VnEconomy - Vietnam Economic Times

Total outstanding loans for social housing reach approximately $1.56 billion

Fri, 13 Mar 2026 01:40:00 GMT

Following Government directives, the Central Bank has prioritized credit flows into this sector while coordinating with the Ministry of Construction and relevant agencies to refine policies and remove bottlenecks in project implementation.

Total outstanding loans for social housing have reached approximately VND41 trillion ($1.56 billion), stated the State Bank of Vietnam (SBV). Of this amount, the Vietnam Bank for Social Policies accounts for over VND25 trillion or nearly 60%, while commercial banks contribute more than VND16 trillion.

Against a backdrop of surging demand for social housing, the challenge of securing capital for development and ensuring accessibility for low-income earners remains a top priority. Following Government directives, the SBV has prioritized credit flows into this sector while coordinating with the Ministry of Construction and relevant agencies to refine policies and remove bottlenecks in project implementation.

Speaking at a real estate event on March 12, SBV Deputy Governor Nguyen Ngoc Canh stated that the central bank has instructed credit institutions to direct capital toward the affordable and low-income housing segments.

According to Mr. Canh, to encourage wider bank participation, the SBV has excluded these loans from the annual credit growth quotas assigned to individual banks. Additionally, the SBV is maintaining stable policy interest rates to create conditions for lower lending rates. Currently, lending rates stand at approximately 6.1% per annum for developers and 5.6% per annum for social housing buyers—levels considered highly preferential compared to the broader market.

The Deputy Governor noted that thanks to synchronized solutions from the Government, ministries, and local authorities, the program's disbursement progress has seen marked improvement.

By the end of January 2026, commercial banks had approved VND20.5 trillion (nearly $781 million) in loans—a more than 200% increase compared to the end of 2024. This represents 17% of the total VND120 trillion ($4.57 billion) credit package. However, the remaining capital for the program remains substantial, indicating significant "credit room" to drive social housing development in the coming period.

Commenting on the role of credit, Mr. Nguyen Xuan Bac, Deputy Director of the SBV’s Department of Credit for Economic Sectors, emphasized that the banking industry views credit as a vital resource for social housing development. Consequently, the SBV has established and implemented specific credit mechanisms and policies designed to support both project developers and citizens in need of housing.

Vneconomy-Thanh Xuân

Vietnam targets 95% of population aged 15 and above to have bank accounts

Thu, 12 Mar 2026 09:30:00 GMT

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.

VGP-Van Nguyen

Over $2.3bln mobilized through G-bonds in 2M

Thu, 12 Mar 2026 04:10:00 GMT

In February alone, the State Treasury raised nearly VND34.5 trillion ($1.3 billion) through 12 government bond auctions.

Over VND60.5 trillion ($2.3 billion) was mobilized by the State Treasury through government bonds in the first two months of 2026, completing about 55% of its first-quarter issuance plan and roughly 12% of the full-year target, according to the Hanoi Stock Exchange (HNX).

In February alone, the State Treasury raised nearly VND34.5 trillion ($1.3 billion) through 12 government bond auctions.

On the secondary market, the total listed value of government bonds surpassed VND2.6 quadrillion ($99 billion) at the end of February, up 1.14% from the previous month. Average trading value stood at more than VND14.9 trillion ($568 million) per session, down 12.45% from January.

Foreign investors represented 5.26% of the market’s total trading value and recorded a net sale of VND334 billion ($12.7 million) during the month.

VnEconomy-Hà Anh

Since VND chosen as an accounting currency

Wed, 11 Mar 2026 03:30:00 GMT

A new Circular addresses accounting questions arising from business operations involving both the VND and foreign currencies.

The VND has long been implicitly treated as the accounting currency for most domestic companies. Such an approach suited a period when the economy was relatively closed, production and business activities were largely domestic, and foreign currency transactions were insignificant. That picture is rapidly changing.

A growing number of Vietnamese companies now earn most of their revenue from exports, borrow in foreign currencies, receive foreign investment, or participate in global supply chains - where cash flows are predominantly in USD, Euro, and other foreign currencies. In such a context, recording and presenting all financial activity solely in VND can obscure the true nature of a business.

Empowering currency choice

Circular No. 99/2025/TT-BTC, issued by the Ministry of Finance to regulate Vietnam’s corporate accounting regime, goes beyond technical bookkeeping updates to address these gaps. The Circular reaffirms the VND as the default accounting currency while introducing flexibility by allowing companies to choose a foreign currency as their accounting currency when receipts and payments primarily arise in a specific foreign currency. This marks an important shift from form-based administration to a substance-based approach aligned more closely with international practice.

According to Mr. Nguyen Dich Dung, Audit Director at Grant Thornton Vietnam, the currency provisions in Circular No. 99 are standardization suited to a new environment. Maintaining the VND as the default reflects consistency, while the added flexibility accommodates companies whose cash flows are predominantly foreign-currency based, enabling financial statements to better reflect operational reality.

He added that rather than relying on a single or “default” criterion, the Circular sets out four groups of criteria with clear priority. Revenue and expenses - two factors that directly reflect a company’s core operations - take precedence in determining the accounting currency.

Specifically, the first criterion is the currency that directly influences the pricing of goods and services, generates revenue, and governs the company’s principal transactions. The second is the currency that affects costs, including labor, raw materials, and production expenses, and the currency commonly used to settle these costs. Only if these two key criteria are insufficient does a company consider the third criterion: the currency used to raise financial resources, such as issuing debt or equity instruments. The final criterion is the currency routinely received from operating activities and used for accumulation.

In essence, Circular No. 99 requires that companies answer a fundamental question: which currency truly governs day-to-day business operations? In practice, such changes typically occur as companies expand internationally and revenues and costs shift towards a foreign currency - particularly among exporters. Prioritizing revenue and cost criteria serves as a substance-based filter, enabling companies to reassess their accounting currency so that financial statements more accurately reflect operating realities and actual financial risk.

Flexibility without loosening oversight

From another perspective, for most small and medium-sized enterprises, the choice of accounting currency raises few concerns, as their activities remain largely denominated in VND. By contrast, for export processing and import-export companies, where inflows and outflows are tightly linked to foreign currencies, the choice becomes more complex.

The openness under Circular No. 99 has also prompted practical questions among accountants: if a company operates in Vietnam and conducts most transactions in foreign currencies but still chooses the VND as its accounting currency, is that appropriate?

Ms. Nguyen Phuong Hang, Director of the Vietsourcing Business Consultancy Company, noted that, legally speaking, choosing the VND in such cases is not incorrect. However, it may not fully reflect the substance of economic transactions. Even if a company’s cash flows are primarily in foreign currencies, retaining the VND as the fixed accounting currency is not deemed non-compliant. Conversely, if a company meets the criteria and chooses a foreign currency, Circular No. 99 permits that choice.

Another critical point highlighted by experts is the distinction between the accounting (book) currency and the presentation currency of financial statements. Circular No. 99 allows companies to select a book currency aligned with operational reality. However, financial statements submitted to State authorities or tax authorities or for statutory audit must still be presented in VND. Companies may keep their books in a foreign currency, but when preparing financial statements for regulatory filing or audit, those statements must be converted into VND.

By contrast, reports submitted to a parent company, group, or for internal management purposes are not required to be converted if the accounting system is maintained in a foreign currency. Importantly, when changing the accounting currency, companies must clearly disclose the reasons and the impact of the change on financial statements.

Exchange rate basis

Choosing the accounting currency is only the first step. Once foreign currency enters the accounting system, the more complex issue lies in determining and applying exchange rates. Broadly, Circular No. 99 inherits guidance from Circular No. 200, with technical adjustments for converting foreign currency financial statements into VND.

Another notable difference concerns the treatment of exchange rates for undistributed profits. According to Mr. Dung, using the exchange rate at the time of profit distribution, as previously applied, can distort the substance of equity because exchange rate movements become “embedded” in undistributed profits. “If the exchange rate at the time of dividend payment or profit distribution differs from the original recognition rate, the resulting difference does not reflect business performance but is merely technical,” he explained.

In addition, companies may choose between the actual exchange rate for each transaction or an average rate for the accounting period when preparing the income statement and cash flow statement. The new approach is more flexible, removing the rigid 3 per cent cap between average and actual rates and instead referencing the spot exchange rate band set by the State Bank of Vietnam, typically assessed at around 5 per cent. This approach is seen as more closely aligned with exchange rate management in practice and better reflective of market movements.

At the transaction level, foreign currency transactions may use the actual exchange rate specified in payment contracts. In practice, however, contracts that fix a specific exchange rate are uncommon. Most companies apply the average bank transfer buying and selling rates of the commercial bank they regularly transact with, or rates approximating those averages on the transaction date.

Beyond actual rates, Circular No. 99 also prescribes two methods for determining book exchange rates: a specific rate stipulated in contracts, and a weighted-average book rate determined for an accounting period.

Despite clearer rules, applying the appropriate exchange rate in specific situations remains a common source of questions, for example which rate to use when an invoice has been issued but payment has not yet been received.

According to Ms. Hang, actual exchange rates are used to record all foreign currency transactions that increase monetary and non-monetary items. Book exchange rates apply to transactions that reduce foreign currency monetary items.

She emphasized that companies cannot arbitrarily change exchange rate determination methods between periods without explicit provisions in their accounting policies. If an approximate rate is adopted, companies must specify whether it is determined weekly or monthly and ensure that the deviation does not exceed 1 per cent compared with the average bank transfer buying and selling rates on the transaction date. Exceeding this threshold renders the approximate rate ineligible for use.

Ultimately, Circular No. 99 is not merely a technical accounting adjustment - it reflects a shift in regulatory thinking, granting companies greater autonomy while imposing higher standards of transparency, consistency, and accountability. The “open” mechanism will only be effective when decisions on accounting currency and exchange rates are grounded in operational substance rather than technical convenience or short-term considerations.

VET-Phuong Linh

Fuel import tariffs reduced to 0% amids Middle East tensions

Tue, 10 Mar 2026 23:05:00 GMT

The preferential import tax for unleaded petrol is slashed from 10% to zero from March 9 to April 30.

The Government has decided to remove import tariffs on certain fuel products to ensure supplies and stabilize the domestic fuel market amid rising tensions in the Middle East.

According to Government Decree No. 72/2026/ND-CP issued on March 9, the preferential import tax for unleaded petrol is slashed from 10% to zero.

Import duties on petrol blending components such as naphtha and reformate (HS code 2710.12.80) is also reduced to 0%. Preferential import tariffs are also cut from 7% to 0% for diesel fuel, fuel oil, aviation fuel and kerosene.

Additionally, certain raw petrochemical materials such as xylene, condensate, and p-xylene will have their tax rates reduced from 3% to 0%, while other cyclic hydrocarbons will see their tax rates brought down to 0% from 2%.

This decree takes effect from March 9 to April 30.

VnEconomy-Dũng Hiếu

Finance ministry proposes 0% import tariff on fuel to stabilise supply

Mon, 09 Mar 2026 06:30:00 GMT

The move is part of measures to stabilise domestic supply and safeguard national energy security amid growing global uncertainties.

The Ministry of Finance has proposed temporarily cutting the most-favoured-nation (MFN) import tariff on several gasoline and oil products, as well as related input materials, to 0% in a bid to stabilise domestic supply and safeguard national energy security amid growing global uncertaintie, resulting from the current military conflict in the Middle East.

The proposal is included in a draft decree amending preferential import tariffs for certain goods, which has been submitted to the Ministry of Justice for appraisal.

Under the draft, the MFN tariff on unleaded motor gasoline and gasoline blending components such as naphtha and reformate would be reduced from 10% to 0%. Tariffs on diesel fuel, fuel oil, jet fuel and kerosene would also fall from 7% to 0%.

In addition, several petrochemical feedstocks — including xylene, condensate and p-xylene — would see tariffs lowered from 3% to 0%, while tariffs on other cyclic hydrocarbons would be cut from 2% to 0%.

The drafting agency estimates that if the proposed tariff rates were applied based on import turnover in 2025, state budget revenue could decline by about VND1.02 trillion (over $38.9 million).

If approved, the decree is expected to take effect in April 2026.

VnEconomy-Hoàng Sơn

Thirteen Vietnamese banks listed among the world’s 500 most valuable banking brands

Sun, 08 Mar 2026 01:10:00 GMT

These banks are Vietcombank, VietinBank, MB Bank, BIDV, Techcombank, Agribank, VPBank, ACB, HDBank, Sacombank, VIB, TPBank and SHB.

Thirteen Vietnamese banks were listed among the world’s 500 most valuable banking brands in 2026, according to the latest Banking 500 report released by Brand Finance, the Government News reported.

These banks are Vietcombank, VietinBank, MB Bank, BIDV, Techcombank, Agribank, VPBank, ACB, HDBank, Sacombank, VIB, TPBank and SHB.

The list highlights the growing strength and global presence of Vietnam’s banking sector.

Among them, Vietcombank remains the country's most valuable banking brand, placing 134th globally despite dropping seven places compared with 2025. VietinBank ranks second among Vietnamese banks, climbing 15 places to 148th globally.

MB Bank also recorded notable improvement, rising 12 places to 156th and surpassing BIDV in this year's ranking. Meanwhile, BIDV is ranked 170th globally, Techcombank stands at 175th and Agribank is ranked 221st.

VPBank recorded the most significant progress among Vietnamese banks this year, jumping 33 places from 260th in 2025 to 227th in 2026. HDBank also saw a notable improvement, rising 25 places to 326th globally.

Other Vietnamese banks continue to maintain their presence in the global ranking, with ACB ranked 283rd, Sacombank 336th, VIB 428th, TPBank 459th and SHB 483rd.

According to Brand Finance, brand valuation enables financial institutions to measure brand strength and quantify the financial value of their brands. This serves as an important foundation for banks to develop long-term strategies, strengthen competitiveness and enhance corporate value.

Headquartered in London, Brand Finance operates in more than 25 countries and conducts over 6,000 brand valuations each year. The organization also publishes more than 100 brand ranking reports annually across various industries and markets.

VGP-Pham Long

AI deployed in banking sector

Sat, 07 Mar 2026 02:30:00 GMT

Banks have begun to deploy AI in their business operations but must look at issues surrounding data for the path to be smooth.

The banking sector increasingly sees AI as a strategic lever enabling it to strengthen competitiveness, optimize operations, and personalize the customer experience. According to a 2025 survey by SP Global Market Intelligence on more than 550 banks worldwide, over 54 per cent have deployed AI initiatives in internal operations, surpassing the cross-industry average.

At a roundtable on Vietnam’s digital banking landscape in the AI era, Mr. Pham Anh Tuan, Director General of the Payment Department at the State Bank of Vietnam, emphasized that AI is not merely a technological tool but a new capability that is reshaping how banks operate, make decisions, and serve customers. However, behind the strong wave of AI investment, many Vietnamese banks continue to face a major “bottleneck”: data fragmentation, or, more specifically, problems in the quality of data sources, which form the core foundation of any AI system.

Data bottleneck

According to Mr. Luu Danh Duc, Deputy CEO of LPBank, data governance foundations at many banks remain incomplete and ineffective in practice. “Data systems are becoming increasingly complex, tangled, and fragmented across departments and business systems,” he believes. “Data exists, but it does not ‘flow’; there is plenty of data, but it is unusable; data is collected quickly, but it is difficult to maintain, scale, and control over the long term.”

In that context, many banks have opted to restructure their entire data architecture or deploy new data platforms in the hope of creating a more unified, modern, and manageable data flow. This approach clearly reflects the broader picture for Vietnam’s banking sector as it confronts the demands of digital transformation and effective data utilization.

However, the challenge is far more complex than simply selecting a new technology platform. In theory, there is no shortage of data governance, analytics, and AI solutions, but in practice the gap between solutions “on paper” and effective real-world deployment remains significant, requiring long-term vision, persistence, and a fundamentally-sound approach starting with data foundations.

Many business leaders still believe that investing in data technologies or AI alone will solve their problems. Technology vendors are eager to roll out pilot projects and proof-of-concept (PoC) models. Yet most of these initiatives ultimately fail to meet expectations, because the data required to run the models either does not exist within the system or exists but is substandard, inconsistent, or not available in a timely manner.

Another major challenge lies in measuring the return on investment (ROI) of data and AI projects. Mr. Duc noted that as AI becomes a global trend, many organizations feel pressured to “do AI” simply because their competitors are doing so. Without a solid data foundation, however, AI delivers little real value. Data is not a magic solution that creates immediate results; it is a long-term capability that must be built steadily, strategically, and with discipline.

Mr. Tran Phu Nghia, Chief Information Officer at VietBank, pointed out that data used for reporting and decision-making remains scattered across multiple systems and departments. Aggregating data, meanwhile, is time-consuming, lacks timeliness, and directly undermines the quality of management and operations.

In addition, many banks have stopped at digitization rather than true automation. Reporting, appraisal, approval, and case processing workflows still rely heavily on human intervention. This slows down operations, reduces flexibility, and makes it difficult to fully leverage AI’s potential, particularly autonomous AI models, or agentic AI, which require highly-integrated data and standardized processes.

At the core of the issue, many experts argue, is not technology but people, processes, and organizational culture. When business units lack cooperation and discipline in data management, chasing new technologies only adds further complexity to already strained systems. Without identifying the true root causes, data and AI initiatives risk becoming costly investments that fail to generate meaningful value.

Compliance pressure

The Law on Personal Data Protection No. 91/2025/QH15, effective from January 1, 2026, together with Decree No. 356/2025/ND-CP guiding its implementation, significantly raises the bar for how customer data is stored, protected, and used.

Under these instruments, personal data, particularly banking and financial data, must be strictly managed throughout its entire lifecycle, from collection and processing to storage, utilization, sharing, and disposal. For banks with foreign partners or international customers, compliance requirements are even more stringent, as institutions must meet both domestic and international standards simultaneously.

Specifically, the law imposes rigorous requirements for the protection of sensitive personal data in the banking and financial sector. Banks are required to apply the highest standards of safety, security, and confidentiality to customer data, and may collect and process only data that is genuinely necessary for clearly-defined business purposes.

In addition, the Law mandates that banks appoint dedicated personnel or a specialized unit responsible for data protection, commonly referred to as a Data Protection Officer (DPO). This function must meet minimum standards in qualifications and experience, and is tasked with developing and overseeing data protection policies, conducting risk assessments, organizing internal training, and serving as the focal point for engagement with regulators when necessary. This marks a significant shift, underscoring that data protection is no longer an auxiliary responsibility of IT departments but an independent governance function within banks.

With regard to cross-border data transfers, particularly when banks work with foreign partners such as cloud service providers or international fintech firms, the Law requires institutions to conduct cross-border Data Transfer Impact Assessments (DPIAs). Banks must also apply technical measures such as encryption, anonymization, or data minimization for sensitive datasets. These provisions mean that decisions on data architecture, technology partners, and AI deployment models are now more tightly linked than ever to legal compliance requirements.

