran on February 28. Within 24-48 hours of the attacks, all sides signalled preparations for a prolonged conflict, heightening risks for international transport, trade flows, and global supply chains.

The department warned that higher fuel prices would drive up sea and air freight costs, while also disrupting cargo routes serving Gulf countries. Several Middle Eastern nations have restricted or closed their airspace for security reasons, forcing cargo flights to reroute and increasing transit times and costs.

Shipping through the Strait of Hormuz has been severely disrupted following the strikes. Iran has warned vessels that passage through the strait is unsafe, prompting shipping lines to avoid the area or alter routes, significantly raising fuel consumption and logistics expenses, the ministry said.

Focus on logistics contracts and insurance

Against this backdrop, the import-export department called on export-import and logistics industry associations to closely monitor developments and maintain regular communication with relevant authorities to keep members informed and help them adjust production, shipping, and trade plans, in order to avoid congestion and minimize disruptions.

The ministry recommended that companies diversify supply sources and seek alternative markets with similar demand profiles to reduce reliance on exports to Israel, Iran and the broader Middle East, and strengthen preparedness for similar shocks in the future.

It also urged firms to pay closer attention to logistics, delivery and insurance clauses when negotiating trade contracts, including force majeure provisions, compensation mechanisms, and cost-sharing arrangements in the event of disruptions. Businesses were advised to ensure adequate insurance coverage to mitigate potential losses at destination markets.

In addition, companies were encouraged to proactively analyze trade data and geopolitical developments in coordination with relevant ministries and agencies, including trends in freight rates, surcharges and transport costs, to develop timely response strategies.

The ministry called on firms to establish contingency and adaptation plans to limit risks and losses from disruptions to international trade and transportation, and to prepare rapid response measures to safeguard supply chains.

Finally, businesses were advised to maintain regular contact with government bodies such as the import-export department, the trade promotion agency and Vietnam’s overseas trade offices to identify new orders and promising markets, enabling them to diversify and fully capitalize on emerging opportunities.

The PMI rise signalled a solid monthly improvement in the health of the sector, extending the current sequence of strengthening business conditions to eight months.

HÀ NỘI — The Vietnam Manufacturing Purchasing Managers' Index (PMI) rose to 54.3 in February, up from 52.5 in January and reaching a four-month high, a survey from S&P Global released today shows.

The PMI rise signalled a solid monthly improvement in the health of the manufacturing sector, extending the current sequence of strengthening business conditions to eight months.

Manufacturing production increased rapidly in February, with the rate of expansion quickening to a 19-month high. Panellists reported that the preparation of products ahead of delivery to clients and stronger customer demand were behind the latest rise in output.

The ramping up of production helped lead to the smallest reduction in the stock of finished goods in just over two years. That said, post-production inventories still decreased slightly as products were shipped to customers.

An improved demand scenario also contributed to a marked increase in new orders. New business rose for the sixth successive month, and at the fastest pace since last October.

The expansion of total new orders was recorded despite new export business remaining unchanged from the previous month, with some respondents noting instability in international markets.

Nonetheless, the rise in total new orders and associated increase in production requirements led to sharper expansions in both employment and purchasing activity midway through the opening quarter of 2026.

Staffing levels rose for the fifth month running, and at a solid pace that was the fastest since September 2022. A number of respondents noted that additional workers had only been hired on a temporary basis, however. Extra capacity helped firms to reduce backlogs of work solidly during the month.

Meanwhile, the latest increase in input buying was the second-sharpest rise in a year and a half (behind December 2025 data). In turn, stocks of purchases increased following a fall in January, although the accumulation was only fractional.

Suppliers' delivery times lengthened modestly again in February, with some respondents indicating that they faced customs delays when importing goods.

Stronger demand for inputs meant that suppliers were able to raise their prices during February. As a result, manufacturers' input costs increased at the fastest pace since June 2022. In addition to higher supplier charges, some firms also noted rising shipping costs.

With operating expenses increasing sharply, manufacturers raised their selling prices. The rate of inflation was unchanged from the 45-month high seen at the start of the year.

Improving market demand and the prospect of continued new order growth mean that Vietnamese manufacturers are increasingly optimistic that output will rise over the coming year. February also saw business confidence strengthen for the fifth consecutive month to the highest since September 2022.

Economics Director at S&P Global Market Intelligence Andrew Harker said: "The Vietnamese manufacturing sector was able to build on the growth seen in January with an even stronger performance in February. Firms have thus seen a positive start to 2026, and they are at their most confident about the future in almost three and a half years.

"Most of the key variables from the survey pointed to stronger growth, including output, new orders, employment and purchasing activity. Export conditions remained generally muted, however, with new business from abroad unchanged since January.

"The stronger demand environment has resulted in building inflationary pressures, both in terms of firms' own costs and the prices they are charging their customers. Data in the months ahead will need to be watched closely to see if these price increases start to limit demand."

The target is part of 2026 action plan signed by Prime Minister Pham Minh Chinh.

Vietnam has set a target to increase the contribution of science and technology, innovation and digital transformation to the national GDP to 17.5% as part of a 2026 action plan signed by Prime Minister Pham Minh Chinh, head of the Government Steering Committee on science and technology development, innovation, digital transformation and Project 06.

The plan also targets the digital economy’s share of GDP at 14.5% in 2026.

In terms of digital infrastructure and data platforms, 5G coverage is expected to reach 70% of the population nationwide.

The Government aims to increase by 30% the number of innovative startups operating in science and technology, innovation and digital transformation.

At least 30–50 new spin-off enterprises are expected to be established from university and research institute outcomes in 2026, with Hanoi accounting for at least 20 of them.

In the field of science, technology and innovation, the Government aims to successfully commercialize at least five products listed in the national portfolio of strategic technologies, including semiconductor chips, 5G network equipment, industrial robots, artificial intelligence and unmanned aerial vehicles (UAVs).

At least 15% of state budget expenditure for science will be allocated to research and development of strategic technologies.

With abundant sunshine and steady winds, Vietnam’s central province of Gia Lai is drawing large-scale investments into renewable energy, creating new growth drivers for the local economy.

String of mega projects approved

Last July, Binh Dinh and Gia Lai provinces were merged to form the new Gia Lai which borders Dak Lak, Quang Ngai, Cambodia, and the East Sea.

Following the merger, Gia Lai is emerging as a renewable energy growth pole in the south-central coast, combining coastal advantages with sun-drenched, wind-swept highlands.

These favorable natural conditions allow the province to develop a diverse renewables portfolio, spanning onshore and offshore wind power as well as ground-mounted and floating solar projects.

Gia Lai has in recent years selected a number of strategic investors for large-scale wind power projects.

Notably, the provincial People’s Committee has approved VinEnergo Energy JSC, founded by Pham Nhat Vuong - chairman of Vietnamese conglomerate Vingroup (HoSE: VIC), as the investor for the Hon Trau wind power plant – phase 1, designed with capacity of up to 750 MW and total investment of about VND48.37 trillion ($1.86 billion).

The decision marks VinEnergo’s second wind power project in Gia Lai. Previously, the company was approved as the investor for the 143 MW Vinh Thuan wind power plant project worth VND4.68 trillion ($179.69 million).

Saigon-Bac Giang Industrial Park Corp., a subsidiary of KinhBac City Development Holding Corporation (KBC), has been selected as the investor for the Van Canh 1 and Van Canh 2 wind power projects, with combined capacity of 340 MW and total investment of over VND14.6 trillion (around $560.57 million).

Local authorities have approved in-principle four wind power projects — Ia Blu 1, Ia Blu 1 - phase 2, Chu Pong and Ia Hla, with combined investment of more than VND6.9 trillion ($264.93 million). The projects will be subject to open domestic bidding to select investors.

Of the four, Ia Blu 1 and Ia Blu 1 – phase 2 will both be developed in Ia Le commune, each with installed capacity of 42 MW and investment of around VND1.85 trillion ($70.8 million). The two plants are expected to generate a combined 240 million kWh of electricity per year.

The 42 MW Chu Pong project will be developed in Bo Ngoong commune at an estimated VND1.62 trillion ($61.92 million). Meanwhile, the Ia Hla project, located in Ia Ko and Chu Puh communes, will have capacity of 40 MW and investment of about VND1.6 trillion ($61.29 million).

In a further push, the provincial Department of Finance has invited investors to submit bids for 12 renewable energy projects, with combined capacity of nearly 708 MW and total investment of about VND22 trillion ($842.77 million).

Wind power dominates the pipeline, comprising eight projects with aggregate capacity of 508 MW and capital outlay of nearly VND18.5 trillion ($708.61 million).

Solar makes up the remainder, with four projects totaling nearly 200 MW and requiring more than VND3.4 trillion ($130.23 million).

Feeding 15 billion kWh a year into national grid

Gia Lai has so far put 85 renewable energy projects into commercial operation, with combined capacity of 4,179 MW, according to official data.

The portfolio includes 57 hydropower plants totaling 2,516 MW, 19 wind farms with aggregate capacity of 1,048 MW, seven solar projects at 485 MW, and two biomass plants with combined capacity of 130 MW.

Renewable energy plants operating in recent years have supplied more than 15 billion kWh a year to the national power system, said Tran Thuc Kham, deputy director of the provincial Department of Industry and Trade,

In 2025 alone, the electricity production and distribution index rose 23.05% from a year earlier, making it the largest contributor to the province’s industrial growth.

“The development of renewable energy has supported the province’s socio-economic expansion at this stage and will make a major contribution toward achieving double-digit growth in the 2026–2030 period,” Kham said.

Under the adjusted National Power Development Plan for 2021-2030 with a vision to 2050 (Power Development Plan VIII), total renewable energy capacity in Gia Lai is projected to reach about 9,657 MW by 2035.

Beyond projects already approved under the plan, the province has a substantial pipeline of potential developments with combined capacity exceeding 23,000 MW.

In the coming years, Gia Lai aims to integrate renewable energy development with key pillars of the circular economy, including green industry, high-tech agriculture, and modern logistics, to build sustainable green value chains, said Kham.

The province is charting a course toward developing carbon-neutral industrial, eco-industrial, and smart industrial zones.

It is also pursuing a selective investment strategy, targeting industries that utilize green electricity, including decarbonized agro-processing, new materials manufacturing, semiconductors and artificial intelligence, as well as other high-tech segments linked to the energy sector.

At the same time, it plans to develop service, engineering and maintenance supply chains for renewable energy projects, alongside establishing training and workforce development centers to support the industry.

To realize these ambitions, Gia Lai has proposed that the government consider revising the national power development plan to raise renewable energy capacity allocations in line with the province’s resource advantages.

It also called for policy support to foster supporting industries and workforce training for the renewable sector, as well as prioritizing investment in scientific research tied to clean energy development.

VOV.VN - The Ministry of Construction has approved a master plan to expand Da Nang International Airport, increasing its designed capacity to 20 million passengers per year by 2030, with a long-term vision to 2050.

The plan aims to upgrade the airport to Category 4E under standards set by the International Civil Aviation Organization (ICAO), enabling it to handle wide-body aircraft such as the Boeing 747, Boeing 787 and Airbus A350, as well as equivalent models.

The airport, located in Hoa Cuong and An Khe wards, will continue operating as a dual-use facility serving both civil and military purposes.

Under the 2021–2030 development phase, the airport will maintain its two existing runways while adding one rapid exit taxiway and two connecting taxiways to enhance operational efficiency and reduce runway occupancy time.

Aircraft parking capacity will be expanded southward, raising the total number of aircraft stands to approximately 52. A new air traffic control tower is planned for the northern section of the airport, covering an area of around 4,000 square meters.

Passenger Terminal 1 (T1) will be expanded southward to increase its handling capacity to 14 million passengers annually. Meanwhile, the international Passenger Terminal 2 (T2) will be renovated to accommodate approximately 6 million passengers per year.

A new cargo terminal will be developed in the northern area adjacent to a regulating lake, covering about 2.46 hectares. Cargo throughput is projected to reach 100,000 tonnes per year by 2030 and rise to 330,000 tonnes annually by 2050.

Total land requirements for the 2021–2030 period, with a vision to 2050, amount to more than 806 hectares, including over 71 hectares managed by civil aviation authorities, nearly 517 hectares under military management, and more than 218 hectares designated for shared use.

The Ministry of Construction has assigned the Civil Aviation Authority of Vietnam to oversee the announcement, management and implementation of the plan, in coordination with Da Nang authorities and relevant agencies. The municipal People’s Committee is tasked with integrating the plan into local planning schemes, managing height restrictions, safeguarding land reserves and upgrading transport connectivity, including road and urban rail systems.

In 2025, Da Nang International Airport safely handled 15.1 million passengers, nearly 89,800 flights and 41,561 tonnes of cargo, up 21% compared to 2024.

The loans are expected to come from government bond issuance, ODA loans, preferential foreign loans, international bond issuance, and other legitimate financial sources.

HÀ NỘI — The Government has approved a plan to borrow a maximum of nearly VNĐ970 trillion ( nearly US$37 billion) and repay debts worth some VNĐ535 trillion ($20.33 billion) this year.

Under Decision No. 352/QĐ-TTg approving the public debt borrowing and repayment plan for 2026 signed by Deputy Prime Minister Hồ Đức Phớc on Friday, more than VNĐ959 billion of the loan will be set aside for the central budget balance, and the remaining of VNĐ10 billion will be used for on-lending.

The loans are expected to come from government bond issuance, ODA loans, preferential foreign loans, international bond issuance, and other legitimate financial sources.

Under the decision, the Deputy PM also directs the Ministry of Finance to closely monitor the State budget deficit, government borrowing levels of localities, and the government's debt repayment obligations.

Besides developing a plan for issuing international bonds to submit it to competent authorities for readiness when needed, the ministry must also research new methods of raising loans to ensure sufficient capital for development investment while simultaneously controlling public debts and national foreign debts within the projected cap in the 2026-2030 period.

“Maturities and time for government bond issuance must be flexible managed to contribute to reducing costs, easing the pressure on State budget capital mobilisation, and meeting mobilisation and contingency needs during unfavourable market conditions,” the decision states.

In addition, the ministry needs to actively expand the revenue base and save State budget expenditures to reduce the State budget deficit and increase debt repayment.

Meanwhile, the State Bank of Vietnam is required to strictly control the implementation of the self-borrowing and self-repayment foreign debt limit for enterprises that are not guaranteed by the Government, ensuring it remains within the approved limit.

Besides presiding over the management of foreign debts of the private sector, the central bank must also coordinate with the Ministry of Finance to report to the Prime Minister in case of negative developments.

If the proposal is accepted, the new wage level will be applied by Mid-2026

The Vietnam General Confederation of Labor has announced plans to participate in the National Wage Council's activities for 2026, which includes proposal for a new minimum wage increase by mid-2026.

According to the plan, the Confederation's proposal for adjusting the minimum wage is expected to be developed in May and June 2026. Prior to this, from February to May 2026, there will be surveys and evaluations of labor, wages, income, spending, and the living conditions of workers in enterprises for the year 2025.

The report on labor, wages, income, spending, and living conditions of workers for 2025 will be prepared, along with the Confederation's proposal for adjusting the minimum wage on a monthly and hourly basis, to support negotiations for the 2026 minimum wage.

Participation in official meetings of the National Wage Council and gathering opinions within the union system will take place from February to September 2026, following the Council's program.

Previously, based on the National Wage Council's recommendations, the government issued Decree No. 293/2025/ND-CP (Decree 293) on November 10, 2025 , setting the minimum wage for workers under labor contracts, effective from January 1, 2026, replacing Decree No. 74/2024/ND-CP. According to Decree 293, the regional minimum wage increased by 7.2%, higher than recent years' adjustments, with a 6% increase in 2024.

According to Mr. Pham Truong Giang, Director of the Department of Wages and Social Insurance (Ministry of Home Affairs), the early issuance of Decree 293 by the Government provides ample time for businesses to prepare and encourage workers. For businesses, the reasonable increase and appropriate timeline have facilitated stronger ties between employers and employees. This has been a foundation for increased labor productivity recently, creating significant momentum for economic growth in 2026 and beyond.

Vietnam’s Party General Secretary To Lam on Wednesday voiced concerns over potential waste and inefficiencies at the $16 billion Long Thanh International Airport project, questioning its comparative scale, financial returns, and contribution to national economic growth.

Citing the airport’s total investment of around $16 billion, the Party chief noted at a conference that the figure appears significantly higher than comparable projects in Southeast Asia.

The conference aimed to disseminate the Politburo’s Resolution No. 79-NQ/TW on state sector economic development and Resolution No. 80-NQ/TW on Vietnamese culture development.

“When we announce the figure of $16 billion, it makes others surprised. The scale is enormous,” he said, adding that relevant agencies have yet to convincingly demonstrate whether the project surpasses similar developments in countries such as Malaysia or Singapore.

He also questioned how long it would take to recover the $16 billion investment for the state, as well as how much the airport would contribute annually to national GDP growth. “If these calculations are not clear, wastefulness, negative practices, and even losses may arise due to the lack of proper accounting,” he warned.

Project scale, standards

Located in the former Long Thanh district of Dong Nai province in southern Vietnam, the airport spans nearly 5,000 hectares and is designed to meet ICAO’s 4F standard - the highest classification in the international airport ranking system. The 4F rating allows it to accommodate the world’s largest aircraft, including the Airbus A380 and Boeing 747-8.

