Experts, however, say that for interest rate reductions to be sustainable amid strong demand for capital, the critical task is to unlock non-bank funding channels, particularly the domestic capital market and international capital flows.

As of October 28, more than 20 commercial banks had announced cuts to deposit interest rates, generally by 0.5 percentage points for maturities of six months or longer.

They had also selectively reduced lending rates for priority borrowers following directives from the government and the SBV.

Cutting interest rates is an urgent priority under current conditions to support both businesses and banks. If rates remain elevated at levels approaching the peaks seen in 2022-2023, bad debts could rise rapidly.

Additional funding sources are needed to ensure sustainable rate reductions. Photo: Le Toan

With the gap between outstanding loans and deposits still standing at approximately $60 billion and the annual peak credit season approaching in the fourth quarter, banks remain in acute need of capital.

Although preferential credit packages have had a positive impact on market sentiment, their scale remains small relative to total outstanding loans of more than $800 billion, and they are accessible only to priority sectors.

As a result, average lending rates across the market are unlikely to fall rapidly. More importantly, if deposit rates are cut too quickly, deposit inflows into the banking system could reverse.

Nguyen Thanh Tung, chairman of the Board of Directors at state major Vietcombank, acknowledged that the most enduring challenge at present is to lower banks' funding costs while ensuring that depositors' interests are protected.

“If adjustments are not appropriate, the policy could affect depositors' behaviour. The SBV and commercial banks need to work closely together to determine an appropriate level of deposit interest rates,” he said.

During the week from October 19 to 25, six-month deposit rates at smaller private lenders had climbed to 9.5-10 per cent per annum, approaching the peaks recorded in 2022-2023. This has prompted signs of deposit funds shifting from one bank to another within the banking system.

To bring down overall interest rates, the SBV has required banks to quickly cut deposit rates by 0.5 percentage points per annum for maturities of six months or longer and strictly refrain from competing to offer higher deposit rates.

Banks have also been instructed to reduce lending rates by 1.5-2 percentage points per annum for production, business activities and priority sectors.

In addition, penalties have been introduced, such as reductions in credit growth limits for the rest of the year, or lower assigned credit growth targets for 2027, among others.

To ensure sustainable interest rate reductions, Dr. Dao Minh Tu, vice chairman and secretary general of Vietnam Banks Association, said that, over the longer term, macroeconomic, fiscal and monetary policies need to be coordinated to bring interest rates to levels consistent with the profitability of the economy and businesses while meeting future investment needs.

“Achieving this objective requires coordinated policies and the development of capital markets. Banks must mobilise funds before they can extend loans, while pressure to raise funds may force them to increase deposit rates to attract money. As alternative funding sources develop and help meet the economy's capital needs, pressure on the money and credit markets will ease, creating room for interest rates to fall,” Tu said.

Another solution to easing domestic interest rate pressures is to step up international capital mobilisation. In recent months, an increasing number of banks have turned to international capital markets.

Last week, southern lender Nam A Bank signed a mandate letter for a $100 million international syndicated loan.

SHB Bank also successfully issued international bonds worth about $178.8 million in Singapore. The issuance comprised $100.6 million in three-year bonds carrying an annual interest rate of 2.9 per cent and $78.1 million in five-year bonds with an annual interest rate of 3.15 per cent.

The issuance's foreign exchange risk was hedged through a swap into US dollars arranged by Sumitomo Mitsui Banking Corporation's Singapore Branch.

Earlier, a number of banks, including HDBank, MB, VPBank and VIB, had also raised billions of US dollars from international capital markets.

Beyond commercial banks, the government is also considering a return to international bond issuance while accelerating efforts to upgrade Vietnam's sovereign credit rating to investment grade, which would improve the country's access to global capital markets.

Talking to VIR, Pham Phu Khoi, secretary general of Vietnam Bond Market Association, stressed the importance of reducing excessive reliance on the banking system, including by tapping international sources of capital.

“International interest rates are at their highest levels in five years, making overseas borrowing less favourable. Nevertheless, amid a shortage of medium- and long-term domestic funding, increasing foreign borrowing is necessary to ease pressure on the domestic capital market,” Khoi said.

Khoi added that if international tensions ease and inflation declines, the US Federal Reserve will cut interest rates, making international borrowing more favourable. While awaiting a clearer direction for US dollar interest rates, international borrowing will continue to play only a supplementary role in supporting domestic liquidity.

Under current conditions, the capital channel most expected to provide additional funding for the banking system is the capital market, particularly the bond market.

In addition, to ease funding pressures on the banking system, experts recommend that the state directly finance more infrastructure development through preferential loans backed by government guarantees.

Stock market positively responds to interest rate cuts The stock market has reportedly shown positive response to recent interest rate cuts.

Banks adjust to balance and cut costs With simultaneous interest rate cuts and accelerated credit disbursement, banks are fuelling Vietnam’s economic breakthrough, driving towards the ambitious targets of 8 per cent GDP growth and 16 per cent credit expansion this year.

Vietnam braces for financial headwinds with limited policy leeway The balance between VND mobilisation and credit in the banking system has tightened, raising concerns over macroeconomic stability in the months ahead. Despite efforts to ease borrowing costs, persistent inflationary pressures and a weakening local currency could stall further reductions in interest rates.

Credit risks loom as banks battle rate-cut pressures The State Bank of Vietnam (SBV) has ordered all credit institutions to adopt measures to stabilise and reduce deposit rates, thereby maintaining monetary market stability and building capacity for lower lending rates.

Ho Chi Minh City announced 12 projects that had received in-principle investment approval or investment registration certificates, with total investment capital of more than $13.58 billion. Photo: Le Toan

Leading the list by investment scale is the International University Urban Area, developed by Berjaya Vietnam International University Urban Joint Stock Company. Following an adjustment, the project has a total investment of approximately $6.61 billion.

The second-largest project is Can Gio International Transshipment Port, with total investment of approximately $4.92 billion. The large-scale seaport infrastructure project is expected to strengthen Ho Chi Minh City’s capacity for international cargo transshipment.

Another notable project is the Smart Complex in Functional Zone 2A of the Thu Thiem New Urban Area, developed by Lotte Properties HCMC Co., Ltd., with the participation of companies within the Lotte Group and Phat Dat Real Estate Development Corporation.

Alongside large-scale urban development projects, the list also features investment in seaport infrastructure and logistics services.

Gemadept - Terminal Link Cai Mep Port has total investment of approximately $770 million. Covering around 120 ha, the project has a designed annual capacity of 25.6 million tonnes and can accommodate vessels of up to 250,000 DWT.

In the same sector, My Xuan 6 Port, invested in by Khai Anh Binh Thuan JSC, has total investment of approximately $66.6 million.

In logistics and industrial infrastructure development, the Swift Logistics project has total investment capital of approximately $987.4 million, while Phase 1 of Vinh Lap Industrial Park has recorded registered investment capital of nearly $380 million.

In addition, five industrial manufacturing projects were announced including Xinyi Glass Vietnam with investment capital of $230 million, Chang Yue Technology with $70 million, II-VI Vietnam with $45 million, GL Cables’ high-tech power cable manufacturing plant with $23.1 million; and ITO Automation Technologies with $8 million.

These projects focus on glass manufacturing, mechanical engineering, semiconductor materials, high-tech power cables and automation equipment, helping expand Ho Chi Minh City’s industrial production capacity.