Data governance is no longer the sole domain of IT or cybersecurity teams, it has become a strategic issue at the highest level of management. In practice, while many data governance frameworks have been designed in considerable detail, translating them into effective day-to-day operations remains a long and challenging journey.

According to Mr. Nghia, as AI is applied more deeply across banking operations, information security and personal data protection have become increasingly critical, especially given the limitations that still exist in overall data governance platforms. Training and operating AI models require vast volumes of data, heightening the risk of data leakage, misuse, or misapplication in the absence of robust control mechanisms.

Experts stress that data security today is not merely about defending systems against external attacks but about embedding protection across the entire data lifecycle. This includes clear access controls, monitoring data usage, governing data inputs for AI models, and ensuring traceability and accountability in the event of incidents.

In reality, there have already been cases in which organizations used public AI tools and inadvertently uploaded financial and customer data onto uncontrolled platforms, resulting in serious data breaches. Such risks not only damage institutional credibility but can also trigger severe legal penalties as Vietnam’s personal data protection framework continues to take shape and be more strictly enforced.

Foundational factors

The Law on Personal Data Protection 2026 is likely to drive up investment costs for building and operating data governance and AI frameworks, from refining processes and standardizing systems to training dedicated personnel and conducting regular assessments and audits. However, strict compliance with these regulations will also help banks strengthen and enhance customer trust in the digital environment.

More importantly, a well-governed and secure data foundation can become a critical competitive advantage, enabling banks to roll out digital initiatives and deploy AI in a more sustainable manner.

At present, debate continues over whether banks should prioritize an “AI-first” strategy by launching small AI projects to generate quick wins, or a “Data-first” approach, focusing on building a robust data foundation before moving into AI.

From the perspective of someone directly involved in deploying AI for multiple banks in Vietnam, Mr. Ha Quang Thai, AI Consulting Director at FPT Digital, argues that the success of AI projects does not hinge on “adopting technology as early as possible” but rather on three foundational factors that banks must pay close attention to.

First, AI can only deliver real value when built on a sufficiently strong and consistent data platform. AI models perform best when “nourished” with high-quality data that is continuously updated and synchronized across systems. In reality, however, data at many Vietnamese banks remains fragmented, scattered across legacy systems, lacking interoperability, or not standardized under common frameworks. In such conditions, rushing into AI deployment can result in high costs with disappointing outcomes.

Second, Mr. Thai emphasized the need for a well-defined AI strategy, rather than a fragmented, pilot-driven approach. “While these initiatives may deliver some early results, they easily lead to ‘siloed’ AI; disconnected solutions that fail to create synergies across the broader system,” he explained. Without a clear integration roadmap, banks will struggle to build an intelligent AI ecosystem capable of supporting end-to-end operations and decision making.

Third, beyond data and strategy, the human factor remains decisive in AI implementation. Mr. Thai noted that one common mistake is placing excessive emphasis on technology while underinvesting in workforce training and operational mindset change. “AI cannot fully replace people; it must be operated by teams that understand both banking operations and how AI models work,” he said. “Therefore, alongside technology investment, banks need to build internal capabilities, upskill their workforce, and prepare for changes in working methods as AI moves into real-world operations.”

There is no one-size-fits-all formula for banks. What cannot be overlooked, however, is that data must be treated as a core capability, requiring long-term investment, a clear roadmap, and direct leadership from the top. CEOs cannot simply delegate data responsibilities to IT departments; they must act as chief architects of data and AI strategy.

Only by addressing data fragmentation, establishing a unified data architecture, embedding legal compliance by design, and fostering a data-driven culture across the organization can AI truly become a decision-support tool and deliver sustainable value for the banking sector. Otherwise, continuing to deploy AI on fragmented and weakly-governed data foundations will see the data “bottleneck” persist, constraining the AI transformation ambitions of Vietnamese banks.

VET-Huyen Thuong

PM urges development of capital market to ease pressure on banking system

Fri, 06 Mar 2026 01:30:00 GMT

The Government leader chairing a meeting on March 5 to discuss key tasks and solutions for managing monetary and fiscal policies.

Prime Minister Pham Minh Chinh has asked the Ministry of Finance to further develop the capital and stock markets, including bond issuance, to expand medium- and long-term funding sources and reduce pressure on the banking system.

Chairing a meeting with ministries and relevant agencies in Hanoi on March 5 to discuss key tasks and solutions for managing monetary and fiscal policies, the Government leader also instructed the ministry to continue implementing a targeted and focused expansionary fiscal policy.

This includes effective management of budget revenues and expenditures, stronger public investment in key infrastructure projects, tax and fee reductions or extensions, development of an international financial centre, and mobilisation of all resources for development.

He stressed the need to shift from heavy reliance on credit capital to diversified and lawful funding sources, ensuring that monetary and fiscal policies complement and reinforce each other.

Relevant ministries and agencies were urged to improve productivity, quality and competitiveness while unlocking resources across all economic sectors, particularly small and medium-sized enterprises.

The Prime Minister also called for further administrative reforms, simplification of investment procedures, faster site clearance, and accelerated implementation of key projects.

VnEconomy-Kỳ Phong

Domestic gold prices rebound after sharp decline

Thu, 05 Mar 2026 23:10:00 GMT

Prices of SJC-branded gold bars standing at VND181.2 million ($6,916) per tael for buying and VND184.2 million ($7,030) per tael for selling.

Gold prices in Vietnam rebounded on March 5 after falling sharply for the two previous trading sessions in a row.

SJC-branded gold bars increased slightly by VND500,000 ($19) per tael, or 0.27%, compared to the previous day, with buying prices rising to VND181.2 million ($6,916) per tael and selling prices to VND184.2 million ($7,030).

One tael is equivalent to 37.5 grams, or about 1.2 ounces.

Gold ring prices also moved higher, surging by VND500,000 to VND181.4 million ($6,923) per tael for buying and VND184.4 million ($7,038) for selling.

On the global market, gold prices continued the upward trend, climbing more than 0.8% to $5,179 per ounce. At this level, domestic gold prices remained approximately VND18.77 million ($716) per tael higher than international levels.

VnEconomy-Mai Nhi

Public investment disbursement totals $2.12bln in 2M

Thu, 05 Mar 2026 01:05:00 GMT

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.

VnEconomy-Phương Nhi

Domestic gold prices plunge after hitting record high

Wed, 04 Mar 2026 03:32:00 GMT

Gold prices in Vietnam reaching a historic high of nearly VND191 million ($7,290) per tael on March 2.

Gold prices in Vietnam fell sharply on March 3, dropping by VND1.5 million (US$57.2) per tael for both buying and selling after reaching a record high of nearly VND191 million ($7,290) per tael a day earlier.

One tael equals 37.5 grams, or 1.2 ounces.

Prices of SJC-branded gold bars were listed at VND186.4 million ($7,114) per tael for buying and VND189.4 million ($7,229) per tael for selling.

Gold ring prices followed a similar downward trend, declining by between VND300,000 ($11.45) and VND1.5 million ($57.2) per tael, depending on the retailer.

Meanwhile, global gold prices continued to edge higher, rising 0.9% from the previous session to $5,370.4 per ounce. At this level, domestic gold prices remain about VND17.39 million ($663) per tael higher than international prices.

VnEconomy-Mai Nhi

How real-world asset tokenization could evolve in Vietnam?

Mon, 02 Mar 2026 09:00:00 GMT

Vietnam Economic Times / VnEconomy gathered insights from economists and market practitioners on how real-world asset tokenization could evolve in Vietnam, balancing innovation with regulation and investor protection.

Mr. Jack Nguyen, Founder and Managing Partner of BlockBase Ventures

The tokenization of real-world assets should not be viewed merely as a new “digital asset class” but rather as financial infrastructure that enables markets to operate with greater transparency, efficiency, and scalability.

In Vietnam, capital demand for traditional assets such as real estate, infrastructure, energy, manufacturing, and private credit is substantial, while existing capital channels remain limited, particularly for mid-sized and long-term projects. In this context, tokenization, if implemented properly, can help address capital fragmentation and expand access to investors, not only domestically but also internationally. Sectors considered most suitable for early-stage tokenization include income-generating real estate such as industrial parks, logistics, and infrastructure; private credit and supply chain finance, where capital demand is high but efficient funding channels are lacking; and green finance and energy infrastructure, aligned with environmental, social, and governance (ESG) standards and the preferences of international investors.

However, it must be emphasized that tokens do not create new value on their own. They are merely tools for packaging, standardizing, and distributing ownership rights more efficiently. If the underlying assets are of poor quality, the legal framework is unclear, or cash flows are unsustainable, tokenization will not improve value and may even accelerate the spread of risk.

In my view, safe tokenization must prioritize legal standards and asset structuring, rather than technology alone.

First, the underlying assets need to be placed within a transparent legal structure, such as a special purpose vehicle (SPV) - a company established specifically to hold and manage the assets - or licensed trust funds or investment funds. In such cases, tokens represent lawful ownership rights or economic benefits, rather than merely conceptual digital assets.

Second, it is essential to clearly distinguish that tokenization is the digitization of ownership rights and does not equate to unrestricted trading on unregulated secondary markets. The transfer of tokens must still comply with regulations on qualified investor classification, identity verification, anti-money laundering, transaction limits, and disclosure obligations, similar to the standards of traditional financial markets.

Third, blockchain should be used as a record-keeping and reconciliation layer to enhance transparency and reduce operational risk; it cannot replace the role of the law, regulators, or financial intermediaries.

Tokenization can create new opportunities, but it also carries risks related to artificial liquidity and financial leverage. This is a very real concern, especially for developing markets like Vietnam. Tokenization may create a perception of “high liquidity” but, in reality, liquidity is only sustainable when supported by real cash flows and genuine demand.

For investment funds, a tokenization approach must be grounded in traditional risk management thinking. The focus should remain on assessing assets based on cash flows, resilience across cycles, and downside scenarios; tightly controlling financial leverage, especially for assets that are already highly cyclical; and maintaining transparency with investors regarding holding periods, exit possibilities, and liquidity-related risks. For these reasons, over the next three to five years, I do not expect tokenization to experience a widespread boom. Instead, it is likely to develop in a selective and controlled manner, closely tied to regulatory sandboxes and reputable financial institutions.

Mr. Richard D. McClellan, Vice Chairman of the Advisory Council of the Vietnam International Financial Center in Da Nang

Asset tokenization is not a standalone product, but a supporting capability within a broader financial ecosystem. For Da Nang, the value of tokenization lies in its development orientation towards innovation, digital finance, and controlled pilot mechanisms.

If implemented properly, tokenization can improve the efficiency of asset issuance, enhance transparency, and improve liquidity in secondary markets. However, this is only feasible when it is embedded within a credible legal framework, supervisory regime, and market infrastructure. The real opportunity is not in branding Da Nang as a “token hub” but in positioning the city as a place to responsibly pilot new financial models that can later be scaled nationwide if successful.

As to whether asset tokenization can become a strategic competitive advantage for Vietnam’s International Financial Center (IFC), the answer is “yes” but only in a highly selective manner. Tokenization itself is not a competitive advantage; institutional trust is the decisive factor. Tokenization can only differentiate Vietnam if it is integrated early into an IFC framework grounded in clear rules, with transparent principles for investor protection, property rights, and dispute resolution mechanisms. If done well, tokenization can complement traditional finance rather than compete with or replace it. Conversely, if rolled out indiscriminately or without adequate oversight, it risks being perceived as speculative activity rather than a long-term strategy. In this context, the sequencing of implementation matters more than the technology itself.

At the current stage, I believe Vietnam’s priority in asset tokenization should be controlled experimentation - narrow in scope, closely supervised, and with clearly-defined exit criteria. The objective is not speed, but trust: trust from regulators, investors, and international partners that innovation is being pursued cautiously and responsibly.

Within this broader picture, the role of the State should be to “enable with discipline.” This requires establishing clear rules of the game, enforcing them consistently, and allowing the market to innovate within those boundaries. Overly permissive mechanisms can erode trust, while excessively tight regulations may cause capital and innovation to migrate elsewhere. The IFC model is designed precisely to find the balance between these two extremes.

From my experience advising policymakers in many emerging economies, the most important lesson is that tokenization should not be viewed as a shortcut to capital mobilization. Markets allocate trust and capital based on credibility and institutional foundations, not on short-lived novelty. Countries that succeed are those that know how to link technological innovation with a strong legal system, effective supervision, and international standards, even if that means accepting slower progress in the early stages.

Mr. Nguyen Minh Tuan, Head of the Vietnam Digital Asset Investors Community (VIDA)

First, it is important to correctly understand the nature of real-world asset tokenization. At its core, tokenization is the certification of participation or ownership rights in an asset by breaking that asset into smaller units. A familiar example already exists in traditional finance: when investors participate in equity funds, they do not directly hold shares but instead own fund certificates - a form of tokenization that has existed for decades. In this sense, tokenization is essentially the standardization and fragmentation of investment rights, allowing more investors to participate with smaller capital amounts.

What makes tokenization different today is blockchain technology, which enables this process to be faster, cheaper, more efficient, and scalable. Thanks to blockchain, tokenization is no longer limited to equities or corporate bonds, but can be extended to government bonds, real estate, and other real-world assets. Blockchain allows ownership rights to be flexibly divided while supporting transparent, tamper-resistant tracking and verification of asset information. This creates an important opportunity for Vietnam’s financial market to deepen, diversify, and reach a broader investor base.

However, these opportunities come with significant risks and challenges, particularly on the legal side. When assets are fragmented and ownership rights are represented by tokens, critical questions arise: how legal ownership is established, how ownership is transferred, and who is responsible for protecting investors’ interests. A useful comparison is the fund certificate model, where investors own certificates while fund management companies hold the underlying assets. These two layers are clearly separated and protected by law, supported by custodian and supervisory banks that oversee assets and cash flows. Real-world asset tokenization requires a similar legal structure to clearly distinguish between token ownership and ownership of the underlying asset, and to safeguard the rights of token holders.

Globally, real-world asset tokenization is developing rapidly. Blockchain allows assets to be fragmented while remaining transparently controlled on decentralized systems where data is nearly immutable. The growing volume of tokenized assets traded worldwide shows that tokenization is no longer just a technological trend and is becoming a structural component of modern financial markets.

In Vietnam, over the next three years, the development potential for real-world asset tokenization is quite clear. On the legal front, Vietnam has begun to make initial progress, while on the technology side, national-level blockchain platforms are being developed. With appropriate regulatory and supervisory mechanisms, Vietnam can pilot and gradually introduce tokenized asset trading in the years to come.

A key concern for investors is whether tokenization increases the risk of fraud. In reality, investment risk always exists, especially when token ownership and ownership of the underlying asset are separate layers. Without strict oversight, tokens may be issued without being properly backed by real assets. In traditional finance, this risk is mitigated through custodian and supervisory banks that ensure assets and cash flows are properly managed. Tokenized real-world assets require similar custodial and supervisory mechanisms to confirm that assets are securely held and cash flows are properly controlled. Without these safeguards, investor risk is extremely high.

Compared with traditional markets such as land, equities, or bonds, tokenization offers several notable differences. Beyond fragmenting physical assets, blockchain also enables the tokenization of intangible assets such as artworks, intellectual property, and other rights. Tokenized markets operate online, run 24/7, and have lower transaction costs, improving efficiency and liquidity. At the same time, this expanded scope places higher demands on regulation and supervision.

One of Vietnam’s biggest challenges today is that public understanding of tokenization and digital assets remains limited. It is essential to emphasize that financial investment always involves risk and the possibility of capital loss. Therefore, the most important investment every investor must make is an investment in knowledge.

VIDA was established on January 15 to create a platform for connection, knowledge sharing, and the standardization of investor behavior as the market prepares for formal operation. It focuses on three core segments: decentralized finance (DeFi), tokenized real-world assets, and stablecoins.

Ultimately, investors need to clearly understand digital assets, investment products, and the nature of the transactions they participate in. Similar to the stock market, investors who understand businesses and select the right assets during economic growth cycles can benefit. Conversely, treating investment as gambling or acting without sufficient knowledge almost inevitably leads to losses. Strengthening investor education, connecting with international experience, and building a knowledgeable investment community are therefore critical foundations for the sustainable development of Vietnam’s digital asset market and broader financial system.

Mr. Jeffrey Tchui, Executive Director of Web3 Harbour (Hong Kong (China))

Asset tokenization can bring multiple opportunities to Vietnam’s financial market.

First, it can expand access to high-value assets. Tokenizing real estate, infrastructure, or private credit allows investment value to be fractionalized, thereby broadening participation. This is broadly consistent with pilot models I have supported across the Asia-Pacific region, where policymakers place high value on platforms with stable transaction fees, transparent governance, and innovation that does not cause disruption or create conditions for speculation or market manipulation.

Second, tokenization can help create liquidity for structurally-illiquid sectors. Real estate and the small and medium-sized enterprises (SME) sector in Vietnam are consistently “capital-hungry” yet suffer from structural illiquidity. Tokenization can open the door to compliant secondary markets that are regulator-friendly.

Third, it can attract foreign capital through trusted infrastructure. Vietnam’s public sector has repeatedly emphasized the need to build highly-reliable financial services infrastructure. A public network with enterprise-grade governance can meet the expectations of institutional investors while still encouraging open innovation at International Financial Centers.

Fourth, tokenization can enhance operational efficiency and market transparency. Hedera’s consensus services and token services, which are compliant with OFAC (Office of Foreign Assets Control) requirements from the US, enable real-time auditing and immutable data storage. These features align well with the Vietnamese regulator’s approach to supervising tokenized markets without increasing systemic risk.

Fifth, tokenization can open new capital-raising channels for SMEs and green / ESG (environmental, social, and governance) projects. I consistently emphasize the role of tokenization in supporting Vietnam’s sustainable development goals and SME financing needs.

However, it is important to note that in an environment where investor trust remains fragile, asset tokenization can amplify market psychology risks, especially in a market where retail investors are still sensitive to geopolitical factors and are in a relatively early stage of maturity. Tokenization can accelerate both information flows and the spread of sentiment. Without appropriate “safety rails,” several risks may emerge: retail investors may mistake tokenization for “risk-free innovation,” easily follow Key Opinion Leader (KOL)-driven hype or copy trading; complex products may be wrongly sold under the banner of digital transformation; and association with large brands, financial institutions, or banks may lead investors to lower their guard in a market that is not yet fully mature.

In particular, rumors or inconsistent policy changes can trigger “herd” sell-offs. A lack of clarity in regulatory messaging will erode trust. That is why, in my work in Vietnam, I consistently stress that infrastructure and human capital development, along with market education, are critical foundations and cannot lag behind product development.

In my view, tokenization should not be positioned as a “crypto experiment” but as a tool to support capital mobilization for SMEs, State-owned enterprises, and cross-border financing. In addition, tokenization can serve as an investment channel for green projects and infrastructure, combined with new payment methods such as stablecoins or central bank digital currencies. This is how institutional capital can be attracted from international markets. More importantly, tokenization represents a modernization of market infrastructure, enabling more transparent and efficient clearing and settlement processes.

