However, the market's attention was drawn to the fact that three of the twelve members of the Federal Open Market Committee (FOMC) dissented, voting in favour of an immediate 25-basis-point rate hike.

At the post-meeting press conference, Warsh said the US economy continued to demonstrate resilience, with stable employment and little change in the unemployment rate, while reaffirming the Fed's commitment to bringing inflation back to its 2 per cent target.

"We have begun a new chapter, and we recognise that more than five years of inflation running above target cannot be resolved in nine weeks or through a single month of modest price declines," he said. "We remain firmly committed to restoring price stability. The Fed will continue to base its decisions on incoming economic data rather than providing forward guidance."

While declining to comment on the next step in monetary policy, Warsh stressed that the Fed would not hesitate to act when necessary and appropriate.

Fed holds rates steady for fifth straight meeting

In an interview with VIR, Pham Luu Hung, chief economist and head of SSI Research, said the Fed's decision to keep rates unchanged despite three FOMC members voting for an immediate rate hike underscored that inflation concerns remained firmly entrenched within the central bank.

"Chairman Kevin Warsh reiterated the Fed's commitment to returning inflation to its 2 per cent target but stopped short of providing clear guidance on the conditions or timing for any future rate increase," Hung said. "This reflects a policy approach that places less emphasis on forward guidance, with decisions increasingly determined by incoming data and economic developments at each meeting."

"As a result, the market's ability to predict the policy path has declined significantly, prompting investors to demand a higher risk premium to compensate for policy uncertainty. At the same time, the widening US fiscal deficit and the need for large-scale Treasury issuance are expected to keep upward pressure on long-term bond yields," he added.

In the near term, Hung said the Personal Consumption Expenditures (PCE) price index, due for release on July 30, would be a key indicator in assessing whether the Fed's current policy stance was appropriate.

According to SSI Research, a further moderation in PCE inflation would reinforce the Fed's wait-and-see approach. Conversely, if inflation remains elevated, markets may conclude that the Fed is responding too slowly to inflationary risks, further undermining confidence in its policy direction.

For Vietnam, Hung noted that the possibility of a Fed rate hike between September and December warranted close monitoring.

"Exchange rate pressure remains manageable for now, as the USD is still relatively weak. However, international capital flows could become more sensitive during the period when Vietnam is officially upgraded to emerging market status by FTSE Russell," Hung said.

"Nevertheless, 2026 is still expected to be a year in which Vietnam's economic growth and stock market performance are primarily driven by domestic factors, including credit growth, public investment, the property market, and institutional reforms. External developments may trigger short-term volatility, but are unlikely to alter the market's underlying trajectory."

Nguyen Thanh Trung, CEO of FinSuccess, said the Fed's decision to keep rates unchanged, coupled with a 65 per cent probability of a rate hike in September, could create additional pressure for Vietnam.

"Even so, Vietnam still has room to manage monetary conditions through the State Treasury's operations. Public investment disbursement will remain a key policy tool to support liquidity during the remainder of the year," he said.

Fed rate cut expands Vietnamese monetary policy flexibility The decision to cut interest rates by 50 basis-point in last week's Fed meeting is expected to have several positive impacts on the Vietnamese economy, specifically by alleviating exchange rate pressures and allowing the State Bank of Vietnam to implement a more accommodative monetary policy.

Vietnam to hold off taxing gold bullion transfers pending government rules Vietnam will not commence collecting personal income tax on gold bullion transfers from July 1 despite the new tax law taking effect, as the government has yet to issue guiding regulations.

Lenders turn to high-yield certificates of deposit to shore up liquidity Banks are offering certificates of deposit with yields of up to 9 per cent as funding competition intensifies, with robust credit growth outpacing deposit mobilisation and keeping liquidity pressures elevated.

Earlier, the stock market suffered a sharp sell-off on July 22, with the VN-Index plunging 62 points to close at 1,668 points, its lowest level in nearly four months.

Vo Van Huy, manager of the Premium Customer Department at DNSE Securities, attributed the sharp market sell-off last week, particularly on July 22, to three converging factors: rising external risks, weakening equity market liquidity since the start of the year, and company-specific setbacks affecting fundamentally strong stocks.

“With the temporary 10 per cent global tariff regime set to expire on July 24 and the US proposing additional tariffs of up to 12.5 per cent on imports from several economies, including Vietnam, investors are increasingly concerned that final tariff rates could exceed earlier expectations, weighing on exports, capital flows and market sentiment,” he said.

“With real interest rates remaining relatively high, system liquidity becoming less abundant and fresh capital inflows limited, even modest selling pressure can quickly trigger a broader market correction. Once investor sentiment shifts from caution to defence, selling pressure tends to accelerate.”

Despite the late-July correction, analysts remain broadly optimistic about the market's medium-term outlook. VNDirect forecasted the VN-Index will reach around 2,014 points by the end of 2026, representing an increase of 12.8 per cent, based on a target price-to-earnings ratio of 13.5x, roughly 12 per cent below the 10-year average to reflect continued external uncertainties.

“The forecast assumes stronger market liquidity in the second half, supported by the introduction of midday trading and FTSE Russell market upgrade in September. Average daily trading value in 2026 is projected to rise 16 per cent from 2025 to around $1.36 billion per session,” said Hoang Viet Phuong, director of Research and Investment Advisory at VNDirect.

"Vietnam is likely to be placed on MSCI's emerging markets watch list during the June 2027 review, once the central counterparty clearing system becomes operational and current reforms have demonstrated their effectiveness. Under the optimistic scenario, Vietnam could achieve MSCI secondary emerging market status in June 2028, while VNDirect's base-case scenario points to June 2029."

National Securities Corporation (NSI) offers a more conservative outlook, forecasting the VN-Index to end the year between 1,950-1,980 points, implying a valuation of 14.5-14.8x earnings, provided liquidity improves significantly and domestic investors resume their leading role in the market.

“The market has yet to enter a broad-based growth phase, so investment strategies should balance risk management with selective opportunities,” said Nguyen Van Truc, head of research at NSI. “Vietnam's economy continues to expand rapidly, but the financial system is facing greater liquidity and funding-cost pressures. At the same time, the country is entering a new reform cycle, and an FTSE Russell upgrade could become an important catalyst for foreign capital inflows.”

In its July 20 market report, MB Securities projected the VN-Index to reach between 1,770-1,850 points by year-end, based on a 2026 valuation range of 13-13.5x earnings, raising its previous forecast on stronger-than-expected corporate earnings.

“Exchange rate volatility and higher interest rates will continue to weigh on market liquidity in the remaining months of the year. However, earnings prospects for listed companies have improved beyond our initial expectations, particularly in oil and gas, which benefits from higher crude prices, as well as building materials, residential real estate and industrial park developers supported by accelerated infrastructure investment,” said Tran Thi Khanh Hien, head of Research at MB Securities.

Following the government's move on June 27 to raise Vietnam's second-half GDP growth target to around 11.9 per cent to secure full-year growth of at least 10 per cent, authorities rolled out a broad package of policy measures.

Among the most significant was a regulation raising the cap on the ratio of short-term funding for medium- and long-term lending from 30-40 per cent, while excluding most state treasury deposits from the loan-to-deposit ratio denominator.

Analysts Nguyen Viet Sang and Huynh Thi Thu Thao of Mirae Asset Securities Vietnam estimated that the move immediately unlocked around $40 billion in additional lending capacity without requiring banks to mobilise more deposits, while easing funding cost pressures, supporting net interest margins and creating room for lower lending rates.

“Credit ceilings have been removed for industrial park and social housing projects, while a credit mechanism was introduced worth approximately $30.1 billion for 18 strategic infrastructure projects, exempting them from annual credit growth limits," they wrote. "Extended tax and land rent payment deferrals worth around $5 billion are also in place, alongside an increase in the statutory base salary from July 1 to stimulate domestic consumption. Together, these measures are expected to ease liquidity pressures in the second half of the year.”

Meanwhile, resolving long-standing issues in the equitisation and state divestment process is expected to enhance transparency, particularly as Vietnam moves closer to a market upgrade.

Nearly 70 enterprises originating from state equitisation currently face the risk of losing their public company status and being delisted if they fail to meet shareholder distribution requirements before January 2027.

Hoang Van Thu, vice chairman of the State Securities Commission, said this is a necessary market-cleansing process.

“State-owned enterprises should no longer regard equitisation, listing and disclosure requirements as regulatory burdens, but rather as governance standards essential for improving competitiveness and achieving sustainable growth," Thu said. "Public companies must ensure that at least 10 per cent of voting shares are held by a minimum of 100 investors who are not major shareholders. Companies failing to meet this requirement will lose their public company status and be required to delist."

The shareholder distribution requirement has existed under previous securities legislation, but the amended Securities Law establishes a clear transition period to support Vietnam's market upgrade ambitions and improve the overall quality of listed companies, Thu added.

MSCI upgrade hopes fuel momentum in Vietnam's stock market Following its FTSE Russell promotion, Vietnam is now focusing on securing a place on MSCI’s watch list, a key step towards attracting larger foreign investment flows into the country’s capital markets.

FDI listing hurdles lie beyond securities law With the current position of Vietnam's stock market, the State Securities Commission expect foreign-invested enterprises to become one of the key providers of high-quality listings for the market, reflecting its integral role in the economy.

The group’s combined after-tax profit surged 25.6 per cent on-year, lower than in the previous three quarters but remaining at a high level, supported by the non-financial sector, where profits rose 36.1 per cent, while the financial sector posted a more modest increase of 10.7 per cent.

More large-cap companies in the real estate, retail, seafood, steel, building materials and textiles sectors have released their financial statements, providing a clearer picture of sectoral earnings growth in Q2.

Steel sector is among the fields catching positive performance in Q2

Overall, industries benefiting from the commodity cycle, such as oil and gas and steel, as well as the energy sector, particularly thermal power, continued to deliver strong results.

Meanwhile, the fields that the market had expected to drive growth, including public investment, domestic consumption and the recovery of exports, the positive outcomes have so far been reflected only in selected companies or specific market segments rather than generating broad-based improvements across entire industries.

In the real estate sector, only 43 out of 133 companies, representing around 8 per cent of the sector’s market capitalisation, had reported second-quarter earnings, meaning the overall growth picture remains incomplete.

Notably, Sunshine Group recorded a sharp surge in profit thanks to the handover of multiple property projects, while Vincom Retail maintained steady growth, supported by improved occupancy rates and rental yields, together with contributions from newly opened shopping malls.

Within the consumer sector, earnings performance was highly divergent during Q2. While consumer staples segments such as beverages and dairy remained relatively subdued, the retail sector stood out, with after-tax profit soaring 162.1 per cent on-year.