State-controlled Airports Corporation of Vietnam (ACV) is the investor of the project’s Phase 1, which carries a total investment of nearly VND110 trillion ($4.21 billion). This phase is designed to handle 25 million passengers and 1.2 million tons of cargo annually. The project is entering a crucial stage, with commercial operations targeted for the first half of 2026.

On December 19, 2025, Long Thanh airport officially welcomed its first three passenger flights, following a successful technical test flight on December 15, 2025.

According to ACV’s fourth-quarter 2025 financial statement, construction-in-progress costs for phase 1 of Long Thanh project reached VND34.19 trillion ($1.3 billion), up more than VND21 trillion compared to the beginning of the year.

The Ministry of Construction recently assigned ACV as the investor for phase 2, excluding certain aviation technical infrastructure components.

In addition to Long Thanh, ACV is implementing several other investment projects, including a cargo terminal at Cat Bi International Airport (VND294 billion or $11.26 million) in the northern port city of Hai Phong, Doppler weather radar systems at Hanoi-based Noi Bai International Airport (VND113 billion) and Tan Son Nhat International Airport (VND111 billion) in Ho Chi Minh City.

ACV financial performance

For the full year 2025, ACV reported consolidated net revenue of VND25.96 trillion ($994.64 million), up 15% year-on-year. Its after-tax profit reached a record VND12.07 trillion ($462.45 milion), an increase of more than 3% compared to 2024.

As of December 31, 2025, the corporation’s total consolidated assets stood at over VND90.9 trillion ($3.48 billion), up more than VND13.6 trillion from the start of the year. Total liabilities were nearly VND21 trillion, including more than VND9.7 trillion in borrowings, mainly long-term debt.

Total equity reached nearly VND70 trillion ($2.68 billion), comprising charter capital of over VND35.8 trillion and undistributed after-tax profit of more than VND20.87 trillion.

The projected road that connects Pho Hien an Hung Ha wards is expected to create new space and momentum for local socio-economic development.

During its 37th session on February 25, the People's Council of Hung Yen province in northern Vietnam passed an investment policy for a road that will connect Pho Hien Ward to Hung Ha Ward road, with total capital estimated at VND16 trillion (more than $612 million).

The projected road is in line with the national master plan, the Red River Delta regional plan, and related plans for transport infrastruction, thereby gradually completing the transportation network as directed, enhancing regional connectivity, and expanding urban and industrial development space in the province.

The projected road is expected to gradually complete a synchronized transportation infrastructure system, enhance connectivity capacity, thereby creating new space and momentum for local socio-economic development.

The project, one of the largest-scale infrastructure projects in the province in recent years, is expected to be implemented during the 2026-2028 period.

Phú Quốc International Airport in An Giang Province recorded its strongest Lunar New Year growth since commencing operations, reflecting a sustained rise in travel demand during the Tết holiday.

AN GIANG — Phú Quốc International Airport in the southern province An Giang has recorded its strongest Lunar New Year growth since commencing operations, reflecting a sustained rise in travel demand during the Tết holiday.

From the 27th day of the 12th lunar month to the sixth day of Tết (February 13 – 22, 2026), Phú Quốc airport handled 767 flights, including 371 domestic and 396 international flights, up 46 per cent year-on-year compared to the 2025Tếtperiod, according to the airport's authorities.

Total passenger throughput reached 260,473, comprising 116,830 domestic travellers and 143,643 international visitors, representing an increase of 37 per cent from the previous Lunar New Year holiday.

Airport authorities described the holiday as the busiest Tết period on record and the first large-scale operational stress test since the facility was transferred from the State-owned Airports Corporation Việt Nam to the private conglomerate Sun Group – who is also the developer for many tourist and real estate projects in the resort island – for management and operations.

Traffic volumes followed an upward trend throughout the holiday and remained high for several consecutive days.

The period surrounding New Year’s Eve saw a sharp rise in arrivals to Phú Quốc, particularly among international passengers.

Domestic flight volumes increased toward the end of the holiday as residents and tourists returned to Hà Nội, HCM City, and other major urban centres ahead of the post-Tết work resumption.

Nguyễn Bá Quân, Director of Phú Quốc International Airport, said the airport had implemented multiple operational scenarios in preparation for the peak period.

“Prior to Tết, we developed flexible operating plans corresponding to different traffic levels. When passenger volumes rose sharply, the system shifted smoothly into a high-readiness mode without disruption,” Quân said.

Operational priorities focused on passenger flow management, reinforcing staffing at key checkpoints and maintaining flexible scheduling based on hourly traffic patterns, he added.

Quân noted that the airport’s performance during peak periods carries broader significance as Phú Quốc advances its long-term development ambitions.

“As Phú Quốc moves toward becoming an international marine urban centre and prepares for major global events such as APEC 2027, successfully managing high-demand periods like Tết serves as a critical foundational test, strengthening confidence in the airport’s role as an independent international gateway,” he said.

LNG is seen as a strategic transition fuel, particularly in Asia, where governments are seeking to balance energy security with emissions reduction commitments.

HÀ NỘI — Việt Nam’s oil and energy industry is entering what analysts describe as a new growth cycle, supported by firmer crude prices and strengthening global market fundamentals.

A semi-annual 2026 industry report released by Vietcombank Securities (VCBS) states that global oil and energy markets are showing signs of recovery following a prolonged period of subdued performance.

According to the report, the market is shifting from supply constraints towards modest expansion in both output and consumption. After extended production curbs by OPEC+, additional supply has come from producers including the United States, Brazil and Guyana. Global crude supply is projected to rise by around three million barrels per day in 2025 and a further 2.5 million barrels per day in 2026.

Oil demand growth, while moderate, is forecast at approximately 1.1 million barrels per day in 2026, with Asia accounting for a substantial share of the increase.

In that context, Brent crude prices are expected to fluctuate within a range of US$55–65 per barrel. Analysts say this level would be sufficiently stable to support upstream investment decisions without triggering the extreme volatility seen in previous cycles.

Liquefied natural gas is emerging as a central pillar of the next expansion phase. VCBS forecasts that new liquefaction capacity from major exporters such as the US and Qatar could lift global LNG supply by between 7 and 10 per cent in 2026, with total capacity potentially expanding by up to 50 per cent by 2030.

The report describes LNG as a strategic transition fuel, particularly across Asia, where governments are seeking to balance energy security with emissions reduction commitments.

For Việt Nam, the structural shift carries particular significance. Domestic oil and gas fields are experiencing natural decline, with gas output estimated to fall by about 5 per cent annually. This underscores the need to advance new upstream developments while expanding LNG import infrastructure to secure fuel for gas-fired power generation under the country’s evolving energy mix.

VCBS highlights several large-scale domestic projects moving forward, providing visibility for the next investment cycle. These include the integrated Lot B – Ô Môn gas-to-power chain, the Ô Môn 4 power project, the Nhơn Trạch 3 and 4 LNG-to-power plants and capacity upgrades at Dung Quất Refinery.

At the same time, Petrovietnam has accelerated development at key fields such as Bạch Hổ (BK-24) and Đại Hùng Phase 3, with certain installations reported to have come on stream ahead of schedule.

Policy adjustments are also influencing the outlook. The reduction of LNG import tariffs from 5 per cent to 2 per cent under Decree 73/2025/NĐ-CP is expected to improve the cost competitiveness of LNG-to-power projects and support the expansion of gas-fired generation capacity.

VCBS said such fiscal measures enhance project economics across the midstream and downstream value chain.

From a capital markets perspective, the report identifies improving earnings prospects across upstream services, drilling, gas distribution and refining. Companies including Petrovietnam Technical Services Corporation (PVS), Petrovietnam Drilling and Well Service Corporation (PVD), PV Gas (GAS), Petrolimex (PLX) and Binh Son Refining and Petrochemical JSC (BSR) are cited as potential beneficiaries of renewed sector momentum.

VCBS projects that these stocks could record share price gains of between 6 and 20 per cent over the next 12 to 24 months, reflecting expectations of stronger order backlogs, higher rig utilisation rates, increased throughput volumes, and a more supportive regulatory environment.

High demand for labor is concentrated in key sectors, including textiles and garments, footwear, construction, wood processing, mechanical engineering, and electronics.

Enterprises across southern Dong Nai province are expected to recruit approximately 173,000 workers in 2026 to meet production demands, according to the Provincial Employment Service Center.

In the first quarter of 2026 alone, recruitment demand is estimated at 35,000 employees. This surge is primarily driven by plans to ramp up production and fulfill export orders following the Lunar New Year (Tet) holiday.

High demand for labor is concentrated in key sectors, including textiles and garments, footwear, construction, wood processing, mechanical engineering, and electronics. Notably, several footwear companies are seeking large-scale recruitment, with some individual units requiring up to 1,000 new workers.

To bridge the gap between labor supply and demand, the Dong Nai Employment Service Center is innovating its job fair formats. The center is also strengthening coordination with local authorities through a network of employment support collaborators across 95 communes and wards.

Furthermore, the center is partnering with colleges and vocational schools to implement "Job Corners" for students. This initiative aims to expand the labor supply and better meet the specific hiring needs of local businesses.

Recruitment activities are also being integrated with social welfare goals, prioritizing support for laborers in border communes, ethnic communities, members of impoverished households, and skilled workers whose expertise aligns with the province's economic development strategy.

Reflecting on 2025 performance, the center received recruitment requests from over 7,700 enterprises for a total of 166,000 positions. Consequently, the province successfully placed approximately 131,000 workers, reaching 105% of the annual target—a 21.7% increase compared to the previous year.

Alongside the active labor market, investment attraction in the province remains robust. From the beginning of the year to January 20, 2026, total domestic investment in industrial parks, economic zones, and external areas reached approximately VND10.9 trillion ($418 million), accounting for 6.8% of the annual plan.

Regarding business development, January 2026 saw the total registered capital for new and expanded businesses reach over VND12.2 trillion (nearly $468 million), representing a 44.3% increase compared to the same period in 2025.

The figure representing an increase of 36.93% year-on-year.

Vietnam’s total foreign trade turnover reached $41.67 billion in the first half of February, rising 31.77% year-on-year, according to the Vietnam General Department of Customs.

The latest figures brought the country’s total trade value so far this year to $130.18 billion, representing an increase of 36.93% compared to the same period last year.

Export revenue in the first half of February stood at $20.36 billion, up 12.79% from the first half of January. The growth was largely driven by the manufacturing and processing sector, particularly high-tech products. The foreign-invested sector contributed $15.8 billion, accounting for nearly 78% of total exports.

Meanwhile, import turnover reached an estimated $21.31 billion, resulting in a trade deficit of $947.92 million for the period.

With an export volume of 24,067 tons, accounting for approximately 34.5% of the market share in China, Vietnam has risen to the top position in green lobster exports to this market.

In 2025, Vietnam’s green lobster exports to China recorded a breakthrough year, reaching a turnover of $840 million—a staggering 131% increase compared to 2024.

With an export volume of 24,067 tons, accounting for approximately 34.5% of the market share in China, Vietnam has risen to the top position in green lobster exports to this market. This achievement surpasses Canada, which held the top spot for many years but saw its exports fall to 15,355 tons, representing roughly 22% of the market share.

One of the primary factors driving this shift was trade policy. Starting March 20, 2025, China imposed an additional 25% tariff on various Canadian seafood products, including lobsters. As a high-value yet price-sensitive commodity, this tariff rendered Canadian products less competitive, forcing importers to seek alternative sources.

At that critical juncture, Vietnam emerged with distinct advantages, including geographical proximity, rapid delivery times, and flexibility in shipment sizes—all of which are essential factors for the live and fresh seafood segment.

According to data from Vietnam Customs, 2025 was a breakout year for Vietnamese lobsters, particularly in the mainland China and Hong Kong markets. The total export value of Vietnamese shrimp and lobster products to these two markets reached $1.3 billion, a 55% increase over 2024. Specifically, green lobsters contributed $840 million to this figure, acting as the primary engine of growth. This momentum continued into early 2026; in January alone, green lobster exports to mainland China and Hong Kong exceeded $100 million, up 6% over the same period last year.

However, the landscape is expected to shift again starting March 1, 2026, as China lifts the 25% tariff on Canadian lobsters and crabs following a bilateral agreement. This move is predicted to ignite a new round of fierce competition, as Canada has a strong incentive to regain its market share, particularly within high-end restaurant chains and the premium gift market.

The Vietnam Association of Seafood Exporters and Producers (VASEP) noted that despite the export surge, domestic lobster farmers still face significant hurdles. Intense competition from Australia, Canada, the United States, and Southeast Asian neighbors such as the Philippines, Indonesia, and Malaysia has placed heavy pressure on domestic procurement prices.

Furthermore, China's decision to lift the ban on Australian lobsters will further squeeze Vietnam’s market share. In addition to price competition, the Chinese market is tightening regulations regarding quality standards and the registration of processing facilities.

To maintain growth momentum, VASEP suggests that Vietnamese enterprises must closely align with market trends by stabilizing quality, standardizing product specifications, optimizing logistics for live goods, and strengthening direct ties with modern distribution systems.

VASEP remarked that while 2025 proved China is willing to "buy big" as the premium segment recovers, 2026 will be a true test of resilience. In an increasingly competitive environment, the suppliers who can maintain quality, delivery speed, and strong ties to distribution channels will be the ones who successfully defend their market share.

Looking at the broader picture, the export value of shrimp has grown by just $750 million over the nine years between 2017 and 2025 (from $3.85 billion to $4.6 billion), a growth far below initial expectations.

HÀ NỘI — Nearly a decade of determined effort has failed to deliver Việt Nam’s long-held ambition of becoming a US$10 billion shrimp exporter, with the industry still falling well short of the target set by the Government.

In 2025, shrimp export turnover reached a record $4.6 billion, an improvement but only about $1 billion higher than the $3.85 billion recorded in 2017, the year the ambitious goal was announced.

That target was set after the domestic shrimp sector posted strong growth in 2017, when exports jumped 22.3 per cent year on year. The momentum prompted the Government to approve a national action plan for shrimp industry development through 2025, structured in two phases.

During the first phase from 2017 to 2020, the focus was on boosting productivity, output, quality and value by applying science and technology and reorganising production. The aim was to reach $5.5 billion in export turnover by 2020, equivalent to average annual growth of nearly 11 per cent.

The second phase, covering 2021 to 2025, sought to build a high-tech shrimp industry in major production hubs such as Bạc Liêu, formerly part of Cà Mau, before expanding nationwide. Through investment in infrastructure and technical services, the Government hoped to lift exports to $10 billion, targeting average annual growth of 12.7 per cent.

Despite these plans, results have fallen far short of expectations.

Stagnant growth despite ambitious plans

Shrimp exports stood at $3.55 billion in 2018, about $300 million lower than in 2017. Figures then fluctuated at $3.38 billion in 2019, $3.7 billion in 2020, $3.9 billion in 2021, $4.3 billion in 2022, $3.4 billion in 2023 and $3.9 billion in 2024. The data show the sector has struggled to move decisively beyond the $4 billion threshold.

Over the nine years from 2017 to 2025, shrimp export value increased by just $750 million, from $3.85 billion to $4.6 billion, far below early projections.

A director of a seafood export company in the Cửu Long (Mekong) Delta, who asked not to be named, said the Government’s objectives were well intentioned but implementation had yet to produce tangible results.

He cited weaknesses including inadequate irrigation systems, poor seed quality, persistent disease outbreaks and the slow transformation of farming practices envisioned in the action plan.

“Where has Bạc Liêu’s high-tech shrimp farming zone progressed over the years?” the director asked, noting that outcomes remain incomplete.

Launched in early 2018, the Bạc Liêu high-tech shrimp farming zone was expected to deliver a breakthrough for both the province and the national shrimp industry and help realise Việt Nam’s $10 billion export ambition, according tosaigontimes.vn.

So far, however, investment attraction at the zone has fallen well below expectations, with no businesses investing for many years in what was once seen as a flagship model.

Lê Văn Sử, Vice Chairman of the People’s Committee of Cà Mau Province, said infrastructure supporting the shrimp industry’s development still falls short of expectations, despite the national action plan identifying it as a key solution.

Speaking at a recent conference reviewing the agricultural sector in 2025, Sử urged the Ministry of Agriculture and Environment to allocate funding to help Cà Mau invest in infrastructure, particularly irrigation systems, in line with production plans. This, he said, is vital to ensuring sustainable growth of the shrimp industry and adapting to climate change.

Beyond infrastructure, Sử stressed the need to advance technology applications, promote digital transformation and build a strong shrimp value chain linked to the collective economy as key drivers of future growth.

Cà Mau currently manages 435,000ha of brackish water shrimp farming, accounting for about 40 per cent of the nation’s total shrimp farming area. Of this, more than 40,000ha are devoted to intensive and super-intensive farming, while nearly 200,000ha are used for improved extensive farming.

In 2025, the province’s total shrimp output reached nearly 600,000 tonnes, maintaining its leading position in the national shrimp industry, Sử added.

Nguyễn Việt Thắng, chairman of the Vietnam Fisheries Society, said Vietnamese shrimp is now exported to more than 100 countries, including demanding markets such as the US, the EU, Japan, South Korea, Australia and Canada.

Despite this broad reach, the industry faces multiple challenges, including climate change, high production costs, disease outbreaks, competition from rival producers and geopolitical instability.

The sector must also contend with strict food safety standards, traceability requirements and environmental protection regulations, Thắng said.

To address these challenges, businesses must adopt eco-friendly technologies and accelerate digital transformation in shrimp farming, said Deputy Minister of Agriculture and Environment Phùng Đức Tiến.