Mr. Tran Dinh Nha, Founder and CEO of Varmeta

Vietnam is a “controlled acceleration” market for real-world asset tokenization. Regulators have clearly demonstrated openness towards tokenization, but only within a framework that is transparent, tightly governed, closely supervised, and clearly separated from the existing core financial infrastructure.

In the short term, the greatest opportunity lies in partnering with domestic issuers and with platforms that are expected to be licensed in the future to design real-world asset products aligned with pilot models. These products should have clearly defined underlying collateral, target foreign investors, and be built to institutional-grade compliance standards. Initial deployment should take place within International Financial Centers and regulatory sandboxes, before being gradually expanded to the domestic market.

From an opportunity perspective, I believe Vietnam is in a favorable position because it is building its tokenization framework from the ground up. This allows the country to avoid fragmentation caused by legacy systems and to design interoperable, data-rich infrastructure from Day 1; something that many developed markets are currently struggling to achieve.

This advantage enables Vietnam to integrate leverage visibility directly into the infrastructure itself, such as requiring on-chain registration of collateral assets, standardizing reporting of related obligations, and allowing regulators to access real-time supervisory data from intermediaries.

By positioning International Financial Centers as strategic sandboxes and, in the early stages, limiting real-world asset products to foreign investors under strict regulations, Vietnam can test and refine institutional-grade structures without exposing domestic retail investors to the risks of “first versions.” We are ready to accompany this process by designing products that meet global investor expectations while remaining fully aligned with Vietnam’s regulatory conditions.

We do not view tokenization merely as a feature or a technical wrapper. At Varmeta, we see it as a new foundational infrastructure for financial markets, a “pipeline layer” capable of supporting the entire value chain, from primary issuance and secondary trading to collateral management, reporting, and supervision.

If tokenization was to be viewed only as a technological innovation, the discussion would center on digitizing ownership rights, using smart contracts, and improving settlement and reconciliation. But if it was to be understood as a restructuring of market infrastructure, the focus would shift to deeper questions: how assets can be issued, held, and transferred faster and at lower cost; how rights and obligations can be enforced with higher levels of control and security; how regulators can observe and supervise risks in real time to protect investors through prevention rather than post-incident remediation; and how investors can access better products with higher liquidity, 24/7 availability, and fewer intermediaries.

VET-

Vietnam strives to improve national credit rating

Mon, 02 Mar 2026 07:25:00 GMT

The country aiming for a two-notch upgrade to Baa3 on the Moody’s Ratings scale.

Vietnam is stepping up efforts to improve its national credit rating, aiming for a two-notch upgrade to Baa3 on the Moody’s Rating scale, Minister of Finance Nguyen Van Thang has said.

Speaking at a recent working session with Moody’s Ratings President Michael West, Minister Thang noted that the Vietnamese Government issued a decree on credit rating services in 2024. To date, five enterprises have been licensed to operate in this field.

The minister was quoted by the Government News as saying that the Finance Ministry is strongly promoting the role of fiscal policy, particularly through the development of the capital market, including both the stock and bond segments.

Regulations governing corporate bond issuance — covering public offerings and private placements — are being refined in line with international practices. The changes are intended to create favourable conditions for financially sound enterprises with viable projects to mobilise medium- and long-term capital.

Regarding the stock market, Mr. Thang highlighted that in September 2025, FTSE Russell upgraded Vietnam's stock market from a frontier market to Secondary Emerging Market status, to be effective on September 21, 2026.

Market capitalisation is projected to reach at least 100% of GDP this year. In the first two months alone, total market capitalisation rose by nearly 5%, reaching more than 84% of GDP — a sign of positive momentum, he said.

For his part, Mr. West expressed confidence in Vietnam’s long-term growth prospects, citing its strong GDP growth, solid external position, export competitiveness and stable foreign direct investment inflows.

Members of the Moody’s delegation also acknowledged the country’s ample fiscal space, sound debt repayment capacity and the Government’s robust reform agenda. These reforms, they noted, are expected to enhance institutional quality and strengthen the foundations of Vietnam’s credit profile.

Moody’s committed to continuing its support for the development of Vietnam’s domestic capital and debt markets. The agency will assist in refining infrastructure bond rating methodologies, building a Second Party Opinion (SPO) framework for sustainable bonds in line with the country’s green taxonomy and international standards, and expanding training programs, workshops and the sharing of global best practices.

VGP-Van Nguyen

Government’s public debt plan for 2026 unveiled

Mon, 02 Mar 2026 07:10:00 GMT

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.

VGP-Pham Long

PM urges cutting red tape for citizens and businesses

Sun, 01 Mar 2026 06:00:00 GMT

The Prime Minister noted that law-making must ensure the "5 Easies": easy to understand, easy to access, easy to implement, easy to inspect, and easy to supervise.

Prime Minister Pham Minh Chinh has called for a continued review and maximum reduction of administrative procedures to minimize inconvenience and compliance costs for citizens and businesses.

He made the statement while chairing the Government’s thematic meeting on law-making for February 2026 on February 27. The session was held to review and discuss five important draft laws and resolutions.

The five projects include: the draft Capital Law (amended); the draft Law on Civil Status (amended); the draft Law on Belief and Religion; the draft Law amending and supplementing several articles of the Law on Representative Missions of the Socialist Republic of Vietnam Abroad; and a draft Resolution of the National Assembly on coordination mechanisms and specific policies to improve the efficiency of prevention and resolution of international investment disputes.

In his opening remarks, the PM affirmed that institutions are both a driving force and a resource for development. He emphasized that institutions must "lead the way" to remove bottlenecks and address issues arising from practical realities. The resolutions of recent Party congresses have consistently identified building and perfecting institutions as one of the three strategic breakthroughs for rapid and sustainable national development.

Over the past period, the Government and the Prime Minister have placed a high priority on law-making, allocating resources and focusing leadership on resolving mechanism and policy hurdles to create favorable conditions for the public and businesses while promoting socio-economic growth.

PM Chinh noted that since the beginning of the current term, the Government has organized 41 thematic meetings on law-making. It has reviewed and commented on over 215 draft laws, ordinances, resolutions, and policy dossiers, and submitted 179 documents to the National Assembly for promulgation—more than double the amount during the 14th National Assembly's term. In 2025 alone, many legal "bottlenecks" were essentially cleared in the spirit of the Politburo's Resolution 66.

Concluding the meeting, the Prime Minister emphasized the requirement to continue streamlining administrative procedures. According to the Government leader, laws should only regulate fundamental principles; specific and detailed contents should be delegated to government decrees and ministerial circulars to ensure flexibility and adaptability to practical situations.

The Prime Minister noted that law-making must ensure the "5 Easies": easy to understand, easy to access, easy to implement, easy to inspect, and easy to supervise. Matters that are clear and proven effective by practice should be codified into law. For issues that are not yet "ripe" or clear, he suggested conducting pilot programs to learn and improve gradually, avoiding both perfectionism and haste.

The Government also requested drafting agencies to fully incorporate feedback from Government members, while seeking further input from experts, scientists, practitioners, and those directly affected by the laws. They should also reference international experiences suitable for Vietnam's specific conditions to finalize the drafts for submission to competent authorities.

According to the plan, at the first session of the 16th National Assembly, the Government expects to submit 34 sets of documents and dossiers, including 15 draft laws and resolutions covering difficult and complex issues with a broad impact on socio-economic life.

Vneconomy-Dũng Hiếu

Negotiations to finalize free trade agreement between Vietnam and EFTA stepped up

Sun, 01 Mar 2026 04:12:00 GMT

During the latest round, negotiators focused on flexibly addressing remaining differences.

The 19th round of negotiations for a free trade agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), which groups Switzerland, Norway, Iceland and Liechtenstein, took place in Geneva, from February 24 to 27, generating positive momentum as both sides demonstrate strong determination to reach a trade deal as soon as possible, according to a report by the Government News.

During the latest round, negotiators focused on resolving key outstanding issues. Both sides noted substantial progress in core chapters, including trade in goods and services, investment, intellectual property, sustainable development and government procurement.

In a bid to expedite the process, the two sides agreed not to introduce new matters into the negotiations and instead concentrate on flexibly addressing remaining differences. Technical teams are stepping up legal reviews and completing necessary procedures, aiming to conclude negotiations and possibly sign the agreement at the upcoming EFTA Ministerial Conference scheduled to take place in Iceland this June.

The EFTA side commended Vietnam's active engagement and its proposals on market access, while reiterating the bloc's strengths in fostering private sector investment and facilitating technology transfer.

Once finalized and signed, the Vietnam–EFTA FTA is expected to significantly enhance bilateral trade and investment flows, broaden cooperation with some of Europe's most advanced economies and make a meaningful contribution to resilient supply chains and sustainable economic growth.

Vietnam has joined a network of 17 free trade agreements involving 60 economies, covering most major global markets. Vietnam's FTA network can be grouped into three main categories: ASEAN-based agreements, new-generation FTAs and bilateral accords.

High-standard trade agreements include the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP), and the European Union–Vietnam Free Trade Agreement (EVFTA). These agreements connect Vietnam to major economies across Asia-Pacific, Europe and the Americas.

VGP-Pham Long

Nghe An secures over $2.5 bln in investment in first two months

Sun, 01 Mar 2026 00:00:00 GMT

As of February 23, the central province had approved investment policies or granted investment registration certificates to 10 new projects and capital adjustments to 26 others.

In the first two months of 2026, the economy of the central province of Nghe An showed several "bright spots," most notably a surge in total newly registered and adjusted investment capital.

This data was released during the Nghe An Provincial People’s Committee's regular meeting on February 27, where officials evaluated the socio-economic performance for February and outlined tasks for the upcoming period.

Official reports indicate that as of February 23, the province had approved investment policies or granted investment registration certificates to 10 new projects and capital adjustments to 26 others. The total registered and additional capital reached over VND64.34 trillion (over $2.51 billion).

A major highlight of this period was the provincial approval of both the investment policy and the designated investor for the Quynh Lap LNG Thermal Power Plant. With a total investment of VND59.372 trillion VND (approx. $2.3 billion), this is the largest project ever recorded in the province. It is expected to create significant momentum for the local energy industry and attract a wave of auxiliary projects.

In addition to large-scale investments, the province’s business showed strong growth, with 816 enterprises newly established in the first two months—a 68.2% increase compared to the same period last year.

Vneconomy-Nguyễn Thuấn

A new tax policy

Fri, 27 Feb 2026 09:15:00 GMT

A transition from a presumptive taxation regime to a declaration-based regime on household and individual businesses got underway on January 1, 2026.

From January 1, Vietnam’s presumptive tax regime on household and individual businesses will be replaced by a declaration-based system anchored in actual revenue, making revenue the core determinant of tax obligations, calculation methods, and accounting requirements. The shift promises greater transparency, fairness, and improved access to credit, but also brings new challenges related to legal liability, inventory management, input invoices, and longstanding habits in manual bookkeeping.

Beyond presumptive taxation

According to the Ministry of Finance (MoF), Vietnam currently has around 3.6 million active household and individual businesses, up 106 per cent over the last year. Budget contributions from the segment are also rising sharply. In 2024, tax revenue from household businesses reached nearly VND26 trillion ($1 billion), up about 20 per cent from the previous year. In the first half of 2025 alone, collections totaled VND17.1 trillion ($658 million), far exceeding the same period of 2024.

While these figures underscore the sector’s growing fiscal importance, they also expose the limitations of the traditional presumptive tax model. Built on estimated revenue, presumptive taxation was suitable when household businesses were small and simple. Today, amid the rapid expansion of e-commerce, digital payments, and multi-channel sales, the “estimate first, collect later” approach struggles to reflect actual revenue, creates unequal tax burdens among similar businesses, and weakens overall fairness.

As a result, many experts view the shift to declaration-based taxation as inevitable - not only to standardize tax administration but also to help household businesses strengthen governance, access credit, and expand more sustainably.

At a recent seminar jointly organized by the KiotViet Technology Corporation and the Vietnam Chamber of Commerce and Industry (VCCI), Ms. Nguyen Thi Cuc, Chairwoman of the Vietnam Association of Tax Consultants, warned that continuing with presumptive taxation carries growing legal risks.

Under current rules, presumptive tax levels are set annually or monthly for seasonal businesses. If actual revenue changes by 50 per cent or more, businesses must adjust their tax obligations from the time the change occurs. In practice, however, many businesses with declining revenue continue paying the original amount, while those with rising revenue who fail to adjust may face back taxes, late-payment interest, or penalties.

More seriously, failure to declare and pay tax as required may be classified as tax evasion. Under current law, tax evasion of VND100 million ($3,845) or more can trigger criminal liability, including prison sentences of up to seven years, in addition to back taxes and fines. Even tax arrears lasting more than three months without declaration may be deemed tax evasion. Presumptive taxation, Ms. Cuc stressed, is no longer the “safe zone” many businesses assume it to be.

Mr. Nguyen Quang Vinh, Vice Executive President of VCCI, emphasized that the reform is not intended to burden small businesses but to create a stable and sustainable foundation for household businesses in line with their expanding role in the economy.

Despite this intent, the transition faces significant resistance. A VCCI survey revealed that 49 per cent of household businesses fear higher costs and time burdens associated with managing invoices and documentation under the declaration regime. Limited digital skills, entrenched manual record-keeping, upfront investment costs, and anxiety over new procedures remain major obstacles.

In reality, most concerns stem not from tax rates but from changes in management methods. Whether under presumptive or declaration-based taxation, tax is still calculated as revenue multiplied by the applicable rate. The key difference lies in accurately identifying and fully declaring revenue.

Under the declaration regime, businesses must proactively determine their tax obligations based on actual performance. However, some individuals still use multiple bank accounts to disperse cash flows, leaving revenue underreported. To address this, the second draft decree on tax declaration and e-invoice usage requires household and individual businesses to disclose all bank accounts used for business activities, not only those used for tax payments. The aim is to ensure transparency and fairness, while reducing the risk of tax reassessments, back payments, and penalties.

Revenue as the core axis

As revenue becomes fully transparent, legal responsibility increases accordingly. Under self-declaration, the revenue figures determined by businesses themselves form the basis of all tax obligations, from calculation methods and accounting regimes to declaration frequency.

Ms. Le Thi Duyen Hai, Deputy Secretary General of the Vietnam Association of Tax Consultants, said the first critical step in minimizing transition risks is for businesses to assess their position by reviewing actual 2025 revenue and estimating revenue for 2026. Correct classification from the outset will determine compliance requirements not only in 2026 but in subsequent years as well.

Household businesses with annual revenue below VND500 million ($19,230) will be exempt from tax and accounting administrative procedures. Instead of declaring in advance, they will declare based on actual revenue, with a deadline of January 31 the following year. This approach reduces estimation risks while preserving the small-scale nature of micro businesses.

Even when revenue is expected to exceed the threshold, businesses are not required to declare immediately and will not incur late-payment interest. The policy introduces a time buffer, allowing businesses to adapt. If the threshold is exceeded late in the year, the declaration deadline remains January 31, 2027. If exceeded in the first half of the year, deadlines fall on June 30 or July 30, 2026.

For businesses with revenue above VND500 million ($19,230), tax declarations will be quarterly, or monthly if revenue reaches VND50 billion ($1.9 million). A major shift occurs at the VND3 billion ($115,385) threshold, where businesses must apply the revenue-minus-expenses method, requiring proper documentation of input goods and operating costs. While this method better reflects actual profitability, poor habits in collecting input invoices remain a major hurdle.

To ease the transition, businesses with revenue between VND500 million and VND3 billion may continue using the simpler revenue-based method, allowing time to build proper documentation practices.

While revenue is the policy axis, accounting is the technical factor shaping compliance behavior. The MoF plan to reduce the required accounting books from seven to four is widely seen as a positive step, though further tiered simplification is needed. Micro businesses would only need a revenue book, while those using the revenue-minus-expenses method would add an expense book.

As revenue becomes central, concerns over inventory and undocumented inputs have intensified. Longstanding reliance on cash transactions and small-scale purchases has left many businesses without input invoices, creating uncertainty under the new regime.

According to tax authorities, much of this concern reflects a misunderstanding of tax thresholds and methods. Only businesses applying the revenue-minus-expenses method need to factor inventory into personal income tax calculations. For businesses using the direct revenue-based method, inventory without input invoices does not affect tax obligations, provided the goods are legal and not linked to smuggling or trade fraud. Tax will be calculated based solely on sales revenue, typically at a 1.5 per cent rate.

Businesses may still issue sales invoices even without input invoices, using standard sales invoices connected to point-of-sale systems, without any requirement for input-output deduction.

A related issue involves purchases from small-scale producers, such as agricultural products bought directly from farmers who do not issue VAT invoices. In such cases, the key requirement is to correctly identify the seller’s legal status.

To have these expenses recognized as deductible costs, particularly under the revenue-minus-expenses method, businesses should prepare detailed purchase lists accompanied by payment evidence, such as cash vouchers or bank transfer documents acknowledged by the seller. Proper documentation, experts note, is not only a matter of compliance, but also a safeguard that helps household businesses reduce risk and optimize their tax obligations over the long term.

VET-Phuong Linh

National gold trading floor is to be established

Fri, 27 Feb 2026 05:30:00 GMT

In a recent Directive from Prime Minister Pham Minh Chinh, the State Bank of Vietnam was asked to closely monitor the gold market and synchronously implement solutions to manage gold trading activities.

Prime Minister Pham Minh Chinh has requested the State Bank of Vietnam (SBV) to soon establish a national gold exchange or trading floor, according to a report from the Government News.

In Prime Ministerial Directive 06/CT-TTg, dated February 23, 2026, the SBV was asked to closely monitor the gold market and synchronously implement solutions to manage gold trading activities.

The SBV was assigned to work with relevant agencies and localities to effectively monitor monetary policy, fiscal policy and other macroeconomic policies, while steadfastly maintaining the 2026 average inflation target of around 4.5 per cent.

The SBV was tasked to direct credit institutions to ensure safe and effective credit growth, channeling credit into production and business activities, priority sectors, and key economic growth drivers.

The central bank needs to take measures to control and resolve bad debts, improve credit quality, limit the emergence of new bad debts, and ensure the safe and stable operation of the credit institution system, according to the Directive from the Prime Minister.

According to SBV Deputy Governor Pham Tien Dung, the proposed gold trading floor is a coordinated policy step to complete market infrastructure and regulations as directed by the Party General Secretary and the Prime Minister, aiming to unlock gold reserves held by Vietnamese households, enhance transaction transparency, and strengthen the State's management of the market.

Additionally, the gold exchange will provide transparent data for analysis, forecast, and policy making. When integrated and processed in a timely manner, the data will serve as a valuable supplementary source of information for monetary policy governance.

VGP-Van Nguyen

Domestic gold prices drop during God of Wealth Day

Fri, 27 Feb 2026 01:00:00 GMT

The gap between domestic and global gold prices down 26.7% from the peak recorded on January 30.

Gold prices in Vietnam edged lower on February 26, the 10th day of the first lunar month, known as the God of Wealth Day, despite gains on the global market.