Two major retailers, FPT Retail and Digiworld, both reported strong results amid rising corporate demand for computers, office equipment and infrastructure supporting AI and data centres.

However, Mobile World Investment, the largest profit contributor in the retail sector, has yet to release its financial statements or preliminary second-quarter earnings estimates. As a result, the current figures do not yet fully reflect the sector’s overall performance, FiinGroup noted.

The earnings outlook for export-oriented companies has yet to show significant improvement. Following the release of Vinh Hoan’s financial statements, the seafood sector still reported a 12.6 per cent on-year decline in after-tax profit, indicating that pressure on export profit margins exists.

The garment sector also recorded a 7.4 per cent decline in earnings. Notably, Century Synthetic Fiber posted its second consecutive quarterly loss following the commissioning of its Unitex plant, as higher interest expenses, administrative costs and production suspension costs outpaced revenue growth.

Beyond sectoral performance, the second-quarter earnings season also featured several notable corporate developments.

For instance, Hoang Anh Gia Lai reported after-tax profit exceeding VND1 trillion ($40 million) mark, driven primarily by the reversal of previously accrued bond interest, while its core business performance showed little corresponding improvement.

Meanwhile, GELEX Group and GELEX Infrastructure continued to post strong growth in consolidated after-tax profit. However, profit attributable to shareholders of the parent company was less encouraging, declining 18 per cent at GELEX Group and remaining broadly flat at GELEX Infrastructure.

Strong Q2 earnings expected to boost investor confidence Solid second-quarter earnings, supported by improving fundamentals and easing headwinds, are expected to strengthen investor confidence and provide fresh momentum for Vietnam's stock market in the rest of 2026.

Logistics firms see diverging Q2 earnings Local logistics companies posted mixed second-quarter earnings, with recovering global trade, expanding port infrastructure and resilient shipping demand expected to underpin stronger growth in the coming quarters.

Seaport operators deliver strong earnings despite global turbulence Vietnam’s leading seaport operators posted robust first-quarter earnings growth, supported by rising trade volumes, expanding deepwater port capacity and resilient supply-chain shifts despite geopolitical uncertainty.

Oil and gas firms post strong earnings on project momentum Local oil and gas companies posted strong first-half 2026 earnings, supported by robust project execution, expanding operations and expectations that higher crude prices will boost industry performance in the months ahead.

The KA49703A and KA49713A incorporate daisy-chain communication technology. Multiple BMICs can be connected in series, enabling systems with up to 55 devices while minimizing wiring requirements and ensuring robust communication even in high-voltage environments. This architecture reduces the need for additional MCUs and isolation components, simplifying system design, reducing component count, minimizing board space, and improving overall reliability. The compact QFP-48 package (7 mm x 7 mm) also helps address the stringent space constraints found in AI server BBUs. Combined with high-precision voltage measurement accuracy of plus or minus 2.9 mV, the device enhances both monitoring performance and safety in next-generation power systems.

AI-server BBUs and large-scale ESS installations contain numerous lithium-ion cells and are often transported over long distances by ship or truck. Minimizing power consumption during transportation and storage is therefore essential. However, conventional ICs incorporating daisy-chain communication typically exhibit increased shutdown current, leading to battery drain during storage and transport. To solve this issue, the KA49713A incorporates a dedicated transportation and storage mode that reduces shutdown current to less than 0.1 microampere. This significantly minimizes battery depletion during transportation and storage, extends allowable storage periods, reduces recharge requirements, and contributes to lower operating costs.

Through continued expansion of its BMIC product lineup, NTCJ will further advance battery-monitoring technologies and contribute to realizing a sustainable and highly reliable energy society. Samples are already available, with mass-production shipments scheduled to start in September 2026.

For more information about the product, please visit: https://nuvoton.co.jp/semi-spt/apl/rd/?id=1100-0357

About Nuvoton Technology Corporation Japan: https://www.nuvoton.co.jp/en/

As industrial IoT, edge computing and the digitalization of critical infrastructure continue to advance, industrial computers are becoming core platforms for system integration, application deployment and secure operations. At the same time, cybersecurity requirements from regulators, customers and global supply chains are increasing. Verifiable product security is therefore becoming an important factor for manufacturers seeking to build customer confidence and demonstrate readiness for international markets.

IEC 62443-4-2 defines technical security requirements for components used in industrial automation and control systems. It covers security capabilities such as identification and authentication, access control, system integrity, data confidentiality, restricted data flow, timely response to events and resource availability. For equipment manufacturers and system integrators, certification to IEC 62443-4-2 provides an independent basis for demonstrating that product security functions have been evaluated against a recognized international standard.

The certification also comes at a time when cybersecurity regulation is gaining momentum worldwide. The EU Cyber Resilience Act, or CRA, introduces clearer cybersecurity obligations for manufacturers of products with digital elements, including requirements for secure design, vulnerability handling and lifecycle maintenance. While the CRA and IEC 62443 are not identical, the IEC 62443 series is an important reference framework for industrial products preparing for CRA readiness, helping companies structure product security requirements, identify verification gaps and prepare for supply chain compliance expectations.

"Achieving IEC 62443-4-2 Security Level 2 certification gives our customers a third-party-verified cybersecurity foundation when deploying Moxa UC Series industrial computers," said Casper Yang, Vice President, Product Business Group at Moxa. "With a secure-by-design product approach, long-term maintenance and a consistent security baseline, Moxa helps customers reduce the complexity of cybersecurity design, verification and compliance preparation, so they can focus on accelerating industrial edge applications and strengthening operational resilience."

"IEC 62443-4-2 provides a clear and verifiable international framework for the cybersecurity capabilities of industrial automation and control system components," said Maxi Tsai, General Manager of DEKRA APAC DTS and Onward Security. "By receiving IEC 62443-4-2 Security Level 2 certification from DEKRA under the IECEE CB Scheme, Moxa's UC Series industrial computers have demonstrated that their product security functions have been assessed against internationally recognized requirements. DEKRA will continue to provide professional and impartial testing and certification services to support stronger product cyber resilience and market trust."

In Taiwan, DEKRA has a local team of cybersecurity testing and certification experts with technical expertise in industrial control systems, IoT and product cybersecurity. The team supports manufacturers with IEC 62443, product cybersecurity assessments, vulnerability testing and international compliance. As requirements related to the CRA, RED, industrial cybersecurity and global market access continue to rise, DEKRA provides international certification experience and local technical capabilities to support safer, more trusted and globally competitive products.

As India's solar market enters a phase of rapid expansion, expectations for module quality, reliability, and long-term performance are also rising. According to JMK Research, India added approximately 26 GW of new solar capacity in H1 2026, including around 19 GW of utility-scale projects and 6.4 GW of rooftop solar. Meanwhile, major solar development regions such as Rajasthan and Gujarat face challenging operating conditions, including high solar irradiance and elevated temperatures, placing greater emphasis on module performance, operational stability, and long-term energy yield. The evolution of India's BIS CRS framework further reflects the market's increasing focus on product quality and performance standards.

Dinto Solar's full range of HJT modules has successfully completed BIS CRS registration, demonstrating compliance with India's market requirements and further strengthening the company's capability to serve local customers and partners. Built on years of HJT technology development and industrialization experience, Dinto Solar has established integrated capabilities spanning cell innovation, module manufacturing, process optimization, and quality management, providing a strong foundation for the global deployment of high-performance HJT solutions.

Dinto Solar is further accelerating collaboration with local partners to expand the application of HJT technology. The company has recently partnered with Greencell Energy, an India-based solar solutions provider, to promote the deployment of Dinto Solar's G12-132 HJT modules across distributed energy applications, including solar-powered EV charging infrastructure. The cooperation covers HJT modules with power outputs of over 730 Wp, with a planned capacity of 100 MW.

The BIS CRS registration comes amid a broader shift in global solar markets, where project competitiveness is increasingly defined by efficiency, reliability, and lifecycle performance rather than capacity alone. With established HJT technology capabilities and growing international partnerships, Dinto Solar is positioned to support the next stage of global solar growth by delivering high-performance photovoltaic solutions across diverse markets and applications.

Website: www.dintosolar.com
Follow "Dinto Solar" on LinkedIn and Facebook for more heterojunction updates.

"Singapore is a natural home for FAR.AI's first office outside the United States," said Edward Yee, FAR.AI's Chief Growth Officer. "It has the technical ambition, institutional depth, and serious commitment to responsible AI that our work requires. We have been building relationships here for some time, with the Infocomm Media Development Authority (IMDA), with the Cyber Security Agency of Singapore (CSA), and with NUS, and this office is the next step in establishing long-term roots in the region. Our aim is to grow with the ecosystem here: through research, convening, and partnerships grounded in trust."

Singapore offers a distinctive combination of strong public institutions, a maturing AI ecosystem, and a practical orientation toward responsible technology development. Its ability to convene government, academia, and industry, along with its growing role as a hub for international AI governance conversations, makes it well suited to anchor FAR.AI's regional presence. The city-state's commitment to developing AI that is safe, trusted, and beneficial aligns closely with FAR.AI's research mission.

FAR.AI and IMDA have previously collaborated on joint events for the Singapore AI ecosystem and are now working together to examine risks posed by advanced AI systems, reflecting a shared view that AI safety is not only a theoretical concern but a practical challenge requiring rigorous technical engagement.

"We are excited to partner with FAR.AI to conduct technical assessments on the persuasive behaviour of chatbots. In developing systematic evaluations of chatbot's persuasive behaviour, we hope to inform the potential impact on vulnerable users. This collaboration is part of IMDA's efforts to deepen understanding of frontier AI capabilities and risks for evidence-based policymaking and responsible AI innovation in Singapore," said Arisa Siong, Director for Tech Policy, BizTech Group, IMDA.

FAR.AI's history in Singapore extends well beyond this announcement. The organization has collaborated with the CSA on agentic AI security research, including the discussion paper "Securing Agentic AI," presented at the Singapore International Cyber Week (SICW) last year. FAR.AI has also built ongoing research ties with the NUS AI Institute through collaboration with Professor Mohan Kankanhalli, whose work closely aligns with FAR.AI's focus on technical AI safety.

Gayle Goh, Director of Strategy & Planning, CSA, said, "CSA welcomes the establishment of Far.AI's office in Singapore. We value our partnership with FAR.AI in advancing the security of agentic AI. As AI capabilities continue to accelerate, such partnerships with the research community are critical to better understand and manage the growing risks. We look forward to deepening our work together, to strengthen Singapore's AI safety and security ecosystem and support the safe and secure deployment of AI."