The industry is already applying advanced solutions such as Biofloc, Micro-Nano Bubble Oxygen, recirculating aquaculture systems and the three-stage shrimp farming model to minimise waste and reduce environmental impact. The use of biological products is also emerging as a key trend in sustainable farming practices, Tiến said.

Several foreign investors say they remain confident in Vietnam's investment environment but hope the government will press ahead with reforms in areas such as labor policy flexibility, institutional development, and long-term regulatory stability to make the country even more attractive to foreign capital.

Vietnam recorded more than US$27 billion in realized foreign direct investment (FDI) in 2025, the highest level in five years, reflecting sustained investor confidence and continued expansion plans.

Speaking with Tuoi Tre (Youth) newspaper, several FDI investors shared their assessments of the business climate and expectations for further policy improvements.

Pegatron calls for more flexible labor policies, sustained incentives

Huang Jen Chieh, general director of Pegatron Vietnam Co., Ltd., a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, said he hopes the government will introduce more flexible labor-related legal reforms, particularly in the electronics sector, including more diversified workforce arrangements.

He also called for continued FDI incentive policies to support talent development, technological innovation, and productivity while helping ease shortages of highly skilled workers.

Such improvements, he said, would support long-term expansion and strengthen cooperation between foreign investors and domestic enterprises.

Pegatron Vietnam has invested about US$800 million in its factory in Hai Phong City, where the company is headquartered, and is building additional workshops and employee dormitories under the second phase of its expansion, while continuing to purchase machinery and equipment for new production lines.

The company is also training local workers and increasing Vietnamese participation in research units.

Huang said Vietnam compares favorably with India, Malaysia, and Indonesia as an investment destination, though incentive policies remain less competitive than those of China.

He emphasized that investment decisions depend not only on incentives but also on long-term development potential, human resource quality, and political and social stability.

Vietnam continues to attract foreign investors thanks to its improving workforce quality, hardworking labor force, stable political system, and strong international ties — including relations with the U.S. — which give companies like Pegatron confidence to invest, he said.

He added that cooperation between Pegatron Vietnam and local enterprises is expanding, with the share of domestic partners rising from about five percent to 10 percent, and he hopes this will reach 50 percent within three years.

If local companies further strengthen their capabilities, Pegatron Vietnam would be ready to source entirely from domestic suppliers, particularly in packaging, equipment provision, and technical services.

"I hope Pegatron and other foreign companies investing in Vietnam will help local businesses grow over the next five to ten years, contributing to Vietnam's economic development," Huang said.

TOTO highlights legal stability, cost pressures

​Similar calls for continued policy reform were echoed by Asada Kyoji, general director of Hanoi-based TOTO Vietnam Co., Ltd., a subsidiary of TOTO Ltd., Japan's multinational sanitary ware manufacturer.

He said investment licensing procedures in Vietnam are convenient and authorities provide strong support, but the legal framework is evolving rapidly, requiring businesses to constantly update and ensure compliance.

Kyoji added that the country would become an even more attractive investment destination if it continues to accelerate policy reform while maintaining long-term policy stability.

He cautioned that slow progress in reform could affect both the broader economy and business operations.

"Measured against GDP growth, inflation, and costs such as raw materials, labor, land leases, and factory rentals, Vietnam remains attractive to investors like us," Kyoji said.

Over the long term, however, costs are expected to continue rising, requiring companies to improve productivity, output, and operational efficiency, an ongoing challenge that must be reviewed and adjusted each year, he added.

Taken together, the investors' views reflect strong confidence in Vietnam's growth prospects while underscoring a shared expectation that continued reforms in labor regulations, institutional frameworks, and policy stability will further strengthen the country's appeal to foreign investors.

Automaker Thaco wants a subsidiary to begin construction of a railroad line between HCMC and the under-construction Long Thanh International Airport this year and complete it by 2030.

The company’s chairman, Tran Ba Duong, said at an event Monday that the subsidiary, Dai Quang Minh, would embark on 42 projects this year, including the railroad.

But while Thaco is bidding for the rail project, authorities have yet to award it to anyone.

Dai Quang Minh used to be an urban property developer, but was restructured last year with a focus on railroad development and began hiring experts in this industry.

It hopes to master core technologies such as tunnel boring, production of precast concrete and construction of elevated bridges.

The subsidiary has been tasked with soon breaking ground on a 786-hectare industrial park in HCMC for mechanical engineering companies.

The rail route was planned more than a decade ago and is intended to connect various parts of HCMC with Long Thanh and the broader southeastern region. The line will be around 48 km in length and cost nearly US$3.5 billion.

Long Thanh International Airport received its first flights late last year, and its first phase is expected to begin commercial operations in the middle of this year. But its connectivity with HCMC remains limited.

General Secretary of the Communist Party of Vietnam To Lam said earlier this month that travel time from the metropolis to the airport needs to be cut to 30 minutes from the two hours it takes many now.

Nearly 245,000 new accounts were opened in January alone, reflecting growing investor participation and confidence in the market.

Vietnam’s stock market has reached a major milestone, with the number of domestic investor accounts surpassing 12 million as of January 31.

The achievement follows the opening of nearly 245,000 new accounts in January alone, reflecting growing investor participation and confidence in the market.

The Vietnam News Agency quoted data from the Vietnam Securities Depository and Clearing Corporation as reporting that the total number of registered accounts climbed to nearly 12.1 million, an increase of 244,370 compared to the end of 2025.

Retail investors continued to dominate, accounting for around 12 million of the total. Domestic institutional investors held 19,301 accounts.

Foreign investor participation also rose modestly, with a total of 50,532 accounts registered. Of these, 45,757 belonged to individual foreign investors, while 4,775 were held by foreign institutional investors.

The rapid increase in account registrations highlights strong momentum in investor engagement and significantly exceeds the Government’s target of reaching 11 million investor accounts by 2030 under its securities market development strategy.

With a focus on production restructuring, market expansion, deep processing and the application of science and technology, the agriculture and environment sector is steadily building a solid foundation for a new growth phase.

Hanoi (VNA)– Even as a sluggish global recovery, rising protectionism and tighter technical standards continue to pose challenges, Vietnam’s agriculture and environment sector is carving out new growth opportunities by restructuring production, stepping up business initiative and shifting its growth model, with exports targeted at 73–74 billion USD.

According to Deputy Minister of Agriculture and Environment Phung Duc Tien, expanding and diversifying export markets remains a key priority in 2026. Beyond traditional destinations, the sector is intensifying efforts to penetrate emerging markets in the Middle East, Africa and South Asia, while making more effective use of free trade agreements (FTAs) to strengthen competitiveness and widen market access for Vietnamese agricultural products.

These efforts are already yielding results. In January 2026, agro-forestry-fishery export turnover reached nearly 6.51 billion USD, up almost 30% year-on-year, underscoring clear signs of recovery and the sector’s strong adaptability.

Alongside market expansion, raising value added through deep processing has been identified as a central driver of new growth. Nguyen Dinh Tho, Deputy Director General of the Institute of Strategy and Policy on Agriculture and Environment, noted that Vietnam is increasingly integrating into global supply chains, particularly through processed products. Moving away from raw-material exports towards processed goods helps lift value, improve economic efficiency and enhance the international profile of Vietnamese agricultural products.

The coffee sector illustrates this shift. In 2025, coffee export revenue hit 8.92 billion USD, up nearly 59% year-on-year, driven not only by higher prices but also by a strong transition towards roasted, instant and other high-value products. Deep processing has significantly boosted export value while reducing exposure to fluctuations in raw commodity prices.

Investment in processing technology and brand development is therefore becoming unavoidable. Many domestic and foreign-invested enterprises have stepped up investment in modern processing facilities, developed higher value-added products and expanded export markets, an important transformation to improve competitiveness and lay the foundation for sustainable growth.

The fruit and vegetable sector has also recorded encouraging progress. According to Dinh Cao Khue, Vice Chairman of the Vietnam Fruit and Vegetable Association, growth has been reflected not only in scale but also in quality, as businesses place greater emphasis on standardised raw-material areas, processing investment and product diversification.

Experts believe the sector still holds considerable growth potential, particularly in high-demand markets such as Europe, the US, Japan and the Republic of Korea. Investment in processing technology helps improve quality, extend shelf life and meet stringent technical requirements, thereby increasing export value.

Business initiative is playing an increasingly decisive role in market expansion. Many companies have invested in certified raw-material zones and applied digital technologies in production management, traceability and quality control. Supply-chain digitalisation enhances transparency, meets international market requirements and improves management efficiency.

At the same time, the agriculture and environment sector continues to refine policies and mechanisms to support business development. The Ministry of Agriculture and Environment (MAE) is intensifying trade promotion, assisting enterprises in market expansion, strengthening compliance with international standards and adapting to new import regulations.

Science and technology are identified as core drivers of value addition and competitiveness. Applying technology across production, processing and value-chain management not only improves product quality but also reduces costs, boosts efficiency and supports sustainable development.

Amid ongoing global volatility, experts agree that shifting from a volume-driven growth model to one based on quality and value added is an inevitable trend. This transition will not only enhance export performance but also underpin long-term sustainable development.

With a focus on production restructuring, market expansion, deep processing and the application of science and technology, the agriculture and environment sector is steadily building a solid foundation for a new growth phase. Enhancing value added, diversifying markets and strengthening competitiveness will be key to expanding export headroom and reaffirming agriculture’s role as a pillar of the economy.

According to the MAE, Vietnam’s agro-forestry-fishery exports are increasingly weighted towards processed and higher value-added products. Major items such as coffee, fruit and vegetables, wood products and seafood continue to consolidate their positions on global markets. Vietnam ranks among the world’s leading agricultural exporters, first in pepper and cashew nuts, and among the top exporters of coffee and rice.

International organisations also point out that global food demand is expected to continue rising, particularly for processed and sustainable products, creating fresh opportunities for Vietnamese agricultural goods to expand markets, enhance value added and integrate more deeply into global supply chains.

This is a very large source of capital, playing a crucial role in balancing the liquidity of the State-owned banking system.

HÀ NỘI — The State Treasury deposited more than VNĐ400 trillion (US$15.2 billion) at State-owned commercial banks by the end of last year, underscoring the scale of public funds flowing through the banking system and their role in shoring up liquidity, according to banks’ audited financial statements.

Consolidated fourth-quarter 2025 statements from Vietcombank, VietinBank and BIDV show the Treasury’s total deposit balance at the three lenders rose by nearly 11 per cent compared with the end of 2024. The sum represents a substantial and comparatively low-cost source of funding for the State-owned banking group.

At VietinBank, the Treasury held nearly VNĐ134.63 trillion in non-term deposits at the end of the fourth quarter, down about 7 per cent from year-end 2024. Despite the decline, it remained one of the bank’s largest institutional funding sources.

BIDV reported Treasury deposits of VNĐ135.86 trillion, including more than VNĐ1.24 trillion in non-term funds. That compares with VNĐ145.26 trillion at the end of 2024, a fall of roughly 6.5 per cent.

Vietcombank held the largest balance. As of the end of the fourth quarter of 2025, Treasury deposits there exceeded VNĐ136 trillion, about 1.8 times higher than at the beginning of the year. However, compared with the end of the third quarter of 2025, the balance fell by around VNĐ21.25 trillion, reflecting cyclical disbursement patterns.

In practice, Treasury deposits tend to be seasonal and closely tied to the pace of public investment spending. When disbursement slows, funds accumulate in the banking system. When spending accelerates, balances can be drawn down quickly.

For State-owned lenders, Treasury deposits provide an important liquidity buffer, easing reliance on funding from individuals and businesses during tighter monetary conditions. They are also relatively inexpensive compared with many other funding channels.

Data from the State Bank of Vietnam show that, as of December 2025, average Vietnamese đồng interest rates at domestic commercial banks were 0.1-0.2 per cent per year for non-term deposits and those with maturities of less than one month. Rates for terms from one month to under six months ranged from 3.8-4.5 per cent per year. Deposits with maturities of six to 12 months carried rates of 4.7-5.9 per cent, those from over 12 months to 24 months were 5-6.4 per cent, and terms of more than 24 months stood at about 6.8 per cent per year.

Such sizeable balances can bolster key liquidity indicators, including liquidity reserve ratios and short-term solvency metrics. With a stable inflow of public funds, banks face less pressure to raise deposit rates to compete for retail money, helping keep funding costs in check and creating room to lower lending rates to support businesses.

However, Treasury funds are inherently linked to the timing of State budget revenues and expenditures, as well as public investment plans. Balances can therefore fluctuate sharply over short periods. Banks cannot treat this as a permanently stable, long-term funding source and must continue to manage liquidity prudently, align maturities carefully and deploy capital conservatively.

Three Vietnamese airlines signed deals with U.S. manufacturer Boeing on Thursday to buy a total of 90 aircraft, as Vietnam and the United States continue negotiations on a new trade deal.

The deals were signed during a visit to the United States by General Secretary of the Communist Party of Vietnam Central Committee To Lam to attend the inaugural meeting of the Board of Peace, an initiative launched by U.S. President Donald Trump to address global conflicts.

Vietnam Airlines signed a $8.1-billion agreement with Boeing to buy 50 narrow-body 737-8 jets, Vietnam Airlines said in a statement.

The airline is scheduled to take delivery of the aircraft between 2030 and 2032, it said in a statement, adding that this would increase its total fleet to approximately 151 aircraft by 2030.

The country's flag carrier is also in talks with Boeing for the additional purchase of 30 wide-body planes with a value of up to $12 billion, it said.

Vietnam's newly established Sun PhuQuoc Airways also signed a $22.5 billion deal with Boeing on Thursday to buy 40 787-9 Dreamliner jets, it said.

Meanwhile, Vietnamese budget airline Vietjet secured a $965 million financing deal with Griffin Global Asset Management for the purchase of 6 Boeing 737-8 aircraft.

Việt Nam says it is improving tax transparency and implementing a national action plan to carry out OECD recommendations and expand tax cooperation with partners, including the EU.

HÀ NỘI — Việt Nam on Sunday responded to the European Union’s decision to place the country on its list of non-cooperative tax jurisdictions following an OECD peer review on exchange of information standards, stressing its commitment to transparency and international cooperation.

Ministry of Foreign Affairs spokeswoman Phạm Thu Hằng said Việt Nam remains a responsible member of the international community and attaches importance to cooperation with the OECD to ensure a transparent and effective tax system and a stable investment environment.

The EU Council on February 17 added Việt Nam and the Turks and Caicos Islands to the list after the OECD Global Forum concluded that the country had not yet met standards on the exchange of tax information upon request.

Hằng said Việt Nam had revised and supplemented relevant regulations during the review process, including the Law on Tax Administration, the Law on Enterprise and Decree No. 168/2025/NĐ-CP on corporate governance, in an effort to better align with international standards on tax transparency and information exchange.

She added that the Government is implementing a national action plan to carry out OECD recommendations and expand tax cooperation with partners, including the EU.

Việt Nam stands ready to engage with European authorities to ensure a more objective and comprehensive assessment and to promote cooperation for shared development and prosperity.

The EU list forms part of the bloc’s efforts to promote tax good governance worldwide and currently includes 10 jurisdictions.

Two consortiums, including South Korean firms, have registered to develop the Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
One consortium comprises Posco International of South Korea and Trung Nam Construction Investment Corporation, while the other brings together Petrovietnam Power Corporation, Nghe An Sugar Limited Liability Company and South Korea’s SK Innovation Co., Ltd.

The project proposals submitted by the consortiums have been forwarded by the Nghe An public administrative service center to the provincial Department of Finance for further procedures per regulations.

At the same time, the provincial Department of Industry and Trade has coordinated with the finance department to sign a contract with a consulting firm to evaluate the proposals.

The Quynh Lap LNG-fired power plant will be built in Dong Minh and Dong Thanh hamlets in Quynh Lap commune (the former Hoang Mai township).

The $2.15 billion project will comprise an LNG-fired power plant, a gas storage facility, a terminal capable of receiving ships of approximately 100,000 DWT, a breakwater, and supporting infrastructure.

Covering about 210 to 360 hectares, it is designed to have a capacity of 1,500 MW and will require approximately 1.15 million tons of LNG annually.

SK Innovation is part of SK Group - South Korea’s second-largest chaebol with four core business pillars: advanced materials, energy, life sciences, and digital.

Starting with South Korea’s first oil refinery, SK Innovation has expanded into core future energy businesses, including petroleum, chemicals, global oil and gas exploration, batteries and materials, LNG and power generation, and renewable energy.

Earlier, SK proposed integrating the two LNG-fired power plants in Quynh Lap (Nghe An) and Nghi Son (Thanh Hoa) to share an LNG storage facility, a dedicated terminal, and a 500kV air-insulated switchgear (AIS) substation.

The integration is expected to deliver overall economic efficiency, promote regional connectivity, reduce investment capital, and save land for project development, it said.

SK also proposed that the government consider applying a special investor selection mechanism and designate it as the investor for the Nghi Son-Quynh Lap project.

Meanwhile, Posco International is a subsidiary of Posco Group, one of the world’s largest industrial conglomerates, operating in more than 50 countries, with major plants and projects across the U.S., China, Southeast Asia, and Europe.

In Vietnam, Posco has invested more than $1.2 billion, focusing on steel production, infrastructure construction, energy and logistics. Notable projects include Posco Yamato Vina Steel JSC, among the largest steel plants in Southeast Asia.