Prices of SJC-branded gold bars dropped by VND300,000 (US$11.5) per tael compared to the previous day, settling at VND182 million ($6,980) per tael for buying and VND185 million ($7,089) per tael for selling.

One tael equals 37.5 grams, or 1.2 ounces.

Globally, gold prices rose by more than 0.5% from the previous session to $5,191.5 per ounce. At this level, domestic gold prices remain approximately VND18.77 million ($716) per tael higher than international prices. The gap has narrowed by more than VND1 million ($38) per tael compared to the previous day and is down 26.7% from the peak recorded on January 30.

VnEconomy-Mai Nhi

Maximum deposit insurance payout proposed to increase by 2.8 times

Thu, 26 Feb 2026 23:45:00 GMT

Since 2000, the deposit insurance limit in Vietnam has been adjusted three times, with the 2025 value increased by approximately 4.16 times compared to 2000.

The maximum deposit insurance payout has been proposed by the State Bank of Vietnam to increase by 2.8 times higher than the current level.

Since 2000, the deposit insurance payout limit in Vietnam has been adjusted three times, with the 2025 level increased by approximately 4.16 times compared to 2000. However, during the period, the per capita GDP has surged 22 times, causing the ratio between deposit protection and average income to plummet from 5.2 times to just 1 time by 2025.

Vietnam's GDP has grown from $31.17 billion in 2000 to $514 billion in 2025, a nearly 16.5-time increase over 25 years. By 2030, GDP is expected to grow another 1.6 times compared to 2025. These figures indicate that the current deposit protection level has not kept pace with economic growth.

Alongside economic development, the scale of insured deposits has also expanded rapidly. From 2000 to 2025, insured deposit balances increased from VND66.4 trillion (more than $2.54 billion) to approximately VND10.2 quadrillion (nearly $390.47 billion). As of December 31, 2025, the total insured deposit balance reached VND10.02 quadrillion, a 51.4% increase from the end of 2021. The number of insured depositors also rose significantly, reaching 138.69 million, a 66.87% increase from 2021.

The central bank noted that by December 2025, over 56 million accounts had balances below VND50,000 and were mostly inactive, accounting for more than 40% of insured depositors. This is primarily due to the growing popularity of online account opening, leading many to have multiple unused accounts.

Excluding these accounts, with a protection level of VND125 million, the percentage of fully protected depositors is only 87.61%. This is lower than the global average of 98% and below Vietnam's target of 92%–95%, according to its deposit insurance development strategy.

vneconomy -Ky Phong

Real estate capital flows forecast to be more cautious in 2026

Thu, 26 Feb 2026 07:10:00 GMT

Forecasting the outlook for 2026, Vietcombank Securities (VCBS) noted that while real estate credit continues to grow as numerous projects enter the sales phase and accelerate construction—driving up demand for medium- and long-term capital—access to funding will not be as favorable as in previous years.

In 2026, amid strictly controlled bank credit and corporate bond channels, capital flows into the real estate market are forecast to move in a more cautious and selective direction.

According to the latest report from the State Bank of Vietnam (SBV), as of November 30, 2025, outstanding credit for the real estate business sector reached over VND2 quadrillion (nearly $76.7 billion).

Forecasting the outlook for 2026, Vietcombank Securities (VCBS) noted that while real estate credit continues to grow as numerous projects enter the sales phase and accelerate construction—driving up demand for medium- and long-term capital—access to funding will not be as favorable as in previous years.

VCBS experts explained that the current regulatory orientation aims to maintain the proportion of real estate loans at approximately 24–25% of total outstanding debt, especially as non-performing loan (NPL) risks in this sector are on the rise. Consequently, while real estate credit is increasing, it will be more strictly monitored to prevent the "overheating" witnessed in previous cycles.

On the demand side, a proposal to tighten lending ratios for second properties (which has not yet been officialized) could impact the investor segment. Additionally, interest rates are projected to edge upward in the near future.

Beyond bank credit, the real estate corporate bond market is also exhibiting a clear trend of differentiation and selectivity. Reports from the Ministry of Construction indicated that in 2025, the corporate bond market recovered gradually but not yet sustainably, despite a significant improvement in issuance volume during the second half of the year.

The banking sector continues to play a dominant role, while real estate bonds are being issued selectively, focusing on developers with strong financial capacity and the ability to accept high interest rates. the issuance structure shows a sharp divergence between industries, reflecting a prevailing sense of investor caution. Overall, while the 2025 market was more stable than in previous periods, it remained under pressure from capital costs and maturity obligations.

This pressure is not expected to ease in 2026. VCBS predicts that the volume of maturing bonds will surge in the second and fourth quarters of 2026, with a large portion tied to real estate enterprises. Simultaneously, access to new capital will continue to be more tightly controlled in terms of both issuance conditions and costs. As a result, developers with weak financial standing, high leverage, and illiquid project portfolios will face significant refinancing risks. However, experts also view this as a necessary "screening" mechanism to filter out developers as the market enters a new development cycle.

Reflecting on this reality, economist Dinh Trong Thinh assessed that the recovery momentum of the real estate bond market remains relatively cautious and modest in pace, which continues to pose challenges for bond investment activities. Consequently, both corporate issuance and market trading volumes have yet to meet expectations.

However, he noted that if the positive growth momentum from late 2025 is sustained, the market recovery could become more distinct and robust. This would gradually solidify the market's role as a vital channel for medium- and long-term capital for the economy. In such a scenario, the market will help augment financial resources and enhance the capacity to meet capital demands for production and business, creating a foundation for more sustainable economic growth.

"Regarding policy, the State must continue to act as a 'conductor' in guiding and supervising the market, but in a flexible and modern manner. Intervention should focus on perfecting a clear and transparent legal framework, ensuring discipline and market stability," the expert said.

For issuing enterprises, Mr. Thinh advised that companies must strictly comply with information disclosure regulations and maintain transparency regarding their financial status, the intended use of capital, and debt repayment capacity. Only when investors are provided with sufficient data to objectively assess risks can the bond market operate safely and sustainably, avoiding a repetition of past mistakes.

Sharing his views at a recent event, economist Can Van Luc noted that changes in the monetary environment will force real estate developers to undergo comprehensive restructuring—ranging from financial strategies and project portfolios to product structures. According to him, businesses must develop the capacity to adapt to the new interest rate environment.

Vneconomy-Thanh Xuân

Gold prices surging significantly after Tet holiday

Mon, 23 Feb 2026 08:30:00 GMT

Gold prices in Vietnam jumping by between VND3.6 million and VND5.6 million ($137–$213) per tael on February 23.

Gold prices in Vietnam surged by between VND3.6 million and VND5.6 million ($137–$213) per tael on February 23, the first trading day after the Lunar New Year (Tet) holiday, compared with the previous session, depending on the retailer.

One tael equals 37.5 grams, or 1.2 ounces.

Selling prices of SJC-branded gold bars climbed to VND184.6 million ($7,045) per tael, while buying prices reached VND181.6 million per tael.

Gold ring prices followed a similar upward trend, rising to VND181.1 million per tael for buying and VND184.1 million per tael for selling—an increase of VND5.8 million per tael compared with the February 12 session, the last trading day before the Tet holiday.

On the global market, gold prices jumped 2.26% to $5,158 per ounce. At this level, domestic prices remain approximately VND20 million ($763) per tael higher than international prices.

VnEconomy-Mai Nhi

Vietnam’s stock market surpasses 12 million domestic investor accounts

Mon, 23 Feb 2026 03:00:00 GMT

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.

Vietnam News Agency-Van Nguyen

Vietnam reiterates commitment to tax transparency in partnership with EU

Mon, 23 Feb 2026 00:10:00 GMT

Currently, the Government of Vietnam is developing and implementing a National Action Plan to fulfill the recommendations of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

Vietnam consistently values its cooperation with the Organisation for Economic Co-operation and Development (OECD) to ensure the transparency and efficiency of its tax system, thereby creating a stable investment and business environment while remaining ready for close exchange and coordination with the European Union (EU).

Spokesperson for the Ministry of Foreign Affairs Pham Thu Hang made the statement on February 22 in response to reporters' questions regarding Vietnam's reaction to the EU’s decision on February 17, 2026, to add Vietnam to its list of non-cooperative jurisdictions for tax purposes.

"As an active and responsible member of the international community, Vietnam always attaches great importance to cooperation and exchange with the OECD, particularly in ensuring the transparency and efficiency of the tax system. This aims to create a stable, transparent, and favorable investment and business environment for the business community, including foreign enterprises and investors," the apokesperson stated.

Throughout the OECD's peer review process regarding tax information exchange, Vietnam has proactively integrated feedback and recently updated numerous legal documents in the fields of taxation, finance, and corporate governance. These include the Law on Tax Administration, the Law on Enterprises, and Decree No. 168/2025/NĐ-CP on enterprise management. These efforts have significantly enhanced Vietnam's compliance with international standards on tax transparency and information exchange.

Currently, the Government of Vietnam is developing and implementing a National Action Plan to fulfill the recommendations of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes. Simultaneously, the country is strengthening international tax cooperation with various partners, including the European Union.

"In the spirit of the Vietnam-EU Comprehensive Strategic Partnership, Vietnam is ready to exchange, share, and cooperate closely and responsibly with the European Council and EU member states regarding our achievements in perfecting the legal system, mechanisms, and policies. Our goal is to ensure these systems are synchronized, transparent, and fair, in accordance with international standards and practices. This will facilitate a more objective and comprehensive assessment and further promote cooperation between Vietnam and European partners for mutual development and prosperity," stated the spokesperson.

Vneconomy-Minh Hiếu

Shared responsibility for a trust-based tax system

Tue, 17 Feb 2026 01:10:00 GMT

Enterprises have responded to tax authorities reforming their operations by improving compliance but issues remain.

As Vietnam’s taxation sector accelerates its reform efforts and digital transformation, local businesses have made notable strides forward in tax compliance over recent years. According to the General Department of Taxation (GDT) at the Ministry of Finance, 99.6 per cent of enterprises now file taxes online, 98.9 per cent make e-payments, and the system has processed nearly 19 billion e-invoices. All tax refund procedures are also handled entirely through digital platforms. These figures highlight the deep penetration of digitalization in tax administration, helping to significantly cut compliance costs and time. Yet behind these advances in administrative reform, the country’s fiscal health still faces significant challenges.

Strengthening fiscal foundations

At the recent “Promoting self-compliance and full tax contributions - Building a strong era” workshop, held recently by the GDT, Mr. Frank van Brunschot, Senior Economic Expert in the Department of Fiscal Affairs at the International Monetary Fund (IMF), said Vietnam’s tax-to-GDP ratio in 2024 was estimated at around 13.1 per cent; well below the IMF’s recommended minimum of 15-16 per cent to ensure sustainable growth.

International experience shows that economies maintaining a tax-to-GDP ratio above this threshold tend to achieve more stable growth and greater resilience to global shocks. According to Mr. van Brunschot, a low ratio not only narrows fiscal policy space but also limits the government’s capacity to invest in key sectors such as infrastructure, education, and social welfare.

After the pandemic and a prolonged period of crises, many countries have been forced to increase public spending to drive recovery, while rising interest rates and growing fiscal risks are tightening the room for new borrowing. This makes the need to strengthen State revenue even more urgent, though raising tax rates is far from an easy fix.

Economically, higher taxes can undermine competitiveness, discourage investment, and slow growth. Socially, heavier tax burdens often face strong pushback from businesses and citizens, especially in a fragile post-crisis recovery period.

That’s why, he stressed, the key challenge for many countries lies not in raising tax rates but in improving the efficiency of domestic revenue mobilization - boosting collection without adding pressure on the economy. This requires comprehensive institutional reforms, stronger tax administration capacity, and an expanded tax base to ensure fairer burden-sharing among taxpayers.

Mr. van Brunschot pointed to compliance risk management as one of the most effective solutions. A risk-based approach allows tax authorities to focus resources on high-risk groups, improve transparency, and strengthen public trust. Evidence shows this model has worked well in countries such as Australia, Poland, and the Philippines - enhancing revenue performance, cutting compliance costs, and increasing business satisfaction.

From a global perspective, the challenge for Vietnam is not simply to “collect more” but to “collect more sustainably” - built on understanding and voluntary compliance. Ultimately, effective tax collection depends on trust. Without it, even the most modern reforms risk falling short.

Bridging the compliance divide

Mr. Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), said incorrect or delayed tax filings remain widespread, partly because many companies still struggle to keep up with new regulations. In 2024, tax authorities conducted over 62,900 inspections and audits, recommending financial settlements totaling VND62.7 trillion ($2.4 billion). Some back taxes reached hundreds of billions of VND, especially in high-risk sectors like real estate, construction, and imports-exports.

The booming e-commerce market has also emerged as a hotspot for violations, with more than 33,000 cases handled in 2024 and back taxes and penalties totaling nearly VND1.4 trillion ($56 million). Meanwhile, tax arrears remain a growing concern, rising 12 per cent year-on-year to VND219.6 trillion ($8.4 billion) by the first quarter of 2025, about 40 per cent of which is considered recoverable.

Transfer pricing and false loss reporting continue to plague foreign-invested enterprises (FIEs). In 2024, authorities inspected 711 enterprises engaged in related-party transactions, mostly FIEs, collecting over VND1.6 trillion ($61 million) in additional taxes and penalties, eliminating VND8.6 trillion ($327 million) in false losses, and adjusting taxable income upwards by nearly VND5 trillion ($190 million). These figures underline the difficulty of detecting and managing complex cross-border transactions.

The gap between policy and practice is also evident in the varying levels of tax compliance across business groups. While compliance behavior reflects intent, compliance capacity depends on each firm’s ability to meet tax obligations under its specific conditions, anchored on three key pillars.

First, in terms of understanding and applying tax laws, digital transformation has improved access to information. However, the ability to interpret and apply evolving regulations remains limited, particularly among small and medium-sized enterprises (SMEs) that lack specialized tax staff or skilled personnel.

Second, regarding management capacity, digitalization has improved transparency in accounting and financial oversight but demands stronger operational skills. In practice, most SMEs still operate under ad-hoc accounting models, relying on individuals or outsourced service providers. This weakens internal control, fragments data systems, and limits the early detection of violations.

Third, and most importantly, is trust and cooperation between businesses and tax authorities. Companies with in-house tax departments tend to comply better thanks to transparent record-keeping and clearer reporting. In contrast, most SMEs depend on individual accountants and lack centralized data, leaving them more vulnerable to unintentional errors.

Rebuilding trust

To narrow the gap between policy and practice, experts say tax reform must go beyond technical tweaks or tougher penalties. The real priority, they argue, is to rebuild taxpayer trust - because fairness, transparency, and partnership between authorities and businesses form the foundation of a modern, sustainable tax system.

According to Associate Professor Le Xuan Truong, Head of the Faculty of Taxation and Customs at the Academy of Finance, fairness is central to fostering voluntary tax compliance. Fairness should be viewed in two dimensions: vertical fairness - where higher-income earners contribute more, and horizontal fairness - where people in similar circumstances bear the same obligations.

He noted that while some adjustments have been made, current tax policies have not kept pace with changes in income and prices. He added that the progressive tax brackets also need revision to prevent middle-income earners from being pushed into higher bands, reducing incentives to work and save. The current framework applies rates from 5 to 35 per cent on annual incomes between VND60 million and VND960 million ($2,300-$36,500). After a decade in which average incomes have nearly quadrupled, this structure is outdated. Likewise, taxes on securities transfers should be based on actual profits rather than gross revenue to reflect true tax capacity and encourage long-term investment.

Ms. Nguyen Thi Cuc, Chairwoman of the Vietnam Tax Consultants’ Association, said improving compliance requires a mindset shift, from “control and supervision” to “support and partnership”. A well-functioning tax ecosystem, she noted, not only reduces business costs but also saves resources for the State, strengthening sustainable revenue collection.

However, she added that administrative penalties remain inflexible, with little distinction between the scale or severity of violations. She proposed adding automated tax reminders to e-filing and e-payment systems, helping individuals and small businesses meet deadlines and avoid any accidental violations.

Ms. Cuc also emphasized that stronger tax compliance depends not only on policy reform but on institutional efficiency and fair enforcement. Small businesses, she noted, face mounting non-tax costs, from market management fees to food safety inspections, which add to their financial pressure. “Reducing these extra costs would motivate small traders to comply more fully with their tax obligations,” she believes.

Ultimately, she continued, even the best policies will fail to earn public trust without transparency in enforcement. Ensuring fairness across taxpayer groups, cutting unnecessary social costs, and improving administrative openness are essential to building a culture of voluntary compliance.

VET-Lan Nhi

Deputy PM asks for clear roadmap for Vietnam’s International Financial Centre

Thu, 12 Feb 2026 08:00:00 GMT

Vietnam’s International Financial Centre is launched in HCM City and central Da Nang city.

Standing Deputy Prime Minister Nguyen Hoa Binh held a working session with leaders of Ho Chi Minh City and central Da Nang city on February 11 to discuss the operation of Vietnam's International Financial Centre (VIFC).

The meeting took place shortly after the VIFC was officially launched in Ho Chi Minh City earlier the same day.

Deputy PM Binh highlighted three key pillars for the development of the VIFC: a robust legal framework, modern digital infrastructure, and strong governance and human resources.

He directed both cities to further refine their development strategies with clear roadmaps, concrete goals and well-defined implementation steps. They were also urged to study best practices from leading global financial hubs such as Singapore, Hong Kong (China), and Dubai (the UAE), while proposing tailored mechanisms and policies suited to Vietnam’s specific conditions.

Ho Chi Minh City and Da Nang have been tasked with jointly developing a strategy for the international financial centre in their respective localities.

Under the plan, Ho Chi Minh City will focus on building a regulatory sandbox framework and advancing the application of technologies such as blockchain, artificial intelligence and asset tokenisation. The city also aims to develop aviation finance, digital finance and fintech, maritime finance, and an international interbank system.

Meanwhile, Da Nang will prioritise digital assets, digital payments and fintech, along with establishing and operating specialised platforms and exchanges. The city will also promote financial services linked to innovation, startups, trade finance, supply chain financing and sustainable finance, while piloting controlled experiments with new financial models.

VnEconomy-

Nam A Bank becomes Strategic Investor of Vietnam International Financial Centre in Ho Chi Minh City

Thu, 12 Feb 2026 01:00:00 GMT

Ho Chi Minh City has launched the Vietnam International Financial Centre, naming Nam A Bank as a strategic investor to advance green finance and global integration.

Mr. Nguyen Van Duoc, Member of the Party Central Committee, Deputy Secretary of the City Party Committee, Chairman of the Ho Chi Minh City People’s Committee, and Vice Chairman of the VIFC - HCMC Executive Board, presents the Strategic Member Certificate to Mr. Tran Khai Hoan, Member of the Board of Directors and Acting General Director of Nam A Bank.

The Vietnam International Financial Centre in Ho Chi Minh City (VIFC - HCMC) was officially launched on February 11, marking a major step in the city’s strategy to position itself as a regional financial hub.