The Singapore office will enable FAR.AI to deepen its research collaborations, expand its convening work, and develop new partnerships across the Asia-Pacific region. FAR.AI brings substantial international experience to this effort, having been selected by the European Commission's AI Office to lead technical safety research supporting implementation of the EU AI Act, focused on CBRN risk modeling and evaluation. The organization also works closely with frontier AI companies including OpenAI, and has engaged with AI safety institutes and government partners across multiple jurisdictions. This announcement reflects FAR.AI's broader commitment: to do substantive, technically grounded AI safety work in close collaboration with the institutions and ecosystems that shape how advanced AI is developed and governed.

Learn more at far.ai.

The Company would like to clarify that the Notification Letter has no current effect on the listing or trading of the Company's securities on Nasdaq. Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a compliance period of 180 calendar days, or until January 25, 2027 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price of the Company's ADSs is at least US$1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.

In the event that the Company does not regain compliance by January 25, 2027, subject to the determination by the staff of Nasdaq, it may be eligible for an additional 180 calendar-day compliance period if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards, except for the minimum bid price requirement of Nasdaq, and provides written notice to Nasdaq of its intention to cure the deficiency.

The Company intends to monitor the closing bid price of its ADSs between now and January 25, 2027, and is considering its options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Company is currently in compliance with all other Nasdaq continued listing standards. The Notification Letter does not affect the Company's business operations, its U.S. Securities and Exchange Commission reporting requirements or contractual obligations.

For more information, please visit: https://ir.youlife.cn/.

The expo is taking place from July 30 to August 1 at the Saigon Exhibition & Convention Centre in Ho Chi Minh City.

Vietnam’s healthcare and pharmaceutical market is entering a stage of robust development fuelled by an increasing demand for technological innovation, elevated healthcare service quality, and sustainable development.

The rapid expansion of the healthcare market, coupled with an ageing population, medical digital transformation, and escalating mandates for product quality, corporate governance, and green development, presents significant opportunities for medical and pharmaceutical companies.

In this evolving landscape, 300 exhibitors representing 15 countries and territories are gathering at Vietnam Medi-Pharm Expo 2026 to seize the opportunities in the sector. The exhibitors are displaying advanced products, technologies, and innovative solutions across a wide range of sectors, including medical, laboratory, and analytical equipment and materials, as well as pharmaceutical products. Other sectors represented at the expo include hospital services and medical tourism, dental and optical products and technologies, cosmetics and beauty care products, and elder care and rehabilitation solutions.

Beyond showcasing products and technology lines, the exhibition serves as a powerful engine driving technology transfers, supply chain optimisation, and international collaboration. It presents an unmissable opportunity for Vietnamese enterprises to boost market presence, optimise sourcing channels, acquire advanced solutions, and secure strategic partnerships. Meanwhile, it offers international brands an ideal gateway to navigate the Vietnamese market, expand retail and distribution networks, and establish solid cooperation with regional healthcare entities and major importers.

A highlight of this year's exhibition is the dedicated international zone featuring natural ingredients and health products and pharmaceutical processing technology and equipment.

The specialised exhibition space focuses on natural pharmaceutical components, excipients, raw materials, and pharmaceutical machinery. The initiative serves as a strategic bridge connecting global suppliers with emerging markets, particularly in the manufacturing fields of pharmaceutical intermediates and natural extracts.

LivWell expands holistic health ecosystem for businesses and communities in Vietnam LivWell, a Singapore-based InsurTech company, announced on July 7 the expansion of its holistic health ecosystem and the strengthening of its corporate employee benefits. OneHealth. Balakrishnan Ambat, co-founder, Group CDO & CEO of LivWell Vietnam spoke with VIR’s Bich Ngoc about the company's growth strategy and plans for the Vietnamese market.

Roche Pharma Vietnam appoints new general manager, reinforcing commitment to Vietnam healthcare Roche (Pharma) Vietnam Co., Ltd. on July 23 announced the appointment of Burak Pekmezci as general manager.

An Khang Pharmacy records four consecutive profitable months An Khang Pharmacy, a retail pharmacy chain, announced on July 28 that it recorded four consecutive profitable months from March to June.

Developed under the EU–UNICEF Public Finance Facility in South and Southeast Asia, the study provides an updated analysis of Vietnam's social protection and disaster risk financing landscape since 2020.

Vietnam's exposure to shocks such as global pandemics, typhoons, floods, droughts and other climate-related events makes timely support to affected households a priority while helping to cushion the economy. The study points to the need to strengthen adaptive legal and institutional arrangements, improve delivery systems, and diversify financing mechanisms that can be activated rapidly when shocks occur.

“Every disaster puts children at risk, but its impact does not have to become a crisis for every family. As climate-related and other shocks become more frequent and severe, investing in resilient social protection systems is no longer optional but essential,"said Michaela Bauer, acting representative of UNICEF Vietnam. "By putting the right systems and financing in place before disasters occur, Vietnam can ensure that children and families receive timely support, recover more quickly, and build greater resilience for the future. Preparedness today is one of the most effective ways to protect every child's future tomorrow.”

The research combines a review of policy documents and existing literature with consultations at national and local levels, including field visits in disaster-prone provinces. It contributes updated evidence on the links between public finance, disaster response and social protection, with a focus on recommendations for using cash assistance more effectively as part of emergency response efforts.

“This study provides timely evidence on how Vietnam can strengthen financing preparedness for shock-responsive social protection. By looking at budget planning, insurance markets and pre-arranged financing instruments, it contributes to a better understanding of how public finance systems can support timely and effective responses when climate and economic shocks occur,” said Julien Guerrier, Ambassador of the EU to Vietnam.

Participants discussed international lessons on financing emergency cash assistance, practices in the state budget allocation mechanism, local experiences in coordinating resources during extreme natural disasters, and ways to strengthen capacity for public finance analysis and anticipatory social protection policies. Beyond the technical discussion, the event included a student solution debate organised by APD. Student teams presented proposed financial solutions to strengthen the readiness and responsiveness of the social protection system,

“As an academic institution under the Ministry of Finance, APD is ready to partner with UNICEF and the EU to promote discussion on the findings of this important study. We believe that evidence, research and open dialogue are essential to deepening understanding of public finance options for shock-responsive social protection, in accordance with Vietnamese law. This workshop also provides a valuable opportunity for students and young researchers to engage with real-world matters and financing options in Vietnam,” said Nguyen The Hung, deputy director of APD.

By bringing together government representatives, researchers, development partners and students, the workshop aimed to broaden understanding of financing options for shock-responsive social protection and encourage continued dialogue on how Vietnam can strengthen fiscal readiness for future shocks.

Why child online safety is now a business imperative As Vietnam marks the Month of Action for Children under the theme “Happy, Safe and Confident Children in the Digital World,” Silvia Danailov, UNICEF Representative in Vietnam, shares her views on why child online safety is no longer just a social issue, but a core business responsibility in the digital age.

European Commissioner to discuss strengthening EU-Vietnam cooperation on science and technology On May 26-27, European Commissioner for Startups, Research and Innovation Ekaterina Zaharieva will visit Hanoi to strengthen cooperation between the European Union and Vietnam in science, technology and innovation.

Global Forum helps Vietnam strengthen tax information exchange The Global Forum Secretariat completed a technical assistance mission to Vietnam from July 20–24, helping the country strengthen its implementation of international standards on transparency and the exchange of information on request (EOIR).

Highlights of the second quarter of 2026

• Net sales amounted to SEK 31,569m (31,276) with organic sales growth of 2.0% (1.8). Growth was driven by increased sales volumes in Europe, Middle East & Africa and Asia Pacific (EMEA APAC), and Latin America, while North America reported an organic sales decline mainly reflecting weaker market conditions.
• Operating income excluding non-recurring items (NRIs) was SEK 1,202m (797), corresponding to a margin of 3.8% (2.5), with improvements in EMEA APAC and Latin America. In North America, operating income excluding NRIs benefited from a recognition of USD 34m (SEK 310m) referring to refund claims of IEEPA tariffs related to the first quarter 2026. North America also benefitted SEK 174m from changes in the U.S. traditional retiree group health plan, which impacted cost efficiency in the operating income bridge positively. In total, for the Group, cost efficiency measures contributed SEK 1.4bn to operating income.
• Operating income of SEK -1,005m (797), corresponding to an operating margin of -3.2% (2.5), included total negative NRIs of SEK -2.2bn for the previously announced restructuring in connection with the strategic partnership with Midea Group in North America, global organization and footprint optimization, and approved claims for refunds of U.S. IEEPA tariffs related to 2025.
• Income for the period was SEK -1,641m (178) and earnings per share were SEK -3.16 (0.36).
• Operating cash flow after investments was SEK 1,607m (-741), driven by improved operating income excl. NRIs and lower working capital. Investments continued to be at a low level.
• The execution of the strategic initiatives announced on April 23 are progressing according to plan. At the end of June the rights issue of approx. SEK 9.1bn was successfully completed.

President and CEO Yannick Fierling's comment

Underlying earnings improvement and strategic execution on track

The second quarter marked an important milestone for Electrolux Group, as we took decisive actions to accelerate our transformation and strengthen the Group's long-term competitiveness. The announced partnership with Midea Group in North America, global organizational and footprint initiatives, and the successful completion of the rights issue are important steps in executing our strategic priorities. With implementation advancing according to plan and some positive impacts from our plan to improve efficiency already coming through, our focus is now on delivering the expected benefits of these initiatives.

Solid commercial execution in regions EMEA APAC and Latin America resulted in organic sales growth above 4% for both regions in a highly competitive market environment. In Europe, the Electrolux and AEG brands continued to strengthen their market and price position, driven by core categories, such as built-in kitchen, in a continued subdued market. In Latin America, leveraging our strong market position, growth was supported by strong performance in small domestic appliances, driven by an extended product portfolio. In North America, weak market conditions continued to impact demand, with organic sales declining broadly in line with the estimated market contraction of approximately 3%. The newly extended U.S. Section 232 import tariffs valid from April 6, also applicable to Mexico, increased cost pressure across the industry, impacting earnings in the second half of the quarter. This additional cost pressure prompted widespread industry pricing actions. Electrolux Group led these increases, implementing price adjustments during the quarter between 5% and 20% depending on product category, compensating for part of the increased cost pressure from tariffs.

The earnings improvement was driven by operational improvements in EMEA APAC and Latin America. In North America, weak market conditions and tariff-related cost pressure continued to weigh on performance. The cost pressure from the extended tariffs will remain and impact earnings in the coming quarters. External factors were negative, impacted by tariff costs and the consequences of the Middle East conflict resulting in higher logistics and raw material costs. Cost-efficiency initiatives contributed SEK 1.4bn in improvements during the quarter, supported by procurement savings and the first impacts from our plan to improve efficiency across the organization over the next two years. Cash flow also improved and, together with the successful completion of the approximately SEK 9bn rights issue, strengthened our balance sheet and financial flexibility.