Prime Minister Le Minh Hung (centre) witnesses Standing Vice Chairman of Ho Chi Minh City People's Committee Nguyen Loc Ha (Right) and WEF managing director Stephan Mergenthaler exchanging strategic cooperation documents between two sides. Photo: C4IR

At the same event, Prime Minister Le Minh Hung witnessed the signing of a cooperation agreement between Ho Chi Minh City People’s Committee and the World Economic Forum (WEF).

The milestone marks a new stage in cooperation between Ho Chi Minh City and the WEF, aimed at strengthening connectivity, encouraging collaborative initiatives and mobilising resources to support the city’s goal of achieving sustainable double-digit growth.

The partnership is also expected to contribute to Vietnam’s ambition to become a trillion-dollar economy in the near future, with a focus on areas such as capital mobilisation, foreign investment attraction, technology and research and development.

Vietnam-India forum promotes tech cooperation in AI, semiconductors The Vietnam-India Future Technology Forum has been held in Ho Chi Minh City to promote cooperation in technology research, application, and commercialisation, particularly in AI, semiconductors, digital infrastructure, and high-quality workforce development.

Deeper ASEAN integration key to climbing global value chains At the Repositioning Vietnam and ASEAN in Global Value Chains discussion, held on October 27 as part of the Autumn Economic Forum 2026, experts and business representatives focused on how Vietnam and ASEAN can capture greater value in global supply chains.

Prime Minister attends Autumn Economic Forum 2026 in Ho Chi Minh City Prime Minister Le Minh Hung has attended the high-level plenary session of the Autumn Economic Forum 2026 in Ho Chi Minh City, focused on the convergence of new global growth poles.

Accordingly, MB Securities Corporation has reported after-tax profit approximating $12.6 million for Q3/2026, down 5 per cent on-year.

Gains from financial assets at fair value through profit or loss (FVTPL) rose 146 per cent on-year. However, losses from these assets surged to $19.2 million, resulting in significantly weaker overall performance from this activity compared with the same period last year. Revenue from securities brokerage also fell 65 per cent to $5.1 million.

Fluctuations in market liquidity directly affect brokerage revenue and the business performance of securities firms. Photo: baodautu.vn

Meanwhile, HVS Vietnam Securities Corporation recorded solid growth in both revenue and after-tax profit in Q3. Its after-tax profit reached $84,000, 3.6 times the figure recorded one year ago.

The result was driven by a 77 per cent increase in operating revenue to $204,000. The main revenue contributor was interest income from held-to-maturity investments, consisting entirely of deposit contracts with terms of more than three months.

Another small brokerage, BIS Securities Corporation, has also announced its Q3 business results, with after-tax profit improving by more than $228,000 compared with Q3/2025.

BIS’s quarterly revenue surged 423 per cent to $636,000, driven by $424,000 in revenue from financial advisory services. Gains from financial assets at FVTPL also climbed sharply, increasing 19.5-fold on-year to $156,000.

Although these improvements were insufficient to cover expenses and BIS still posted an after-tax loss of about $60,000, the result was considerably better than the loss amounting to $292,000 in the same period last year.

These results do not yet represent the overall earnings picture for the sector. However, given developments in Vietnam’s stock market during Q3/2026, securities companies are not expected to be among the industries delivering strong profit growth.

According to analysts at VPBank Securities (VPBankS), the securities sector’s Q3 business results are expected to decline on-year, primarily because of the high base in Q3/2025, when liquidity and trading value surged, boosting brokerage income and making on-year comparisons more challenging.

Meanwhile, analysts at Vietcombank Securities (VCBS) forecast that most securities companies will report weaker Q3 results, as average daily market liquidity has fallen by around 55-60 per cent on-year and market volatility is expected to cool margin lending balances.

However, lending balances are still expected to grow on-year, supported by additional capital raised through capital-raising exercises in the second half of 2025 and the first half of 2026.

Leading securities companies may report weaker Q3 results than a year earlier as brokerage revenue declines in line with market liquidity.

Small and medium-sized brokerages, meanwhile, could experience steeper declines because their strong proprietary trading profits in Q3/2025 created a high comparison base.

Research teams have also issued forecasts for the business results of some of the market’s largest securities companies.

VPBankS expects SSI Securities Corporation’s Q3 profit to fall 23.4 per cent on-year, mainly due to the high base in Q3/2025, when strong market liquidity and trading activity significantly boosted brokerage revenue.

VCBS also estimates that SSI’s profit could decline by around 29.3 per cent in Q3 of this year.

For Ho Chi Minh City Securities Corporation (HSC), both research teams forecast that HSC’s Q3/2026 after-tax profit will fall by 13-14 per cent on-year amid a sharp decline in market liquidity.

Vietcap Securities is also likely to be affected by the broader downturn, with VCBS forecasting an 18.7 per cent on-year decline in its after-tax profit compared with Q3/2025. The forecast reflects the research team’s view that Vietcap’s market share could edge down as foreign investors’ contribution to total trading value declines from the previous quarter.

According to estimates by analysts at FPT Securities (FPTS), the securities sector’s gross profit margin from brokerage activities stood at 21.1 per cent in Q3 of this year, down from both the previous quarter and the same period last year, as trading fees continued to narrow and market liquidity remained subdued.

FPTS estimates that the net interest margin on margin lending will narrow by around 4 basis points quarter on quarter to 6.7 per cent in Q3/2026, as funding costs for margin lending are expected to rise by 14 basis points and lending rates by 9 basis points compared with Q2.

Nevertheless, divergent profit performance in Q3 does not necessarily mean the securities sector’s outlook will remain subdued in the coming period.

Securities companies’ business results are closely linked to market developments, particularly liquidity, demand for financial leverage and the performance of proprietary trading activities.

In the short term, the securities sector’s profit recovery prospects will continue to depend significantly on the market’s ability to engage stronger cash flows.

Securities firms target double-digit growth despite market volatility Securities firms are projecting strong revenue and profit growth for 2026, driven by economic recovery, policy support, and expectations of a stock market upgrade set to attract greater foreign investment.

Brokerage competition intensifies as market liquidity surges in Q1 Competition among securities firms for brokerage market share is intensifying as rising liquidity fuels growth, with capital strength, technology investment, and service ecosystems emerging as key advantages.

Profit divide widens among securities firms in Q1 The securities industry posted a stark split in the first quarter of 2026, with bank-backed brokerages delivering strong profit growth while smaller firms struggled with losses amid rising competition and risky proprietary bets.

On the afternoon of October 28, delegates at the Autumn Economic Forum 2026 attended an in-depth discussion and dialogue session themed “Identifying New Growth Drivers” and “Cooperation Frameworks in a New Era.”

Speaking at the session, DPM Thang reaffirmed that the global economy was undergoing a period of profound transformation.

“The global economy is experiencing a far-reaching restructuring process, shaped by the interplay of geopolitical conflicts, technological breakthroughs and the dual transition. Growth centres are shifting significantly towards Asia, Africa and Latin America, while value chains and supply chains are being restructured towards greater diversification, regionalisation and resilience to volatility,” he said.

Investment location decisions are no longer driven solely by cost considerations, but increasingly hinge on safety, flexibility and long-term strategic linkages, he said.

Meanwhile, technological breakthroughs, the rapid expansion of AI and automation, and environmental, social and governance standards are increasingly becoming prerequisites for participation in global value chains, while fundamentally reshaping the competitive advantages of nations.

“These shifts are creating opportunities while also posing considerable challenges, intensifying competitive pressures and highlighting the need for dialogue platforms to build trust and boost cooperation among stakeholders,” the deputy prime minister stressed.