At the ceremony, Nam A Bank (HOSE: NAB) was formally recognized as a strategic investor of VIFC - HCMC.

The event was attended by Prime Minister Pham Minh Chinh, along with leaders of ministries, central agencies, and local departments. Representatives of domestic and international financial institutions were also present, underscoring the ambition to build a modern financial ecosystem aligned with international standards, with green capital and sustainable finance at its core.

Experts say selecting banks with strong governance, advanced technological platforms, and experience in green finance will be critical to connecting Vietnam’s domestic market with global capital flows. Nam A Bank’s participation positions the lender as a key link in the VIFC - HCMC ecosystem, particularly in facilitating green capital circulation.

Mr. Tran Khai Hoan, Member of the Board of Directors and Acting General Director of Nam A Bank, speaks at the event.

Speaking at the launch, Mr. Tran Khai Hoan said the bank is committed to supporting the city’s vision of becoming a regional and global financial destination.

“The establishment of VIFC - HCMC reflects not only the city’s vision but also Vietnam’s strategic move to integrate more deeply into global financial flows through a modern, competitive, and breakthrough-driven model,” he said.

Nam A Bank’s role at VIFC - HCMC reflects its long-standing focus on “digitalization and greening” as core development pillars. The strategy centers on mobilizing and allocating capital sustainably while building transparent, technology-driven financial infrastructure capable of scaling complex solutions.

The bank was among the first in Vietnam to establish an Environmental and Social Management System (ESMS) and has developed expertise in financing renewable energy and high-tech agriculture projects. Through partnerships with international organizations such as GCPF, BlueOrchard, ResponsAbility, and Symbiotics, Nam A Bank has introduced global financial standards to the domestic market, strengthening its capacity to channel green capital.

By the end of 2025, Nam A Bank ranked among the 15 largest banks in Vietnam by total assets, approaching VND420,000 billion ($16.15 billion). Credit growth reached 18.2 per cent. The bank said its expanding balance sheet and digital ecosystem enable it to deliver sophisticated financial services efficiently and transparently.

As part of its commitment to VIFC - HCMC, Nam A Bank has proposed establishing a Green Finance Community, bringing together financial institutions and enterprises aligned on sustainable development to share resources and enhance collective impact.

Strategic partners involved in resource mobilization, ecosystem development, and human resource training receive Strategic Member Certificates.

On the afternoon of February 11, the bank is scheduled to sign cooperation agreements with multiple partners under what it calls a “Standards - Infrastructure - Capital” strategic framework. The agreements aim to:

· Receive technical assistance to design and implement Green Supply Chain Finance (G-SCF) solutions aligned with international standards.

· Develop a fully digitalized G-SCF e-platform integrating ESG data to enhance transparency and efficiency.

· Establish a Green Bond framework to expand sustainable capital mobilization channels and strengthen market capacity.

Key partners in this framework include the Global Green Growth Institute (GGGI) and FiinGroup Vietnam. The bank said it will continue expanding partnerships with domestic and international institutions to build out the Green Finance Community, attract global capital, and support infrastructure development at VIFC - HCMC.

Nam A Bank said its partnership with VIFC - HCMC signals a new phase for green finance in Vietnam. As capital flows through the centre increasingly align with sustainability standards, Vietnamese enterprises are expected to gain improved access to long-term funding at competitive costs, enhancing national competitiveness and reinforcing Vietnam’s position in the global economy.

-Diep Linh

Leading Singapore Asset Manager commits $10bln investment to IFC in HCM City

Wed, 11 Feb 2026 09:00:00 GMT

Vantage Point Asset Management (VPAM), a leading asset management company based in Singapore, has pledged to mobilize $10 billion from global institutional investors and strategic partners within five years into Vietnam’s International Finance Centre.

During the official launch ceremony of Vietnam's International Finance Centre in Ho Chi Minh City (VIFC-HCMC) on February 11, Vantage Point Asset Management (VPAM), one of the leading asset management companies in Singapore and Australia, officially announced its role as a founding and development partner of VIFC-HCMC, with a commitment to mobilizing $10 billion from global institutional investors and strategic partners within five years into VIFC-HCMC.

VPAM’s representative declared that the company would play a pioneering role in promoting the development of Vietnam's financial system by attracting talent, mobilizing large-scale capital, and building modern investment platforms.

The committed capital will be allocated to key sectors such as infrastructure, real assets, and strategic fixed income investments.

VPAM is also set to establish an institutional asset management platform at VIFC-HCMC, where Vietnam's domestic financial products will be introduced and promoted to attract capital flows from international investors.

This platform is expected to serve as a bridge between the Vietnamese market and major financial centers such as Singapore, London, the Middle East, and Australia. Additionally, VPAM also plans to establish an international agricultural finance and trading platform at VIFC-HCMC, leveraging Vietnam's advantages in agriculture to expand export and investment opportunities.

"Vietnam is emerging as a high-growth economy, particularly within the infrastructure and energy sectors," said Colin Mullins, Group CEO of VPAM. "We are committed to collaborating with the VIFC to transform this vision into a reality, leveraging our global expertise to integrate local markets with the international financial community."p

Founded in 2017, VPAM is regulated by the Australian Securities and Investments Commission (ASIC) and holds a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS).

Recently, the company has worked with Khanh Hoa province in central Vietnam to explore investments in infrastructure and green energy in the province, affirming the company's growing interest in the Vietnamese market.

Vneconomy -Anh Hoang

PM attends launch of Vietnam's International Financial Center in HCMC

Wed, 11 Feb 2026 08:00:00 GMT

The center has mobilized committed capital of nearly $10 billion.

Prime Minister Pham Minh Chinh attended the launching ceremony of Vietnam's International Financial Centre in Ho Chi Minh City (VIFC–HCMC) on February 11, marking a significant step in the country’s financial sector development.

Speaking at the event, the Prime Minister said the centre is expected to attract and channel capital into priority areas such as strategic infrastructure, core industries, logistics, green growth, and digital transformation. It will also equip Vietnamese enterprises with modern financial tools to enhance their participation in global value chains.

The center is envisioned to help transform Vietnam’s role from a passive capital recipient into a more active contributor to regional and global financial markets, he added.

According to the master plan, VIFC–HCMC covers 898 hectares across Saigon and Ben Thanh wards and the Thu Thiem New Urban Area.

At the ceremony, authorities introduced key institutions of VIFC–HCMC, including its executive authority, a specialised court, and an international arbitration centre. The centre’s official website was also launched, and certificates were presented to founding and strategic members.

Although only recently operational, VIFC–HCMC has already reported several tangible and practical initial results, reflecting strong implementation capacity and readiness for the international financial center model.

Among the highlights is the establishment of an Aviation Financial Centre with total committed capital of up to $6.1 billion, demonstrating early confidence from international investors and financial institutions in the centre’s development orientation and operating mechanisms. A Maritime Financial Centre is also being gradually rolled out to support trade finance, logistics, and supply chain activities linked to global commerce.

In infrastructure and urban development, VIFC–HCMC has mobilised $2 billion for smart urban data infrastructure programs and financial solutions supporting Ho Chi Minh City’s development, reinforcing its role as a bridge between capital markets and the real economy.

Notably, the city has also established a US$1 billion on-chain economy investment fund, focusing on blockchain, asset tokenization, and next-generation digital financial models, creating space for experimentation and growth in advanced financial technology.

VnEconomy-Hoàng Lan

Financial foundation for investment

Wed, 11 Feb 2026 03:30:00 GMT

Work is needed for the high level of savings found in Vietnam to be effectively translated into investment capital and, hence, higher economic growth.

Vietnam is facing a paradox: while its domestic savings rate ranks among the highest in the region, the efficiency with which those savings are transformed into investment and economic growth remains limited. Experts believe the main cause of this situation lies in an imbalanced financial structure, a lack of depth in the capital market, and low efficiency in capital utilization. Therefore, for “high savings” to be truly converted into “effective investment,” the State needs to create a transparent and competitive institutional environment that allows the market to naturally screen enterprises, thereby forming a healthy and sustainable capital market.

High savings, weak investment

According to several recently-published analytical reports, Vietnam’s total social investment demand during the 2026-2030 period is estimated at $250-260 billion a year. Of this, the private sector is expected to contribute 55-60 per cent, meaning it will need to mobilize roughly $140-155 billion annually. “Vietnam is entering a period that requires significant capital resources to sustain high growth,” said Mr. Nguyen Quang Thuan, Chairman of FiinRatings. “The role and pressure on the banking system will continue to increase if Vietnam’s financial system is not designed to be more balanced and multi-pillared.”

Accordingly, non-bank funding channels need to be developed, including the corporate bond market; equity capital-raising through the stock market, via IPOs; and capital from private equity and venture capital funds.

Dr. Can Van Luc, a Member of the Prime Minister’s Policy Advisory Council, noted that Vietnam possesses many advantages and significant potential in mobilizing resources for high and sustainable growth in the time to come, provided that appropriate approaches and coherent policies are adopted. One notable advantage is the country’s high and stable level of domestic savings. Vietnam’s savings rate currently stands at some 37 per cent of GDP; significantly higher than its total social investment of about 30-31 per cent of GDP and well above that of many ASEAN countries.

According to Dr. Luc, if the financial system and capital markets are designed to be transparent, safe, and diversified in terms of products, these savings could become an important foundation for medium and long-term investment. Over the past decade, the banking system, stock market, bond market, and insurance sector have expanded rapidly. At present, the total assets of Vietnam’s financial sector are estimated at more than 300 per cent of GDP. Nevertheless, enterprises still face difficulties in accessing capital, and the cost of capital remains high. The structure of the financial system is seriously imbalanced, as equity and bond markets lack depth, placing a heavy burden on the banking system.

As a result, he believes the banking sector has to shoulder an excessively large role in supplying capital to the economy. Outstanding bank credit is currently equivalent to about 147 per cent of GDP and could reach 180 per cent by 2030 if current trends continue. In particular, Vietnam’s low efficiency in capital utilization means that large amounts of capital mobilized have not been converted proportionately into economic growth.

Turning savings into capital

Dr. Nguyen Ba Hung, Chief Economist at the Asian Development Bank in Vietnam, said the International Monetary Fund recently conducted a study measuring the impact of policy reforms on Vietnam’s economic growth. “One noteworthy point is that, in terms of long-term impact, capital market reform accounts for nearly half of the contribution to growth,” he explained. “Though capital markets still face many limitations, if reforms are successful in mobilizing medium and long-term capital for investment, this will be the factor with the greatest long-term impact on economic growth.”

According to Dr. Luc, the foundational factor for realizing all resource-mobilization potential is investor and public confidence. When the institutional environment is transparent, policies are stable, fundraising methods align with market principles, and investor rights are protected, domestic and foreign resources will be activated more strongly. This, in turn, will create a solid financial foundation for Vietnam’s high, sustainable, and inclusive growth in the period ahead.

Experts have noted that after a period of overheated growth in the corporate bond and stock markets, which led to “good and bad being mixed together” and eroded investor confidence, regulators have taken strong corrective measures.

However, many believe that developing corporate bond and equity markets should not focus solely on the supply side and improving the quality of instruments, but also on diversifying the demand side, specifically the investor base. “Alongside diversifying the investor base, it is necessary to build a comprehensive ecosystem of financial services such as investment banking, brokerage, advisory, and credit rating services, in order to improve the efficiency of resource allocation,” Mr. Hung proposed.

He also said the State needs to establish an institutional environment that allows for a fair and transparent process of natural market screening. In such an environment, enterprises that operate efficiently, comply with the law, and possess strong technological and governance capabilities will boast the necessary conditions to survive and grow. Conversely, those that are inefficient, violate regulations, or fail to meet governance and technological requirements will be eliminated under market rules. This screening process will not only help restructure the enterprise sector in a healthier direction but also lay the foundation for the sustainable development of the economy in general and the capital market in particular.

In addition, experts recommend that regulators soon establish a legal framework for developing financial intermediaries that provide credit guarantees and bond underwriting, instead of limiting these activities mainly to credit institutions and State-backed guarantee funds as at present.

For equity capital markets, including IPOs, stock market fundraising, and venture capital investment, stronger development is also needed, alongside the goal of upgrading Vietnam’s stock market to emerging market status under FTSE Russell or MSCI classifications.

Moreover, capital structures for large-scale infrastructure projects, such as high-speed rail, should be studied under a project finance approach through build-operate-transfer (BOT) or public-private partnership (PPP) models, rather than relying primarily on bank credit.

Finally, in the context of declining international interest rates, including the Fed Funds Rate, over the next one to two years, Vietnam needs to prepare early and adopt a systemic approach to seize opportunities to attract portfolio investment from international investors at reasonable cost, instead of the high interest rates seen in the recent past.

One of the key solutions to achieving this goal is to promote an upgrade of Vietnam’s sovereign credit rating to investment grade before 2030, in line with the stated roadmap. Achieving this objective would not only have positive impacts on the financial market, but also enable Vietnamese enterprises to expand investment and trade activities at lower capital costs.

According to experts, the spillover effects of upgrading the sovereign credit rating could be even greater and more sustainable than upgrading the stock market itself.

VET-Tung Thu

State Treasury raises over $1bln through bond auctions in January

Wed, 11 Feb 2026 00:30:00 GMT

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).

VnEconomy-Hà Anh

SCIC, Oman Investment Authority explore investment cooperation

Wed, 11 Feb 2026 00:00:00 GMT

Representatives from the the State Capital Investment Corporation (SCIC) and the Oman Investment Authority discussing cooperation opportunities during their recent meeting in Hanoi.

Representatives of the State Capital Investment Corporation (SCIC) recently held a working session in Hanoi with a delegation from the Oman Investment Authority (OIA) during the latter’s official visit to Vietnam, discussing potential avenues for investment cooperation.

The delegation was led by H.E. Nasser Al Harthy, Vice Chairman of OIA and Chairman of the Board of Directors of Vietnam Oman Investment (VOI).

The two sides also reviewed progress on the proposed “Vietnam New Era Growth Fund.”

To ensure effective collaboration, both parties stressed the importance of establishing a shared governance framework, coordinated implementation mechanisms, and clear investment decision-making processes. OIA suggested broadening participation by inviting additional investors, including Vietnamese banks, insurance companies, and other investment funds and financial institutions from Oman. The initiative is expected to form a credible platform capable of attracting further capital flows from other Gulf countries and the wider international investment community.

The discussions also covered sectors with strong potential for cooperation, such as transport and logistics, seaport infrastructure, real estate, mineral exploration and processing, as well as industries aligned with the sustainable development strategies of both countries.

SCIC affirmed its readiness to serve as a bridge for Omani investors seeking partnerships with Vietnamese enterprises, including firms in SCIC’s divestment and cooperation portfolios, on the basis of transparency and legal compliance.

VnEconomy-Thu Hà

Da Nang seeks AI and blockchain experts for IFC

Tue, 10 Feb 2026 07:10:00 GMT

Applicants are required to hold degrees from universities ranked among the Top 50 worldwide (for Bachelor’s degrees) or Top 100 (for Master’s and Doctoral degrees) on recognized global rankings.

The Executive Office of the International Financial Center in central Da Nang city has announced a major recruitment campaign, seeking highly qualified professionals for fixed-term contracts across four critical departments.

According to the announcement, candidates must meet stringent academic and professional standards. Applicants are required to hold degrees from universities ranked among the Top 50 worldwide (for Bachelor’s degrees) or Top 100 (for Master’s and Doctoral degrees) on recognized global rankings such as QS World University Rankings, Times Higher Education (THE), or ARWU at the time of graduation.

Professional experience is also a key requirement. Candidates must have at least five years of practical experience, with preference given to those who have worked at international financial centers or at financial institutions and multinational corporations listed in the Forbes Global 2000 (2025). Fluency in English across all four skills is mandatory.

The recruitment drive targets specialist positions in the departments of Strategy and General Affairs, Legal Affairs, Membership, and Technology.

The Technology Department sets particularly high standards. Applicants must graduate with distinction in majors such as Information Technology, Computer Science, Data Science, Artificial Intelligence, Management Information Systems, Telecommunications, or Electronics. Candidates are expected to demonstrate deep expertise in Blockchain operations, Asset Tokenization, and Smart Contracts, contributing to the development of technical frameworks for sandbox mechanisms. They must also be capable of leveraging Big Data and AI/Machine Learning to analyze financial trends, detect fraud, and optimize system operations.

Meanwhile, the Strategy and General Affairs Department requires candidates with strong skills in strategic planning, competitive positioning, and policy development to align the Center’s growth with international best practices.

Vneconomy-Tuệ Lâm

Vietnam fast-tracks 2026 economic census for new development goals

Tue, 10 Feb 2026 02:00:00 GMT

The goal is to complete and announce the census results by June 30, 2026, at the latest—seven months ahead of the initial plan.

Facing an urgent need for data to support socio-economic development planning for the new phase, the Central Steering Committee for the 2026 Economic Census has decided to adjust its plan, accelerate progress, and announce preliminary results seven months earlier than originally scheduled, reported Redio the Voice of Vietnam.

Chairing a conference held on February 9 to review the implementation of, and adjust the 2026 Economic Census plan, Minister of Finance and head of the Steering Committee, Mr. Nguyen Van Thang, stated that accurate and timely databases are vital for socio-economic management to achieve the country's strategic goals: becoming a developing nation with upper-middle income by 2030, and a developed, high-income nation with modern industry by 2045.

The minister emphasized that timely updates on the scale and structure of the economy, as well as the activities of enterprises and production-business units, will serve as an effective tool for analyzing and assessing the strengths, weaknesses, and shortcomings of the economy. From these insights, a comprehensive system of solutions can be developed to direct and implement socio-economic, national defense, and security objectives.

Consequently, instead of the original end-of-year completion target, the Central Steering Committee has requested an acceleration of the timeline. The goal is to complete and announce the census results by June 30, 2026, at the latest—seven months ahead of the initial plan.

Mr. Thang noted that while the project is being fast-tracked, quality must remain a priority. This must be coupled with a thorough review to eliminate impractical statistical criteria and categories to avoid waste and ensure efficiency.

Streamlining of manual tasks

Ms. Nguyen Thi Huong, Director of the National Statistics Office (Ministry of Finance) and Head of the Standing Group of the Central Steering Committee, reported that Phase 1 of data collection is scheduled to conclude on March 10, 2026. Phase 2 will take place from March 1 to April 30, 2026. Data verification and cleaning will be carried out concurrently, with preliminary results expected to be compiled and announced by June 30, 2026.

She highlighted that a key innovation in this census cycle is the expansion of its scope to include online business models and the comprehensive application of information technology (IT). Artificial Intelligence (AI) will be utilized for industry classification coding, while digital maps will be used to track progress in real-time.

To ensure the content and progress of key tasks meet the updated schedule, Ms. Huong proposed a significant reduction in manual workloads. For the enterprise sector, the survey form will omit 20 indicators, including detailed information on fixed assets, which effectively reduces the questionnaire by 21 questions. Instead, the statistics agency will leverage existing administrative data from tax authorities and financial reports to automatically populate the required data fields.