Market outlook unchanged and business outlook for the full-year partly revised

Looking ahead, the market environment remains characterized by geopolitical uncertainty and macroeconomic volatility, which may continue to weigh on consumer demand throughout the year. We maintain a Neutral market outlook for Europe and a Negative outlook for North America for the full year. In Brazil, our Positive full-year market outlook remains unchanged, although the cumulative effects of elevated interest rates and inflation continue to affect consumer financing and spending.

In the business outlook we have revised the capital expenditure outlook from SEK 4bn to approximately SEK 3.0-3.5bn.

Execution key focus in a challenging market

Our short-term priorities are clear: execute the transformation of North America, accelerate efficiency improvement across the organization, optimize the global manufacturing footprint and increase agility and performance focus throughout the organization.

We are reshaping Electrolux Group to become a more competitive, resilient and consumer-centric company. The actions taken during the quarter mark important progress in executing our strategic priorities. While there is more work ahead, these initiatives strengthen our foundation for sustainable value creation over time.

Webcast and telephone conference 09.00 CEST

A webcast and simultaneous telephone conference is held at 09.00 CEST today, July 29. Yannick Fierling, President and CEO, and Therese Friberg, CFO, will comment on the report.

If you wish to participate via webcast, please use the link below. Via the webcast you are able to ask written questions.

https://edge.media-server.com/mmc/p/eyqknwsu/

If you wish to participate via telephone conference please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.

https://register-conf.media-server.com/register/BI0fd4302d88ba434abbb0aea373ae5433

The press release and presentation material is available for download on the Investor Relations section on electroluxgroup.com.

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was submitted for publication, through the agency of the contact person, on 29-07-2026 07:00 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux-group/r/electrolux-group-interim-report-q2-2026,c4378229

The following files are available for download:

He called for the global intellectual community, scientists, startups, and tech firms to bring innovative ideas to Vietnam, including MB, to jointly research, test, and realise them in practical applications.

“10 years ago, the bank faced fierce competition from organisations with superior networks, workforces, and resources. Since 2018, MB has shifted its development strategy towards a digital platform. With a vision to build a lean bank, MB can serve a large customer base, operate 24/7 and continuously improve labour productivity. Leveraging a decade of persistently tackling real-world problems, MB has gained new competitive edge. The key is to identify the right problems and match them with the right ideas and technologies,” Thai said.

MB’s chairman Luu Trung Thai addresses the opening ceremony of the Vietnam Global Innovation Connect (VGIC) 2026

According to MB’s chairman, Vietnam and MB in specific still face many unresolved problems in the fields of data centres, AI, automation, digital ecosystem development, and labour productivity improvement. This presents an opportunity for experts, scientists, startups, and tech firms to research and develop new solutions.

MB is willing to foster an environment to research, pilot and test ideas in reality while providing resources, connecting partners, and investing in valuable initiatives.

Serving nearly 40 million customers and processing approximately 15 billion transactions in 2025, with that figure expected to reach 20 billion in 2026, MB can support the completion and deployment of models, algorithms, and technology solutions on a large scale in the financial and banking sector, as well as Beyond Banking services.

“Vietnam can become a testing ground for new models, projects, and technologies before international expansion,” Thai said. “Proven innovations through real-world applications in Vietnam and within MB's ecosystem are likely to scale in the regional and global market. The willingness to experiment with innovative models will create new development spaces for businesses and the economy, while bringing these homegrown innovations to the world.”

MB – Ready to welcome innovative ideas from global knowledge

By accompanying VGIC 2026, MB hopes to connect the global knowledge with real-world problems in Vietnam. The initiative will foster an environment for experts, scientists, startups, and tech firms to research, pilot and execute innovative solutions. MB is willing to support resources, data, execution capability and partner connection to bring initiatives from research to practical application, from ideas to tens of millions of users.

Leveraging its technology platform, data, financial capability and ecosystem serving nearly 40 million customers, MB can facilitate the testing, refining and implementation of initiatives on a large scale. This will shorten the gap between research and practical application, contributing to increased labour productivity and creating tangible value for the economy.

MB will continue to expand collaboration with research institutes, universities, tech companies, startups, and expert communities in the local and foreign markets. Collaborative efforts in resources, data, and execution capabilities will speed up the translation of ideas into solutions that can be applied on a large scale, contributing to creating new growth drivers for the economy.

Connecting global knowledge for an innovative Vietnam

VGIC 2026 is taking place from July 29 to 30 at the Startup & Innovation Hub of Ho Chi Minh City, which is organised by AVSE Global with the title “Future Tech - Vietnam's Digital Leap.” The forum convenes policymakers, experts, scientists, businesses, startups, investment funds, and the Vietnamese intellectual community globally to connect resources, advance cooperation, and transform technological initiatives into value for Vietnam's development.

MB representatives and partners at the launch ceremony of the Vietnam Innovation & Policy Labs at VGIC 2026

One of the programme highlights is the SMART Nation model, focusing on four pillars: Smart Data, Smart People, Smart Business Processes and Smart Technology. The programme also advances collaboration in five strategic areas: Semiconductors, Mobility, AI, Robotics and Telecommunications.

Envisioned as a digital business and leading financial group, MB will continue to invest and develop its technology platform, data and digital ecosystem, while expanding cooperation with research institutes, universities, tech firms, startups, and expert communities in both Vietnam and abroad. Such efforts aim to attract innovative resources and jointly develop solutions capable of large-scale deployment, contributing to building an innovative, rapidly developing, and sustainable Vietnam.

MB secures prestigious software and IT service awards Military Commercial Joint Stock Bank (MB) has just clinched three Sao Khue Awards 2024, extending its winning streak to six consecutive years. The bank's innovative digital products - the Stellar fashion payment bracelet, the MB JCB Be The Sky card, and the mSeller sales management software - were honoured at the event.

Military Bank bolsters app security with facial recognition for safer transactions Fraud and asset misappropriation are becoming increasingly sophisticated, so Military Bank (MB) has upgraded its online transaction security with facial recognition authentication.

MB’s nine-month credit growth outpaces industry average by 80 per cent Military Commercial Joint Stock Bank (MB) has released its Q3/2024 financial results, highlighting a range of positive business indicators.

The report details the substantial socioeconomic impact of HER2-positive (HER2+) breast cancer, framing the disease as a clinical challenge and significant macroeconomic constraint.

The analysis, which forms part of a broader study across 11 Asia-Pacific economies by the WifOR Institute and supported by Roche, suggests that evaluating healthcare funding presents an opportunity to transition from managing short-term costs to investing strategically in national resilience.

According to the report, across the 11 analysed Asia-Pacific economies, HER2+ breast cancer and retinal diseases (diabetic macular edema and neovascular age-related macular degeneration) combined are projected to generate an estimated $180 billion in cumulative productivity losses between 2017 and 2027.

This systemic burden is driven by the loss of approximately seven million Disability-Adjusted Life Years (DALYs) – a measure of the number of healthy life-years lost to illness, disability or early death. The trajectory is steepening: in 2023, HER2+ breast cancer alone cost these eleven economies $10 billion in lost productivity, a figure the report projects will reach approximately $13 billion by 2027 – a 30 per cent increase in just four years.

The report quantifies the specific burdens in Vietnam. The data indicates that HER2+ breast cancer alone is projected to cost the Vietnamese economy an estimated $3.71 billion in cumulative lifetime productivity losses during 2017-2027, correlating to the loss of approximately 424,575 DALYs. This represents a continuous constraint on workforce productivity, particularly concerning as Vietnam seeks to avoid the "middle-income trap."

Behind these figures are women in the middle of their working lives – often building careers, raising children and caring for ageing parents at the same time. For them, a late diagnosis is not measured in billions but in months away from work, income a household cannot easily replace, and time with family that cannot be recovered.

Earlier detection and timely treatment change that arithmetic. It is why the report argues that the value of care should be judged not only by what it costs a health system, but by what it allows people to keep doing – including the caregiving and household work that economic models have traditionally left out.

Conversely, the study provides empirical evidence of the economic returns generated when patients gain access to medical innovation. In Vietnam, Roche’s innovative therapeutic interventions for HER2+ breast cancer are estimated to contribute $12.95 million to economic growth and generate 827 Quality-Adjusted Life Years gained for patients over the decade.

The report cautions that these two figures are not directly comparable: the burden estimate covers lifetime productivity losses across the entire patient population, whereas the social impact estimate captures value only for the years patients are actively on treatment – a deliberately conservative snapshot rather than an offset to the total burden.

Notably, social impact grew from $1.6 million in 2017–2023 to $11.3 million in 2024–2027 – a more than 600 per cent increase that underscores the transformative power of access to innovation. Furthermore, the WifOR methodology captures a metric often excluded from standard economic evaluations: productivity gains from unpaid work. The report notes that activities such as domestic labour and family caregiving–predominantly managed by women–account for approximately 25 per cent of the total social impact of these treatments.

Burak Pekmezci, general manager of Roche Pharma Vietnam, said, "Vietnam has set ambitious goals for its development, and a healthy population is one of the strongest foundations for reaching them. To achieve sustainable, long-term growth, understanding the full socioeconomic impact of disease is crucial."

"By supporting this research, we hope to contribute to a comprehensive framework where the value of medical innovation is evaluated not just by the immediate cost, but by its broader societal returns, such as keeping individuals in the workforce and reducing the caregiving burden on families," Pekmezci said.

These findings arrive at a pivotal moment in regional dialogues regarding health financing. As Health Technology Assessment models evolve, there is a growing consensus among economists that traditional models may underrepresent the true value of an intervention.

The data supports an ongoing structural shift towards integrating long-term societal and economic value– including restored workforce productivity and reduced caregiving burdens– into budget guidelines and assessment frameworks, empowering policymakers to make holistic decisions.

On a macro level, the report aligns with global projections, which suggest that strategic investments in health and innovation could save 60 million lives and add $12 trillion to the global economy by 2040. For rapidly developing economies such as Vietnam, the report posits that sustained economic expansion remains closely tied to the continuous development of robust, value-based healthcare infrastructure.

Significant progress has been made in Vietnam's breast cancer fight The Vietnam Medical Association (VMA) and Roche Pharma Vietnam held a meeting on March 5 to review the first three years of a five-year partnership aimed at improving access to innovative therapies for high-risk breast cancer patients in Vietnam.