In July 2025, Posco International’s leadership also submitted a proposal to the Ministry of Industry and Trade seeking direct appointment as investor for the integrated development of the Quynh Lap-Nghi Son projects.

Passenger cars accounted for the largest share with 26,102 units sold. Commercial vehicles reached 10,312 units, while special-purpose vehicles totalled 461 units.

HÀ NỘI — The Vietnam Automobile Manufacturers’ Association (VAMA) on February 11 reported that its member companies sold 36,875 vehicles in January, a surge of 95 per cent compared to the same period last year.

Analysts attributed the strong growth partly to a low-base effect. In January last year, the latter half of the month coincided with preparations for the Lunar New Year (Tết), when consumers typically limit spending on big-ticket items such as automobiles.

The recovery was seen across both domestic assembly and imports. Locally assembled completely knocked-down (CKD) vehicles reached 18,034 units, up 98 per cent year on year, while fully built-up (CBU) imports hit 18,841 units, rising 93 per cent. The near balance between the two channels reflects a revival in both domestic manufacturing and imported vehicle supply.

Ford Vietnam led VAMA brands with 5,121 units sold, followed closely by Mitsubishi with 5,039 and Toyota Vietnam with 4,852. Brands distributed by THACO completed the top five, with THACO Mazda reporting 3,515 units and THACO Kia 3,487. These brands benefited from strong portfolios in the SUV, crossover, MPV and pickup segments.

Among individual models, the Mazda CX-5 topped the chart with 2,104 units, followed by the Mitsubishi Xforce with 1,666 units. Ford maintained strong performance across its pickup and SUV range, including the Ranger with 1,520 units, the Territory with 1,545 and the Everest with 1,390.

The sales structure indicates a sustained consumer preference for high-ground-clearance vehicles offering spacious interiors suitable for family and multi-purpose use. The strong presence of Japanese and US brands among the leaders also reflects intensifying competition in Vietnam’s mid- to upper mass-market segments.

However, VAMA data covers only part of the overall market. Several non-member brands, including Audi, BYD, Jaguar Land Rover, Geely, GAC, Lynk & Co, Omoda & Jaecoo, Mercedes-Benz, Nissan, Subaru, Volkswagen and Volvo, do not disclose public sales figures. Hyundai Thành Công separately reported sales of 5,872 units on February 10, while VinFast, a key player in the electric vehicle segment, has yet to release its January data.

Nevertheless, the sharp year-on-year increase recorded by VAMA members points to improving market conditions, supported by more stable consumer confidence, rising travel and logistics demand, and a favourable economic environment.

Early data for 2026 suggest that while seasonal factors may affect monthly performance, the overall trend signals a market recovery, underpinned by last year’s low base and resilient domestic demand.

Production has ramped up ahead of Tet: In January, the overall index of industrial production (IIP) surged 21.5% YoY (January 2026: -1.0% YoY), supported mainly by the manufacturing sub-sector IIP (+23.6% YoY vs +0.5% YoY in January 2026). Encouraging PMI results at the start of 2026, together with improving business sentiment, point to an optimistic outlook for Vietnam’s manufacturing sector this year. Nevertheless, production in February could be disrupted due to the Tet holiday.

International arrivals hit the highest monthly level: In January, total retail sales grew 9.3% YoY (January 2026: +9.3% YoY). Retail sales of goods rose ahead of Tet while international arrivals surged 18.5% YoY to 2.5 million, supporting the growth of retail sales of accommodation & catering services. We expect overall retail sales to post more positive results in February due to higher consumption, traveling demand, and strong international arrivals during the Tet holiday.

State budget revenue continued to perform strongly: In January, State revenue and State expenditures were USD14.1bn (+20.4% YoY) and USD6.2bn (+6.4% YoY), respectively, resulting in a fiscal surplus of USD7.9bn. The Prime Minister issued Dispatch 12/CĐ-TTg, directing ministries and local authorities to accelerate public investment disbursement from the start of the year, with the aim of achieving the 100% disbursement target assigned for 2026. However, public investment disbursement could slow in Q1, reflecting typical seasonal patterns.

FDI disbursement reached the highest January level since 2012: FDI disbursement increased 11.3% YoY to USD1.7bn in January. Meanwhile, FDI registrations dropped 40.6% YoY to USD2.6bn. We see some downside risks to FDI registration due to its decline for three consecutive months. However, FDI registration could pick up in February, supported by a USD1.0bn increase in registered FDI in Bac Ninh in early in the month. In addition, we expect FDI disbursement could continue to increase solidly, supported by the large registration capital during 2023–2025 along with Vietnam’s fundamental advantages and the recent upgrades of diplomatic ties.

Exports and imports surged at the beginning of 2026: Exports and imports delivered strong growth in January, with exports and imports surging 29.7% YoY and 49.2% YoY, respectively, to USD43.2bn and USD45.0bn, resulting in a trade deficit of USD1.8bn in January (vs a USD3.2bn surplus in January 2026). The latest PMI report showed a rebound in new export orders, which could support export growth in the coming months. Meanwhile, Vietnam recorded a trade deficit for the second consecutive month — a potentially positive signal for production and future exports, as a large share of imports are typically used as intermediate inputs.

Domestic gasoline prices and prices of fresh, dried, and processed vegetables helped to restrain inflation in January: January’s CPI rose 0.05% MoM and 2.53% YoY. Consumption demand ahead of the Tet holiday (starts from February 16) could rise, especially demand for food, foodstuffs & catering services and traveling, which could add more inflationary pressure in February.

The project has a total investment of approximately VNĐ98.71 trillion (equivalent to more than $3.74 billion).

HCM CITY — Authorities have approved a nearly US$3.74 billion urban redevelopment in Bình Quới Ward, granting investment policy approval and naming a consortium led by Sun Group as investor for the long-delayed Bình Quới – Thanh Đa New Urban Area Project.

The HCM City People’s Committee issued a decision approving both the investment policy and the investor for the project, which carries a total estimated investment of about VNĐ98.71 trillion.

Of this, the investor will contribute roughly VNĐ14.88 trillion in equity, with the remainder to be mobilised from credit institutions in accordance with regulations.

The project’s operational term is 50 years from the date of land allocation, land lease or approval of a change in land use purpose.

Under the decision, the strategic investor is a consortium comprising Sun Group Corporation, Hạ Long Sun Limited Liability Company and Sun City Limited Liability Company.

The project aims to develop a modern urban area to support local socio-economic growth. Plans include residential zones and mixed-use complexes integrated with commercial and service facilities for sale, lease and lease-purchase, alongside synchronised technical and social infrastructure.

The development is designed to accommodate around 54,000 residents across a total planned area of approximately 423.61ha. Of this, 405.90ha are earmarked for investment and construction, while 17.71ha will be used for landscape improvements without land acquisition.

The project is expected to deliver about 25,526 housing units, including apartments, terraced houses, villas, social housing and resettlement housing. In line with housing regulations, 20 per cent of the total residential land area will be reserved for social housing.

According to the approved timeline, implementation will span 10 years, covering investment procedures, construction and the commencement of operations.

For 2026, market drivers are forecasted to remain centered on legal reforms, the need for land bank accumulation, and a shift toward high-transparency, sustainable projects, and diversified product portfolios.

The year 2025 marked a period of robust recovery for Vietnam's real estate market, underpinned by stable macroeconomic foundations and extensive institutional reforms, according to a report released in late January 2026 by Jones Lang Lasalle Vietnam (JLL).

In parallel, several key infrastructure projects—including Long Thanh International Airport, Ho Chi Minh City’s Ring Road 3, Metro Line 2, and various inter-regional expressways—are seeing accelerated progress. Administrative reforms, the development of Vietnam's International Financial Center in Ho Chi Minh City and Da Nang, and the prospect of a stock market upgrade (with FTSE Russell’s final assessment results expected in September 2026) continue to bolster the confidence of international investors in Vietnam.

Over the past year, the real estate market stood out with several major M&A transactions, entering a phase of more professional and selective restructuring.

CEO of JLL Vietnam, Ms. Le Thi Huyen Trang, noted that FDI inflows continue to prioritize projects with transparent legal status, complete documentation, and immediate deployment readiness.

A notable highlight is the clear stratification among investor groups. Specifically, domestic investors dominate small and medium-sized deals, showing flexibility in transaction structures and development partnerships. Meanwhile, foreign investors are focusing on large-scale transactions, particularly in high-end residential segments, integrated townships, and strategic industrial real estate.

According to Ms. Trang, valuation benchmarks are being reset based on international appraisal standards, more accurately reflecting the true value of assets rather than the "irrational" price levels seen in previous cycles. Transaction yields have also adjusted to more attractive levels, particularly in the hotel segment with expectations of 8–9%, helping to draw international capital back to the market.

Notably, a new policy effective since April 2025, which allows the conversion of non-residential land use purposes to commercial housing development, has provided significant momentum for M&A deals in the residential sector—a segment characterized by high demand but limited supply.

For 2026, market drivers are forecasted to remain centered on legal reforms, the need for land bank accumulation, and a shift toward high-transparency, sustainable projects, and diversified product portfolios (including offices, industrial properties, and data centers).

To successfully attract international capital, experts suggest that businesses must finalize legal frameworks, ensure transparent valuations according to international standards, remain flexible in transaction methods, and maintain clear financial and governance systems.

Bilateral trade between Vietnam and the US is set to enter a new era marked by major US policy shifts.

According to the Foreign Market Development Department at the Ministry of Industry and Trade (MoIT), in the 30 years since relations were normalized (1995-2025), Vietnam-US trade has grown strongly and been anchored by several key milestones: the Bilateral Trade Agreement (BTA) signed in 2000, Vietnam’s WTO accession in 2007, the establishment of a Comprehensive Strategic Partnership in 2023, and ongoing efforts towards a fair and balanced reciprocal trade agreement in 2025.

These developments were highlighted at the Vietnam-US Trade Forum held on December 10 in Ho Chi Minh City, with the theme “30 Years of Economic and Trade Cooperation - Overcoming Challenges, Entering a New Era” and organized by the Foreign Market Development Department in collaboration with the American Chamber of Commerce in Vietnam (AmCham Vietnam). The Forum took place as bilateral trade enters a new phase, with major US policy shifts directly affecting many partners, including Vietnam.

Partnership in transition

Over the past three decades, growth in Vietnam-US bilateral trade has become a key driver of economic development, job creation, and strengthened supply chain integration between two highly-complementary economies.

According to Vietnam Customs, as of the end of October, total bilateral trade between Vietnam and the US this year stood at $141.4 billion, up 27.2 per cent compared to the same period of 2024. Of this, Vietnam’s exports to the US totaled $126.2 billion, a 27.6 per cent increase year-on-year and accounting for 32.3 per cent of its total exports, while imports from the US reached $15.2 billion, up 23.8 per cent and representing 4.1 per cent of its total imports. Vietnam’s trade surplus came in at $110.9 billion, up 28.2 per cent year-on-year.

As of October 31, the US ranked eleventh in investment in Vietnam, with 1,501 projects and total registered capital of around $12.3 billion. In 2025 alone, the US registered 108 new projects in the country totaling $610.6 million, maintaining its eleventh position among foreign investors. Conversely, Vietnam had 266 investment projects in the US with total registered capital of nearly $1.4 billion, making the US its sixth-largest recipient of overseas investment among 85 countries and territories.

Mr. Nguyen Hong Duong, Deputy Director of the Foreign Market Development Department, said that before 2025 ends, Vietnamese businesses need to engage in in-depth discussions on issues related to reciprocal tariffs to prepare for new policies in 2026. Enterprises and investors must quickly identify challenges and collaborate to adapt to evolving conditions in the market.

Echoing this view, Mr. Pham Quang Vinh, former Deputy Minister of Foreign Affairs and former Ambassador of Vietnam to the US, noted that despite fluctuations in reciprocal tariff policies, Vietnam-US trade still holds strong growth potential due to the closely intertwined economic interests of both countries. “US tariff policies are a way for a superpower to ‘reset’ the global playing field, directly affecting Vietnam,” he said. “However, this is also an opportunity for Vietnam to reassess its economic position, analyze its strengths in attracting foreign investment, and evaluate its role in global supply chains.”

About 70 per cent of Vietnam’s exports to the US come from FDI enterprises, creating pressure to increase domestic value content, while foreign companies cannot be forced to buy local products. “To balance higher value added content and localization, Vietnam must upgrade its economic quality,” Mr. Vinh explained. “This is a major challenge.” He added that opportunities exist in the Vietnam-US relationship and in Vietnam’s drive for reform and development.

Ms. Virginia Foote, Vice President and CEO of Bay Global Strategy and a Board Member of AmCham Vietnam, affirmed that the US is a highly-successful export market for Vietnam. “The largest export market for Vietnam is American consumers, and Vietnam has performed exceptionally well,” she said. “When we first started working here, I worried that Americans might not want ‘Made in Vietnam’ products, as they only associated Vietnam with war. But Vietnam quickly transformed ‘Made in Vietnam’ into a symbol of quality and value.”

Rising pressure

Recent developments in US trade policy are reshaping the landscape for Vietnamese exporters, prompting both opportunities and heightened risks across key industries. New tariff measures, shifting trade defense tools, and evolving market requirements are compelling enterprises to strengthen compliance, upgrade supply chains, and prepare for significant policy changes in 2026.

A major point of concern is the series of reciprocal tariff adjustments announced in early 2025. “When the US announced a 46 per cent reciprocal tariff and later reached a temporary agreement to reduce it to 20 per cent, we experienced a wide range of reactions,” according to Mr. Ngo Chung Khanh, Deputy Director General of the Multilateral Trade Policy Department at MoIT. “This is a critical moment to review 2025 and set policy directions for 2026, at both the government and enterprise levels.”

Vietnam’s export sectors are already feeling the effects. Mr. Nguyen Hoai Nam, Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP), noted that more than 400 Vietnamese seafood companies export to the US. Seafood exports have climbed from just $39 million in 1995-1997 to nearly $2 billion in recent years, while US seafood products have gained popularity in Vietnam. “Existing difficulties will soon be addressed through government exchanges,” he said. “Political and trade relations in seafood provide a foundation for business confidence.”

In textiles, the US remains the single-most important market for Vietnam, absorbing 38-40 per cent of exports despite tariff fluctuations. “Recent challenges, especially tariffs, also create opportunities to deepen US market penetration and support more than 7,000 textile enterprises,” said Mr. Dang Vu Hung, Deputy Chairman of the Vietnam Textile and Apparel Association (VITAS). “We will continue to adapt and grow.”

From another perspective, Dr. Tran Toan Thang,Head of International Issues Division atthe Institute for Strategy and Policy on Finance and Economics,said electronics, phones, and computers led growth with over 40 per cent increases, based on US data. These are the main drivers of Vietnam’s exports to the US amid global supply chain restructuring by US corporations. Textiles and footwear have also recovered, with the US taking about 38 per cent of total trade, while furniture and interior goods turned positive after a slump and seafood remained stable at $ 2-2.2 billion.

Mr. Matt Priest, President and CEO of the US Footwear and Apparel Association (FDRA), said the Association has recommended that President Donald Trump consider reducing or removing reciprocal tariffs on footwear due to rising retail prices and consumer concerns. “Vietnam is a sustainable partner, open to dialogue, and always ready to negotiate,” he said. “More than 50 per cent of athletic shoes sold in the US are made in Vietnam. Hundreds of millions of Americans are comfortable wearing ‘Made in Vietnam’ sneakers. This will remain true for many years.”

However, rapid growth also brings higher risks. US data shows that imports of Vietnamese goods in the first eleven months of 2025 rose more than 40 per cent across multiple product categories; a level that increases the likelihood of trade defense investigations.

Dr. Thang warned that reciprocal tariffs are not only about rates but also reflect the US strategy of reindustrialization and protecting domestic production. In the worst-case scenario, Vietnamese goods could face tariffs under Sections 232 or 301, with rates exceeding 50 per cent for steel, wood, and solar energy products. Electronics, which account for nearly 28 per cent of exports to the US, are also highly exposed if the origin of components is not strictly controlled.

Ms. Truong Thi Thuy Linh, Deputy Director of the Trade Remedies Authority at MoIT, added that the US could simultaneously apply anti-dumping, countervailing, and safeguard measures over long periods, effectively “locking out” many exporters from the market.

In this context, experts emphasize that the key solution is to increase supply chain transparency, strengthen traceability, control the origin of materials, and proactively implement trade defense measures. Mr. Khanh stressed that enterprises should not only expand exports but also increase imports of high-quality technology and materials from the US to balance trade and upgrade production capacity.

Four scenarios

Based on this situation, Dr. Thang outlined four potential US tariff scenarios for Vietnamese goods, highlighting both the challenges and opportunities for the country’s export sectors.

Scenario A represents the baseline: all Vietnamese exports to the US would face a 20 per cent reciprocal tariff.

Scenario B is more complex: while most goods would be subject to a 20 per cent tariff, products under investigation or showing signs of trans-shipment could face a 40 per cent tariff. Sectors at greatest risk include wooden products, textiles, footwear, and energy storage batteries.

Scenario C is the optimistic outlook: most goods still face a 20 per cent tariff, but certain agricultural products and strategic technologies could enjoy a 0 per cent tariff thanks to positive negotiations under the Fair and Balanced Reciprocal Trade Agreement signed on October 26.