VOV-

HCMC Digital Asset Fund aims to raise $1 bln

Mon, 09 Feb 2026 23:30:00 GMT

According to the development plan, the fund will be raised and deployed in multiple phases, with a total target size of $1 billion.

A strategic partnership has officially been signed between Ho Chi Minh City International Financial Center (HCMC IFC), VinaCapital, and the Global On-chain Economic Alliance at the Investment Promotion Conference for Digital Infrastructure and Big Data Centers held in HCM City on February 8.

Under this agreement, the parties will collaborate to research, develop, and operate the HCMC Digital Asset Fund.

The fund is envisioned as a "market-making" capital source, designed to facilitate the formation of an on-chain financial ecosystem within the framework of the IFC. According to the development plan, the fund will be raised and deployed in multiple phases, with a total target size of $1 billion.

This initiative aligns with the directives of the Government's Resolution 05, which mandates that the pilot implementation of a crypto-asset market must be conducted with a cautious, controlled approach and a roadmap suited to practical realities. The primary goals are to ensure safety, transparency, and efficiency while protecting the legal rights and interests of all participating organizations and individuals.

Notably, a key regulatory requirement was highlighted: to conduct transactions related to the purchase or sale of crypto assets in Vietnam, foreign investors will be required to open a Vietnamese Dong (VND) payment account at an authorized bank or a foreign bank branch licensed to provide foreign exchange services in Vietnam.

This development follows earlier discussions at the "Legal Framework and Development Models for Vietnam’s Digital Asset Market" dialogue, organized by VnEconomy/Vietnam Economic Times. During that event, Mr. To Tran Hoa, Permanent Vice Chairman of the Management Board for the Crypto Asset Trading Market (State Securities Commission), outlined Vietnam’s regulatory vision for the market, which consists of two main components:

In the primary market, the regulator aims to encourage domestic enterprises to issue crypto assets backed by real-world assets (RWA) to foreign investors. This strategy is intended to mobilize international resources to support economic development and achieve double-digit growth.

In the secondary market, during the pilot phase, both domestic investors currently holding crypto assets and foreign investors will be permitted to open accounts with licensed service providers to conduct trades under the regulatory framework of the authorities.

Vneconomy-Bạch Dương

PM outlines key tasks for monetary, fiscal policy management in 2026

Mon, 09 Feb 2026 06:30:00 GMT

Relevant ministries, agencies and localities instructed to pursue a reasonably expansionary fiscal policy with clear priorities.

Prime Minister Pham Minh Chinh on February 8 signed Official Dispatch No. 12/CD-TTg, outlining key tasks and solutions for the management of monetary and fiscal policies in 2026, the Vietnam News Agency has reported.

The Ministry of Finance was tasked with leading and coordinating with relevant ministries, agencies and localities to pursue a reasonably expansionary fiscal policy with clear priorities, effectively tapping fiscal policy space to closely and flexibly coordinate with monetary policy and other macroeconomic policies.

The ministry was also requested to effectively mobilise domestic and foreign investment resources; make prudent use of public debt and deficit headroom to issue government bonds for key projects; intensify efforts to attract large-scale, high-tech FDI projects; and strongly develop capital markets, including putting the international financial centre in Ho Chi Minh City and Da Nang city into official operation in February so as to help mobilise medium- and long-term capital and ease pressure on short-term bank funding.

More efforts are needed to promptly and effectively implement the Resolution on piloting a digital asset exchange, as well as the scheme on the establishment and development of the carbon market in Vietnam, as approved by the Government and the PM.

The PM also urged conducting a comprehensive review and assessment of the current operations of small- and medium-sized enterprises (SMEs), promptly identifying difficulties and bottlenecks related to institutions, policies and administrative procedures, in order to propose practical, feasible and effective support measures. Particular attention should be given to studying mechanisms and policies to facilitate SMEs’ access to finance and credit.

It is necessary to expedite the research and completion of the National Investment One-Stop Portal, and report to the PM by February 25.

The SBV was assigned to manage monetary policy in a proactive, flexible, timely and effective manner, closely monitoring inflation, exchange rates, interest rates and liquidity to manage policy tools smoothly, with clear roadmaps, in line with macroeconomic developments and policy objectives. Credit growth should be managed appropriately, transparently announced, and adjusted in line with economic conditions, while ensuring credit flows into production, priority sectors and growth drivers, and controlling risks in vulnerable areas.

Vietnam News Agency-Van Nguyen

Vietnam and Canada launch AGILE project on climate change

Sun, 08 Feb 2026 07:00:00 GMT

The AGILE project is designed with a five-year vision, focusing on strengthening the ecosystem for climate-related businesses, with a specific priority on gender-integrated and inclusive enterprises.

Against the backdrop of unprecedented climate change challenges facing the global economy and that of Vietnam in particular, the Vietnamese Ministry of Finance, in collaboration with Global Affairs Canada, has officially launched the "Advancing Growth, Innovation and Leadership for Enterprises" (AGILE) project.

The AGILE project is designed with a five-year vision, focusing on strengthening the ecosystem for climate-related businesses, with a specific priority on gender-integrated and inclusive enterprises.

The project structure revolves around three main components:

First, strengthening the support ecosystem by focusing on capacity building for Entrepreneur Support Organizations (ESOs) and intermediaries. The goal is to empower these entities to provide high-quality advisory and training services to climate businesses. AGILE places a particular emphasis on enterprises operating in high-risk climate areas, such as the Mekong Delta and coastal regions, as well as women-led businesses.

Second, unlocking capital by deploying innovative financial mechanisms to boost investment in climate-impact enterprises. A highlight of this component is the development of a “Climate Tech Accelerator Track”—a specialized acceleration pathway for clean technology companies to help them access international investors.

Third, enhancing investor capacity. The project will work with investment funds and banks to integrate gender factors and climate metrics into their investment appraisal processes. This ensures that capital flows not only generate profit but also create positive social and environmental impacts.

AGILE will provide non-refundable grants (up to CAD150,000 or nearly $110,000) for high-risk stages of business development. These grants act as "seed capital," helping businesses perfect their technology, test business models, or prepare for fundraising. A prerequisite for this support is that the enterprise must mobilize matching funds from the private sector (commercial capital) at an expected ratio of up to 5:1.

Canadian Ambassador to Vietnam, H.E. Jim Nickel, stated that the Official Development Assistance (ODA) funds within the AGILE project will not operate in a traditional manner but will instead serve as a catalyst. The objective is to utilize this capital to share risks, thereby attracting much larger flows of private investment into the climate adaptation sector.

Vneconomy-Anh Nhi

CPI in January up 0.05%

Fri, 06 Feb 2026 08:25:00 GMT

The increase was mainly driven by stronger consumption demand during the Lunar New Year (Tet) holiday.

The Consumer Price Index (CPI) of Vietnam in January 2026 increased by 0.05% compared to the previous month, the National Statistics Office (NSO) announced on January 6.

The growth was mainly driven by stronger consumption demand during the Lunar New Year (Tet) holiday. 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, according to the NSO.

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 NSO also reported that core inflation in January increased 0.35% from the previous month and 3.19% year on year, higher than CPI growth, as food and energy prices were excluded from its calculation.

VnEconomy-Song Hà

Over $6.1 bln to be mobilized for an aviation finance hub in Ho Chi Minh City

Fri, 06 Feb 2026 07:16:00 GMT

The Asia-Pacific Aviation Finance Hub has just been established in Ho Chi Minh City amid a global aviation restructuring, with the Asia-Pacific region projected to remain the primary driver of growth.

The newly-established Asia-Pacific Aviation Finance Hub (AAFH), based in Ho Chi Minh City, is expected to attract over $6.1 billion in initial transactions, creating a platform to connect international capital flows with the aviation industry in Vietnam and the broader region.

The Vietnam International Financial Center in HCM City (VIFC-HCM), in collaboration with Vietjet, announced the establishment of the AAFH, at the Singapore Airshow 2026 on February 4.

The event saw participation from leading global aircraft and engine manufacturers, including Airbus, Boeing, CFM International, Pratt Whitney, and Rolls-Royce, as well as the International Air Transport Association (IATA) and various international financial institutions.

The AAFH is being developed amid a global aviation restructuring, with the Asia-Pacific region projected to remain the primary driver of growth.

The hub is set to implement specialized financial mechanisms under the legal framework of Vietnam's international financial center. These include competitive tax and fee policies, flexible capital and foreign exchange mechanisms, multi-currency payments, and legal standards designed to protect property rights and attract international experts.

The hub's operational model aims to integrate financial services, airport infrastructure, free trade, maintenance, repair, and overhaul (MRO) services, training, and logistics to support the entire aviation value chain. According to the strategic plan, the transaction volume at the aviation finance hub could reach approximately $50 billion by 2035.

Speaking at the event, Mr. Truong Minh Huy Vu, Chairman of VIFC-HCM, stated that the launch of this regional aviation finance hub is a concrete step toward realizing the goal of a modern, open international financial platform capable of directly connecting capital flows to the real economy.

Domestic enterprises played a key role in the formation of the hub, with Vietjet serving as a founding member. With significant financial needs to support its fleet expansion, Vietnamese airlines are expected to contribute the initial transaction volume to kickstart the center's activities.

Ms. Nguyen Thi Phuong Thao, Chairwoman of the Board of Directors of Vietjet, noted that the hub marks a milestone in linking international capital with the development of the aviation industry and the regional economy. She emphasized the company's commitment to driving substantive financial transactions from the very beginning.

On the sidelines of the Singapore Airshow 2026, Vietjet signed engine and aircraft financing agreements totaling more than $6.1 billion. These include an agreement with Pratt Whitney for engine supply and maintenance services for 44 A321neo and A321XLR aircraft, as well as financing arrangements with several international organizations, including the Pacific Investment Management Company (PIMCO).

Vneconomy-Đan Tiên

Financial security for the elderly necessitated

Thu, 05 Feb 2026 08:25:00 GMT

Vietnam needs a national-level strategy, a legal framework, and breakthrough financial insurance products to build a robust digital social safety net...

Vietnam is rapidly entering an aging population phase. While efforts are being made to boost the digital economy and enhance national credit ratings, a "weakness" has emerged that requires fundamental, long-term solutions: the financial vulnerability of the elderly—the generation holding the largest accumulated assets in society—against the wave of cross-border financial crimes.

It is time to move beyond fragmented solutions; Vietnam needs a national-level strategy, a legal framework, and breakthrough financial insurance products to build a robust digital social safety net, elevating the nation's status in the new era.

Each successful financial scam targeting the elderly, from impersonating law enforcement, banks, and utilities to taking control of phones using deepfake technology, not only depletes retirement savings and funds for education and livelihoods of descendants but also erodes trust in the digital payment system and places a social welfare burden on the government's budget.

From a broader financial perspective, when trust is eroded, the elderly tend to withdraw cash to convert into physical assets like gold and foreign currency to "store at home." This reluctant shift, if widespread, will directly pressure the liquidity of commercial banks and exchange rates, indirectly weakening the "Institutional Strength" and "Monetary Stability" criteria of organizations like Moody’s or SP in the process of evaluating Vietnam's national credit rating.

The need for a "financial protection law for the elderly"

Experience from investment-grade countries shows that to counter the trend of cybercrime targeting the elderly (aged 65 and above) with financial potential but technological limitations, some countries have early on legislated regulations to provide maximum protection for this vulnerable group. For example, the United States enacted the Senior Safe Act in 2018, focusing on financial protection for the elderly through anti-fraud measures and preventing financial abuse against them, protecting financial institutions and employees from legal liability (regarding information privacy) when proactively reporting suspected exploitation or financial fraud against the elderly. This law also promotes cooperation between financial institutions and law enforcement agencies to detect, report suspicious transactions promptly, and support victims.

Some other developed countries protect the elderly by slowing down financial processes: in Japan, large money transfers from elderly accounts are "slowed down" by banks for 24-48 hours, allowing victims time to calm down and family members to intervene timely; in the UK, banks have the right to refuse transactions if there is reasonable suspicion that the customer is being scammed without legal liability if the transaction is later proven valid.

International experiences, along with the reality that the elderly are becoming the main target of financial scams and the rapid aging society trend (forecasted to have 14% of Vietnam's population as elderly by 2034), have created an urgent need for Vietnam to build a legal framework to protect this vulnerable group through enacting a separate law or amending the Law on Credit Institutions and related legal regulations with four main contents.

Firstly, add the "Emergency Suspension" right in Article 10 of the Law on Credit Institutions. Accordingly, credit institutions have the right to temporarily suspend customer transactions when detecting signs of suspected fraud or psychological manipulation, especially for vulnerable customer groups, to protect customer assets as regulated by the State Bank. Add Article 13 allowing credit institutions to share suspicious transaction information with a "Financial Guardian" registered by the customer beforehand or with security agencies in emergencies to prevent fraud, without being considered a violation of information confidentiality obligations in Article 13.

Secondly, the "Financial Guardian" mechanism: establish a guardian mechanism, allowing family members to receive parallel notifications when there are transactions exceeding the threshold or transferring to strange account numbers from the elderly's bank account. Large transactions are only executed with the joint confirmation of the "guardian."

Thirdly, clearly define the responsibilities of cross-border platforms: if online fraud occurs through these platforms' infrastructure without appropriate filtering measures, these units must contribute to the victim compensation fund.

Fourthly, build a Direct Confiscation and Compensation Mechanism: when illicit funds are blocked in the criminal's account or intermediary e-wallets, if the source from any victim is clearly identified, authorities have the right to coordinate with banks to directly refund the victim immediately after a preliminary investigation conclusion, instead of waiting until the entire case is concluded (which can take years). A portion of the recovered money is allocated to the Financial Fraud Victim Support Fund to support fraud victims who cannot recover money from perpetrators or to support psychological trauma treatment after financial fraud.

Financial fraud insurance for the elderly

In reality, cyber insurance products have appeared in some countries, with designs specifically for the elderly being a new trend. In the US, insurance companies like AIG or State Farm offer identity theft and financial fraud insurance packages. In Singapore, banks like OCBC have launched "Emergency Services" combined with insurance packages to partially compensate for losses if customers are scammed through digital applications, provided they have followed basic security steps. In the UK, corporations like Aviva or Lloyd’s have products compensating victims of "Social Engineering" (psychological manipulation fraud), including impersonating authorities.

In Vietnam, cyber insurance products have emerged in recent years and are offered by some insurance companies like MIC, VBI, BIC, but the scope is still narrow. Therefore, a financial fraud risk insurance product for the elderly should be developed on a national scale to anticipate the aging population phase, considered a mandatory or encouraged social security product similar to health insurance with low premiums, wide coverage, directly integrated into the account/card maintenance fees for those aged 60 and above.

To ensure insurance companies can confidently deploy this product without fear of "insurance exploitation," insurance companies only compensate 70-80% of the damage, and the insurance buyer still has to bear the remaining damage to maintain vigilance. Additionally, compensation is paid after confirmation from cybersecurity agencies about a high-tech fraud case when the insurance buyer has taken certain appropriate actions to prevent risks.

Thus, facing online fraud targeting the elderly and addressing this issue with a strong, modern legal and insurance system will demonstrate superior security-social management capabilities, positioning Vietnam as a leading country in ASEAN in digital social risk management and ensuring welfare for an aging society. Pioneering in legislating financial protection for the elderly also positions Vietnam as a model "Policy Sandbox" for other rapidly aging and digitizing countries, creating a competitive advantage in attracting sustainable investment flows and affirming the commitment that "no one is left behind" in the digital era. Therefore, protecting the elderly from financial fraud is no longer a choice but a national welfare mandate in the new era.

Vneconomy-Hong Ha

Customs prioritizes clearance for food shipments stranded at borders

Thu, 05 Feb 2026 01:25:00 GMT

In addition to expediting document processing, units are required to provide regular updates and timely reports on any emerging difficulties in the processing of imported food to ensure prompt resolution.

A backlog of imported food is occurring at several border gates as shipments have yet to complete food safety inspections under new regulations. This situation is placing significant pressure on businesses during a period of surging consumer demand ahead of the Lunar New Year.

To address bottlenecks in specialized inspections and customs procedures, Vietnam Customs has instructed the directors of regional customs branches to proactively assign staff for round-the-clock shifts. Priority is to be given to the immediate clearance of imported food shipments that have fulfilled all regulatory documentation to minimize congestion and prevent supply chain disruptions.

Regarding data on food backlogged at ports awaiting clearance, Vietnam Customs requires branches to compile and submit reports to the Supervision and Management Board twice daily, at 8am and 1.30pm, to facilitate operational management.

In addition to expediting document processing, units are required to provide regular updates and timely reports on any emerging difficulties in the processing of imported food to ensure prompt resolution. Simultaneously, the Customs IT and Statistics Board has been tasked with ensuring technical staff are on standby to maintain the smooth operation of electronic data processing platforms during this peak period.

According to figures released by Vietnam Customs under the Ministry of Finance, as of January 30, 2026, more than 1,300 vehicles—including trucks and boats—carrying food and fresh agricultural produce were recorded as stranded at land and waterway border gates. These shipments remain uncleared as authorities have not yet had the necessary basis to issue notices confirming the goods are eligible for import.

Feedback from the business community also indicates that the practical implementation of Decree 46/2026/ND-CP has resulted in complications for goods categorized as food-contact tools and packaging.

Vneconomy-Hoàng Sơn

New 2026 corporate governance standards to drive foreign capital inflows and market reclassification

Wed, 04 Feb 2026 07:15:00 GMT

The VNCG Code 2026 reflects recent shifts in the domestic legal framework while directly referencing the most advanced international best practices.

Built upon the latest G20/OECD standards, the Vietnam Corporate Governance Code 2026 (VNCG Code 2026), unveiled on February 4, is expected to be a major milestone in "upgrading" the governance quality of Vietnamese enterprises. This move prepares the domestic market for its upcoming reclassification roadmap and positions the country to capture massive international investment inflows.

The VNCG Code 2026 reflects recent shifts in the domestic legal framework while directly referencing the most advanced international best practices.

According to Mr. Vu Chi Dung, Head of the International Cooperation Department at the State Securities Commission (SSC) and a representative of the drafting team, the new code has been streamlined from the ten principles of the 2019 version to nine. However, it offers broader and deeper coverage of modern governance issues. The structure of the new code focuses on core pillars, including: placing the Board of Directors at the center of governance; strengthening risk control and management; enhancing disclosure quality and transparency; protecting shareholder rights; and notably, integrating Environmental, Social, and Governance (ESG) factors.

The most significant breakthrough in the VNCG Code 2026 is the implementation of the “Comply or Explain” mechanism. Under this approach, listed companies are encouraged to adopt governance standards that exceed the minimum legal requirements. If a company is unable to comply with these higher standards, it must provide a reasonable and transparent explanation in its annual report. This is a common practice in developed and ASEAN markets, ensuring flexibility for a company's specific needs while maintaining constant pressure to improve information transparency.