New partnership targets improved cancer care for Vietnamese women Vietnam is ramping up efforts to tackle breast and cervical cancer – two major health challenges that continue to weigh heavily on women and society.

Roche Pharma Vietnam and Bright Future Fund launch Joining Hands for Her campaign Roche Pharma Vietnam and the Bright Future Fund (BFF) launched the 2025 Joining Hands for Her campaign on October 14.

Financial Highlights

Thomas Laboulle, Founder and Chief Executive Officer, commented, "1H2026 marked an important milestone: our first reporting period as a listed company. During the first half of the year, we focused on strengthening the foundations of the business by investing in our commercial capabilities, product platform, AI roadmap and regional presence while completing the capital restructuring outlined in our IPO. We are encouraged that these investments are beginning to translate into stronger commercial momentum. Revenue growth accelerated to more than double last year's first-half pace, and pipeline development has exceeded our expectations in several markets, particularly in the Middle East. We also continue to see growing enterprise demand for trusted, locally hosted AI and communications infrastructure. As we enter the second half of the year, our priority remains the same: executing well, converting commercial opportunities into long-term customer relationships, and building a business capable of delivering sustainable growth over the years ahead."

Christian Wong, Chief Financial Officer, added, "1H2026 closes the chapter that dominated our FY2025 reporting: the balance-sheet restructuring undertaken alongside our IPO is complete. The Group now operates with positive equity, positive working capital, no borrowings and US$4.0 million of cash, representing more than double the balance at the end of FY2025. The balance-sheet conditions highlighted in our FY2025 results have now been fully addressed: in short, a significantly strengthened balance sheet. The wider loss for the first half reflects the planned increase in investment that we communicated alongside our FY2025 results, including recurring listed-company costs and the deliberate front-loading of our commercial build-out to support the next phase of growth. As these investments mature, our medium-term ambition remains unchanged: to progressively improve profitability through operating leverage and move towards Adjusted EBITDA profitability over the next two to three years."

Financial Review

In 1H2026, the Group's revenue increased 13.0% to US$18.8 million from US$16.6 million in six months ended 30 June 2025 ("1H2025"). The increase was primarily driven by the continued growth in Usage revenue, supported by higher enterprise messaging and voice traffic volumes, contributions from newly onboarded enterprise customers and continued enterprise customer adoption across the Group's platform.

Usage revenue, the Group's largest revenue stream, increased 19.6% to US$13.3 million as compared to US$11.1 million in 1H2025, representing 70.9% of total revenue compared with 67.0% in the prior corresponding period. The growth was driven by continued expansion in enterprise messaging and voice usage across the platform, supported by higher customer activity among existing enterprise customers and contributions from newly onboarded customers.

Subscriptions and Licensing revenue grew 10.4% to US$3.1 million in 1H2026 as compared to US$2.8 million in 1H2025, reflecting continued platform adoption. Professional Services revenue grew 1.2% to US$1.2 million (1H2025: US$1.2 million), marking an early recovery following the workforce optimisation initiatives undertaken in the six months ended 31 December 2024 ("2H2024") as delivery capacity gradually stabilised through targeted recruitment and selective subcontracting. Maintenance and Support revenue declined 12.4% to US$1.2 million (1H2025: US$1.3 million), primarily due to the completion of certain legacy maintenance contracts.

Gross profit increased 10.2% to US$4.5 million in 1H2026 from US$4.1 million in 1H2025, while gross profit margin moderated from 24.5% in 1H2025 to 23.9% in 1H2026. The decline was primarily attributed to the continued expansion of Usage revenue, which carries structurally lower margins than the Group's software and services offerings, alongside lower contributions from the higher-margin Professional Services and Maintenance and Support segments. The Group expects the revenue mix to improve progressively as higher-margin software, AI-enhanced services and Subscriptions and Licensing contribute a larger share of the Group's revenue. The return to gross profit growth marks a reversal of the FY2025 pattern, in which revenue growth was accompanied by a 3.1% decline in gross profit.

Underlying operating expenses increased 40.0% year-on-year, reflecting the planned investment programme communicated alongside the Group's FY2025 results. The increase was primarily attributed to recurring listed-company costs, investments in brand, marketing and investor engagement, and the expansion of commercial, product and regional capabilities, including the continued build-out of the Group's Middle East operations. These investments were undertaken to strengthen the Group's commercial platform and support its next phase of growth. Expressed as a proportion of revenue, underlying operating expenses stood at 39.8% in 1H2026 (1H2025: 32.1%); management expects this ratio to begin declining in 2H2026 and to fall further as revenue scales ahead of costs, forming the Group's principal path towards Adjusted EBITDA profitability over the next two to three years.

The reported EBITDA loss was US$3.3 million in 1H2026 (1H2025: US$1.4 million). Excluding residual listing-related professional fees and the MAS Grant for Equity Market Singapore ("GEMS") recognised during the period, Adjusted EBITDA loss was US$2.9 million for the period, reflecting the Group's deliberate investment in commercial capacity, product development and regional expansion following the IPO. The Group also expects the pace of operating expense growth to moderate in the six months ended 31 December 2026 ("2H2026"), as one-off listing and launch-related costs fall away and the cost base established in 1H2026 substantially reflects the Group's full run-rate as a listed company.

Net interest expense declined 47.1% to US$0.15 million following the repayment of shareholders' loans and the early repayment of the Group's IRIS Fund LP venture debt facility in April 2026. The early retirement of the facility eliminated the Group's highest-cost borrowing, strengthening the balance sheet and reducing future financing costs.

As a result, the Group recorded a net loss of US$3.8 million in 1H2026 (1H2025: US$1.0 million). Excluding residual listing-related professional fees, the GEMS grant recognised in other income and other non-recurring items, Adjusted Net Loss was US$3.4 million compared with US$1.6 million in the prior corresponding period, reflecting the Group's planned front-loaded investment in commercial capabilities, product development and regional expansion. The net loss was less than half the US$8.1 million recorded in 2H2025, which carried the principal listing-related and non-cash charges. The year-on-year comparison is also affected by a non-recurring US$0.8 million in deferred tax credit in the 1H2025 base; at the loss before tax level, the comparison is US$3.8 million against US$1.8 million.

Commercial Momentum

The Group's order book grew 25% to approximately US$29.3 million at 30 June 2026, from US$23.44 million at the Latest Practicable Date of the Offer Document, computed on the same basis: contractually committed revenue from signed customer contracts.

The quality of new business also improved markedly: the gross margin on new bookings reached 89% (1H2025: 56%), measured on contracted deal value and therefore not directly comparable to the Group's blended gross margin.

The number of Tier 1 customers (accounts generating annual revenue above US$500,000) more than doubled during the period, driven by expansion within the existing customer base, and accounts where the Group's AI suite is deployed recorded an uplift in monthly recurring revenue of approximately 26% relative to their pre-deployment baseline.

Further details are set out in the Company's unaudited 1H2026 results announcement.

Business Outlook

Following the successful completion of the IPO and capital restructuring, the Group enters 2H2026 with positive equity, positive working capital, no borrowings and US$4.0 million of cash, providing increased financial flexibility to execute its growth strategy.

The Group continues to see encouraging demand for enterprise communications and AI-enabled customer experience solutions, particularly in regulated industries where compliance, locally hosted infrastructure and sovereign AI capabilities are becoming increasingly important. Commercial indicators strengthened during 1H2026, with pipeline momentum in the Middle East exceeding management's expectations.

Recent developments further strengthen the Group's position: the Glovo deployment went live across four European markets during the period, bringing the Group's footprint into Europe; Middle East coverage was extended from two markets to eight during the period, with growing regional revenue and pipeline momentum stronger than anticipated at listing; a memorandum of understanding was signed with Sestek in June 2026 for Arabic-language AI; and the launch of Kawa under the Makimoto initiative in July 2026 extends the Group's AI infrastructure for customer experience. The Group expects these initiatives to contribute progressively as customer deployments expand and enterprise usage increases.

For 2H2026, management expects the year-on-year revenue growth rate, on an organic basis and before any contribution from inorganic opportunities, to exceed the 13.0% recorded in 1H2026, consistent with the Group's established seasonal second-half weighting, and expects reported operating expenses to be below the first-half level.

Path to Profitability

Looking ahead, the Group remains focused on converting commercial opportunities into long-term customer relationships while progressively improving operating leverage as revenue scales. Continued growth in AI-enhanced services, Subscriptions and Licensing, together with increasing enterprise adoption across key markets, is expected to support the Group's medium-term objective of progressing towards Adjusted EBITDA profitability over the next two to three years.

For more information about Toku, visit toku.co

On July 29, Vincom Retail released its consolidated financial statements for the second quarter, reporting net revenue of approximately $91 million, up 11 per cent on-year.

Revenue from shopping mall leasing and related services reached around $87.2 million, an increase of 10 per cent on-year. The growth was driven by an improvement in the occupancy rate, which rose 2.3 percentage points to 88.6 per cent at the end of the second quarter, a slight increase in average rental rates across the portfolio, and contributions from shopping centres opened in the second half of 2025.

Excluding the performance of Vincom Center Nguyen Chi Thanh, leasing and related service revenue increased 11.5 per cent on-year during the quarter.

In addition to its core business, financial income remained a key earnings driver. Financial revenue rose 25 per cent on-year to approximately $32.5 million in the second quarter, bringing the total for the first six months of 2026 to around $65 million.

The largest contributor to financial income was interest earned from deposits, loans, and deposits paid, totalling approximately $32.7 million during the quarter. Meanwhile, financial expenses declined 18 per cent to around $8.5 million, including interest expenses of approximately $7.7 million.

After accounting for expenses and taxes, Vincom Retail posted net profit of approximately $61.9 million in the second quarter, up 30 per cent compared to a year earlier.

The company said its adjusted consolidated net revenue, calculated by adding pro forma revenue from the transfer of investment property recorded in the first quarter to reported net revenue, and first-half after-tax profit had respectively fulfilled 49 per cent and 58 per cent of its full-year 2026 targets.

Part of the Vingroup ecosystem, Vincom Retail operates the country’s largest shopping mall network, comprising 90 shopping centres across 31 provinces and cities with a total gross floor area of nearly 1.91 million square metres.

For 2026, the company targets revenue of approximately $390 million and after-tax profit of around $207 million.

According to the company, Vincom shopping centres welcomed 112 million visitors in the first half of the year, while its commercial streets attracted 4.2 million visitors, representing on-year increases of 11.6 per cent and 16.3 per cent, respectively.

In the third quarter, Vincom Retail plans to continue expanding its network with the opening of Vincom Plaza Dan Phuong, which is scheduled to commence operations in August.