Scenario D represents the highest-risk situation: Vietnamese goods could face not only reciprocal and trans-shipment tariffs but also punitive tariffs under Sections 232 and 301, with wood and steel potentially subject to rates of up to 50 per cent.

Dr. Thang also classified risk levels by sector. High-risk sectors include furniture, solar energy, electronics, and steel, which could be immediately excluded from the market through anti-circumvention tariffs and national security restrictions.

Medium-risk sectors include textiles, seafood, food processing, and digital services. These sectors are affected by compliance audits, forced labor regulations, and potential retaliatory tariffs.

Low-risk sectors include agriculture and strategic technology products. These remain relatively safe due to inelastic US demand but are not completely immune to systemic shocks.

As Vietnamese businesses prepare for 2026 amid volatile US trade policies in 2025, Mr. Khanh highlighted three critical points.

First, the US has changed its trade strategy. Following the release of the US National Security Strategy, the country has shifted from being a global leader in trade liberalization to a reciprocity-first approach, prioritizing bilateral over multilateral relations. This shift is significant at both the government and enterprise levels. Vietnamese businesses need to understand the US bilateral focus while continuing to engage in multilateral trade agreements elsewhere.

Second, the US is not just an export market; it is also an import market. Many Vietnamese businesses still view the US primarily as an export destination. Mr. Duong noted that achieving balanced trade requires importing high-quality inputs, raw materials, and technology from the US. This approach is both a gesture of goodwill and a strategic business move, enabling companies to adapt to trends such as reshoring production to the US and aligning with American supply chain priorities.

And third, supply chain transparency is paramount. Controlling origin and traceability from input to output is essential for doing business with the US. This requirement goes beyond tariffs and rules of origin, encompassing standards, transparency, and credibility across the entire supply chain. Strengthening supply-chain management not only ensures compliance with US regulations but also upgrades Vietnam’s production capabilities and enhances resilience against uncertainties in trade policy.

Mr. Duong concluded that stability is key to navigating uncertainty. By focusing on supply chain transparency, balanced trade, and strategic adaptation, Vietnamese businesses can prepare effectively for 2026 while seizing the opportunity to reform production systems and strengthen their competitiveness in the US market.

Enduring confidence in Vietnam

With 75 per cent of exports to the US generated by FDI enterprises, Dr. Thang sees some positive factors. The Vietnamese Government is actively engaging major FDI investors to reassure and support them, and some investors remain optimistic about Vietnam’s long-term potential. “FDI enterprises operating in Vietnam continued to expand their investment this year, reflecting a positive assessment of the investment environment despite pressures from reciprocal tariffs,” he noted.

According to Ms. Foote, understanding the supply chain is crucial, and full documentation is necessary. “No company can easily relocate its supply chain in such uncertain times, but firms are working to ensure their supply chains remain valuable and sustainable,” she said. “Vietnam has proven to be a long-term partner, and it must maintain that position.”

She also recommended that the government strengthen soft infrastructure while reducing administrative and legal procedures. “FDI firms care about taxes, but this is not the primary reason they invest in Vietnam,” she added. “They see Vietnam as a good place to invest, build partnerships, and plan for the future.”

Looking ahead, Mr. Vinh predicted that with current outcomes, Vietnam’s exports and trade will continue to grow this year, with Vietnam-US trade expected to rise by over 16 per cent compared to 2024.

He emphasized that if Vietnam continues to innovate and negotiates appropriately with the US, as it has been doing recently, bilateral economic and trade relations will strengthen further. “In particular, Vietnam must improve the quality of economic reforms, enhance domestic value content, and increase the quality of exported goods,” Mr. Vinh affirmed.

The leaders showed their respects and deep gratitude to President Ho Chi Minh – a genius leader and national liberation hero who dedicated his whole life to the struggle for national liberation and reunification, and construction.​

​Hanoi (VNA) -A delegation of the Party Central Committee, National Assembly, State President, Government and Vietnam Fatherland Front (VFF) Central Committee laid wreaths and paid tribute to President Ho Chi Minh at his mausoleum in Hanoi on February 13 on the occasion of the Lunar New Year (Tet) 2026.

The delegation included Party General Secretary To Lam, State President Luong Cuong, Prime Minister Pham Minh Chinh, NA Chairman Tran Thanh Man, Permanent Member of the Party Central Committee's Secretariat Tran Cam Tu, and Secretary of the Party Central Committee, President of the VFF Central Committee Bui Thi Minh Hoai.

Also joining the delegation were former Party General Secretary Nong Duc Manh; former NA Chairpersons Nguyen Sinh Hung and Nguyen Thi Kim Ngan, Secretaries of the Party Central Committee, Vice State Presidents, NA Vice Chairpersons, Deputy PMs, and incumbent and former Party and State leaders.

​The wreaths laid by the delegation bore the inscription “Forever grateful to great President Ho Chi Minh.”

The leaders showed their respects and deep gratitude to President Ho Chi Minh – a genius leader and national liberation hero who dedicated his whole life to the struggle for national liberation and reunification, and construction. They pledged that the entire Party, armed forces and people of Vietnam will steadfastly pursue the path chosen by President Ho Chi Minh, creatively apply his thought, and advance the revolutionary cause he entrusted to future generations to new heights, striving to stand shoulder to shoulder with the world’s major powers.

Following the ceremony, the delegation laid wreaths and offered incense in tribute to fallen heroes and martyrs at the Monument to Heroes and Martyrs on Bac Son street in Hanoi.

On the same morning, delegations from the Central Military Commission - the Ministry of National Defence, the Central Public Security Party Committee - the Ministry of Public Security, as well as the Party Committee, People’s Council and People’s Committee of Hanoi also paid tribute to President Ho Chi Minh and laid flowers at the Monument to Heroic Martyrs.

Incumbent and former leaders of the Party and State also laid wreaths and offered incense in tribute to veteran revolutionaries and fallen heroes at the Mai Dich Cemetery in Hanoi.

This marking the highest monthly figure ever.

Vietnam welcomed nearly 2.5 million foreign visitors in January 2026, the highest monthly figure ever, according to the National Statistics Office.

The figure represents an increase of 21.4% compared to the previous month and 18.5% against the same period last year.

Asia continued to be Vietnam's largest source market, accounting for over 1.8 million visitors, up 12.3%. Europe posted the fastest growth among major regions, with arrivals jumping 59% to 424,000. Visitor numbers from the Americas, Oceania and Africa also rose sharply, up 14.2%, 13% and 45.4%, respectively.

The growth is attributed to visa policy reforms, enhanced tourism promotion efforts and a broader range of tourism products.

In 2026, Vietnam targets 25 million foreign visitors, 150 million domestic tourists and total tourism revenue of about VND1.125 quadrillion ($46.5 billion).

Most of the bonds were issued with five-, 10- and 15-year maturities, carrying annual interest rates of 3.3%, 4.04% and 4.12%, respectively.

The State Treasury mobilised more than VND26.7 trillion ($1.02 billion) through 18 government bond auctions in January, fulfilling 24% of the first-quarter target and 5.2% of the annual plan, according to the Hanoi Stock Exchange (HNX).

Most of the bonds were issued with five-, 10- and 15-year maturities, carrying annual interest rates of 3.3%, 4.04% and 4.12%, respectively. Ten-year bonds dominated the issuance, accounting for 95% of the total volume, equivalent to nearly VND24.7 trillion.

On the secondary market, the total listed value of government bonds reached more than VND2.57 quadrillion ($98.1 billion) as of January 30. The average daily trading value climbed 31.41% month-on-month to VND17.027 trillion ($650 million).

Retail sales of goods in January was estimated at VNĐ487.4 trillion, accounting for the largest share and increasing 9.3 per cent year-on-year.

HÀ NỘI — Việt Nam’s total retail sales of goods and consumer service revenue in January was estimated at VNĐ632.4 trillion (US$24.43 billion), up 2.6 per cent month-on-month and 9.3 per cent year-on-year, according to newly released data from the National Statistics Office (NSO) under the Ministry of Finance.

The 9.3 per cent rise matched the growth rate from the same month last year. Adjusted for prices, real growth came in at 6.3 per cent. This is a very positive sign, especially since January 2026 didn’t align with the Lunar New Year, unlike last year, when the same period saw a surge in Tết-related spending.

The NSO noted that the favourable start in January has created a solid foundation for achieving growth targets in the trade and services sectors throughout the year.

Retail sales of goods in January was estimated at VNĐ487.4 trillion, accounting for the largest share and increasing 9.3 per cent year-on-year. Growth was driven by many categories, including household appliances and equipment, which rose 9.4 per cent thanks to early-year shopping demand and promotional programmes by retailers. Transport vehicles (excluding automobiles) increased 9.3 per cent. Food and foodstuffs grew 7.7 per cent, garments 7.6 per cent, and cultural and educational goods 5.5 per cent.

Several localities recorded strong retail growth, notably Cần Thơ and Quảng Ninh (both up 10.7 per cent), Hải Phòng (10.5 per cent), and Huế (10.1 per cent).

Benefiting from a surge in international arrivals and stable domestic tourism demand, the services sector posted a robust performance. Revenue from accommodation and catering services was estimated at VNĐ75.4 trillion, up 9.4 per cent. Lâm Đồng led the country with a sharp rise of 21.3 per cent, followed by Quảng Ninh (19.8 per cent) and Thanh Hóa (19.6 per cent).

Travel and tourism services recorded the fastest growth, reaching VNĐ7.5 trillion, up 14 per cent year on year. Quảng Ninh continued to stand out with a 25.2 per cent increase, while Đà Nẵng rose 18.3 per cent and HCM City 17.9 per cent. Other services generated an estimated VNĐ62.1 trillion in revenue, up 8.9 per cent, with HCM City posting an 11.4 per cent rise.

According to the office, these results reflect strong and decisive direction by the Government and the tourism sector in restructuring source markets, diversifying tourism products, renewing promotion and marketing efforts, and especially implementing increasingly open visa policies, which have helped attract both domestic and international visitors.

Vietnam’s crude steel output in 2025 reached a five-year high of 24.7 million tons, surpassing the previous peak recorded in 2020 and marking a 12% year-on-year increase, according to the Vietnam Steel Association (VSA).

This figure underscores the strong internal capacity of Vietnam’s integrated steelmaking complexes, which are well positioned to supply materials for major infrastructure megaprojects over the coming decade, the association said.

It attributed the strong performance to robust GDP growth of 8.02% in 2025 - the highest level during the 2021-2025 period, as well as industrial production growth estimated at 9.73%, also the strongest since 2020.

Total steel sales in 2025 reached 24.1 million tons, up 12.9% year-on-year, with exports accounting for 3.15 million tons, an increase of 12.8% compared with 2024.

In the same year, Vietnam’s steel industry also recorded positive outcomes in anti-dumping cases and trade remedy reviews involving steel products in major export markets, including the EU, Canada, Australia, and India.

Vietnamese steel products were subject to anti-dumping duties of 0% or significantly lower margins than those imposed on other countries under investigation. This has enabled Vietnamese steel exporters to maintain a competitive edge and strengthen their position in global supply chains.

In addition, several countries concluded that Vietnam’s steel industry does not operate under non-market economy conditions in investigations such as the EU’s anti-dumping case on hot-rolled coil (HRC) and Canada’s probe into steel strapping.

Once officially issued, VSA said these conclusions would set a positive precedent for future cases in Canada and other markets, not only for steel products but also for Vietnam’s broader export sector.

This includes ongoing investigations into non-market economy status or special market conditions being conducted by Mexico, the EU, and other jurisdictions against Vietnamese steel producers.

Despite the strong growth in steel production and sales in 2025, the industry continues to face multiple challenges.

According to VSA, these include technical barriers related to green standards such as the Carbon Border Adjustment Mechanism (CBAM), rules of origin, and the need for stronger cooperation between upstream and downstream producers to develop sustainable supply chains.

Awareness of the green transition remains largely superficial, while implementation has been slow, particularly in terms of investment in technological upgrades and the development of green supply chains.

Meanwhile, the number of trade defense cases involving Vietnam’s steel exports continues to rise, with increasingly complex formats such as dual investigations combining anti-dumping and countervailing duties, or allegations of special market conditions.

These cases involve high legal costs and lengthy proceedings, typically around one year to reach a preliminary conclusion, and in some instances have resulted in outcomes below expectations, including the imposition of high anti-dumping duties.

Growth of 8-10% expected for 2026

Looking ahead to 2026, VSA forecasts that Vietnam’s steel industry will grow by 8-10%. Finished steel output is expected to reach approximately 33-34.5 million tons, while domestic steel consumption is projected at around 26 million tons.

Growth is expected to be driven by the implementation of the Government's Resolution No. 01/ND-CP, which outlines key tasks and solutions for the 2026 socio-economic development plan and targets national GDP growth of over 10%, including industrial growth of more than 11%.

Additional momentum will come from increased public investment in infrastructure projects such as expressways and airports, the recovery of residential real estate, and the commissioning of major industrial projects.

As steel production increasingly must meet sustainability and green transition requirements, Vietnamese enterprises are continuing to adopt environmentally friendly production practices as part of global sustainable development strategies. This aligns closely with the Government’s commitment at COP26 to achieve net-zero carbon emissions by 2050.

A notable example is Hoa Phat Group’s groundbreaking in late 2025 of the Hoa Phat Dung Quat Rail and Special Steel Plant, with a total investment of VND10 trillion ($385.66 million) and a designed capacity of 700,000 tons per year.

The facility, located in the central province of Quang Ngai, is equipped with some of the world’s most advanced technologies from Germany’s SMS Group and Primetals Technologies of the UK, including a highly flexible, high-precision universal rolling mill.

This marks Southeast Asia’s first “Made in Vietnam” plant capable of producing steel rails for high-speed railways. The first high-speed railway rails are expected to be rolled out in 2027, positioning Hoa Phat as the first and only company in Southeast Asia able to manufacture this specialized steel, ready to supply major railway infrastructure projects.

Launching from June, this route marking the first direct air connection between Vietnam and the Netherlands.

The national flag carrier Vietnam Airlines will launch direct air service between Hanoi and Amsterdam from this June, marking the first direct air connection between Vietnam and the Netherlands, according to a report from the Government News.

The new route will use Airbus A350 aircraft and operate three flights per week between Hanoi-based Noi Bai International Airport and Amsterdam Schiphol Airport.

The flight schedule has been designed to provide convenient travel options for European passengers while ensuring smooth onward connections within Vietnam and across Asia.

The route is also seen as a catalyst for deeper economic integration and stronger people-to-people exchanges between the two countries.

The new route is also expected to support economic development and international integration, while enhancing Vietnam's global profile. Amsterdam's Schiphol Airport is among Europe's largest aviation and logistics center, serving as a major gateway to North America, Africa, and other regions.

The Netherlands is currently Vietnam's largest trading partner in Europe, with imports from Vietnam exceeding $11 billion in 2025, and is also a major European investor, with total investment capital of around $16 billion.

The plan was under Decision No. 53/KH-UBND on international economic integration in 2026, aiming to create momentum for rapid and sustainable growth, while simultaneously enhancing the competitiveness and position of the capital city in the context of deep integration.

HÀ NỘI — The capital city has set out plans to attract approximately US$4.5 billion in foreign direct investment (FDI) this year.

The plan was under Decision No. 53/KH-UBND on international economic integration in 2026, aiming to create momentum for rapid and sustainable growth, while simultaneously enhancing the competitiveness and position of the capital city in the context of deep integration, issued by the Hanoi People's Committee.

According to the plan, the city sets the goal of significantly improving the investment and business environment; expanding and diversifying export markets; reducing dependence on traditional markets; and linking economic integration with the political, cultural, social, scientific and technological, and defence and security sectors.

Besides a goal of welcoming 8.6 million international tourists to the capital in 2026, Hà Nội also plans to increase the rate of key export businesses achieving green and sustainable certifications to 15-20 per cent, while maintaining and improving its ranking in the FTA implementation index. This is a step to enhance the prestige and integration capacity of the capital's business community on the international stage.

To achieve these goals, the city will review, amend, and supplement legal documents to ensure consistency with new-generation FTAs; accelerate improvements in the investment and business environment index; reduce costs for businesses; and promote digital transformation in handling administrative procedures.

The city will also focus on supporting small- and medium-sized enterprises, promoting the development of industry clusters and sustainable value chains; and boosting trade promotion and advertising the ‘Hanoi - A Green Destination’ programme to attract investment and international markets.

Vietnam’s GDP targets for the next five years and beyond will require the restructuring of its capital market given the ongoing financial constraints.

Under government targets, Vietnam is aiming to reach a GDP figure of $800 billion by 2030, translating to roughly $8,000 per capita. To do so, the country will need to sustain double-digit GDP growth throughout the 2026-2030 period. Against that backdrop, capital market restructuring is emerging as a critical lever for achieving such growth.

Experts have noted that the banking system is under mounting strain as credit continues to shoulder most of the economy’s financing needs. Constraints ranging from a limited supply of investment products to gaps in information transparency and the national credit rating are preventing the market from maturing as it should.

Financial imbalances

Analysts note that if the share of private sector investment remains steady at around 40 per cent of GDP, total private investment would need to be in the range of $250 billion to $300 billion per year; far beyond what the commercial banking system can supply. In this context, developing the domestic capital market and attracting foreign portfolio investment, particularly through the debt market and corporate bonds, has become critical.