The DPM outlined three major trends that warrant focused discussion and clarification. The first is the twin transition, with digital transformation and the green transition interacting to reshape production methods, market standards and competitive advantages.

The second is the shift in growth centres towards Asia, Africa and Latin America, not only in terms of market size but also as hubs for manufacturing, innovation and South-South cooperation.

The third is the restructuring of supply chains towards greater diversification, balancing efficiency with security.

According to DPM Thang, these trends have a dual impact. For developing countries, including Vietnam, they offer opportunities to access new sources of capital, technologies and markets, while also creating pressure to strengthen technological absorption capacity, workforce quality and the ability to meet emerging standards.

“Opportunities can translate into growth only when each country has the capacity to seize them,” he stressed.

Amid profound shifts in the global economy, the deputy prime minister said the challenge facing each country was no longer whether to adapt passively or remain on the sidelines, but how to position itself actively and strengthen its domestic capabilities within global production networks.

For Vietnam, the urgent task is not merely to establish connections and integrate the economy into existing or emerging value chains. More importantly, the country must create the environment, mechanisms and capabilities to work more deeply and directly with international partners in generating and creating value across new value chains.

First, Vietnam needs to build its endogenous capabilities in human resources, technology and governance, while developing a stable, transparent and predictable institutional framework that provides room for experimentation and innovation.

In addition, the country needs to strengthen multilateral, regional and South-South cooperation, while effectively mobilising capital, green finance and technology, linked to domestic business partnerships and value chain upgrading.

DPM Thang said that as Vietnam’s leading economic hub and centre of innovation, Ho Chi Minh City was facing a historic opportunity to connect resources and translate them into frameworks for cooperation, innovation and new value creation.

“Beyond serving as a convergence point for regional capital, knowledge and technology flows, Ho Chi Minh City also aspires to become a credible and responsible growth pole, ready to integrate with international partners,” the deputy prime minister stressed.

However, turning this opportunity into reality requires Ho Chi Minh City and Vietnam to pursue sufficiently ambitious and substantive strategic directions in cooperation with other countries and international organisations.

“We are not here merely to engage in dialogue; more importantly, we are here to work towards a shared vision for action,” he said, adding that the overarching theme of this year’s AEF would only have real meaning if translated into concrete commitments, policy frameworks and cooperation projects among the parties involved.

Deeper ASEAN integration key to climbing global value chains At the Repositioning Vietnam and ASEAN in Global Value Chains discussion, held on October 27 as part of the Autumn Economic Forum 2026, experts and business representatives focused on how Vietnam and ASEAN can capture greater value in global supply chains.

Prime Minister attends Autumn Economic Forum 2026 in Ho Chi Minh City Prime Minister Le Minh Hung has attended the high-level plenary session of the Autumn Economic Forum 2026 in Ho Chi Minh City, focused on the convergence of new global growth poles.

According to Depoux, foreign direct investment (FDI) flows are undergoing significant shifts across Asia, driven by three main trends: diversification of production locations, industrial modernisation, and supply chain regionalisation.

Multinational corporations are distributing their manufacturing operations across multiple countries to reduce dependence on a single source of supply. Meanwhile, automation, digitisation and robotics are helping improve productivity and offset the additional costs associated with expanding production networks.

Depoux said that, amid these trends, Vietnam had become a key destination for Chinese and US businesses.

“Companies such as BYD, JOS Solar, and Goldwind are not simply relocating assembly operations to Vietnam, but are also bringing technologies, production processes and innovation capabilities developed across their global networks,” he said.

Vietnam continues to attract investment from US companies such as Apple, Qualcomm and Intel. Although their investment scales vary, US businesses tend to focus on high-value-added sectors such as semiconductors, AI, and advanced technologies.

According to Depoux, the convergence of these investment flows is helping to establish a more deeply integrated manufacturing ecosystem across ASEAN. Notably, this restructuring is reflected not only in changing trade flows but also in the development of tangible manufacturing capabilities.

“For example, LEGO has built its first carbon-neutral factory in Vietnam, with an investment of $1 billion, while maintaining its supplier network in China and integrating the two systems. In this case, it is not China or Vietnam, but China and Vietnam working together,” Depoux said.

This shift is also reflected in Vietnam’s export structure. In 2016, electronics and machinery accounted for around 37 per cent of Vietnam’s exports to the US and Europe. Today, their share has risen to nearly 60 per cent, while the proportions accounted for by apparel and footwear have declined significantly.

However, the development of increasingly complex supply chains is also driving greater demand for financing.

Depoux cited the example of a Vietnamese company that may have to pay for chips and components in Chinese yuan or South Korean won, cover wages in VND, but wait 60-90 days to receive payments in US dollars, euros or Japanese yen.

This creates substantial demand for working capital, foreign exchange services and currency hedging instruments. According to Depoux, this is an area in which financial centres can play a significant role by providing specialised financial services to domestic and foreign-invested enterprises participating in supply chains.

“Vietnam’s economy needs more than capital, as capital alone cannot deliver the 10 per cent growth target,” Depoux said.

Vietnam needs to boost productivity and efficiency, and improve operational performance at every level, from public services and state-owned enterprises to private businesses and foreign-invested enterprises.

This requires innovation and the modernisation of industrial supply chains. Economists refer to this as total factor productivity. It is essential to offset the declining returns on capital while helping businesses minimise the additional costs incurred when scaling up production capacity.

Vietnam therefore needs to move from assembly towards advanced manufacturing, while undertaking extensive digitisation of logistics operations, from seaports to factories. This process cannot rely on short-term capital flows or one-off investments. Instead, it requires substantial, long-term and patient capital to improve operational efficiency over a period of many years.

Depoux pointed out that Vietnam’s credit-to-GDP ratio had reached around 146 per cent, indicating that the banking system was shouldering a substantial share of the economy’s financing needs. Meanwhile, public debt stood at around 35 per cent of GDP, leaving some fiscal headroom to mobilise resources for development investment.

“Vietnam’s problem is not an excessive public debt burden, but a banking system carrying too much credit exposure while the economy lacks sufficient long-term capital,” he said.

Another paradox highlighted by Depoux is the divergence between foreign direct investment and foreign portfolio investment. While foreign investment in Vietnamese factories has reached high levels, foreign investors were net sellers of nearly $5 billion worth of Vietnamese shares last year.

“Capital flowing into factories favours and trusts Vietnam, but capital in the financial markets still needs an additional boost,” he added.

FTSE Russell’s upgrade of Vietnam’s market is a first step. Vietnam needs to continue working towards being classified as an emerging market by Morgan Stanley Capital International, while also securing an investment-grade sovereign credit rating.

These are important conditions for attracting pension funds, institutional investment funds and other investors capable of providing stable, long-term capital.

Depoux recommended prioritising the development of the corporate capital market.

“Vietnam’s corporate bond market currently accounts for around 10–11 per cent of GDP, having previously peaked at 18 per cent, while the government’s target is 20 per cent. Vietnam needs to develop a larger, deeper and more liquid corporate bond market to finance industrial modernisation,” he said.

He also proposed making the achievement of an investment-grade credit rating a national objective. “As I mentioned, this is fundamental to attracting investment,” he said.

In addition, Vietnam needs to accelerate industrial modernisation, strengthen domestic and international infrastructure connectivity, and leverage the convergence of the physical economy and the digital economy to pull in technology capital.