Notably, the VNCG Code 2026 introduces five strategic shifts designed to align Vietnam with global trends:

First, beyond defining business strategy, the BOD is now responsible for overseeing ESG factors, including climate change risks. The Code recommends establishing specialized ESG committees or appointing dedicated board members to ensure effective execution.

Second, the scope of risk management has been significantly expanded. In addition to traditional financial risks, enterprises must now closely monitor non-financial and "emerging" risks stemming from digital transformation, Artificial Intelligence (AI), and climate change.

Third, to meet global benchmarks, sustainability disclosures should now be verified by independent third parties. Furthermore, executive remuneration policies must be disclosed in detail and tied directly to the company’s performance and long-term value creation.

Fourth, the Code strongly encourages the use of technology in governance, promoting virtual Annual General Meetings (AGMs) and electronic voting (E-voting). Shareholder voting rights have also been extended to critical issues such as board remuneration, major MA transactions, and the right to engage in dialogues regarding ESG matters.

Fifth, this marks a paradigm shift from prioritizing "Shareholder" returns to creating "Stakeholder" value. This requires businesses to balance the interests of investors, employees, customers, and the broader community.

“Good corporate governance does not only help businesses improve operational efficiency, transparency, and accountability; it is also a vital factor in bolstering investor confidence, attracting long-term capital, and driving sustainable growth,” said Vice Chairman of the State Securities Commission (SSC), Nguyen Hoang Duong.

In reality, results from the ASEAN Corporate Governance Scorecard (ACGS) indicate that Vietnam’s governance practices still require significant improvement, particularly regarding Board responsibilities and the protection of minority shareholders.

As Vietnam stands at a historic crossroads, seeking a market status upgrade from "Frontier" to "Emerging" by international organizations like FTSE Russell, the standardization of corporate governance is viewed as the "foundational condition" to enhance the market's overall attractiveness to global investors.

Vneconomy-Anh Nhi

Gold prices in Vietnam rebound after three-day slide

Tue, 03 Feb 2026 23:40:00 GMT

SJC-branded gold bars increased by VND7.5 million ($286) per tael on February 3 compared to the previous day.

Gold prices in Vietnam rebounded on February 3 after falling for three consecutive trading sessions.

SJC-branded gold bars increased by VND7.5 million ($286) per tael compared to the previous day, with buying prices rising to VND170.5 million ($6,512) per tael and selling prices to VND173.5 million per tael.

One tael is equivalent to 37.5 grams, or about 1.2 ounces.

Gold ring prices also moved higher, increased by between VND4.5 million and VND7.5 million per tael, depending on retailers.

On the global market, gold prices likewise recovered after a three-day decline, climbing more than 3% to $4,806.4 per ounce. Despite the rebound, domestic gold prices remained approximately VND20.25 million ($773) per tael higher than international levels.

VnEconomy-Mai Nhi

A sandbox mechanism for crypto assets at the International Financial Center proposed

Tue, 03 Feb 2026 07:30:00 GMT

The proposed mechanism is not a "legal vacuum" but a controlled legal testing environment where new financial models can operate within limited time, space, and participation.

The University of Economics Ho Chi Minh City (UEH) on February 2 hosted a scientific conference titled "Research on a Controlled Testing Mechanism for Blockchain and Crypto Assets at the Vietnam International Financial Center - Ho Chi Minh City (VIFC-HCMC)."

The event attracted scientists, experts, government representatives, and business community members in the finance-technology sector.

The UEH is leading the research mission to provide scientific arguments for designing a legal testing framework at VIFC-HCMC. The research focuses on building a sandbox mechanism, evaluation criteria, and monitoring mechanisms for financial products using blockchain and crypto assets, aiming to complete the legal framework for financial technology in Vietnam.

At the conference, experts emphasized that a sandbox is not a "legal vacuum" but a controlled legal testing environment where new financial models can operate within limited time, space, and participation. Under strict supervision by regulatory authorities, businesses participating in the sandbox mechanism will be temporarily exempted from certain regulations that do not align with technological realities but must still bear full responsibility for arising risks.

The proposed sandbox model at VIFC-HCMC, developed by UEH experts, is based on lessons from over 95 economies that have implemented similar mechanisms, particularly in financial centers, like Singapore, Dubai, Hong Kong (China), and the UK. A common takeaway is that an effective sandbox requires a flexible legal framework, proactive monitoring mechanisms, a clear transition roadmap, and strict systemic risk limits.

The sandbox is also seen as an intermediary institutional tool, a practical testing ground to serve legal perfection, not a mechanism to mitigate legal responsibility. Associate Professor Dr. Nguyen Huu Huan, Executive Vice President of the International Financial Center in Ho Chi Minh City, stated that "VIFC-HCMC is oriented to become a policy and technology laboratory; gradually forming a financial technology center (Fintech Hub) in Southeast Asia and Asia. In this context, the sandbox plays a particularly important role in the development of VIFC-HCMC. Designing a sandbox mechanism requires in-depth research and contributions from both academia and market practitioners. The goal is to build a practical testing framework for Ho Chi Minh City, creating breakthroughs compared to other international financial centers worldwide."

Experts propose implementing the sandbox mechanism at VIFC-HCMC in three phases, starting with establishing a sandbox office and infrastructure for receiving applications, followed by controlled testing with pioneering businesses, and finally integrating the sandbox into the official management system. In the first year, 5 to 8 projects in areas such as P2P lending, e-wallets, real estate tokenization, or carbon credits are expected to be selected for testing.

A notable highlight in the proposal is the risk stratification for each financial product group: from high risk (directly related to cash flow and real assets) to medium and low risk (mainly monitoring tools or internal testing). Each group will apply separate conditions, limits, and monitoring standards.

"Sandbox needs to be designed at the intersection of the market and state management, where parties dialogue to establish appropriate 'tolerance thresholds,' creating policy consistency and effective market linkage, thereby forming a safe testing space and promptly resolving institutional bottlenecks," said Dr. To Cong Nguyen Bao, Representative of the Research Group, University of Economics Ho Chi Minh City.

Additionally, the model integrates performance, risk, and customer satisfaction evaluation indicators (three-layer KPIs), helping regulatory agencies closely monitor the testing process. Experts also emphasized that clearly distinguishing between relaxable regulations and mandatory requirements is crucial in ensuring transparency and safety. Requirements such as personal data protection, anti-money laundering compliance, technology security, and professional ethics must be strictly adhered to in all cases.

vneconomy-Ky Phong

Vietnam mandates 3-day deadline for import-export tax confirmation starting Feb 1

Tue, 03 Feb 2026 01:38:00 GMT

Vietnam Customs has urgently issued an official dispatch to local customs regarding the implementation of tax obligation confirmation under the new regulations in Circular No. 121/2025/TT-BTC of the Ministry of Finance.

From February 1, 2026, the deadline for confirming the completion of import–export tax obligations will be set at a maximum of three working days, according to an official dispatch issued recently by Vietnam Customs, regarding the implementation of tax obligation confirmation under new regulations from Circular No. 121/2025/TT-BTC (Circular 121) of the Ministry of Finance, which took effect on the same day.

This aims to standardize the processing of dossiers and strengthen control over tax debts in the customs sector, ensuring state budget revenues.

Circular 121 amended and supplemented several provisions on customs procedures, customs inspection and supervision, export and import taxes, and tax administration for exported and imported goods.

Specifically, according to Clause 61, Article 1 of Circular No. 121, when taxpayers or competent state management agencies require confirmation of tax obligations—including tax amounts, late payment interest, fines, and other payments—they must submit a written request to the customs authority through the electronic customs data processing system, using the prescribed form.

For cases where electronic submission is not yet possible, taxpayers or competent agencies may submit paper dossiers to the nearest regional customs sub-department or customs unit where the enterprise, organization, or individual has its headquarters, branch, or production facility, as clearly stated in the Circular.

Based on these regulations, regional customs sub-departments and relevant customs units are instructed to receive and process tax obligation confirmation dossiers within the prescribed timeframe.

One notable point in the new procedure is that, from the moment the customs authority issues a written confirmation of completed tax obligations, enterprises will temporarily not be allowed to register new customs declarations.

At the same time, Vietnam Customs stated that this confirmation document will only take effect three days after the signing date.

This “waiting period” is designed to allow customs units to continue reviewing and reconciling import–export tax accounting data, ensuring timely detection of any outstanding or newly arising tax debts that may not yet be fully updated in the system.

Vneconomy-Hoàng Sơn

Gold pices in Vietnam retreat after record high

Tue, 03 Feb 2026 00:30:00 GMT

The prices plunging by around VND23.4 million ($889) per tael in total over the last three trading sessions.

Gold prices in Vietnam fell sharply after reaching an all-time high last week.

On February 2, the first trading session of the week, SJC-branded gold bars dropped by VND3.4 million ($129) per tael for both buying and selling compared to the previous trading session.

One tael is equivalent to 37.5 grams, or about 1.2 ounces.

The decline came after a cumulative drop of up to VND20 million ($760) per tael over the previous two sessions, following a record high of VND190.3 million ($7,235) per tael reached on January 29.

The buying price of SJC gold stood at VND165.6 million ($6,296) per tael, while the selling price was VND168.6 million per tael.

Gold ring prices also moved lower, falling by between VND2 million and VND3.5 million per tael, depending on the retailer.

On the global market, gold prices plunged nearly 3.7% to around $4,705.8 per ounce. Despite the decline, domestic gold prices remained approximately VND18.84 million ($716) per tael higher than international levels.

VnEconomy-Mai Nhi

Non-cash payments reach 28 times GDP in 2025

Mon, 02 Feb 2026 07:36:00 GMT

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.

VnEconomy-Phan Linh

Secretariat for the Executive Council of the International Financial Center in Vietnam established

Mon, 02 Feb 2026 07:12:00 GMT

The Secretariat will work closely with the IFC Executive Agencies in Ho Chi Minh City and Da Nang, as well as other relevant authorities, to fulfill assigned tasks.

Under Decision No. 01/QD-HDDHTTTC of the Chairman of the Executive Council of the International financial Center (IFC) in Vietnam, signed by the Permanent Deputy Prime Minister Nguyen Hoa Binh, who is also Chairman of the IFC Executive Council, a Secretariat (the "Assisting Body") for the IFC Executive Council has been established.

According to the Decision, this unit will provide direct support to the Chairman of the IFC Executive Council in organizing activities, coordinating general affairs, and monitoring the progress of the formation, operation, and development of the International Financial Center (IFC) in Vietnam.

The Secretariat will work closely with the local IFC Executive Agencies in Ho Chi Minh City and Da Nang, where the IFC is headquartered, as well as other relevant authorities, to fulfill assigned tasks.

A core responsibility of the Secretariat is to develop work plans and action programs for submission to the IFC Executive Council Chairman, while simultaneously monitoring and urging the implementation of approved programs.

In addition, the body will participate in drafting and reviewing the system of regulations, rules, and documents under the IFC Executive Council's jurisdiction. It will also serve as the primary focal point for receiving and synthesizing recommendations from the local executive agencies to report to competent authorities for consideration and decision-making.

Furthermore, the Secretariat is tasked with ensuring a seamless flow of information between the Chairman, Vice Chairpersons, and members of the IFC Executive Council, as well as between the IFC Executive Council and the local executive agencies.

Beyond its advisory role, the Secretariat is responsible for implementing international cooperation and conducting media and communication efforts regarding the orientations, policies, and operational mechanisms of the IFC. It will also prepare periodic and ad-hoc reports and propose solutions for issues arising during the project's operation.

The unit is led by a Chief of Office, who is accountable to the IFC Executive Council Chairman, and to the law for all activities of the unit, as well as for the management of officials, civil servants, finance, and assets.

Vneconomy-Hoàng Sơn

A $2-million green banking initiative launched to advance climate finance in Vietnam

Sun, 01 Feb 2026 07:00:00 GMT

Funded by the Government of Japan through the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR), the initiative aims to strengthen green banking practices and enhance the capacity of Viet Nam's banking sector to scale up green and climate finance.

An inception workshop marking the implementation of the $2-million component on Green Banking capacity development under the Technical Assistance (TA): Expanding Inclusive and Climate Finance took place in Hanoi on January 30, according to a report from the Government News.

The event was jointly organized by the State Bank of Vietnam (SBV) and the Asian Development Bank (ADB).

Funded by the Government of Japan through the Japan Fund for Prosperous and Resilient Asia and the Pacific (JFPR), the initiative aims to strengthen green banking practices and enhance the capacity of Viet Nam's banking sector to scale up green and climate finance.

The workshop introduced the project's implementation plan and featured sessions sharing both international experience and practical insights on Vietnam's evolving green banking landscape.

The event gathered more than 80 participants from SBV, relevant ministries and agencies, development partners, commercial banks, and business associations. Discussions covered key topics such as climate risk assessment, macroeconomic impacts of carbon pricing, the role of credit institutions in carbon market development, and green bond issuance.

Participants also exchanged perspectives on Vietnam's green taxonomy and identified next steps to help the banking sector advance sustainable and transition finance.

VGP-Van Nguyen

HCMC International Financial Center strategy needs clear vision and mission

Fri, 30 Jan 2026 07:26:55 GMT

Dr. Can Van Luc argued that the roadmap for the center’s formation must be clearly defined across specific milestones in 2030, 2035, and 2045.

While acknowledging positive steps regarding product offerings and partnerships, experts argue that the draft strategy for the Ho Chi Minh City International Financial Center (IFC) requires a clearer long-term vision, specific goals for the 2035–2045 period, and a more detailed implementation roadmap.

Providing feedback on the draft strategy, Mr. Nguyen Hong Son, former Deputy Head of the Central Strategy and Policy Department, highlighted two significant positive aspects.

First, the draft is built upon international experience while carefully analyzing Vietnam's practical context to provide proposals and strategic directions for the medium term. Second, it clearly defines core pillars, product groups, and their respective implementation schedules, while proposing an organizational structure and a specific action plan for 2026.

According to Mr. Son, the draft currently functions as a medium-term plan accompanied by a 2026 action program. However, he noted that the strategy would be more effective if its pillars and product groups were adjusted to align more closely with the development strategy of the Da Nang Financial Center. Such synergy would facilitate future proposals and refinements in the next stages of development.

Regarding sensitive sectors such as stablecoins, digital assets, and foreign exchange (FX), Mr. Son advised against prioritizing them in the initial phase. Instead, these should be linked to the completion of comprehensive legal frameworks for anti-money laundering (AML), licensing authority, supervision, and risk prevention. Consequently, these areas should only be considered toward the end of Phase 1 or the beginning of Phase 2, once the legal system and management capabilities are fully established.

Regarding international cooperation, Mr. Son emphasized the need to categorize partners into specific groups, such as market infrastructure, financial technology (fintech), capital and asset management, and professional service providers. This clear classification would serve as the foundation for building optimal engagement strategies for each stakeholder group.

Contending that the current draft lacks sufficient clarity, Dr. Can Van Luc—Chief Economist and Director of the BIDV Training and Research Institute, and a member of the National Financial and Monetary Policy Advisory Council—emphasized that the development of the HCMC IFC must be viewed as a long-term strategic priority rather than a mere pilot project.

Dr. Luc argued that the roadmap for the center’s formation must be clearly defined across specific milestones in 2030, 2035, and 2045. He noted that Vietnam is currently ranked approximately 91st–92nd in international financial rankings and questioned whether the country should set a concrete goal to break into the global Top 50 by 2045, as well as the feasibility of such an ambition.

According to Dr. Luc, the draft fails to clearly outline the critical stages of the strategy. He proposed four core areas that must be supplemented:

First, the strategy must clarify both international and domestic contexts, particularly regarding the evolution of the banking and financial sectors.

Second, it is essential to define the development trajectory of Ho Chi Minh City and its surrounding regions for the 2035 and 2045 milestones.

Third, the mission, vision, and long-term objectives must be fully and clearly established.

Fourth, the strategy needs to identify key tasks, with a particular focus on finalizing the legal framework, charter, and operational procedures for the Center by the first or second quarter of 2026.

Regarding the development of products and services, Dr. Luc noted that the four product groups proposed by the advisory team are generally appropriate. However, he emphasized the need to clearly categorize products ready for immediate implementation—specifically traditional financial services such as banking, securities, investment funds, and insurance. He also called for a more detailed plan to consolidate these existing activities into the IFC.

Addressing the regulation requiring a minimum charter capital of VND3 trillion (approximately $116 million) to establish a subsidiary bank, Dr. Luc noted that this poses a significant challenge for small and medium-sized banks. He suggested implementing a phased capital roadmap rather than requiring the full amount upfront.

In terms of emerging sectors such as venture capital, innovation financing, and startup funding, Dr. Luc pointed out that Vietnam currently faces a severe capital shortage. He argued that commercial banks cannot fulfill this role due to the high-risk nature of these investments. Consequently, he recommended developing specialized investment funds and capital markets supported by tailored incentive mechanisms.

On the topic of green finance, Dr. Luc called for a more aggressive push. While green credit has already been introduced, the issuance of green bonds and green equities remains very limited. Therefore, the IFC needs to establish specific mechanisms to encourage these financial instruments.

Furthermore, Dr. Luc proposed boosting financing for the logistics sector, supply chains, and free trade zones. He also suggested leveraging Decree 330/2025/ND-CP to upgrade the Mercantile Exchange, which would allow for the pilot trading of petroleum and gas derivatives. Finally, he stressed the importance of defining a clear developmental direction for both the carbon and gold markets within the IFC framework.

In response to the feedback, Mr. Truong Minh Huy Vu, Director of the Ho Chi Minh City Institute for Development Studies (HIDS) and a representative of the HCMC IFC Project Drafting Committee, noted that suggestions regarding supply chain products, import-export support, the Free Trade Zone at Cai Mep Ha, green finance, green bonds, innovative startups, and venture capital funds align closely with the project’s strategic direction. He stated that these contributions reinforce the drafting committee's confidence that the project's financial product offerings are on the right track.

Regarding the timeline, Mr. Vu confirmed that the operational regulations for the IFC have been finalized and submitted to the Ministry of Finance for approval before February 9, 2026.

Addressing legal concerns regarding planning, functional boundaries, and alignment with national and regional strategies, Mr. Vu noted that while a national-level project exists, there is currently no formal strategy for an international financial center of ASEAN caliber. Consequently, the city must proactively establish its own roadmap that complements Da Nang’s development while ensuring consistency with the overall national direction.

Emphasizing the long-term objectives, Mr. Vu asserted: "Our vision must be far-reaching, but we must offer practical products from the outset to build partner confidence. The Asset Management Center (AMC) will not only serve as a hub for testing new initiatives but will provide tangible value, ensuring that businesses and investors can confidently commit to long-term cooperation."

Vneconomy-Nguyệt Hà

Gold prices in Vietnam hit all-time high

Fri, 30 Jan 2026 01:30:00 GMT

Selling price for SJC-branded gold bars exceeding VND190 million ($7,224) per tael.