Data from FiinRatings show that the ratio of short-term debt to total outstanding debt among listed companies rose sharply during 2023-2024, surpassing 60 per cent. Among the 50 largest listed firms by assets, the ratio reached roughly 45 per cent in 2024 - significantly higher than in regional markets such as Thailand (12 per cent), Malaysia (13.5 per cent), the Philippines (17 per cent), and Indonesia (26.5 per cent).

Growing dependence on short-term borrowing has heightened refinancing risks across the financial market, especially amid unpredictable interest rate movements.

To support economic growth, the State Bank of Vietnam has been cutting policy rates since 2022 and maintaining a low interest rate environment to improve access to credit for households and businesses. However, low rates have also made savings less attractive, causing deposit growth to lag credit growth for more than three years.

However, the downside of credit expanding faster than deposits is heightened liquidity risk and greater maturity mismatches in the banking system. “When lending growth exceeds deposit growth, pressures on capital adequacy and liquidity buffers inevitably increase,” said Mr. Sacha Dray, Economist at the World Bank in Vietnam.

Mr. Dray also warned of accumulating credit risks if capital flows are not allocated efficiently or if the economy’s capacity to absorb capital remains uneven. “These factors make it essential to strengthen risk management capacity within the banking system, while adding complementary tools to sustain financial stability and support long-term economic growth,” he emphasized.

Financial statements from listed banks show that as of the third quarter of 2025, the loan-to-deposit ratio had climbed to its highest level in five years, underscoring the mounting liquidity pressure across the system.

Significant barriers

Beyond the challenges within the banking system, the capital market is also confronting significant barriers in attracting international investment. Historically, foreign inflows into Vietnam’s stock market have come mainly from South Korea and Taiwan (China), but whether Vietnam can draw capital from regions with lower risk appetite, such as the US, Europe, and the UK, remains in question.

A shortage of investable products, in both quantity and quality, is seen as a chronic issue not only for the equity market but for the debt market more broadly. The investable universe includes not only equities and corporate bonds but also government bonds and money market instruments.

Bond funds typically manage assets far larger than equity funds. Yet a major obstacle preventing their participation in Vietnam is the lack of suitable investment products. Each year, the market records only about 300-400 corporate bond issuances, most of them private placements executed on a deal-by-deal basis. This approach works only for small funds or investors allocating a very limited share to Vietnamese debt.

In terms of quality, despite notable progress in information transparency, the market still has significant gaps to fill. Credit ratings remain far from widespread, and intermediary products such as bond guarantees are largely absent - tools essential for attracting large institutional investors.

In reality, many global debt funds managing hundreds of billions or even trillions of dollars operate with only a few dozen staff. They run portfolios using standardized methods and rely heavily on credit ratings for capital allocation decisions. These funds do not have the capacity to manually evaluate individual projects, yet Vietnam’s bond market still operates on a bespoke, deal-specific structure that requires exactly that.

Another major barrier is Vietnam’s sovereign credit rating, which remains at speculative grade, making the country less appealing to major financial institutions. The situation mirrors Vietnam’s equity market, which has not yet been upgraded to emerging market status. Without such upgrades, many foreign mutual funds and sovereign funds are unable to allocate capital to Vietnamese debt, regardless of its long-term growth prospects.

According to analysts, achieving a higher sovereign rating will require Vietnam not only to strengthen macro-economic fundamentals and manage foreign-currency public debt, but also to ensure banking system stability, improve the balance of payments, particularly foreign exchange reserves, and enhance transparency towards global markets.

Vietnam’s trade turnover reached US$88.16 billion in January, up 39% year-on-year, the National Statistics Office (NSO) under the Ministry of Finance (MoF) reported on Feb. 6.

Exports rose 29.7% compared to the same period last year to $43.19 billion, while imports surged 49.2% to $44.97 billion, resulting in a trade deficit of $1.78 billion.

Of total exports, the domestic sector earned $9.51 billion, while the foreign-invested sector, including crude oil, accounted for $33.68 billion.

Nine export items recorded turnover of over $1 billion in the month, making up 72.4% of total exports.

Processed industrial goods led Vietnam’s exports with $38.43 billion, accounting for 89% of the total, followed by agro-forestry products at $3.65 billion (8.5%), seafood at $1.01 billion (2.3%), and fuels and minerals at $0.1 billion (0.2%).

The U.S. remained the largest importer of Vietnamese goods with a turnover of $13.9 billion, while China was its biggest import market, recording $19 billion.

During the reviewed period, Vietnam recorded a trade surplus of $12 billion with the U.S., $3.9 billion with the E.U., year-on-year increases of 28.6%, and 3.9%, respectively. Meanwhile, the surplus with Japan stood at $0.2 billion, down 59.9%. Meanwhile, trade deficits expanded to $12.7 billion with China (up 52.1%), $3.4 billion with the Republic of Korea (up 74.9%), and $1.3 billion with ASEAN (up 92.2%).

To boost exports, NSO Director General Nguyen Thi Huong suggested the Government effectively implement export promotion measures, step up trade promotion, diversify supply chains, production networks and export-import markets in tandem with improving product quality, and deepen Vietnam’s participation in regional and global supply chains.

She also underscored the need to effectively leverage existing free trade agreements, expand exports to major markets, and tap new and potential destinations such as the Middle East, Halal markets, Latin America and Africa, with a view to achieving sustainable trade surpluses. At the same time, she stressed the importance of tracking recovery trends and promoting bilateral and multilateral trade agreements to diversify export markets.

The State should step up information provision and support for businesses to meet market standards, handle trade remedy cases, access capital, and apply high technologies to improve product quality, value and export capacity, she added.

China, the US and Japan remaining Vietnam’s three largest export markets.

Vietnam’s exports of agro-forestry-aquatic products in January earned nearly $6.51 billion, marking a year-on-year increase of 29.5%, according to the Ministry of Agriculture and Environment.

Of the total, agricultural products accounted for around $3.6 billion, up 41.8%; livestock products $47.5 million, surging 20.2%; seafood $940 million, rising 21.5%; and forestry products $1.72 billion, soaring 13%.

Key agricultural exports recorded strong growth in January, including coffee, rubber, tea, rice, fruits and vegetables, cashew nuts and pepper, with increases in both volume and value.

Asia remained the largest export market, absorbing 45.3% of Vietnam’s agro-forestry-fishery exports. It was followed by the Americas with 22.7% and Europe with 13.4%. Africa and Oceania accounted for more modest shares of 2.6% and 1.4%, respectively.

China, the US and Japan were Vietnam’s three largest export markets, with respective market shares of 22.6%, 20.4% and 7%. Exports to China surged 66.1% year-on-year, while shipments to the US and Japan increased by 21.6% and 19.6%, respectively.

The overarching goal is to create breakthrough momentum for the economy while ensuring stability and strategic autonomy.

HÀ NỘI — Issued early this year as Việt Nam enters what leaders describe as a new era of the nation's rise, a Politburo resolution on developing the State economic sector is redefining the role of State-owned enterprises (SOEs), positioning them as trailblazers and growth engines tasked with opening up new paths for the economy rather than relying on administrative protection or preferential treatment.

Instead of expanding subsidies or increasing State ownership, Resolution 79-NQ/TW, signed on January 6, 2026, by Party General Secretary Tô Lâm, focuses on redesigning mandates, mechanisms and expectations so that SOEs can more effectively mobilise national resources, promote technological innovation, and generate spillover effects that enable the private sector and other economic players to grow alongside them.

The overarching goal is to create breakthrough momentum for the economy while ensuring stability and strategic autonomy.

According to Associate Professor Dr Nguyễn Thường Lạng, an economist and senior lecturer at the National Economics University’s School of Trade and International Economics, Resolution 79 signals a shift from a rigid administrative mindset towards a development-oriented approach, granting leading SOEs greater autonomy to spearhead growth while subjecting them to strict international governance standards.

The leading role of the State-owned economy has long been a constitutional principle and a consistent pillar throughout Việt Nam’s development history, from the centrally planned and subsidy period to the current system of State economic groups. The sector has served as a backbone in fulfilling political tasks, ensuring national defence and security, and safeguarding employment and social welfare.

“What distinguishes Resolution 79 is the clear redefinition of the mission of the State economic sector under new conditions,” Lạng said.

Blazing a trail

Beyond reaffirming their leading role, SOEs are assigned a pioneering and path-clearing function. They are expected to drive innovation, lead market development and set benchmarks for other sectors. Rather than merely preserving capital or operating in low-risk areas, they must enhance competitiveness, integrate advanced technologies and modern governance practices, and represent the credibility of the Vietnamese economy on the international stage.

To achieve the double-digit growth target in the next few years, properly recognising the role of SOEs is essential, policymakers say.

According to Phan Đức Hiếu, permanent member of the National Assembly’s Committee for Economic and Financial Affairs, SOEs, private enterprises and other economic sectors form an ecosystem of economic actors, with SOEs identified as an important material production force.

He toldNgười Đưa Tin(The Messenger) newspaper that an independent, self-reliant and resilient economy must have an interweaving and mutual support of many actors, adding that a material production pillar that plays a stabilising and guiding role is not optional.

Resolution 79 clarifies that the State economy exists in different forms, notably SOEs and public service units. For SOEs, development will focus on concentrating scale while improving quality, with emphasis on key strategic sectors such as energy, chemicals, strategic minerals and logistics – areas considered essential to economic security and competitiveness.

With advantages in accessing budget capital, land and natural resources, SOEs are expected to use these national resources to create spillover effects, attracting other economic sectors to participate in value chains and contribute to overall growth.

“When backed by such resources, State economic activities must generate momentum and draw in other sectors,” Hiếu said.

At the same time, the resolution makes clear that the State does not need to maintain dominant ownership in every enterprise.

A group of SOEs operating outside strategic areas will undergo strong restructuring. Measures may include merging suitable enterprises to form larger and more focused groups, equitisation or even full divestment, where the State does not need to retain controlling stakes. Some enterprises may be transferred to the State Capital Investment Corporation (SCIC), a state-owned investment holding company, or assigned to local authorities.

However, Hiếu stressed that this process must follow an appropriate roadmap.

“It is not about doing it quickly, but doing it correctly, in line with the right timeline and the objective of optimising resources,” he said.

Transforming the SCIC

A notable point in Resolution 79 is the comprehensive restructuring of the SCIC towards more professional capital management and the goal of forming a national investment fund.

SCIC is now one of the largest institutional investors in Việt Nam by assets under management. It has held stakes in major Vietnamese companies such as Vinamilk, FPT, Bao Minh Insurance and numerous listed and unlisted SOEs.

According to Hiếu, such a model would enable more proactive, market-based and leading use of State capital. It evokes experiences in countries like Singapore and Indonesia, where the State plays a pioneering and spillover role in new sectors and technologies and even invests abroad to accumulate capacity.

Unlike traditional administrative management, the fund model operates on market principles and emphasises agility and efficiency.

Resolution 79 also underscores that the development of SOEs should not rely on privileges.

The spirit of the resolution is clear: SOEs must follow market principles, avoid monopoly positions and compete in parallel with other sectors. The relationship between the State and private investors should be cooperative and complementary, making use of the flexibility, dynamism and resources of the private sector rather than creating a one-player market.

“The core is for SOEs to understand that there are no subsidies, no monopolies and no special treatment, but development based on governance standards and a transparent, equal competitive environment,” he said. “Both theory and practice show that only competition improves capacity, efficiency and creativity.”

From a macroeconomic perspective, Deputy Minister of Finance Cao Anh Tuấn said the role of SOEs should not be viewed solely through their direct contributions to the State budget.

More broadly, they act as important material tools that help the State stabilise major economic balances, guide and regulate development, and address shortcomings of the market mechanism, according to Tuấn.

In many cases, the overall socio-economic efficiency generated by SOEs cannot be measured simply by short-term budget revenue. Their direct fiscal contributions should thus not be compared mechanically with those of private or foreign-invested sectors.

Recently, the SOE sector has been streamlined and focused on new or important areas such as energy, national infrastructure, finance, telecommunications, semiconductors and core technologies, while the development space for the private sector has continued to expand, becoming a key driver of growth, job creation and budget revenue.

“The declining proportion of revenue from SOEs while total revenue still increases shows that the economy is operating more efficiently and resources are being allocated more rationally,” Tuấn said, describing this as consistent with the goal of building a socialist-oriented market economy.

Reorganising SOEs

The Ministry of Finance will continue working with ministries, sectors and localities to reorganise SOEs, retain those in essential and strategic fields, and strengthen financial transparency, efficiency and governance in line with international standards, while making better use of dividends, profits and proceeds from equitisation.

For Nguyễn Sĩ Dũng, former vice chairman of the National Assembly Office, whether Resolution 79 produces real breakthroughs depends largely on implementation capacity.

The decisive issue is not only thoroughly understanding the policy, but transforming its orientations into concrete governance and operational capabilities.

In other words, the quality of execution depends on improving State economic management across the entire chain – from setting objectives and allocating resources to organising implementation, supervision and evaluation.

Resolution 79 offers not just new requirements for the State economy, but also a strategic opportunity to upgrade national governance capacity.

“When governance improves, the State economy will no longer be measured by its formal role or the scale of resources, but by its ability to lead, create and build trust for the entire economy,” Dũng said.

Implementing the resolution is therefore not merely an economic task, but a process of renewing governance thinking, resource allocation methods and accountability standards.

Only then can each use of public resources create greater added value and each policy generate stronger spillover effects, laying the foundation for the breakthrough growth that Resolution 79 envisions.

The ministry’s report showed that by the end of January 2026, public investment disbursement reached VNĐ858.6 trillion (US$33 billion), the highest level in the 2021–25 period, equivalent to 94.8 per cent of the plan assigned by the Prime Minister.

HÀ NỘI — The disbursement of public investment in 2025 hit a five-year high although the Government fell short of its target of fully disbursing the plan, according to the Ministry of Finance.

The ministry’s report showed that by the end of January 2026, public investment disbursement reached VNĐ858.6 trillion (US$33 billion), the highest level in the 2021–25 period, equivalent to 94.8 per cent of the plan assigned by the Prime Minister.

The amount was VNĐ234.1 trillion higher than in the same period of 2024 and up 3.4 percentage points in terms of disbursement rate.

The ministry said 2025 saw significant efforts by ministries and localities to speed up spending.

The total public investment plan for 2025 amounted to more than VNĐ1.18 quadrillion. Of this, nearly VNĐ1.106 quadrillion had been allocated in detail to specific projects.

According to the finance ministry, 2025 was the final year of the 2021-25 period and involved the largest public investment volume with high disbursement pressure. In addition, severe natural disasters also disrupted construction and project implementation in several localities last year.

The report pointed out that 19 ministries and central-level agencies and 16 provinces fell below the national average disbursement rate, including Tuyên Quang, Đắk Lắk, Quảng Trị, Cần Thơ, Lâm Đồng, Khánh Hòa, Sơn La, Cà Mau, Đà Nẵng, An Giang, Vĩnh Long, Hồ Chí Minh City, Quảng Ngãi, Điện Biên, Lai Châu and Huế.

The ministry said that strong political commitment from leaders, the establishment of dedicated disbursement task forces, and proactive efforts to resolve land clearance and site issues are critical to accelerate disbursement.

With a growth target of at least 10 per cent this year, the Government urged ministries and provinces to treat public investment disbursement as a key task from the start of the year, with focus on completing detailed capital allocation, setting monthly and quarterly disbursement plans, and enhancing leaders’ accountability.

In addition, it is necessary to accelerate decentralisation alongside stronger supervision, promptly remove regulatory bottlenecks, and address land clearance and construction material supply issues for key projects to avoid delays.

Việt Nam has raised its economic growth target to double-digit growth during 2026–30, which has altered energy demand projections and requires revisions to the national energy plan to safeguard energy supply for the economy.

HÀ NỘI — Việt Nam is updating its national energy master plan for 2021-30 with a vision to 2050, as rising economic growth targets, planning changes and rapid technological advances make adjustments necessary to ensure the country has sufficient energy to support its socio-economic development.

The Ministry of Industry and Trade said the nation has raised its economic growth target to double-digit expansion during 2026–30, altering energy demand projections and requiring revisions to the national energy plan to safeguard the economy’s energy supply.

Other changes affecting the plan include national marine spatial planning, the revised national masterplan, the adjusted power development plan (PDP8) and administrative boundary adjustments following provincial mergers, all of which influence the scale and spatial structure of energy planning.

Rapid advances in science and technology are also reshaping energy planning in line with the Politburo’s Resolution 57 dated December 22, 2024, on developing science and technology, innovation and digital transformation. The resolution sets tasks for developing energy infrastructure, especially new and clean energy, while ensuring energy security for strategic industries.

Under the draft plan, which has been made public for feedback, the ministry emphasises the importance of national energy security, with supply expected to meet demand to support a minimum average GDP growth of at least 10 per cent during 2026–30.

Total final energy demand is projected at around 120–130 million tonnes of oil equivalent (toe) by 2030 and 175–200 million toe by 2050. Petroleum reserves, including crude oil and refined products, are proposed to rise to the equivalent of about 90 days of net imports by 2030.

The draft highlights the country’s energy transition, with renewable energy expected to account for 25–30 per cent of total primary energy supply by 2030 and 70–80 per cent by 2050. Energy savings are targeted at 8–10 per cent of total final consumption by 2030 compared with a business-as-usual scenario.

Greenhouse gas emissions are projected to fall by 15–35 per cent by 2030 compared with the baseline, with energy-sector emissions estimated at 433–474 million tonnes of CO2 equivalent in 2030 and around 101 million tonnes by 2050.