At the same time, Ho Chi Minh City and Danang should be positioned as resilient supply chain finance centres. The focus should be on serving supply chains that integrate physical manufacturing with technology, thereby meeting their growing financing needs.

Vietnam IT software and services industry offers high growth potential The IT software and service industry in Southeast Asia is at an inflection point, poised for a next phase of growth. Ahmad Ridhwan Azizan, partner expert at Roland Berger Southeast Asia, and Truong Bui, partner and general manager at Roland Berger Vietnam, look at the Vietnamese market's opportunity to become the fastest growing in the region.

Opportunities are real but time-bound Vietnam’s macroeconomic outlook for the rest of the decade beyond is seemingly on the right track. John Low, managing partner of Roland Berger Southeast Asia and Australia, and Truong Bui, partner and head of Roland Berger Vietnam, point out what the country must do to sustain growth beyond 2026.

The initial investment and implementation risks can therefore be better controlled than when an entire production line is overhauled at once.

“Businesses should bear in mind that if a process has not been standardised or production volumes are too low, the cost of automation may outweigh the benefits,” Zhisu said.

Robot displayed at GRECO event. Photo: Le Toan

Vuong Quan Truong, deputy general director in charge of technology at AICAP, said the indicative investment cost for a complete robotic workstation could range from $30,000 to $80,000, with a payback period of three to five years.

For an SME, the investment decision also depends on the total cost of ownership. Beyond the equipment price, businesses need to factor in design and integration, site modifications, software, training, maintenance, spare parts and downtime during implementation.

In addition, the benefits should not be measured solely by the number of workers who can be replaced. Robots can improve product consistency, reduce errors in suitable processes, enable continuous operations or handle tasks in challenging working conditions. The economic value needs to be assessed based on the actual performance of each application.

Another factor that is often overlooked is process stability. If products change frequently and orders are small and inconsistent, reprogramming or adjusting equipment can drive up costs.

In such cases, Truong said that flexible automation solutions may be more suitable than specialised systems.

“A low purchase price does not necessarily mean a low total cost if the equipment requires extensive customisation, is difficult to integrate or lacks maintenance services. Conversely, choosing a system with capacity beyond actual needs can leave businesses bearing investment costs without fully utilising the equipment,” Truong said.

Ultimately, a robotic system can only deliver its full benefits when integrated into a suitable process and operated by qualified personnel. Businesses need to prepare staff who can monitor the equipment, troubleshoot basic problems, coordinate with suppliers and assess performance after implementation.

This does not mean every SME needs to establish its own robotics department. Depending on its size and the complexity of its operations, a business can combine in-house personnel with support services from equipment suppliers or system integrators. However, it still needs to develop in-house technological capabilities to avoid becoming entirely dependent on external providers.

Preparation should also start with data. According to Truong, businesses should clearly understand current productivity, defect rates, machine downtime, labour costs and process bottlenecks. This provides a basis for identifying which stages should be automated and determining whether the investment has genuinely improved performance.

“Overall, robots are making automation more accessible to a wider range of businesses, but they do not eliminate the challenge of capital efficiency. For SMEs, the right approach is not necessarily to buy the most advanced equipment, but to select the right processes, set clear objectives and measure results after implementation,” Truong said.

Visitors interested in a robot at the GRECO event. Photo: Le Toan

Deeper ASEAN integration key to climbing global value chains At the Repositioning Vietnam and ASEAN in Global Value Chains discussion, held on October 27 as part of the Autumn Economic Forum 2026, experts and business representatives focused on how Vietnam and ASEAN can capture greater value in global supply chains.

Prime Minister attends Autumn Economic Forum 2026 in Ho Chi Minh City Prime Minister Le Minh Hung has attended the high-level plenary session of the Autumn Economic Forum 2026 in Ho Chi Minh City, focused on the convergence of new global growth poles.

Photo: MST

The dialogue was part of the Vietnam International Digital Week 2026 on October 28-30, bringing together approximately 500 delegates from nearly 30 countries, focusing on AI cooperation and governance.

The discussion aimed to exchange experiences, identify gaps in AI capabilities among countries, and propose cooperation priorities to boost the inclusive, secure, and responsible development, application, and governance of AI. The discussion focused on human resource training, AI research, development, and deployment capabilities; access to computing infrastructure, data, experts, and financial resources; and the capacity to develop and implement AI policies and laws.

Addressing the event, Deputy Minister of Science and Technology Tran Trung Tinh said that in practice, AI governance cannot be separated from AI capabilities. A good policy framework is still insufficient if a country lacks the human resources, infrastructure, financial resources, or access to training to develop and use AI safely and responsibly. If not addressed promptly, the capabilities gap will become a development gap.

“Vietnam's approach is based on three pillars: institutions and policies; human resources and talent; infrastructure, data, and the AI ​​startup community. These are also the capacity gaps that today's dialogue aims to address. We believe that AI development is a shared journey, and no country can complete it alone. Vietnam pursues a harmonious approach that balances promoting development with ensuring effective governance, with a people-centred approach, and is ready to share experiences and learn from international partners,” he said.

Deputy Minister of Science and Technology Tran Trung Tinh. Photo: MST

Vietnam recognises AI as a crucial driver of scientific and technological development, innovation, and digital transformation. The country has taken concrete steps. The Artificial Intelligence Law, passed by the National Assembly in December 2025 and effective from March 1, 2026, is Vietnam's first specialised law on AI, managing it based on risk levels and with a human-centred approach. In August, the government approved the National Strategy on Artificial Intelligence to 2030, with a vision to 2045. Our consistent view is that laws should not be barriers, but rather a foundation for AI development,” he noted.

The Global Digital Compact, adopted at the United Nations Summit on the Future in September 2024, is the first global document on digital cooperation and AI governance. Within the framework of the compact, the United Nations initiated the Advanced AI Capacity Building Network, with Vietnam being one of the first 26 countries and organisations to become a full member in July 2026. The compact also serves as the basis for the United Nations General Assembly to establish the global dialogue on AI governance.

The dialogue in Quang Ninh is a recurring contribution to this process, leading up to the next dialogue scheduled to be held in New York in 2027. Through this, Vietnam and its partners will exchange views on the conditions for countries, especially developing countries, to participate more effectively in the global development and governance of AI.

AI has cut the time it takes to prototype a new investment idea from months to days. What has not kept pace is the path to production. Models still run in spreadsheets, and AI prototypes still sit on personal laptops. When a board, auditor or regulator asks which version is live, what data it used and who approved it, most investment technology stacks cannot answer. The idea is no longer the constraint. The infrastructure that carries it is.

The Jacobi Investment Management Harness is the connective tissue that scales a firm's investment logic across the Jacobi platform, so its intellectual property does not stay in prototype but powers portfolio outcomes. It packages what Jacobi has delivered for over a decade, accelerated now by AI, into four layers on one client-specific entity data model:

• Foundation Multi-Asset Platform: portfolio construction, risk analytics, reporting and embedded AI agents, structured around each firm's own processes.
• AI Workbench: a governed development environment connected to live portfolio data and production infrastructure.
• Production Infrastructure: private deployments, API governance and full audit trails, moving workflows to production with deterministic, audit-ready results.
• Forward Deployed Engineering: technical investment experts who partner with investment teams, build on the AI Workbench, deploy to production, and hand back a system the client owns and operates independently.

Tony Mackenzie, Co-Founder and CEO, Jacobi Strategies, said:

"The distance between a brilliant investment idea and a live client portfolio is often measured in months of technical debt, governance hurdles and infrastructure complexity. At Jacobi, we help firms bridge that gap, turning proprietary investment thinking into scalable, audit-ready solutions that create measurable value for clients."