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According to data released by travel platform Wego on July 29, Saudi travellers are increasingly combining short regional breaks with longer international holidays this summer, with Vietnam standing out as the fastest-growing destination.

Searches for trips to Vietnam from Saudi Arabia rose 30 per cent on-year, the highest growth rate among the destinations tracked by Wego. China ranked second, recording a 9 per cent increase.

Wego said Saudi travellers continue to favour destinations offering convenient air connectivity, simple entry procedures, competitive travel costs, and a wide range of family-friendly experiences.

Meanwhile, data released by online travel platform Agoda on July 28 showed that South Koreans’ demand for overseas travel remained resilient during the first half of 2026, with Vietnam continuing to rank among their preferred destinations.

Danang, Nha Trang, and Phu Quoc were all listed among the top 10 international destinations most searched by South Korean travellers.

Notably, Phu Quoc recorded one of the strongest growth rates, with search volumes increasing 13 per cent on-year. According to Agoda, the rise was driven by the launch of new direct flights linking the island with Incheon and Busan since April.

Beyond growing search interest, Vietnam also remained the second most visited overseas destination for South Korean travellers, behind only Japan. In June 2026, approximately 261,000 South Korean visitors travelled to Vietnam.

Within Vietnam, South Korean tourists continued to favour beach destinations such as Phu Quoc, Nha Trang, Mui Ne - Phan Thiet, and Danang, attracted by their scenic coastlines, well-developed resort infrastructure, and convenient flight connections.

The garment and textile industry, one of the sectors that most clearly illustrates the recovery in manufacturing, has rebounded after facing significant pressure during the downturn in global consumer demand.

According to the Q2/2026 financial statements of TNG Investment and Trading JSC, the company generated revenue of more than $116.5 million, up 15 per cent on-year.

Net profit after tax rose 22 per cent to $5.88 million, marking the highest quarterly profit in the company's history.

For the first six months of the year, TNG's revenue increased 20 per cent, while net profit surged 26 per cent to $8.16 million.

The company attributed the strong performance to expanded production capacity, a greater focus on higher value-added orders, faster delivery of export shipments, and accelerated digitalisation and automation initiatives aimed at improving productivity and lowering manufacturing costs.

Vietnam National Textile and Garment Group (Vinatex) reported consolidated first-half revenue of $401.9 million and pre-tax profit of $35.3 million. Revenue increased 9.6 per cent on-year, while pre-tax profit climbed 32.4 per cent.

According to Vinatex, the results were driven by the group's proactive market response strategies, effective cost management, and improved labour productivity.

Meanwhile, Phu Bai Spinning JSC posted Q2 revenue of $13.7 million, up 23.2 per cent on-year, while net profit after tax increased fivefold to $4.40 million, supported by gradually recovering yarn demand, which significantly improved sales volume and production efficiency.

A similar trend was seen among building materials producers. During the quarter, Binh Minh Plastics JSC recorded revenue of $52.76 million, slightly higher than a year earlier, while net profit after tax reached $14.6 million, up about 11 per cent and marking the highest quarterly profit in the company's history.

For the first half of the year, Binh Minh generated revenue of $111.08 million and net profit after tax of $26.84 million, representing on-year increases of 3 per cent and 9 per cent, respectively.

Tien Phong Plastic JSC posted Q2 revenue of $86.6 million, up 8.8 per cent on-year, while net profit after tax surged nearly 49 per cent to $19.12 million.

For the first six months of 2026, the company recorded revenue of $145.8 million and net profit after tax approximated $29.3 million, up nearly 38 per cent from the same period last year.

Likewise, Thuan Duc JSC reported net revenue of $49.40 million, up 31 per cent on-year, supported by the timely delivery of previously secured orders and improving export and domestic markets.

However, the company’s net profit after tax grew even faster, soaring 104 per cent to $1.65 million. In the first half of the year, Thuan Duc posted net revenue of $99.6 million and net profit of $2.68 million, representing revenue growth of 37.6 per cent and a 2.2-fold increase in profit compared with the same period last year.

In the steel industry, Vietnam Steel Corporation estimated that consolidated revenue for the first six months of the year rose 30.4 per cent, while pre-tax profit increased 32.1 per cent on-year.

Based on last year's comparison base, the company is estimated to have generated approximately $1.15 billion in revenue and around $22 million in pre-tax profit during the first half of 2026.

According to Hoa Sen Group, net profit after tax for Q2 is estimated at $15.2 million, up nearly 40 per cent on-year. The improvement was attributed to the company's flexible inventory management strategy, cost optimisation, and effective utilisation of its nationwide distribution network amid a recovering market.

Vicem Ha Tien Cement JSC reported revenue for the same period of $90.44 million, up 17 per cent, while net profit increased 23 per cent to $5.52 million. This also represented the company's highest Q2 profit in five years, supported by a more than 6 per cent increase in cement sales volume.

The sharp rise in oil prices also enabled many companies across the oil and gas value chain to deliver strong business performance during the first half of the year.

Petrovietnam Technical Services Corporation is estimated to have generated consolidated revenue of $720.80 million and pre-tax profit of more than $40 million in the first six months of 2026, representing on-year increases of 29 per cent and 21 per cent, respectively.

Meanwhile, PV Drilling – formally Petrovietnam Drilling and Well Services Corporation – announced that both consolidated revenue and profit for the first half of the year are expected to exceed the company's targets by around 30 per cent.

The company also maintained a positive outlook for the drilling services market, citing rising exploration and production demand alongside continued constraints in global drilling rig supply.

The strong earnings performance reported by businesses is broadly consistent with the overall picture of the manufacturing sector.

According to S&P Global, the Manufacturing Purchasing Managers' Index rose to 51.8 in June, remaining above the 50-point threshold that signals expansion.

The report indicated that new orders continued to increase as customer demand improved. Manufacturing output expanded for a 14^th consecutive month, recording its fastest pace of growth since February. To meet rising production demand, manufacturers also increased purchases of raw materials for the second straight month.

During the first six months of the year, Vietnam's merchandise imports reached $283.17 billion, up 33.4 per cent on-year.

The increase in raw material imports reflects expectations of stronger order flows in the coming months, as well as growing demand for production expansion as market conditions continue to improve.

Manufacturing firms perform better in second quarter A large number of enterprises reported stable and better production and business in the second quarter of this year and are hopeful of an even better third quarter.

80.6% processing, manufacturing firms optimistic about business outlook (Infographics) Domestic business situation is expected to improve or keep stable compared to that of Quarter 2.

Manufacturing firms remain optimistic about 2025 prospects Despite manufacturing momentum slowing in early 2025, manufacturers are upbeat about their prospects this year.

This marked a positive milestone in its journey towards building a responsible and sustainable retail pharmacy business.

Originally established as Phuc An Khang Pharmacy in 2002, the chain became a member of Mobile World Investment Corporation in 2017 with 14 pharmacies in Ho Chi Minh City and was subsequently renamed An Khang Pharmacy.

In recent years, the company has focused on refining its operating model, standardising its product portfolio, establishing consistent service processes, and applying technology to pharmacy management and retail operations. Priority is also given to the operational efficiency of each store.

An Khang’s achievement of four consecutive profitable months demonstrates that the company’s strategic direction is delivering results. More importantly, this achievement reflects improvements from its core business operations, creating a foundation for the company’s long-term development.

As of the end of June, An Khang operated 415 pharmacies nationwide, placing it among the largest modern pharmacy retail chains in Vietnam. The chain’s revenue increased 22 per cent on-year, reflecting improving consumer demand and gradually enhanced operational efficiency.

According to Q&Me, pharmacy chains show strong nationwide growth, surpassing 4,000 stores in 2026, with expansion increasingly driven by provinces outside major cities like Ho Chi Minh City and Hanoi.

The number of pharmacies in 2026 increased by approximately 15 per cent from a year ago, mainly driven by the expansion of Long Chau (400 stores), along with Pharmacity and An Khang (100 stores).

According to IMARC Group, Vietnam’s pharmacy retail market is estimated to reach $17.2 billion by 2034, exhibiting a compound annual growth rate of 6.56 per cent during 2026-2034.

The market is becoming more competitive due to the continuous expansion of stores, digitalisation, and product portfolio extension. The large chains are targeting the positioning of pharmacies in cities and suburbs while targeting modern store formats to make the customer experience more appealing.

Pharmacies under pressure with new warehouse rules While expected to facilitate activities for modern pharmacy retail chains, the draft amendments to the Law on Pharmacy are causing concerns over new business conditions for warehouses if adopted.

Turning point created for pharma firms in law changes Amendments to the Law on Pharmacy are receiving strong support from the business community, expecting to create a more powerful legal system for the local market.

Reordering phase reflects pharmacy chain challenges Pharmacy chains are making strategic expansions and establishing new models up and down Vietnam.

Under the MoU, the two sides agreed to establish a framework to explore the development of liquefied natural gas (LNG) infrastructure in Van Phong Economic Zone in Khanh Hoa province and South Phu Yen Economic Zone in Dak Lak province. The two sides plan to jointly conduct research, technical and market assessments, as well as site surveys, to evaluate the feasibility of the ventures.

The agreement brings together KNE’s international experience in LNG and energy infrastructure with INDEL Corporation’s activities across the petroleum, energy, logistics and infrastructure sectors in Vietnam.

Operating LNG infrastructures since 2014, KN Energies has developed a strong international footprint, providing LNG terminal development, commercial and technical advisory, and FSRU-related expertise across Europe, South America and Asia. Through this partnership, the company aims to share its global experience and contribute to the development of future energy infrastructure projects.

Meanwhile, INDEL is studying the development of the Nam Van Phong refinery and petrochemical complex, along with a green hydrogen plant and new fuel cell plant in Khanh Hoa.

Tran Van The, chairman of the Board of Directors of INDEL Group, said, "As a European partner, KN Energies has expressed interest in large-scale energy infrastructure projects in Khanh Hoa. The cooperation is expected to diversify international resources supporting the development of clean energy ventures in the province."

Linas Kilda, representative of KN Energy Group, emphasised that both sides need to quickly develop a concrete action plan following the signing of the MoU to ensure cooperation progress.

The MoU also marks another step in strengthening economic cooperation between Lithuania and Vietnam, fostering new business partnerships and facilitating the exchange of knowledge and expertise between the two countries.

Work starts on Japan–Bac Lieu wind power plant On June 20, Ca Mau People’s Committee, in collaboration with the Japan–Bac Lieu Energy JSC, held the groundbreaking ceremony for the Japan–Bac Lieu wind power plant in Dong Hai commune.