Crude oil output during 2026–30 is projected at 5.8–8 million tonnes a year, while natural gas production is expected to reach 5.4–11 billion cubic metres annually. The ministry also plans to enhance liquefied natural gas (LNG) import capacity to support gas-fired power plants and create LNG-based energy hubs across regions.

The draft outlines plans to develop renewable and new energy industries, aiming to turn Việt Nam into a regional clean energy industrial hub and exporter, with clean energy centres established in the northern, south-central and southern regions. Green hydrogen production capacity is targeted at 100,000–200,000 tonnes a year by 2030, with a long-term vision of 10–20 million tonnes annually by 2050.

Renewable energy is expected to provide 30.9–39.2 per cent of electricity production by 2030, moving toward 47 per cent with strong international support under the Just Energy Transition Partnership (JETP), and reaching 67.5–71.5 per cent by 2050.

The draft also aims to develop two inter-regional renewable energy industrial and service centres by 2030 and export 5,000–10,000 megawatts of electricity.

Lam Dong Province in Vietnam’s Central Highlands has approved adjustments to expand two alumina projects, with a combined investment of VND59.855 trillion (US$2.3 billion), making them the largest projects ever undertaken in the province.

The provincial administration said on Wednesday that the expansion plan was granted to the Vietnam National Coal and Mineral Industries Holding Corporation Limited, also known as Vinacomin.

The Nhan Co alumina plant expansion in Nhan Co and Kien Duc Communes will cost about VND29.986 trillion ($1.16 billion).

The project includes a new production line with a capacity of 1.2 million metric tons per year, covering 870 hectares.

It aims to produce alumina that meets international quality standards for both domestic use and export.

The plant is expected to begin operations in 2030 and run for 30 years.

The Lam Dong bauxite-aluminum complex expansion in Bao Lam 1 Commune will require about VND29.869 trillion ($1.15 billion).

It will add a second alumina production line with the same capacity of 1.2 million metric tons per year, covering 20.79 hectares.

Construction is scheduled to finish by the third quarter of 2030, with operations starting in the fourth quarter.

Lam Dong authorities emphasized that these projects represent the province’s largest-ever investments.

To ensure progress, the provincial administration instructed the investor to strictly comply with regulations on investment, land use, environmental protection, and construction.

Local departments and localities were tasked with guiding procedures, expediting administrative processes, and planning land clearance and resettlement in line with project timelines.

CPI in January 2026 rose 0.05% month-on-month, with urban areas up 0.02% and rural areas up 0.09%. Of the 11 major commodity and service groups, nine recorded price hikes while two saw declines.

Hanoi (VNA)– Vietnam’s consumer price index (CPI) in January rose slightly by 0.05% compared with the previous month, mainly driven by stronger consumption demand during the Lunar New Year (Tet) holiday, the National Statistics Office (NSO) under the Ministry of Finance announced on February 6.

According to the NSO, higher pork prices due to increased Tet demand, rising prices of dining-out services, and higher costs of housing maintenance materials linked to year-end home renovations were the main contributors to the increase. Compared with the same period last year, January’s CPI rose 2.53%, while core inflation expanded 3.19%.

CPI in January 2026 rose 0.05% month-on-month, with urban areas up 0.02% and rural areas up 0.09%. Of the 11 major commodity and service groups, nine recorded price hikes while two saw declines.

Notably, the housing, electricity, water, fuel and construction materials group rose 0.7%. The beverages and tobacco group increased 0.58% as demand for consumption and gift-giving during Tet pushed up beer and alcohol prices by 0.45%, cigarettes by 0.6%, and non-alcoholic beverages by 0.89%.

The group of other goods and services climbed 0.41%, driven by higher prices for jewellery, up 2.55%, hairdressing services up 0.9%, personal care services and wedding-related services both up 0.56%, worship items up 0.43%, and health insurance up 0.09%.

Household equipment and appliances rose 0.26% on stronger shopping demand during the wedding and Tet season. Food and catering services increased 0.2%, contributing 0.07 percentage points to overall CPI growth, with foodstuffs up 0.29%, food products up 0.09%, and dining-out services up 0.44%.

Meanwhile, the medicine and healthcare services group rose 0.19%, while culture, entertainment and tourism increased 0.07% due to higher holiday-related demands. Education prices edged up 0.05%, largely reflecting tuition adjustments at some private, vocational, and tertiary institutions.

In contrast, the information and communications group fell 0.15%, with prices of phone and tablet accessories down 0.72%, smartphones and tablets down 0.46%, and televisions down 0.09% amid year-end promotions and discount programmes. Telecommunications services declined 0.29%.

Transport prices dropped 2.32%, pulling overall CPI down by 0.23 percentage points, as petrol and diesel prices fell 5.34% and 3.23%, respectively. However, stronger year-end travel demand pushed up air passenger transport fares by 15.18% and rail fares by 4.94%.

The GSO reported that domestic gold prices moved in line with global trends. Domestically, January’s gold price index rose 5.02% from the previous month and surged 77.1% year on year.

The US dollar price index in the domestic market fell 0.29% month on month but rose 3.18% year on year. Core inflation in January increased 0.35% from the previous month and 3.19% year on year, higher than headline CPI growth, as food and energy prices were excluded from its calculation.

The manufacturing sector maintained its growth momentum in January 2026, with output, new orders and employment all recording solid increases, and business confidence rising to the highest level in nearly two years.

HCM CITY — The manufacturing sector maintained its growth momentum in January 2026, with output, new orders and employment all recording solid increases, and business confidence rising to the highest level in nearly two years.

According to data released by S&P Global, the Purchasing Managers’ Index (PMI) stood at 52.5 points in January, slightly down from 53.0 in December.

Despite the modest decline, the index remained comfortably above the 50-point threshold, signalling continued improvement in overall business conditions.

January marked the seventh consecutive month of expansion for the manufacturing sector, underscoring the resilience of the recovery and a firm start to 2026.

Although the headline PMI edged lower, manufacturing output continued to rise sharply.

Survey respondents attributed the strong increase in production mainly to higher volumes of new orders, which expanded at a faster pace than in December, driven by improving consumer demand.

Total new orders were further supported by a recovery in new export orders.

Several manufacturers reported receiving additional orders from other Asian economies, including India, indicating a gradual improvement in external demand.

Rising output was accompanied by continued growth in employment.

Manufacturing employment increased for the fourth month in a row, with the rate of job creation the fastest since June 2024, although overall growth remained modest.

Some firms noted that newly hired workers were mainly employed on a temporary basis.

To meet higher production requirements, manufacturers stepped up purchasing activity, extending the current expansion in input buying to seven months.

However, input inventories fell for the first time since September 2025, as raw materials were drawn down to support higher output levels.

Stocks of finished goods also declined, and at the fastest pace in four months, reflecting relatively swift delivery of products to customers.

Suppliers’ delivery times continued to lengthen, and was largely attributed to strong input demand and shortages of raw materials.

These factors continued to drive up input costs in January, with inflation easing only slightly from the three-and-a-half-year high recorded in December.

In response to rising costs, manufacturers raised their selling prices further.

Notably, the pace of output price inflation accelerated to its highest level since April 2022.

Looking ahead, business optimism regarding output over the next 12 months improved for the fourth consecutive month, reaching its highest level since March 2024.

Around 55 per cent of surveyed firms expect output to increase in the year ahead, supported by expectations of stronger new orders amid improving market conditions.

Commenting on the results, Andrew Harker, economics director at S&P Global Market Intelligence, said Việt Nam’s manufacturing sector has made a solid start to 2026, with firms ramping up production to meet rising new orders and responding promptly to customer demand.

But he cautioned against potential inflationary pressures, as ongoing shortages of raw materials continue to push up costs and selling prices.

While demand has yet to show signs of weakening, he noted that developments in new orders in the coming months will need to be closely monitored.

A different set of skills and capabilities has emerged in recent times as essential for job candidates.

Vietnam’s talent landscape is undergoing one of its fastest periods of transformation in a decade, as rapid digital adoption and foreign investment together with evolving employee expectations reshape hiring across the country’s major industries. According to PERSOL’s Industry Insights Report 2025, employers are entering a new phase in which hybrid skill sets, ESG (environmental, social, and governance) literacy, and multilingual capabilities increasingly outweigh traditional experience as determinants of competitiveness.

Drawing on insights in 12 Asia-Pacific markets, the report positions Vietnam as one of Southeast Asia’s fastest-growing hubs for digital hiring, particularly in e-commerce, omni-channel retail, high-tech manufacturing and data-driven logistics. But as momentum accelerates, talent shortages are widening, and companies are struggling to meet the expectations of a workforce that is both more confident and more selective.

“The region’s talent economy is at a crossroads,” said Mr. Elvin Tan, Regional Director and Head of Operations at PERSOL. “Workforce gaps are no longer just about headcount. They are about adaptability. Employers who balance technology investment with cultural intelligence and purpose-led hiring will emerge stronger in the next cycle.”

Talent shifts

Across Asia-Pacific, PERSOL identified several fundamental shifts that are reshaping how organizations hire, develop, and retain talent; trends that are particularly visible in Vietnam.

First, hybrid skills are emerging as the centerpiece of modern workforce expectations. Digital fluency and human capability now go hand-in-hand, with employers seeking professionals who can balance AI and data literacy with collaboration, communication, and critical thinking. In Vietnam, this dual capability is becoming essential across sectors such as manufacturing, consumer goods, and logistics, where technology and strategic judgement increasingly intersect.

Second, sustainability and compliance literacy are moving from niche competencies to mainstream hiring priorities. As ESG expectations become more deeply embedded in business strategy, knowledge of environmental standards, responsible sourcing, and regulatory compliance is now required not only in sustainability teams but across finance, operations, and supply chain roles. Companies in Vietnam, especially those exposed to global supply chains, are accelerating the recruitment of professionals with ESG-oriented skills.

Third, the employer-employee dynamic is shifting as candidates behave more like consumers. Jobseekers expect transparent communications, mobile-first engagement, and a clear sense of purpose from the hiring process itself. Nowhere is this trend more visible than in Vietnam, where candidates place strong emphasis on clarity, convenience, and authenticity. Slow or opaque recruitment cycles often lead to immediate drop-off, particularly among younger applicants.

Fourth, changing expectations among Gen Z and millennial professionals are reshaping work cultures across the country. Younger workers prioritize flexibility, belonging and personal growth, with many placing greater value on meaningful work and supportive leadership than on salary alone. These preferences are compelling employers in Vietnam to adopt more progressive, people-centered workplace practices if they want to attract and retain top talent.

Finally, the report calls for deeper collaboration between business, education, and government to bridge widening skills gaps. As automation and sustainability reshape industries, coordinated action is essential to ensure that talent development keeps pace with economic transformation. This need is especially acute in Vietnam, where rapid growth in digital and high-value sectors requires faster adaptation to prevent shortages from intensifying.

Sector-by-sector breakdown

Hiring patterns have shifted sharply over the past year in Vietnam’s consumer goods sector. The rapid expansion of e-commerce and omni-channel retail has pushed companies to prioritize digital talent over traditional FMCG (fast-moving consumer goods) profiles. Skills in data-driven marketing, platform management, and consumer insights are now among the most difficult roles to fill.

Global trends, such as rising sustainability expectations and health-conscious consumption, intersect with Vietnam’s own digital transformation agenda to reshape hiring criteria. Talent that can blend digital fluency, sustainability awareness, and commercial acumen is increasingly prized.

Candidate expectations have evolved just as quickly. Transparent pay structures, mobile-first application experiences, and consistent employer branding are now baseline requirements. Flexibility, once rare in retail and consumer goods, has become a decisive factor even for roles historically tied to physical operations. Employers report widening gaps between what senior candidates expect - career acceleration, leadership culture, innovation exposure - and what companies can currently offer.

Meanwhile, Vietnam’s corporate and professional services sector is experiencing accelerated change as new investors enter the market and companies localize leadership roles long held by expats. Demand has surged for senior finance, human resources (HR), and legal professionals, particularly Chief Financial Officers (CFOs), Chief Human Resources Officers (CHROs), and Heads of Risk and Audit.

Southern Vietnam is seeing strong hiring momentum in finance, accounting, and auditing, driven by FDI from China, Taiwan (China), and Hong Kong (China). This shift has created intense competition for bilingual and multi-lingual professionals, especially those fluent in Vietnamese, English and Chinese, who are now essential for cross-border operations.

Severe shortages persist in areas such as merger and acquisition (M&A) advisory, data privacy, intellectual property (IP) law, and strategic audit. With regulatory frameworks evolving and business operations growing more complex, companies increasingly need professionals able to navigate compliance, stakeholder management, and strategic transformation.

Candidates are also taking the lead in negotiations. Flexibility, mental health support, and transparent career pathways are now as important as salary. Lengthy or unclear hiring processes risk losing top talent, particularly as some candidates accept offers quickly or withdraw last-minute when better packages appear.

Regarding manufacturing, the sector continues to benefit from global supply chain diversification and strong government incentives, with high-tech industries such as electronics, semiconductors, automation, and renewable energy expanding rapidly. Hiring demand for engineers and technical specialists is rising faster than supply.

Acute shortages are evident in high-skill roles - automation engineers, robotics technicians, semiconductor designers - and in multilingual talent able to interface with Chinese, Taiwanese and Western stakeholders. At the same time, younger workers are avoiding repetitive factory jobs, leaving low-skilled roles increasingly filled by older workers.

Professionals across engineering and sourcing now expect flexibility, an inclusive culture, and clear career development. Hybrid work options, once considered impractical for manufacturing, are becoming more commonplace in planning, engineering, and administrative roles. Companies that fail to modernize workplace practices risk losing competitiveness in a market where workers increasingly prioritize purpose, culture, and development.

Looking ahead, semiconductor design, renewable energy technology, and sustainability engineering are expected to dominate hiring as automation, AI integration, and global semiconductor policy shifts reshape the industrial landscape.

Employers are placing greater emphasis on adaptability, problem-solving, and resilience, recognizing that operational know-how alone is no longer sufficient in a disrupted logistics environment. Mandarin-speaking talent is also in short supply as Chinese companies expand operations into Vietnam.

Candidate expectations are shifting significantly. Flexibility and career development now weigh as heavily as compensation. Employers with rigid pay structures or mandatory in-office schedules for non-operational roles are losing ground. Younger professionals, in particular, expect stronger employer branding, clearer learning pathways, and more progressive cultures.

Vietnam’s logistics sector is evolving from a low-cost operating base into a strategic hub for high-value functions. Whether this potential can be unlocked will depend on companies’ ability to adapt hiring practices and workplace cultures to attract and retain tech-enabled talent.

Key agricultural and food products accounted for around US$1.4 billion of the total export value, representing the largest share of the sector’s turnover.

HÀ NỘI — Hà Nội’s agricultural and forestry exports were estimated to surpass US$2 billion in 2025, maintaining steady growth and reinforcing the capital city’s role in the national agricultural supply chain, according to the Hà Nội Department of Agriculture and Environment.

Key agricultural and food products accounted for around US$1.4 billion of the total export value, representing the largest share of the sector’s turnover. The result reflects the effectiveness of the city’s efforts to expand overseas markets, improve quality standards, strengthen product traceability and promote production models that meet international standards and increasingly stringent import requirements.

Alongside export growth, the agriculture, forestry and fisheries sector recorded solid overall performance. In 2025, the sector’s gross regional domestic product was estimated to rise by 3.55 per cent year on year. Output at constant prices exceededVNĐ44.24 trillion, up 3.55 per cent, with agriculture remaining the main driver at more than VNĐ40.3 trillion, an increase of 3.52 per cent.

At current prices, the total production value of the agriculture, forestry and fisheries sector was estimated at nearly VNĐ70.4 trillion, with agriculture accounting for 91.02 per cent of the total.

These results are expected to provide a strong foundation for Hà Nội to further restructure its agricultural sector towards a modern, sustainable and higher-value model, enhance competitiveness and expand export markets in the coming years.

European companies are keen to expand investment in Vietnam across a wide range of sectors, including finance, textiles, climate change mitigation, carbon and methane emissions reduction, pharmaceuticals, biotechnology, semiconductors, data infrastructure, and AI.
Company executives from Europe, including those from Sweden, made the statement at a meeting with Prime Minister Pham Minh Chinh in Hanoi on Tuesday. They said they view Vietnam as an attractive investment destination and are pursuing long-term cooperation strategies.

The companies called on the Vietnamese Government to continue supporting long-term investment by European firms through open, stable and incentive-based policies, streamlined administrative procedures, and the development of supporting ecosystems and services to help optimize investment efficiency.

Philipp Rösler, former German Vice Chancellor and now chairman of the Swiss-Vietnam Economic Forum, praised Vietnam’s development strategy, including its ambition to build an international financial center and achieve double-digit economic growth in the coming years. He said businesses stand ready to cooperate and support Vietnam in realizing these goals.

Prime Minister Chinh said Vietnam is committed to further improving the business environment, maintaining political stability, accelerating digitalization, cutting red tape, reducing input and compliance costs, boosting labor productivity, and safeguarding the legitimate rights and interests of investors.

He outlined Vietnam’s priorities in clean energy development, including wind, solar and nuclear power, as well as sustainable agriculture initiatives such as a one-million-hectare low-emissions, high-quality rice program in the Mekong Delta. Vietnam is also developing a carbon market and promoting green transport through greater adoption of electric vehicles.