Visit www.jacobistrategies.com.

Established in April 2024, KROI works closely with clinical and operational teams across NUH to identify areas where innovation can enhance care delivery, patient experience and operational efficiency. This partnership brings together NUH's clinical and operational expertise with IMDA's OIP network of approximately 21,000 innovators and solution providers, including startups, technology firms, and research institutions. It also supports Singapore's National AI Strategy (NAIS) to drive AI innovation and adoption in key sectors such as healthcare.

Turning healthcare challenges into practical solutions

By focusing on needs identified by healthcare professionals rather than technology alone, NUH can tap on the expertise across the OIP network to identify, evaluate and pilot promising solutions that address its priority healthcare challenges and make a meaningful difference to patients and healthcare staff in a real-world hospital setting. The MOI has already seen the launch of its first healthcare-themed innovation challenge seeking AI-enabled solutions to help identify fall hazards in patients' homes earlier and at scale, with Calls for Applications (CFAs) closing in November 2026.

Since its launch in 2018, IMDA's OIP has facilitated more than 450 innovation challenges and supported over S$25 million in prize funding, helping organisations tap external technology expertise to address business and operational needs.

Dr Ling Zheng Jye, Head of the Kent Ridge Office of Innovation, said: "Healthcare innovation is most impactful when it addresses real needs on the ground. Through the Open Innovation Platform, we can engage a broad community of innovators to tackle challenges identified by our clinicians and operational teams, creating new opportunities to develop and test solutions that can benefit both patients and healthcare professionals."

Alvin Kang, Director of Innovation at IMDA, said: "In support of Singapore's National AI Strategy, we are bringing IMDA's open innovation capabilities into healthcare, and creating opportunities for technology companies to apply their expertise to real clinical and operational challenges. By working with NUH through our Open Innovation Platform, we want to help turn promising innovations into practical solutions that can improve healthcare delivery."

A foundation for future collaboration

The IMDA-NUH partnership builds on KROI's broader efforts to strengthen ties across Singapore's innovation ecosystem. These include collaborations with organisations such as the National University of Singapore and academic publisher Elsevier, as well as the launch of the NUH Innovation Hub earlier this year, which supports the development, evaluation and implementation of staff-led innovations, including MedBot, NUH's AI-powered virtual pharmacy assistant.

Building on this momentum, NUH plans to launch innovation challenges on IMDA's OIP in March, July and October each year. These regular challenge calls will provide opportunities for technology innovators to develop and pilot solutions in response to priority areas identified by the hospital, thereby creating additional avenues for collaboration between healthcare providers and industry.

For more information, visit www.nuh.com.sg

Based on VeriSilicon's extensive experience in wearable graphics applications, GLTiny incorporates configurable rendering functions that enable developers to easily define their rendering requirements while efficiently utilizing the underlying OpenGL ES GPU capabilities. This streamlined approach dramatically reduces driver memory footprint and CPU overhead, delivering improved power efficiency and optimized performance for resource-constrained wearable devices.

GLTiny provides native rendering support for standard glTF™ 3D models, allowing developers to directly import glTF content and render it through GLTiny APIs. It supports key features such as lighting models, skeletal skinning, and morph targets, as well as full glTF animation support, including flexible playback, switching between animation clips, and playback speed control. GLTiny also supports visual effects such as Gaussian blur and ripple effects, with simplified APIs designed to streamline 3D graphics development. In addition, GLTiny can be combined with VeriSilicon's VGLite vector graphics driver to form an innovative hybrid driver, enabling coordinated rendering of 2.5D vector graphics and 3D models within the same frame.

"Power consumption and memory footprint are two of the most critical considerations in wearable devices, where delivering rich visual experiences within stringent resource constraints is essential," said Weijin Dai, Chief Strategy Officer, Executive Vice President and General Manager of the IP Division at VeriSilicon. "Leveraging our extensive experience in wearable graphics and close collaboration with leading wearable SoC and device manufacturers, we developed GLTiny to address these challenges. Building on the success of VeriSilicon's VGLite 2.5D GPU programming model, which has become a de facto industry standard for lightweight 2.5D graphics, GLTiny represents another important advancement in our graphics technology portfolio. Designed for seamless integration with the established wearable graphics content development ecosystem, GLTiny operates on VeriSilicon's Nano OpenGL ES GPU IP series, enabling device manufacturers to deliver increasingly sophisticated visual experiences while meeting the stringent power and memory requirements of next-generation wearable devices."

For more information, please visit: www.verisilicon.com

The Share Buy-Back Mandate provides the Board with greater flexibility to undertake purchases or acquisitions of the Company's shares when deemed appropriate and in the best interests of the Company and its shareholders. The Board believes that the Share Buy-Back Mandate is an important capital management tool that provides the Company with additional flexibility to:

• Enhance shareholder value over time;
• Optimise the Company's capital structure;
• Improve returns on equity and other key financial metrics where appropriate; and
• Allow the Company to take advantage of opportunities to acquire its shares when market conditions warrant.

The adoption of the Share Buy-Back Mandate is timely as the Group continues to make progress on both commercial execution and technology development:

(1) The Group remains on track to fulfil its existing purchase orders for its Direct Laser Writer ("DLW") platforms, with delivery scheduled to take place by end-2026, which is expected to contribute positively to the Group's revenue for the financial year ending 31 December 2026;

(2) Commercial engagement continues to build, and the Group has secured a design/evaluation order of co-packaged optics ("CPO") modules incorporating its metalens solutions and technology, from a major U.S. foundry customer, which is expected to support both ULED and laser-based configurations, further expanding the Group's product capabilities in next-generation optical interconnect applications; and

(3) The Group has also successfully completed the design and fabrication processes validation of a 12-megapixel colour imaging titanium dioxide ("TiO2") metalens. Production and fabrication on the Group's 12-inch wafer is currently underway, with the testing of the world's first 12-megapixel colour imaging TiO2 metalens, expected to commence in January 2027.

Thng Chong Kim, Executive Chairman of MetaOptics, said: "We are encouraged by the progress we have made across both commercialisation, technology development and engagements with institutional investors, signing of non-disclosure agreements with U.S.-based customers, fulfilment of purchase orders, securing of new design/evaluation orders, and breakthroughs in high-resolution metalens imaging. These achievements reinforce our confidence in the long-term potential of MetaOptics, our ability to create sustainable value for shareholders, and we remain well-capitalised to execute on our growth plans and strategies"

The Share Buy-Back Mandate does not obligate the Company to purchase any shares. Any future buy-backs will be undertaken only after taking into account market conditions, the Company's financial position, working capital requirements, growth plans and other relevant factors.

The new offering expands Green Street's presence in the region. Green Street's Australian public market research and REIT data were introduced in October 2025. Green Street News coverage of Australia is also available to subscribers. Together these resources give investors, lenders and advisers an independent view of Australian real estate, from listed REIT pricing to private market values and transactions.

Green Street's new Australian private market offering includes:

• Three deep dive sector Outlook reports covering macro trends, operating fundamentals, and key valuation insights.
• Market grades for Industrial, Office and Retail, down to submarket and postal level.
• Full forecasting models with two decades of history, from effective rent, commercial property price and net initial yield indexes through to M-RevPAM and NOI growth.
• Long-term growth rates underpinned by a statistically back-tested market grading framework.
• Real-time and extensive sales comps, analyst-verified with price, location and size, plus buyer, seller and broker details, so investors can see what buyers are actually paying.
• IRRs and net initial yields for apples-to-apples comparisons across Australia and globally.
• Workflow delivery your way in-platform, via Excel Add-In, API, Snowflake or MCP Server Connection.