PV GAS signs LNG supply deal with Shell Eastern Trading for 2027-2031 Petrovietnam Gas has signed a term liquefied natural gas (LNG) sale and purchase agreement with a wholly owned subsidiary of Shell plc for the 2027–2031 period.

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Held in a hybrid format, the conference linked the central venue at Dien Hong Hall in the National Assembly Building with Party committees, ministries, sectors, localities, agencies and units nationwide

Vietnam is reforming its development model to achieve high and sustainable economic growth

Participants reviewed nine thematic reports approved at the third plenum, including resolutions on renewing Vietnam’s development model, developing the country into a strong maritime nation, building a disciplined, safe, civilised, harmonious and developed society, and advancing the national security strategy.

Addressing the conference, Politburo member and Chairman of the Party Central Committee’s Commission for Policies and Strategies Nguyen Thanh Nghi stressed the need for a shared understanding of the country’s development model.

“There is no single development model that fits every country or every historical period. Each nation must choose a model that is appropriate to its level of development, political institutions and international context,” he said.

Reviewing the 40 years of economic reforms since the 1980s, Party documents show how Vietnam has transformed itself from an underdeveloped economy into one of the fastest-growing economies in the region.

In 2025, Vietnam became an upper-middle-income countries, with gross national income per capita reaching $4,970.

However, the process of reforming the development model has remained slow. Economic growth continues to rely largely on expanding investment, exploiting natural resources, low-cost labour, and processing and assembly activities, while growth quality, labour productivity, science and technology capacity, innovation and strategic self-reliance remain limited.

These shortcomings have created the need for a dedicated resolution on renewing the national development model.

The resolution adopted by the third plenum is built around five major guiding principles.

It identifies renewal of the development model as a strategic task of historic significance; calls for transforming national organisation, governance and operations, driven primarily by science, technology and innovation; promotes modern governance and stronger coordination among the state, market and society; seeks to mobilise all resources for national prosperity while strengthening strategic self-reliance; and prioritises institutional and governance reform, shifting from managing development to enabling it, with services to citizens and businesses as the key measure of effectiveness.

At the third plenum of the 14^th Party Central Committee, held from July 20 to 24, Party General Secretary and State President To Lam emphasised that reforming Vietnam’s development model is an issue of enormous significance, unprecedented in nature, and one that will shape the country’s national development model through 2045 and beyond.

“The resolution goes beyond reforming the growth model. It establishes a comprehensive development model, translates the nation’s development aspirations into concrete policies, places people at the centre, and embodies the core principles of the Resolution of the 14^th National Party Congress together with international experience adapted to Vietnam’s conditions,” the Party General Secretary said.

Dr. Le Xuan Ba, former president of the Central Institute for Economic Management, said the resolution established a new growth model, shifting from extensive growth to intensive growth, with science, technology and the quality of human resources serving as its foundation.

“However, developing sci-tech requires resources to invest in research and innovation, while building a highly skilled workforce demands investment in education and physical infrastructure. Without adequate financial resources, all these objectives will be difficult to achieve," Ba said. “In addition to public investment and private-sector capital, foreign direct investment (FDI) continues to play an especially important role. Beyond supplementing financial resources, the FDI sector helps boost economic restructuring and develop key industries, expanding export markets, enabling deeper participation in global value chains, and facilitating the transfer of technology and modern management practices.”

Dr. Le Bo Linh, president of the Institute for Economic Strategy Studies and former Vice Chairman of the National Assembly’s Committee for Science, Technology and Environment, suggested that ensuring national energy security should be the priority in successfully implementing the resolution.

“Energy is the lifeblood of a modern economy. Without a stable, sufficient and reasonably priced energy supply, achieving high economic growth will be extremely difficult," he said.

“Vietnam is undergoing a strong transition towards a growth model driven by manufacturing and processing industries, high technology, the digital economy and innovation. These sectors all consume large amounts of electricity and require a reliable power supply. Energy security is not merely an issue for the electricity or oil and gas industries; it is a cornerstone of national economic security.”

Defining a national development model for a new era is of critical importance to becoming a developed, high-income country by 2045. Accordingly, the Party Central Committee has set out specific development targets for 2030, 2035 and 2045, while outlining a long-term vision through 2130.

The establishment of a new growth model at the Party Central Committee’s plenary meetings is of vital importance. It shall enable the economy to shift from extensive to intensive growth, improve productivity through sci-tech, and help realise the goal of strong development in the new era.

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Redefining Vietnam’s growth model for the era of innovation Vietnam is moving to establish a new growth model centred on science, innovation and digital transformation, aiming to unlock double-digit growth and strengthen long-term competitiveness in a rapidly changing global environment.

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Under the decision, Minister of Finance Ngo Van Tuan has been appointed chairman of the Management Council, while Deputy Minister of Finance Nguyen Thi Bich Ngoc will serve as vice chairwoman.

Other members of the council include Deputy Minister of Science and Technology Bui Hoang Phuong, Deputy Minister of Home Affairs Nguyen Manh Khuong, Deputy Minister of Industry and Trade Phan Thi Thang, and Deputy Minister of Construction Nguyen Van Sinh.

The decision took effect on July 24, the date of its signing, and replaces the list of council members stipulated in Article 1 of Prime Ministerial Decision No.1511/QD-TTg dated July 11, 2025, which established the Investment Support Fund Management Council.

Under Decision No.1511/QD-TTg, the council is responsible for determining the Fund's five-year and annual strategies and operating plans, issuing or amending its operating regulations, overseeing the management and use of the fund in accordance with the law, approving the fund's annual financial plan, and ensuring that the fund operates on a non-profit basis.

The council is also tasked with submitting to the government proposals on the total level of cost support for eligible enterprises, considering socioeconomic development priorities, investment attraction objectives for each period, and the state budget's annual capacity.

Based on the approved allocations, it assigns funding plans to local authorities for implementation and notifies the State Treasury to facilitate expenditure control. It is also responsible for approving the fund's periodic and final financial reports.

In addition, the council supervises and inspects the Fund's Executive Agency to ensure compliance with legal regulations and the council's resolutions and decisions.

It is authorised to issue investment support decisions for enterprises that have not yet commenced operations, as well as for businesses eligible for initial investment cost support under Section 2, Chapter III of Decree No.182/2024/ND-CP dated December 31, 2024.

The Management Council is entitled to use the official seal of the Investment Support Fund in carrying out its duties and exercises other powers assigned by the prime minister.

Manufacturing boosted by FDI, export recovery and public investment Vietnam's industrial sector remained a key growth engine in the first half of 2026, supported by robust manufacturing, recovering export orders, stronger foreign investment and more public investment.

Vietnam's realised FDI reaches five-year high in first half Foreign direct investment disbursed in Vietnam was estimated at $13.03 billion in the first six months of 2026, up 11.2 per cent on-year. This marks the highest level of realised FDI for the first half of a year over the past five years.

FIEs' listing on Vietnam's stock exchange, unlocking new capital More foreign-invested enterprises listing on Vietnam's stock exchange could unlock new capital channels while injecting premium assets and driving higher corporate governance standards.

The meeting was held at the Ministry of Finance (MoF) in Hanoi and reaffirmed the close partnership between Vietnam and the IMF as the country enters a new phase of economic development.

Minister Tuan thanked Schmittmann for his contributions during more than three years of service in Vietnam. He commended the IMF Resident Office for maintaining regular policy dialogue, coordinating Article IV consultations, and supporting numerous capacity-building and training programmes for officials in Vietnam's finance sector.

The minister also congratulated Fazurin Jamaludin on his appointment, expressing confidence that his extensive experience across Asia and Europe would further strengthen cooperation between Vietnam and the IMF. He stated that the MoF would work closely with the new resident representative and provide the necessary support for his mission.

Schmittmann thanked the MoF and Vietnamese authorities for their close cooperation, particularly in macroeconomic management, fiscal policy, and tax administration. He said it had been a privilege to work alongside Vietnam during a period of strong economic progress.

Jamaludin noted that Vietnam was entering a new stage of development that presented both significant opportunities and challenges amid global uncertainties. He said he would build on the work of his predecessor and reaffirmed the IMF's commitment to serving as a trusted policy adviser to Vietnam.

Tuan said Vietnam had largely completed its strategic policy framework and was implementing development priorities for the next phase of growth. He noted that the National Assembly had approved the country's 2026-2030 socioeconomic development plan, which targets average annual GDP growth of at least 10 per cent and aims to place Vietnam among the world's 30 largest economies by 2030.

The minister described the coming period as a historic stage of development that would require disciplined policymaking and substantive reforms.

Reviewing Vietnam's economic performance in the first half of 2026, he highlighted GDP growth of 8.18 per cent, the highest first-half rate in many years. Realised foreign direct investment reached a five-year high of $13.03 billion, demonstrating Vietnam's continued appeal to high-quality international investors. State budget revenue reached 62 per cent of the annual target, while domestic consumption and international tourism also recorded strong recoveries.

At the same time, Minister Tuan acknowledged that the global environment remains challenging due to geopolitical tensions, rising trade protectionism, and tighter financial conditions. He noted that the IMF's July 2026 World Economic Outlook had revised global growth down to 3 per cent, while raising its inflation forecast to 4.7 per cent.

"The Vietnamese government remains firmly committed to boosting economic growth, but we will never sacrifice macroeconomic stability or the safety of the financial and banking system for unsustainable short-term growth," the minister said.

Minister Tuan said public investment would continue to play a central role in supporting economic expansion. As of early July 2026, public investment disbursement had reached 35.8 per cent of the annual plan assigned by the prime minister, equivalent to around VND 38 trillion ($1.5 billion) more than during the same period last year.

He noted that the government had issued Resolution No.168/NQ-CP on June 27, updating its growth outlook and committing to fully disbursing the 2026 public investment plan through more detailed weekly and monthly implementation schedules and stronger accountability for agency leaders.

Looking ahead, Vietnam will focus on improving project preparation, shortening administrative procedures while maintaining discipline and transparency, expanding decentralisation alongside greater accountability, deploying data-driven early warning systems to monitor implementation progress, and addressing fragmented investment practices. Priority will be given to transport infrastructure, energy, logistics, and digital infrastructure projects with strong spillover effects for the private sector.

The minister expressed hope that the IMF would continue to draw on its international experience to advise Vietnam on improving the efficiency of public investment and supporting long-term economic growth.

Photo: Duc Minh

Schmittmann congratulated Vietnam on its strong economic performance in the first half of 2026 while noting that the country continues to face both external and domestic risks. Externally, he pointed to ongoing volatility in global commodity and energy markets, as well as increasing trade investigations and tariff barriers in major export markets.