Gold prices in Vietnam surged to new record levels on January 29, with SJC-branded gold bars trading at VND190.3 million ($7,235) per tael for selling and VND187.3 million per tael for buying.

A tael equals 37.5 grams (about 1.2 ounces).

The increase represented a jump of VND6.1 million ($231) per tael for selling and VND5.6 million per tael for buying compared with the previous session.

Gold ring prices also climbed sharply, rising by between VND6.1 million and VND8.5 million per tael from the day before, depending on the retailer.

Global gold prices extended their rally for a ninth straight day, reaching around $5,560 per ounce. At current rates, domestic gold prices in Vietnam remain approximately VND13.85 million ($526) per tael above international levels.

VnEconomy-Mai Nhi

Investor approved for Ca Na LNG Power Plant project

Fri, 30 Jan 2026 00:00:00 GMT

The project will include a 1,500 MW gas-fired power plant and an LNG terminal with a capacity of 1 to 1.2 million tons per year.

Under a recent decision of the People’s Committee of Khanh Hoa Province in South central Vietnam, an investor has been selected for the Ca Na LNG Power Plant project.

Accordingly, the Trung Nam - Sideros Rive Joint Venture has been awarded the investment and construction contract with a total capital of over VND57.384 trillion (over $2.2 billion), funded directly by the investor.

The Ca Na LNG Power Plant will be constructed in Ca Na Commune, spanning an area of approximately 265 ha.

The project’s primary objective is the commercial generation of electricity. Specifically, it will include a 1,500 MW gas-fired power plant and an LNG terminal with a capacity of 1 to 1.2 million tons per year, alongside other auxiliary facilities to ensure national energy security.

In addition, the project involves the construction of an LNG import port, a 2,400-meter-long eastern breakwater, and various supporting infrastructure works for the import terminal.

The project is scheduled to be completed and operational by December 31, 2030. The operational lifespan of the project is 50 years, starting from the date the investor is granted land allocation, land lease, or permission for land-use conversion by the competent authorities.

The plant is situated adjacent to Phase 1 of the Ca Na Industrial Zone (a 378-hectare site developed by the Trung Nam Ca Na Industrial Zone Infrastructure Investment Joint Stock Company) and the Ca Na General Seaport. This project cluster is expected to attract investment toward green energy usage and selective manufacturing activities that meet green and sustainable criteria.

Vneconomy-Thanh Thủy

Potential from forests for green finance

Thu, 29 Jan 2026 03:00:00 GMT

As Vietnam prepares to operate a carbon market by 2029, the potential its forests hold in the green finance space grows in importance.

Forest carbon credits are generated from the volume of carbon reduced or absorbed through projects that prevent deforestation and forest degradation, promote sustainable forest resource management, and conserve or enhance carbon stocks. In Vietnam, forest carbon absorption and storage services were codified in the Law on Forestry 2017, making them one of the five recognized forest environmental services.

The country is now accelerating efforts to finalize the legal framework needed to operate a carbon trading exchange by 2029. This represents an important step towards linking the country’s forest potential with the rapidly-growing global stream of carbon finance, while creating significant space for the development of a domestic forest carbon market.

Path forward

According to the United Nations Environment Programme (UNEP)’s “State of Finance for Forests 2025” report, global capital flowing into forest development projects and nature-based climate solutions doubled during 2020-2024 compared with the previous five-year period. Approximately $23.5 billion a year is being invested in protecting and restoring forests worldwide, up significantly from less than $12 billion annually in the preceding period. This surge underscores why forest carbon credits are increasingly viewed as a promising “green finance channel” within the global carbon market.

Vietnam’s carbon trading exchange is yet to be officially launched, but the country has already achieved an important milestone in successfully selling 10.3 million forest carbon credits internationally through the World Bank at $5 per credit, generating $51.5 million. With its substantial forest area and ongoing sustainable forestry initiatives, this deal is seen as a landmark transaction that helps define Vietnam’s capacity to supply forest carbon credits. It also signals strong prospects for future market activity.

Experts estimate that with 15 million ha of forest, Vietnam could generate $50-100 million annually from forest carbon credits. To develop the market and unlock this potential, Ms. Nghiem Phuong Thuy from the Forestry and Forest Protection Department at the Ministry of Agriculture and Environment, said the Ministry is building four central policy directions to institutionalize forest carbon absorption and storage services and to establish the foundations for a transparent, effective and sustainable forest carbon market.

The first direction focuses on completing the legal framework for forest carbon absorption and storage services. This framework must also ensure compliance with Vietnam’s Nationally Determined Contribution (NDC), preventing the issuance or sale of credits beyond the country’s emission reductions commitments. In parallel, the government is drafting decrees related to managing the domestic carbon exchange, including provisions for a compliance market, trading mechanisms, and monitoring systems.

The second direction involves building technical frameworks and standards for the forest carbon market. This includes developing a national forest carbon standard that will serve as a foundation for project registration and validation under a unified domestic system, rather than relying entirely on international standards. Pilot projects aligned with the national standard during the carbon market’s trial phase (ending in 2028) will help refine measurement, reporting and verification (MRV) methods and test their applicability, providing a basis for future expansion.

Ms. Thuy stressed that allocating NDC quotas to individual projects will be crucial to avoid overselling beyond national commitments, and Vietnam will also need a national registry system for carbon quotas and credits to issue, track, and store credits before they are traded.

The third direction centers on mobilizing resources. Alongside international financing and private sector investment, Vietnam is working to effectively channel funding from local budgets and national programs to support forest carbon initiatives.

The fourth direction emphasizes communication, training, and capacity building. “Developing a forest carbon market is a new endeavor that requires consistent understanding across government agencies, local authorities, forest owners, businesses and civil society organizations,” Ms. Thuy said. Training in carbon market mechanisms, technical standards, MRV methodologies, credit trading, and risk management will help ensure that all participants can operate projects efficiently and transparently.

Role of financial institutions

To build a viable forest carbon market, experts recommend that Vietnam strengthen its institutional and legal frameworks, diversify financial resources, and expand access to carbon finance and blended finance models. They also highlight the importance of international cooperation and proactive engagement with global funding programs.

At the same time, simplifying administrative procedures and improving implementation guidelines will be essential to attract investment and enhance stakeholder readiness. Financial institutions are also expected to play an increasingly critical role in scaling both forest carbon projects and the broader market.

According to Ms. Tran Hong Nhung from Flinders University in Adelaide, Australia, limited State budget capacity and constraints in domestic enterprises mean commercial banks, insurance companies, investment funds, guarantee funds, and local financial mechanisms will become key providers of capital, technical assistance, and confidence building for green forestry projects. “These institutions not only provide credit but also offer flexible and diversified financial mechanisms, from loan guarantees to equity investment and public-private partnerships - helping businesses leverage capital more effectively to implement forest carbon projects,” Ms. Nhung said.

Small and medium-sized enterprises (SMEs), which often face procedural barriers and high collateral requirements, could benefit significantly from financial products tailored to reduce administrative burdens and offer more flexible terms. Financial institutions can also support project preparation, risk assessment and documentation, enabling enterprises to meet MRV requirements and secure project verification; an essential step before credits can be commercialized.

Regarding the potential role of financial institutions, Ms. Nhung outlined three principal functions. First, they can supply capital, both directly or indirectly, for carbon project implementation, forest management and protection, reforestation, and investment in technical MRV infrastructure. Second, they can provide advisory support and develop specialized financial instruments such as green loans, carbon bonds, credit guarantees, and profit-sharing models. And third, financial institutions also play a vital role in helping businesses connect with international standards and markets, ensuring higher value and more tradable carbon credits.

With Vietnam’s net-zero commitments to 2050, rich biodiversity, and the significant potential of its forest carbon market, the opportunities to mobilize resources for forest carbon services are substantial. However, experts emphasize that turning this potential into reality will require collective action from all levels of government, development partners, researchers and the private sector to create additional value for forests and effectively mobilize resources for conservation and sustainable forestry development.

VET-Bao Tram

Vietnam needs $700 bln for green transition by 2050

Wed, 28 Jan 2026 07:10:00 GMT

This enormous demand necessitates the diversification of capital mobilization channels, with a particular emphasis on increasing private sector participation, developing capital markets, and ensuring the efficient allocation of financial resources.

A new interdisciplinary cooperation initiative aimed at promoting sustainable finance and supporting Vietnam's green transition roadmap was officially launched in Hanoi on January 27.

The project, titled “Shifting Investment Towards Green Transformation” (SHIFT), is being implemented through a partnership between Vietnamese government agencies and six domestic and international organizations. The initiative underscores a collective commitment to accelerating green investment and finance in support of Vietnam’s energy transition.

SHIFT is part of the International Climate Initiative (IKI) of the Federal Republic of Germany and is funded by the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection (BMUV).

As a collaborative effort, SHIFT aims to promote the deployment of green and climate-friendly technologies and solutions, contributing to Vietnam's goal of achieving net-zero emissions by 2050. The project focuses on capacity building and knowledge enhancement for both public and private sector stakeholders, particularly in the fields of green finance and energy transition.

Speaking at the launch, Ms. Pham Thi Thanh Tung, Deputy Director of the Department of Credit for Economic Sectors under the State Bank of Vietnam (SBV), highlighted the massive scale of the challenge. Vietnam’s capital requirement for its green transition is estimated to be between $670 billion and $700 billion.

This enormous demand necessitates the diversification of capital mobilization channels, with a particular emphasis on increasing private sector participation, developing capital markets, and ensuring the efficient allocation of financial resources.

Ms. Tung also stressed the importance of further enhancing the banking system's capacity to implement green finance through synchronized coordination and support from relevant agencies and organizations.

To meet these requirements, she emphasized that the SHIFT Project will contribute to the effective mobilization of medium and long-term capital for the nation’s green transition goals in general, and supports the banking system in enhancing capacity and developing green credit products in particular.

The SBV and participating commercial banks will focus on the effective implementation of technical assistance activities. These efforts aim to strengthen policy-making and green credit execution, develop green financial and credit products, and gradually implement climate-related financial disclosures in accordance with international practices, specifically the Task Force on Climate-related Financial Disclosures (TCFD).

In tandem, the SBV will collaborate closely with the Ministry of Finance and relevant agencies to research and propose sustainable financial instruments, such as green bonds, sustainable bonds, and financial products linked to ESG (Environmental, Social, and Governance) practices. This will expand medium and long-term capital mobilization channels to effectively serve the country’s green transition objectives, in alignment with global green finance trends.

According to a representative from the Ministry of Finance, the launch of the SHIFT project serves as a "policy push," helping to foster an enabling environment for green investment, green finance, and energy transition in Vietnam. It also acts as a platform for policy and technical cooperation, helping Vietnam gradually align with international practices and global standards regarding green finance, carbon markets, and sustainable investment.

“Promoting green finance and clean energy is a complex journey that requires a synchronized policy framework, financial capacity, and specialized technical expertise. By combining the strengths of all parties, SHIFT will drive substantive cooperation and create a ripple effect in support of Vietnam’s development and climate goals,” said Ms. Alexandra Westwood, Attaché for Economic Affairs and Development Cooperation at the German Embassy in Hanoi.

Vneconomy-Hoàng Anh

Decree on data exchange platform operations expected by Q2 2026

Tue, 27 Jan 2026 10:10:00 GMT

Ministries, sectors, and local authorities are urged to expedite the issuance of lists for master data, core data, open data, and shared data.

The Government Office has issued Notification No. 43/TB-VPCP dated January 26, detailing the conclusions from the inaugural meeting of the National Data Steering Committee.

Accordingly, the Ministry of Public Security has been assigned to research and submit several draft decrees to the Government. This includes a Decree regulating the operations of the Data Exchange Platform, to be completed by the second quarter of 2026, and a Decree outlining breakthrough development mechanisms for the Data Innovation and Exploitation Center under the National Data Center, which is expected by the first quarter of 2026.

Furthermore, the ministry is responsible for submitting a Decree on the identification, authentication, and traceability of products and goods by Q2 2026, as well as a regulatory Resolution on digital citizen development by Q1 2026.

The ministry will also lead the development of policies for the data economy and collaborate with relevant agencies to issue a comprehensive list of technical standards and regulations for data, both slated for completion in the second quarter of 2026.

Meanwhile, the Ministry of Finance will preside over the creation of a legal framework for data valuation and the fee structures for exploiting data from the National Data Center. This framework, which will also incorporate tax incentives and capital support policies for businesses involved in data activities, is scheduled for completion in the second quarter of 2026.

Ministries, sectors, and local authorities are urged to expedite the issuance of lists for master data, core data, open data, and shared data. These entities must also establish data governance processes and regulations, as well as technical standards for the structure of data messages exchanged between national and specialized databases and the National Integrated Database. The construction of data architecture is expected to be finalized within the first quarter of 2026. Additionally, these bodies are tasked with identifying and updating specialized master datasets to be integrated into the Common Data Dictionary System by the second quarter of 2026.

Finally, the Ministry of Home Affairs has been directed to accelerate the cleaning and cross-matching of 100% of the national database on cadres, civil servants, and public employees with the national population database by the first quarter of 2026. The ministry is also tasked with the urgent development of sub-databases for the social security system, ensuring that data from local levels is upgraded and integrated into the central system for official operation by the second quarter of 2026.

Vneconomy-Hạ Chi

Vietnam becomes 46th country to legalize crypto assets

Tue, 27 Jan 2026 08:18:00 GMT

As of 2025, Vietnam ranks among the top seven countries globally in terms of the number of crypto asset holders.

With the Law on Digital Technology Industry taking effect on January 1, Vietnam will officially become the 46th country in the world to legalize crypto assets.

According to a report by the Atlantic Council, as of May 2025, a survey of 75 countries revealed that 45 nations have enacted legal frameworks or legislation recognizing the legality of crypto assets. In contrast, 20 countries have implemented partial bans, and 10 have issued total bans.

Notably, among the 45 countries that have legalized these assets, 12 are members of the G20, representing approximately 57% of global GDP. This trend underscores the significant interest developed economies have in fostering the crypto asset sector.

Speaking at the dialogue "Legal Path and Development Models for Vietnam's Digital Asset Market" organized by the Vietnam Economic Times/VnEconomy on January 26, Vice President and General Secretary of the Vietnam Blockchain and Digital Assets Association (VBA), Nguyen Van Hien, confirmed that Vietnam will join this group as the 46th nation once the Law on Digital Technology Industry takes effect on January 1, 2026.

However, reality shows that Vietnam’s crypto asset market has developed at a much faster pace than the completion of its legal framework.

Data published by international organizations indicates that approximately 17 million Vietnamese people currently own crypto assets, with that number peaking at 21 million at certain points. As of 2025, Vietnam ranks among the top seven countries globally in terms of the number of crypto asset holders.

Vietnam also ranks in the top three in the Asia-Pacific region, particularly regarding capital inflows from the blockchain and crypto asset markets. In 2025 alone, the total value of this capital flow reached about $220 billion, doubling the average of the previous three years, which were $105 billion, $120 billion, and $110 billion, respectively.

Furthermore, Vietnam holds the top global position in a specific metric related to crypto capital: the percentage of young freelancers owning crypto assets. This figure currently stands at over 85%, ranking first among 85 surveyed countries.

While Vietnam currently lacks an official dataset published by domestic organizations, Ms. Hien expressed optimism for the future: “Once pilot models and trading floors are deployed in Vietnam, we will, for the first time, have a comprehensive and official data system regarding the number of Vietnamese people holding and owning crypto assets.”

Vneconomy-Bạch Dương

PM outlines key tasks to enhance macroeconomic management

Tue, 27 Jan 2026 02:00:00 GMT

Vietnam recording encouraging economic results in 2025 with GDP growth reaching 8.02%.

Prime Minister Pham Minh Chinh, head of the Government Steering Committee for Macroeconomic Management and Administration, outlined key tasks and solutions to create strong momentum for growth in 2026 and the entire 2026–2030 period while chairing the committee’s second meeting in Hanoi on January 26.

He called for proactive, flexible and effective responses based on clearly grasping developments. He directed the continued implementation of an expanded but focused fiscal policy, with appropriate tax and fee measures to support development, especially the double-digit growth target, alongside measures to increase revenues, reduce expenditures, and prioritise spending on defence, security, growth drivers and social welfare. Monetary policy should be managed proactively, flexibly, timely and effectively, with close coordination between fiscal and monetary policies so that they reinforce one another.

The Government leader also underscored the need to strengthen fiscal and budgetary discipline, ensure accurate and timely revenue collection, expand the tax base and combat revenue losses, especially in e-commerce and services, while continuing tax and fee reductions and extensions to support people and businesses, particularly small- and medium-sized enterprises. Available room on public debt and overspending should be used prudently to mobilise resources for investment in national priority projects and areas such as science, technology, innovation and digital transformation.

The Prime Minister also directed efforts to develop stable and healthy stock and corporate bond markets, manage interest rates and exchange rates in line with macroeconomic conditions, stabilise the Vietnamese dong (VND), continuously renew traditional growth drivers, and vigorously promoting new ones. He also stressed the importance of promoting public investment disbursement, attracting high-quality FDI, accelerating green transition, ensuring food security, stabilising markets and prices, and intensifying the fight against smuggling, trade fraud and counterfeit goods.

Last year, Vietnam recorded encouraging economic results, with inflation kept under control at 3.31%, macroeconomic stability consolidated, major economic balances safeguarded, and GDP growth reaching 8.02%.

VnEconomy-Hà Lê

Vietnam to abolish business licensing fees for enterprises and households from 2026

Sun, 25 Jan 2026 07:18:00 GMT

This is viewed as a strategic move to foster entrepreneurship, encourage the expansion of production and business activities, and improve the national investment climate...

Taxpayers will no longer be required to declare or pay business license fees, starting January 1, 2026.

This abolition will be implemented uniformly nationwide, applying to all enterprises, organizations, households, and individual businesses, with the aim of creating more room to support the growth of the private economic sector.

This directive is the highlight of Urgent Official Dispatch No. 645/CT-CS, issued by the Department of Taxation under the Ministry of Finance on January 24.

Accordingly, the Department requires tax authorities in all provinces and centrally-run cities to intensify communication and dissemination efforts to ensure taxpayers are fully informed of their obligations—and the subsequent exemptions—regarding business license fees starting from 2026.

Previously, the business license fee was a direct annual fee imposed on organizations, households, and individuals engaged in the production and trade of goods and services. The fee amount was determined based on charter or investment capital (for organizations) or annual revenue (for business households and individuals).

According to tax authorities, the implementation of this new policy will significantly reduce compliance costs, particularly for small and micro-enterprises and business households—groups that are highly sensitive to fixed annual expenses.

Furthermore, the removal of the license fee will contribute to simplifying administrative procedures and reducing the workload for both corporate accounting departments and tax authorities. This shift is expected to minimize risks related to late filings or procedural errors in tax declarations.

In the long term, this is viewed as a strategic move to foster entrepreneurship, encourage the expansion of production and business activities, and improve the national investment climate by making it more transparent and favorable for growth.

Vneconomy-Mai Nhi