"Australia is one of the most sophisticated commercial real estate markets, but understanding opportunity requires more than REIT-level insights. By bringing robust private market evidence alongside public market intelligence, investors can assess historical performance, recent transactions and look-forward expected returns with greater clarity and confidence," said Peter Papadakos, Head of Research for Europe and APAC at Green Street.

"Our global strategy is built on giving investors a consistent, comparable view of commercial real estate markets. Bringing Australia onto this analytical framework enables clients to evaluate opportunities and risks across markets with greater confidence and make more informed capital allocation decisions," said Cedrik Lachance, EVP, Director of Research at Green Street.

To request a demo or access Green Street's Australian research and data, visit au.greenstreet.com.

As biometric solutions become increasingly important for digital identity, financial services, and border security, protecting systems against fraudulent authentication attempts is essential. Presentation Attack Detection helps distinguish genuine users from spoofing attempts involving photos, videos, facial masks, or artificial fingerprints.

The independent evaluations, conducted in accordance with international ISO/IEC 30107 standards, confirmed that both DERMALOG technologies meet Fime's Level 2 requirements for Presentation Attack Detection. Both achieved an Attack Presentation Classification Error Rate (APCER) of 0.00 %. Of particular note, DERMALOG's facial liveness detection software also achieved a Bona Fide Presentation Classification Error Rate (BPCER) of 0.00 %. This means that every tested presentation attack was detected, while all genuine user presentations were correctly classified during the facial recognition evaluation. These results highlight an exceptional combination of robust security and seamless user authentication under the evaluated test conditions.

"Trust is the foundation of every secure digital identity," said Günther Mull, CEO of DERMALOG. "These independent results demonstrate our commitment to staying ahead of evolving fraud threats and providing customers with biometric technologies they can rely on."

With these successful validations, DERMALOG further strengthens its position as a leading provider of biometric identification solutions, helping organizations worldwide protect digital identities while enabling secure and convenient authentication.

www.dermalog.com

SFSPL's participation reflects its continued commitment to supporting the development of commodity derivatives markets and connecting clients with exchange-traded instruments to manage price risk.

The new contract is cash-settled in US dollars against the Shanghai Futures Exchange (SHFE) Hot-Rolled Coil (HRC) steel price, as converted by Commodity Pricing and Analysis Limited (CPAL). It marks the first time an SHFE metals price has been made available for trading on another exchange.

By bringing the SHFE HRC benchmark to LME, the contract provides international market participants with more direct access to this price. It also strengthens links between China's steel market and the global trading community, supporting the risk-management needs of producers, traders, investors, and financial institutions.

"We are thrilled to participate in the first trading day of the LME Steel HRC Shanghai futures contract. The new contract broadens the range of instruments available to international participants seeking to manage steel price exposure," said Mr Roger Quek, CEO and Managing Director of SFSPL.

Straits Financial Services looks forward to supporting the development of this market and helping its clients access relevant risk management solutions across global commodity markets.

For more information, please visit our website at https://www.straitsfinancial.com.

Highlights

• The Government of Canada, through Natural Resources Canada's ("NRCan") First and Last Mile Fund ("FLMF"), has approved a contribution of C$1,215,185 for the Shaakichiuwaanaan access road project.
• The access road project will upgrade approximately 20 kilometers of PMET's 100%-owned access road connecting the Trans-Taiga Road to the Shaakichiuwaanaan critical minerals Project in Eeyou Istchee James Bay, Quebec, improving its reliability and capacity to support increased mining activity.

Ken Brinsden, President, CEO and Managing Director, comments: "We welcome the Government of Canada's support for the Shaakichiuwaanaan access road project. Infrastructure is an important part of bringing a new mine into production, and this contribution would support that work as we advance the Project. Alongside Shaakichiuwaanaan's inclusion in the Canada Investment Summit Prospectus, this is encouraging recognition of its potential to contribute to Canada's critical minerals supply chains."

The Honourable Tim Hodgson, Minister of Energy and Natural Resources comments: "Critical minerals are essential to a prosperous, secure, and sustainable Canada and Quebec, and building and modernizing critical infrastructure like roads is what turns mineral deposits from potential into real projects. This investment will improve access to the Shaakichiuwaanaan lithium project, helping move a world-class resource closer to production while supporting local jobs, strengthening supply chains and reinforcing Canada's position as a reliable supplier of the critical minerals our allies and trading partners need."

PMET Resources Inc. (the "Company" or "PMET") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce that the Government of Canada, through Natural Resources Canada's ("NRCan") First and Last Mile Fund ("FLMF"), has approved funding of C$1,215,185 for the Shaakichiuwaanaan access road project. The application was approved under the Critical Minerals Infrastructure Fund ("CMIF"), which has been integrated into the FLMF, and is being made to Innova Lithium, a PMET 100% owned subsidiary

The 100%-owned access road project forms part of the infrastructure supporting the advancement of Shaakichiuwaanaan, located in the Eeyou Istchee James Bay region of Quebec. The Property is accessible year-round by all-season road and is situated near regional hydroelectric power infrastructure. The purpose of the funding is to support upgrading of the access to road to support mining operations.

This funding approval complements Shaakichiuwaanaan's inclusion in the Canada Investment Summit Prospectus, announced by PMET on September 14, 2026. The Prospectus highlighted selected Canadian investment opportunities for international and domestic investors. Additionally, more federal government funding tools available to the Company are currently being assessed.

Building on CMA CGM’s commitment to decarbonising transport and logistics, and combining the expertise of Nike and Gemadept, the three partners are working together to develop a new, lower-carbon inland waterway transport solution in Vietnam.

Developed by CMA CGM’s New Build and research and development teams, the electric barge incorporates battery technology from CATL and can be recharged in approximately four hours using certified renewable electricity.

Its dedicated charging infrastructure at Gemalink is supplied by a solar farm developed at the terminal, creating an integrated solution that combines low-emission transportation with renewable energy production.

The project is designed as a model that can potentially be replicated in other geographies and adapted to other customer supply chains, supporting the broader transition towards more sustainable inland transportation.

Christine Cabau, executive vice president of Assets and Operations, CMA CGM said that decarbonising global supply chains requires moving beyond ambition to deliver concrete, scalable solutions.

“This fully electric barge is a powerful example of what can be achieved when shipping companies, customers and terminal operators combine their expertise and commitment. Together with Nike and Gemadept, we are demonstrating that innovative, lower-carbon inland transportation solutions are already within reach. Now, CMA CGM aims to build on this success to accelerate their deployment across other markets and supply chains,” Cabau said.

Cimarron Nix, chief sustainability officer, NIKE, Inc. commented that reducing emissions across a global supply chain takes more than any one company. “It takes new ideas, strong partnerships and a willingness to rethink how we operate. This project with CMA CGM and Gemadept is a great example of how we can work together to turn innovation into practical solutions that reduce our impact while building a more resilient supply chain,” he said.

Do Cong Khanh, deputy CEO of Gemadept Corporation and chairman of Gemalink Deep-Sea Port said that as a leading port and logistics operator in Vietnam, Gemadept believes that the future of sustainable logistics depends on stronger connections among ports, inland waterways and clean energy.