Domestically, he said Vietnam had experienced signs of tighter liquidity conditions, while inflation has moved closer to the government's target due to higher energy prices and persistent core inflation pressures.

Commenting on Vietnam's ambition to achieve double-digit economic growth, Schmittmann described the target as challenging but achievable. He said the most effective way to reduce reliance on credit-driven growth was to improve labour productivity and allocate resources more efficiently.

IMF research indicates that Vietnam still has substantial room to raise productivity, and reaching the average productivity level of emerging economies would significantly increase the country's economic output.

Concluding the meeting, the MoF minister reiterated Vietnam's commitment to pursuing a growth model centred on quality, efficiency, and institutional reform. He said the government would continue improving the business environment, with particular emphasis on helping small and medium-sized enterprises integrate more deeply into global value chains.

He stressed that Vietnam regards the IMF as an international financial institution, but also as a strategic policy adviser and trusted development partner. He also expressed confidence that cooperation between the two sides would deepen, contributing to Vietnam's goal of achieving rapid and sustainable development.

MoF proposes extending tax relief to curb inflation risks The Ministry of Finance has proposed extending exemptions on environmental protection tax, VAT and most-favoured nation import duty on petroleum products for an additional three months until September 30.

Vietnam and US launch real-time customs data exchange to enhance transparency Vietnam Customs and US Customs have signed an MoU on the electronic exchange of cargo manifest and shipment information.

Vietnam seeks Japanese expertise on financial reform On July 14, a delegation from Vietnam's Ministry of Finance, led by Deputy Minister Nguyen Duc Chi, held working sessions with Japan's Financial Services Agency and the Securities and Exchange Surveillance Commission in Tokyo to exchange experience in capital market development, financial innovation and securities regulation.

According to a report by MB Securities on July 23, policy reforms aimed at attracting both domestic and foreign investment into high-tech industries mark a structural shift in the industrial sector, from traditional industrial parks (IPs) towards eco-IPs.

Resolution No.10-NQ/TW, issued on June 8, identifies the foreign-invested sector (direct and indirect) as a key channel for capital, advanced technology, modern management practices and productive capabilities, supporting science and technology, innovation, digital and green transformation, and greater strategic self-reliance.

The core of Resolution 10 is a shift from quantity-driven to quality-driven investment attraction. This transformation is reflected in four key dimensions: elevating the role of the foreign-invested sector; reshaping the country’s new investment landscape; introducing new incentive policies; and positioning the foreign-invested sector as a driver of value creation and economic spillovers.

The resolution is particularly significant as the next generation of global investment increasingly targets destinations that meet more stringent environmental, social, and governance (ESG) standards, requiring Vietnam to adapt and strengthen its competitiveness.

The report pointed out that the next-generation IP model is becoming the new standard. ESG requirements, net-zero commitments, and the EU's Carbon Border Adjustment Mechanism are compelling developers to change their strategies. Next-generation industrial parks are expected to integrate renewable energy, circular water systems, digital infrastructure, and green spaces to meet the requirements of high-tech, semiconductor, electronics, and EV manufacturers.

In Vietnam, the transition towards eco-IPs based on international frameworks has been underway since 2014. To date, five IPs have been selected for the pilot programme, including DEEP C in Haiphong, Amata in Dong Nai, Hiep Phuoc in Ho Chi Minh City, Hoa Khanh in Damang, and Tra Noc 1 & 2 in Can Tho. During the initial implementation phase, DEEP C and Amata achieved encouraging results and are expected to make further progress towards meeting eco-IP criteria in the coming years.

Other players have also jumped on the bandwagon. Stavian IP is building a nationwide network of green, smart, and sustainable IPs in Vietnam. Its flagship projects include Stavian Hung Yen Industrial Cluster and Stavian Phu Tho IP.

Likewise, Sembcorp Development, co-developer of the VSIPs, is looking to scale the low-carbon industrial development in Vietnam. To facilitate the goal, the company has achieved pre-certification for Vietnam's first LEED Volume prototype for ready-built facilities, enabling faster deployment of green industrial buildings.

Meanwhile, Soilbuild is incorporating ESG practices into its ready-built ventures in Vietnam, such as Spectrum Hung Yen and Spectrum Nghe An. These ESG integration include LEED-certified designs, green energy solutions, and sustainable operations. Thus, tenants can meet global standards while optimising costs through efficient supply chain integration.

Stavian IP chief on building sustainable industrial ecosystems Stavian Industrial Park is expanding its network of green, smart, and sustainable industrial parks across Vietnam. General director Nguyen Tuan Anh shared the company's strategy and growth plans with VIR's Thanh Van.

Sembcorp achieves Vietnam's first LEED Volume prototype pre-certification Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, has achieved pre-certification for Vietnam's first LEED Volume prototype for ready-built facilities, enabling faster deployment of green industrial buildings.

Soilbuild offerings strengthen Vietnam’s standing Soilbuild International (Vietnam), a subsidiary of Singapore’s Soilbuild Group Holdings, is making headways in Vietnam’s industrial real estate market with Spectrum Hung Yen. General director Ben Ding Khoon Yew shared with VIR’s Thanh Van how the project embodies Soilbuild’s vision for flexible, high-quality industrial development.

The project's 27MW solar farm will use Trinasolar's 510W and 515W Vertex S+ (NEG18R.28) modules. The modules incorporate n-type i-TOPCon technology and a heat-strengthened dual-glass design selected for durability, weather resistance and low degradation in long-term renewable energy applications.

Further, Trinasolar's n-type i-TOPCon technology helps reduce light-induced degradation, supporting stable energy yield across the project lifecycle. By supporting long-term energy generation and low degradation, the modules can contribute to lower lifecycle costs and stronger long-term project economics.

Construction is now underway. On completion, the facility is expected to produce up to 200 tonnes of green hydrogen annually and up to 4,500 tonnes of low-carbon ammonia. The project is designed to replace imported fossil fuel-based fertilisers and support emissions reduction in agriculture.

Edison Zhou, Head of Australia and New Zealand at Trinasolar said, "Projects like GEGHA demonstrate the important role solar plays in enabling emerging industries such as green hydrogen and low-carbon fertiliser production,"

"By supplying high-performance Vertex S+ modules for the project's solar farm, Trinasolar is helping provide the renewable energy foundation for green hydrogen and low-carbon ammonia production."

"GEGHA is designed as a commercial pilot for decentralised hydrogen and fertiliser production that could be replicated across regional Australia. For a project intended to demonstrate a long-term regional model, reliable solar generation is critical. Trinasolar's n-type dual-glass technology and experience in the Australian market were important considerations in selecting modules for the project's solar farm," said Joe Cumming, Senior Project Manager, Hiringa Energy.

The agreement was reached during a meeting on July 28 between Minister of Finance Ngo Van Tuan and Mariam J. Sherman, WB country director for Vietnam, Cambodia, and Laos, at the MoF headquarters in Hanoi.

Minister Tuan reaffirmed the long-standing and productive partnership between Vietnam and the WB Group, while commending the WB's Vietnam office for its close coordination with the MoF.

Following a meeting between the two sides in May 2026, the MoF's departments have worked with the WB to implement agreed priorities and review all ongoing commitments. Cooperation has progressed smoothly, with no major obstacles identified. The latest meeting provided an opportunity to review implementation progress, discuss remaining issues, and agree on the next steps.

Sherman welcomed the MoF's efforts to coordinate Vietnam's borrowing needs with the WB. She noted that the ministry had consolidated proposed borrowing plans from ministries, sectors, and local authorities, giving both sides a clearer picture of Vietnam's financing needs and priority investment areas for the coming years.

According to the MoF's Department of Debt Management and External Finance, Vietnam has submitted its proposed borrowing requirements for 2026-2030, based on financing requests from ministries, government agencies, and localities. The proposals will serve as the basis for developing the WB's lending programme for Vietnam over the next five years.

Under a WB letter dated July 1, the preliminary lending pipeline for 2026-2030 includes around 24 projects with an estimated total loan value of approximately $9.3 billion. The projects are concentrated in transport, energy, climate-resilient infrastructure, and development policy financing.

Several projects have already completed loan negotiations and are expected to be signed in August and September 2026. Another nine projects have received approval for their borrowing proposals and are completing investment policy approvals and feasibility studies.

"Most of the proposed loans are expected to be implemented within the next three years, representing a significant increase in both lending volume and implementation speed compared with recent years," she said.

Minister of Finance Ngo Van Tuan. Photo: Manh Tuan

To ensure effective implementation, the MoF minister said both sides should focus on projects that are well-prepared, have clearly defined financing needs, sufficient counterpart funding, and strong implementation capacity. "Priority should be given to large-scale projects capable of delivering tangible economic benefits," he said.

For infrastructure investment, he said projects should generate broad spillover effects, produce measurable benefits soon after implementation, and create sustainable cash flows. Transport infrastructure projects not only stimulate economic development in the regions they serve but also improve land use efficiency, strengthen connectivity, attract industrial investment, and support the development of services and urban areas.

The minister also stressed the importance of determining appropriate borrowing levels based on the WB's financing terms, while ensuring that Vietnam has the capacity to manage the loans effectively and meet future repayment obligations.

"WB should continue reviewing its lending procedures to shorten project preparation and implementation timelines, while also considering financing terms, including interest rates, to maximise the effectiveness of the loans," he said.

The two sides agreed that the MoF will send an official letter to the World Bank between August 20 and 25. Based on the draft project pipeline, the ministry will conduct a detailed review of each project against the agreed selection criteria and may propose additional projects that align with Vietnam's development priorities.

The meeting also reviewed progress on developing the new Country Partnership Framework, the 2026-2030 WB lending pipeline, pilot projects under the Multiphase Programmatic Approach, and fast-track implementation mechanisms.

The two sides also exchanged views on budget support operations, high-tech investment projects proposed by the WB, and technical assistance for developing Vietnam's Infrastructure Finance Programme and National Investment Fund.

Following the review, both sides agreed that Vietnam's approach to utilising WB financing should shift towards a stronger focus on high-impact, transformational investments that support public debt sustainability while improving the efficiency of public investment.

Vietnam and WB strengthen cooperation Water security is expected to become part of a long-term cooperation framework between Vietnam and the World Bank, contributing to the realisation of sustainable development goals and enhancing resilience to climate change.

MST and World Bank strengthen research and innovation ties The Ministry of Science and Technology and the World Bank will enhance cooperation in research infrastructure and venture capital development.

Vietnam joins upper-middle income economies in World Bank classification Vietnam has been upgraded to an upper-middle income economy by the World Bank Group, marking a milestone achieved through years of export-led growth and sustained economic expansion.