The cabinet leader said Vietnam offers strong incentives to develop its semiconductor industry and is already building chip manufacturing facilities, while targeting the training of between 50,000 and 100,000 semiconductor engineers by 2030. The country is also accelerating the development of national and sectoral databases to support AI applications.

He highlighted Vietnam’s potential and preferential policies in sectors such as pharmaceuticals, biotechnology, ecological agriculture, and the development of modern rural areas, alongside plans to establish an international financial center, free trade hubs, and cross-border economic cooperation zones.

Chinh urged Swiss and European companies to step up both direct and indirect investment, transfer technology, train human resources, share management expertise, invest in R&D, and support Vietnamese firms’ participation in global value and supply chains.

He called on Swiss and European businesses to back Vietnam’s efforts to build an international financial center, encourage remaining European Union member states to ratify the EU-Vietnam Investment Protection Agreement (EVIPA), and support the European Commission’s removal of its “yellow card” warning on Vietnam’s seafood exports.

Vietnam, he said, welcomes greater cooperation in green and digital transformation, renewable energy, the marine economy, green finance, sustainable finance and tourism, as part of its broader push for long-term, sustainable development aligned with international ESG standards.

Việt Nam’s exports of agricultural, forestry and fishery products in 2025 recorded positive results, laying an important foundation for 2026 growth targets.

Việt Nam’s exports of agricultural, forestry and fishery products in 2025 recorded positive results, laying an important foundation for 2026 growth targets.

Deputy Minister of Agriculture and Environment Phùng Đức Tiến spoke to Việt Nam News about the sector’s performance in 2025, as well as the opportunities and challenges in 2026 to reach an ambitious export target of US$74 billion.

What were the most notable achievements in Việt Nam's agricultural, forestry and fishery exports in 2025?

2025 was a particularly demanding year for the agriculture and environment sector. In the aftermath of the COVID-19 pandemic, Việt Nam continued to suffer major losses from natural disasters.

In 2023, damage caused by storms and floods was estimated at around VNĐ5.1 trillion. This figure surged to over VNĐ98 trillion in 2024 and about VNĐ100 trillion in 2025.

Geopolitical conflicts, trade wars in various regions also disrupted supply chains and led to the proliferation of trade barriers.

Nevertheless, under the leadership of the Party and the Government with coordinated efforts from ministries, sectors, local authorities, the business community, co-operatives and farmers, the agricultural sector demonstrated strong resilience and a flexible capacity in adapting to market changes.

As a result, total export turnover of agricultural, forestry and fishery products in 2025 reached $70.09 billion, up 12 per cent year-on-year.

Of this figure, agricultural products accounted for $37.25 billion, up 13.7 per cent; livestock products $627.8 million, up 17.4 per cent; fisheries $11.32 billion, up 12.7 per cent; and forestry products and wooden furniture $18.5 billion, up 6.6 per cent.

Major markets such as China, the US and Japan continued to play a pivotal role, accounting for 22.3 per cent, 20.6 per cent and 7.1 per cent of total exports respectively, all recording solid growth compared with the previous year.

These figures clearly demonstrate the effectiveness of production restructuring aligned with market demand, as well as the adaptability of Vietnamese enterprises in the face of external shocks.

What are potential opportunities and challenges for agricultural, forestry and fishery exports in 2026?

This year is expected to remain a highly challenging year, potentially even more difficult than 2025. There are many factors that will continue to exert strong pressure on agricultural exports, such as uncertainties in the global economy, rising trade protectionism and increasingly stringent requirements relating to environmental standards, traceability, carbon emissions and food safety.

At the same time, climate change remains a long-term challenge, directly affecting agricultural production, particularly in key areas for crop cultivation, livestock farming and aquaculture.

The introduction of reciprocal tariffs or new technical barriers by certain major markets also raises the bar for enterprises’ compliance capacity.

However, 2026 also presents several important opportunities. First, the agriculture and environment sector has accumulated experience in reform and production restructuring, building a solid foundation in production organisation, raw material regions and processing capacity.

Second, market diversification has begun to bear fruit, with exports to Europe and Africa growing by between 34 per cent and 68 per cent, opening up substantial scope for further diversification.

In addition, Asian, ASEAN, Middle Eastern and niche markets still offer considerable untapped potential.

More importantly, the business community has become increasingly proactive in trade promotion, market-oriented production planning and systematic investment in raw material areas.

These are the key factors enabling the agricultural sector to overcome difficulties and maintain growth momentum in 2026.

What are key solutions that the sector will implement to realise the export target of $74 billion set for 2026?

Achieving this target in 2026 will require the simultaneous implementation of multiple groups of solutions, with the value chain placed at the centre, from raw material regions through to end markets.

First, the sector will continue to standardise and develop raw material areas based on market orders, expand the allocation of planting area codes and aquaculture pond codes, and strengthen management of input quality, food safety and traceability.

Organising production in line with GAP, organic and sustainable standards is regarded as a core solution to minimise the risk of warnings and rejected shipments, while enhancing value added for export products.

In parallel, the sector will promote deeper processing and product diversification, prioritising investment in modern processing, preservation and packaging technologies.

The development of refined and convenience products, as well as the use of agricultural by-products like animal feed, biomaterials and extracts to form new value chains will contribute to increasing both export value and sustainability.

In the logistics sector, efforts will focus on developing cold storage systems, cold chains and regional logistics centres and optimising transport, border gates and seaports. It also will accelerate digitalisation to shorten customs clearance times, reduce compliance costs and enhance enterprises’ competitiveness.

Another crucial solution lies in improving market access capacity and building a national brand for Vietnamese agricultural products.

The sector will continue negotiations to open markets, remove technical barriers and strengthen forecasting and early warning mechanisms so that enterprises can proactively respond to market fluctuations.

At the same time, building product brands, geographical indications and segmented marketing strategies will facilitate a shift from exporting raw materials to exporting products with clear origin, standards and higher added value.

The green transformation has been identified as a prerequisite for accessing high-value market segments. Measures including assessing and reducing carbon footprints, promoting circular economy models, low-emissions production and sustainability certification will be vigorously implemented to meet the increasingly stringent requirements of premium markets and retail chains.

An issue of particular concern to the business community and international markets is the process of lifting the IUU fishing 'yellow card'. How is the process of removing the yellow card going?

The removal of the yellow card is a priority task. Recently, under the direct leadership of Prime Minister Phạm Minh Chính and Deputy Prime Minister Trần Hồng Hà, head of the National Steering Committee on IUU Fishing Prevention, the Government has held regular meetings with local authorities every Tuesday to review progress, urge implementation and address bottlenecks.

To date, Việt Nam has completed and submitted its report to the Directorate-General for Maritime Affairs and Fisheries of the European Commission, while continuing to direct localities to focus on four core areas: vessel management, vessel monitoring, traceability and strict handling of violations.

In addition to administrative penalties, relevant authorities have pursued 95 criminal cases to deter illegal fishing activities in foreign waters.

Fundamental shortcomings have largely been addressed, as Việt Nam has demonstrated strong determination to comply with the European Commission’s recommendations.

Việt Nam expects to have the yellow card lifted soon, thus creating more favourable conditions for fisheries exports and enhancing Việt Nam’s credibility in international markets.

Strong growth was recorded across all modern payment channels.

Non-cash payments in Vietnam rose sharply in 2025, reaching a total equivalent to 28 times the country’s GDP, according to the State Bank of Vietnam.

Vietnam's 2025 GDP size stood at $514 billion.

The number of non-cash transactions increased 42.21%, while total transaction value climbed 22.65% year-on-year.

Strong growth was recorded across all modern payment channels. Internet-based transactions surged 53.95% in volume and 35.75% in value, while mobile phone payments rose 36.62% in volume and 20.07% in value.

QR code payments saw the most dramatic increase, jumping 50.94% in transaction volume and an impressive 124.06% in value, underscoring their rising popularity for fast and convenient transactions.

Meanwhile, the interbank electronic payment system reported a 6.07% increase in transaction volume and a 56.55% surge in value. Transactions processed through financial switching and electronic clearing systems grew 24.33% in volume and 7.71% in value.

In contrast, ATM transactions declined 17.30% in volume and 6.02% in value compared to the previous year, highlighting a clear shift away from cash withdrawals as digital payments become increasingly widespread.

Prime Minister Pham Minh Chinh received a delegation of Swiss and European businesses in Hanoi on February 3.

Prime Minister Pham Minh Chinh has reaffirmed Vietnam’s openness to Swiss and European enterprises, encouraging greater investment in high-tech and high value-added projects linked with technology transfer, as well as deeper cooperation in green and digital transformation, renewable energy, the marine economy, green finance and tourism, according to a report from the Vietnam News Agency.

He made the suggestion at a meeting in Hanoi on February 3 with a delegation of Swiss and European businesses led by Dr Philipp Rösler, President of the Swiss–Viet Economic Forum (SVEF).

The PM expressed his hope that Swiss and European enterprises will scale up both direct and indirect investment, intensify technology transfer, support workforce training, share management expertise, invest in research and development, and help Vietnamese businesses integrate more deeply into global value and supply chains.

He also called on Swiss and European businesses to support Vietnam’s efforts to develop the international financial center, encourage the remaining EU member states to ratify the EU – Vietnam Investment Protection Agreement (EVIPA), urge the European Commission to lift the IUU fishing “yellow card” on Vietnamese seafood, and contribute to Vietnam’s long-term development through sustained investment, technology transfer, innovation cooperation and the promotion of international standards on environmental, social, and governance (ESG) and sustainable finance.

Representatives of Swiss and European enterprises highly valued Vietnam’s investment climate, noting their long-term cooperation and investment plans in sectors such as finance, textiles, climate change response, emissions reduction, pharmaceuticals, biotechnology, semiconductors, data infrastructure and artificial intelligence.

They called for continued support from the Government via policy openness and stability, streamlined administrative procedures, and stronger supporting ecosystems to help them enhance investment efficiency.

Rising interest rates are no longer seen as a short-term phenomenon but a structural trend, according to many financial institutions and economists, as Vietnam enters a new interest-rate regime with limited room for easing.

A new interest-rate floor takes shape

After a volatile 2025, Vietnam’s dong-denominated interest rates are settling at a noticeably higher level than in 2023-2024. Entering early 2026, both domestic and global factors suggest limited scope for rate cuts, with the possibility of further increases at certain points to address liquidity and exchange-rate pressures.

Many banks and securities firms agree that 2026 will not be a cycle of “cheap money”.

UOB expects the State Bank of Vietnam (SBV) to keep its refinancing rate unchanged at 4.5% throughout 2026, citing persistent inflationary and exchange-rate pressures. Twelve-month deposit rates are forecast to rise by around 0.5 percentage points from end-2025 levels.

From a domestic perspective, BSC Securities said the central bank may retain some flexibility should exchange-rate pressures ease in the second half of the year. However, deposit rates are still expected to rise by 0.5-1 percentage point as money supply growth (M2) lags well behind credit demand.

Vietcombank Fund Management (VCBF) said the SBV is likely to prioritize targeted liquidity injections rather than cutting policy rates, while deposit rates will need to remain elevated to retain funds, particularly as the system-wide current account savings account (CASA) ratio has fallen sharply.

Alongside persistently high deposit rates, lending rates have come under clear upward pressure since late 2025, driven by rising funding costs as CASA ratios decline and competition for medium- and long-term deposits intensifies.

Market data show that new lending rates for standard corporate borrowers have commonly risen to 8.5-10% per year, well above levels seen in the first half of 2025. For medium- and long-term loans - especially in higher-risk sectors such as commercial real estate, construction and project investment - banks are offering rates of 10-12% or higher, particularly for highly leveraged firms or those with unstable cash flows.

The U.S. Federal Reserve’s policy meeting on January 27-28, 2026 marked a key turning point, as the Fed held its benchmark rate at 3.5-3.75%, pausing the easing cycle that began in September 2025.

The decision reflected U.S. inflation proving more persistent than expected despite cooling labor markets. The pause has kept the dollar index (DXY) elevated, adding pressure on emerging-market currencies, including the Vietnamese dong.

UOB economists said that under such conditions, Vietnam has virtually no room to cut policy rates in 2026 if it wants to maintain USD/VND stability.

Domestic liquidity strains add pressure

Beyond external factors, internal stresses within Vietnam’s banking system are also limiting the scope for lower rates.

By the end of 2025, the gap between credit and deposits had widened to around VND1,600 trillion ($61.52 billion), reflecting a growing mismatch as loan demand rebounded while savings shifted to alternative investment channels.

As a result, the sector-wide loan-to-deposit ratio reached a record 111%, forcing banks to compete aggressively on deposit rates to secure funding. The CASA ratio fell below 22%, significantly raising funding costs.

In December 2025, the SBV injected more than VND400 trillion ($15.38 billion) net via open market operations (OMO) to cool interbank rates, which had climbed to 7.5-7.8% at year-end. By late January 2026, longer-tenor interbank rates at times exceeded 8%, indicating that shortages of medium- and long-term funding remain unresolved.

Can Van Luc, chief economist at state-controlled BIDV bank, said the rise in interest rates is no longer cyclical but structural. He pointed to the prolonged gap between credit growth- around 18.5% in 2025 - and deposit growth, which has forced banks to maintain higher rates to attract funds.

Lending rates for high-risk sectors such as commercial real estate could remain at 10-12% in 2026, as these sectors no longer qualify as credit priorities, he added.

From an international perspective, Nguyen Xuan Thanh of Fulbright University Vietnam described the Fed’s pause as a “mild shock” for emerging markets. USD/VND pressures are likely to re-emerge in the first quarter of 2026, placing the SBV in a difficult position between defending the currency and supporting growth.

Signals from the SBV in January 2026 suggest a shift in policy priorities. Pham Chi Quang, head of the SBV's monetary policy department, said the 2026 credit growth target is expected to be around 15%, well below nearly 19% in 2025.

This reflects a move away from growth-at-all-costs toward a balance between economic expansion and inflation control, implying the central bank will no longer inject liquidity aggressively to push rates lower.

As of February 2026, 12-month deposit rates are forecast to range between 6.5% and 7.5%, with an upward bias. The USD/VND exchange rate is expected to trade between 25,500 and 25,800, while credit growth remains capped at 15%.

A recent 2026 outlook report by FiinGroup said Vietnam’s public debt indicators remain relatively safe, leaving some room for fiscal policy. However, the banking system remains the economy’s main funding channel, particularly for small and medium-sized enterprises, making growth heavily dependent on credit expansion.

That credit-driven growth model is approaching its limits. If credit growth of around 16% per year is maintained to support GDP growth of 8-10%, the credit-to-GDP ratio would exceed 180% by the end of the decade and approach or surpass 200% after 2030 - well above safe thresholds for an emerging economy, increasing risks to financial stability and banking system resilience.

With capital adequacy (CAR) under pressure, asset risks accumulating and inflation control becoming more critical, continued reliance on bank credit to drive growth is no longer sustainable. This underscores the need for a fundamental shift toward alternative funding channels in the next phase of economic development.

Under the National Assembly’s Resolution 244/2025/QH15, Việt Nam has set a target to keep the consumer price index (CPI) at below 4.5 per cent this year to maintain macroeconomic stability while creating room for economic growth.

HÀ NỘI — Inflation is expected to remain under control in 2026, but economists warn that risks from global volatility, rising domestic demand and lagging policy effects could still put pressure on prices.

Under the National Assembly’s Resolution 244/2025/QH15, Việt Nam has set a target to keep the consumer price index (CPI) at below 4.5 per cent this year to maintain macroeconomic stability while creating room for economic growth.

According to Director of the National Statistics Office Nguyễn Thị Hương, inflationary pressure in 2026 is not expected to be high, but risks still remain.

She said that unpredictable developments in global energy, fuel and commodity prices coupled with high international logistics and transport costs could continue to weigh on production costs and product prices.

Geo-political tensions, natural disasters and climate change could also disrupt supply chains, particularly for food and essential goods, while accelerating consumption, production and public investment would boost aggregate demand, which could potentially lift prices, Hương said.

“Price management needs to remain proactive and cautious to ensure supply-demand balance and control inflation to safeguard macro-economic stability,” she added.

Former NSO Director Nguyễn Bích Lâm said that inflation in 2026 would also be affected by the lagging effects of major price adjustments in 2024-25.

Specifically, electricity prices were raised twice during this period, pushing up production and living costs and likely continuing to weigh on CPI in the quarters ahead.

Rising health care and education fees are also adding pressure to public service prices, he said.

In addition, a strong rebound in tourism, entertainment and catering services could push service prices higher during peak periods.

Globally, prices of metals, construction materials and industrial inputs remain high amid geo-political uncertainty and supply chain disruptions.

According to Nguyễn Đào Tùng, director of the Academy of Finance, the Government’s 10 per cent GDP growth target for 2026 would require a sharp increase in aggregate demand across consumption, investment and exports, placing significant pressure on both monetary and fiscal policy.

He said balancing historically high growth targets with macro-economic stability would be challenging, especially amid an uncertain global economic outlook for 2026, risks of trade tensions, slower growth in major economies and volatile financial and currency markets.

Acting Deputy Director of the Institute of Economics and Finance Nguyễn Đức Độ forecast monthly CPI growth at around 0.3 per cent, with average inflation in 2026 hovering around 3.5 per cent, plus or minus 0.5 percentage points.

In 2025, Việt Nam recorded GDP growth of over 8 per cent while keeping inflation at 3.3 per cent, official data shows. Last year was the 11th consecutive year Việt Nam has kept inflation below 4 per cent.