“The launch of this fully electric barge with CMA CGM and Nike marks an important milestone in bringing that vision to life. By integrating electric transport, dedicated charging infrastructure, and renewable energy at Gemalink, the project demonstrates how partnership and innovation can turn sustainability ambitions into practical solutions. We believe this model has strong potential to be expanded and replicated, contributing to the long-term transition towards low-carbon logistics in Vietnam,” Khanh said.

The project contributes to the development of more sustainable inland transport solutions in Vietnam, while supporting the country’s growing renewable energy and logistics capabilities.

The 100 per cent electric barge connects Nike’s inland drop-off location in Ho Chi Minh City (formerly Binh Duong province) with Gemalink, Gemadept’s deep-sea terminal in Cai Mep, over a 180-kilometre round trip.

Powered by electric batteries and recharged with certified renewable electricity, the barge is expected to avoid approximately 778 tons of CO₂ emissions annually.

The integrated solution combines the electric barge, dedicated charging infrastructure and renewable energy production through a solar farm at Gemalink. The barge is designed to transport more than 50,000 TEUs annually, providing a lower-carbon alternative to road transportation for inland cargo movements.

The project illustrates the potential of inland waterways to provide more sustainable alternatives for the transportation of goods while improving the environmental performance of supply chains.

CMA CGM teams up with Saigon Newport to build $600 million deep-water terminal CMA CGM Group, a global player in sea, land, air, and logistics solutions, on May 26 announced the signing of a partnership agreement with Saigon Newport Corporation (SNP) to develop a new deep-water terminal in Haiphong.

Hoa Phat delivers 1,000 containers to CMA CGM Hoa Phat Group has delivered 1,000 20-foot dry containers to CMA CGM Group, a French company specialising in sea, land, air, and logistics solutions.

The Company's Malaysian subsidiary has signed service agreements with international hotel operators, expanding its hospitality customer base. These agreements, together with ongoing robotics deployments, support YYForce's strategy of combining workforce services with facility automation to address customers' operational needs.

The FY2027 revenue target is a forward-looking management objective and does not represent revenue already secured undersigned contracts. Achievement will depend on contract implementation, customer service volumes, retention and renewals, additional business development, and the availability of personnel, equipment and working capital. The FY2026 comparison is based on management's current expectations, rather than completed full-year results, and remains subject to finalization.

Expanding Workforce and Robotics Services

YYForce's Malaysian delivery model combines flexible workforce services with commercial service robotics across hospitality and facility operations. Applications include cleaning, internal logistics and guest-service support, with deployments tailored to each property's requirements.

By integrating personnel and robotics within its service offering, YYForce aims to help customers improve service consistency, manage labor constraints and increase operational efficiency. The Company also intends to expand ongoing maintenance and operational support services alongside its robotics deployments.

Progress Toward Group Profitability

Malaysia's expansion forms part of YYForce's broader growth strategy across Singapore, Hong Kong SAR, Thailand, Dubai and Egypt. The Company is focused on customer retention, disciplined contract pricing, deployment execution and cost management as it develops its workforce, facility management and robotics businesses.

YYForce believes increased scale and an improved service mix could support better operating leverage over time. Consolidated profitability will also depend on contract margins, performance across other markets, corporate expenses, financing costs and other factors.

The Company's objective remains to achieve sustainable Group-wide profitability. This announcement does not establish a specific date for achieving consolidated net profit.

Management Commentary

"New hospitality contracts and expanding robotics deployments in Malaysia demonstrate customer demand for integrated workforce and facility solutions," said Mike Fu, Chief Executive Officer of YYForce. "Our focus is on converting that demand into dependable service, disciplined growth and stronger operating performance."

"We are targeting US$20 million in Malaysian revenue for FY2027, with close attention to delivery costs, working capital and contract profitability. Alongside our operations in other markets, we believe this expansion can support the Group's progress toward sustainable profitability and long-term shareholder value."

For more information, visit www.yyforce.ai.

China's economy sustained steady development against pressure despite a complex, severe external environment in the first nine months of 2026, showing development momentum with new growth drivers, improving structure, and better quality and efficiency. Ping An consistently enhanced its integrated finance advantages and pursued high-quality development under a customer needs-oriented approach by advancing its tech-enabled "integrated finance + health and senior care" dual-pronged strategy. The Group maintained steady growth in business performance.

• Operating profit attributable to shareholders of the parent company grew 8.3% year on year to RMB125,905 million in the first nine months of 2026.
• Basic operating earnings per share grew 9.2% year on year to RMB7.23.
• Equity attributable to shareholders of the parent company was RMB1,044,366 million, up 4.4% year to date as of September 30, 2026.

Core financial businesses achieved high-quality development. Operating profit of the life and health insurance ("Life & Health") business rose 5.7% year on year to RMB87,238 million in the first nine months of 2026. Ping An P&C's premium income rose 3.5% year on year to RMB265,215 million. Overall combined ratio ("COR") improved by 1.4 pps year on year to 95.6%. Ping An Bank's revenue and net profit rose 2.4% and 2.2% year on year to RMB103,100 million and RMB39,186 million respectively in the first nine months of 2026. Under its "Service Year 2026" initiative, Ping An remained customer needs-oriented, and constantly upgraded services to improve customer experience through its Express Service that can "get things done driven by one prompt." Express Service facilitated AI-enabled inquiry, consultation and processing in 90% of Ping An's business scenarios as of September 30, 2026. Ping An comprehensively advanced the "AI in ALL" strategy. Average daily token consumption exceeded 330 billion in September 2026, over 10 times greater than in December 2025. Token output per compute unit increased by 509% while cost per token decreased by 81%, which supported AI scalability with greater efficiency and cost-effectiveness, and accelerated AI-enabled business value creation.

Integrated Finance Boosted Core Competence; Core Financial Businesses Achieved High-quality Development

Rising household wealth opens up vast market opportunities for professional, personalized, and integrated financial services. Traditional financial service models face three major pain points, namely product homogenization, infrequent customer interaction, and poor customer experience. Under its unique integrated financial service model, Ping An is well positioned to address such pain points and is committed to providing customers with "worry-free, time-saving, and money-saving" high-quality service experience.

Integrated finance boosted core competence and customer operation efficiency. The Group's retail customers increased 1.9% year to date to nearly 256 million and contracts per retail customer grew 0.3% year to date to 2.95 as of September 30, 2026. Quality of Ping An's customer base consistently improved. The Group's high-value customers increased by 3.1% year to date to 41.51 million as of September 30, 2026, faster than the overall retail customer base. Customer retention remained high. The retention rate of customers holding products across three or more lines was 99% in the 12 months ended September 30, 2026.

Life & Health business grew steadily by advancing its high-quality development strategy. Life & Health's operating profit rose 5.7% year on year to RMB87,238 million in the first nine months of 2026. Ping An Life achieved synergistic multi-channel development, boosting non-agency channels' share in new business value by 1.8 pps year on year to 36.9% in the first nine months of 2026. The community finance channel's overall persistency ratio of retained customers improved by 1.6 pps year on year in the first nine months of 2026. For agency channel, Ping An Life prioritized the cultivation, recruitment and fostering of high-quality agents. Of the agents newly added in the first nine months of 2026, 66.3% have a junior college or higher degree, up 6.5 pps year on year. Ping An Life proactively optimized the mix of premium payment periods ("PPP") by transforming long-PPP products. Long-PPP products' share in the agency channel's new business increased by over 10 pps year on year, indicating steady growth in business value.

Ping An Life consistently upgraded its "insurance + service" model to develop a multi-tiered, full-scenario health and senior care service matrix. In respect of health care, Ping An Life strengthened its protection products through "An You Yi" and "An You Hu" service lines. For wealth products, four service lines, namely "Medical Visit Access," "Zhen Xiang Family Doctor," "Yu Xiang Guo Yi" and "Si Dong Bao Jian Yi," provide comprehensive tiered coverage ranging from basic medical services to premium private health care. In respect of home-based senior care, Ping An Life targeted customers' senior care needs and collaborated with Ping An Health (also known as Ping An Good Doctor) to launch innovative "brain health management" services covering the full cycle of early screening, diagnosis, treatment, and ongoing care. Cumulatively over 320 thousand customers had become entitled to Ping An Home services as of September 30, 2026. In respect of premium senior care, Ping An is committed to delivering high-quality, heartwarming and refreshing customer experience. Ping An had unveiled a total of six Zhen Living premium health and senior care communities in five cities as of September 30, 2026.

Ping An P&C sustained business growth with improving quality and efficiency. In the first nine months of 2026, Ping An P&C's premium income rose 3.5% year on year to RMB265,215 million; premium income of new energy vehicle insurance climbed 21.2% year on year. Insurance revenue grew 3.8% year on year to RMB263,035 million. COR improved by 1.4 pps year on year to 95.6%, indicating sustained strong profitability.

Ping An achieved robust insurance funds investment results. Insurance funds investment portfolio grew 5.2% year to date to RMB6.83 trillion as of September 30, 2026. The portfolio achieved a 4.8% 10-year average net investment yield and a 4.9% 10-year average comprehensive investment yield, both higher than the embedded value long-run investment return assumption.

Ping An Bank boosted both revenue and profit, maintained stable asset quality, and raised its core tier 1 capital adequacy ratio ("CAR"). Revenue and net profit rose 2.4% and 2.2% year on year to RMB103,100 million and RMB39,186 million respectively in the first nine months of 2026. Non-performing loan ratio was 1.05% and provision coverage ratio was 214.75% as of September 30, 2026. Core tier 1 CAR rose 0.25 pps year to date to 9.61%.

The Advancing Health and Senior Care Strategy Enabled Core Businesses Via Differentiation

China's "age of longevity" fuels growing resident demand for quality senior care and healthy living. Ping An consistently advances the "integrated finance + health and senior care" strategy, and delivers the most cost-effective health and senior care services by leveraging its unique ecosystem advantage of "acting for payers and integrating providers."

Ping An upgraded clients' payment capabilities through a multi-tiered protection system. Ping An meets customers' multi-tiered health care needs by consistently developing products including corporate health insurance plans and commercial health insurance. The Group integrated a broader range of financial products with health and senior care service benefits, upgrading clients' payment capabilities to foster intra-ecosystem circulation. In the first nine months of 2026, Ping An realized RMB130.5 billion in health insurance premium income, including RMB62.9 billion in medical insurance premium income, up 7.1% year on year. Ping An's health and senior care services covered nearly 195 thousand corporate clients as of September 30, 2026.

Ping An gradually develops an "online, in-hospital, at-home and corporate" full-scenario service system. Ping An developed the capabilities of AI Doctor. AI Doctor's precise diagnostics covered over 11.3 thousand diseases as of September 30, 2026, with a 96% accuracy rate of AI Doctor-aided diagnosis/treatment and a nearly 90% accuracy rate of complex disease diagnosis/treatment plans from AI-enabled multi-disciplinary teams. "AI + Physician" services covered 100% of the Group's retail customers. AI Doctor was used by nearly 13 million persons in the first nine months of 2026. Ping An built a robust health care service network by partnering with over 38 thousand hospitals (including all top 100 hospitals and 3A hospitals) in China as of September 30, 2026. Overseas, Ping An partnered with over 1,300 medical institutions in 35 countries across the world. Ping An expanded its medical expert teams and enhanced its healthtech capabilities. As of September 30, 2026, Ping An had 181 national and provincial/municipal medical experts, including 42 newly added in the first nine months of 2026. Healthtech patent applications increased by 33% year on year in the first nine months of 2026. Clinical innovation and application capabilities consistently improved, with breakthroughs in national restricted technologies for diagnosis/treatment of severe heart failure. Peking University International Hospital deployed China's first ZAP-X non-invasive radiosurgery platform, on which the country's first non-invasive precise radiosurgery for brain metastases from lung cancer was successfully performed.

Ping An enables its core financial businesses via the health and senior care ecosystem. First-year premium per new life insurance policy of health care customers, Ping An Home customers, and premium senior care customers increased to 2.6 times, 11.4 times, and 59.0 times respectively in the first nine months of 2026. Moreover, steady development of health and senior care services consistently contributes long-term value to the Group. PKU Healthcare Group and Ping An Health achieved RMB4,356 million and RMB3,508 million in revenue respectively in the first nine months of 2026.

Enhanced Customer Experience via Service Innovation; Created Business Value through AI

Under its "Service Year 2026" initiative, Ping An remains customer needs-oriented, focuses on enabling its core businesses, advances AI applications across core business lines, and consistently improves customer service experience.

Ping An upgraded services to improve comprehensive customer experience. Express Service that can "get things done driven by one prompt" facilitated AI-enabled inquiry, consultation and processing in 90% of Ping An's business scenarios as of September 30, 2026. Express Service cumulatively served users over 150 million times and resolved 91% of customer requests end-to-end with AI, as a reliable AI assistant to Ping An's about 97 million monthly online active customers. Ping An upgraded Global Emergency Assistance to enable "one action-triggered emergency response," with over 110 million entitlements, over 2,500 emergency assistance requests handled, and a satisfaction rating of over 98% achieved in the first nine months of 2026. Ping An is building its pioneering presence in a new sector: brain health management. Ping An launched integrated brain health management services covering Alzheimer's disease-related early screening, diagnosis, treatment, and ongoing care in September 2026. This enables early disease detection, convenient access to consultation and medication, and reliable home-based care.

The advancing "AI in ALL" strategy accelerated AI-enabled business value creation.

• In respect of experience improvement, AI Doctor served users over 62 million times in the first nine months of 2026, with over 70% of "online, in-hospital, at-home and corporate" health care services being dispatched by AI. AI Doctor consistently developed as "the most professional AI doctor" with further enhanced multi-disciplinary capabilities for complex diseases.
• In respect of risk management, AI enables our insurance business lines to enhance risk management capabilities by strengthening unusual behavior detection and facilitating intelligent risk assessment and warning. Ping An P&C's claims savings via smart fraud detection grew 9.7% year on year to RMB10.04 billion in the first nine months of 2026.
• In respect of cost cutting, Ping An has effectively cut operating and underwriting costs, with 95% of life insurance policies underwritten within seconds. The volume of services provided by Ping An's AI service representatives reached about 1,484 million times, accounting for 82% of Ping An's total customer service volume in the first nine months of 2026. Ping An has actively promoted the application of AI coding tools, with an 80% AI code penetration rate.
• In respect of sales promotion, Ping An upgraded Marketing AskBob as a full-process AI marketing agent. Sales agents using Marketing AskBob recorded nearly 8% more customer interactions per capita than the average of all sales agents in September 2026

Ping An actively fulfilled its social responsibilities, supporting green development and rural vitalization. Ping An's green insurance premium income reached RMB64,196 million, and funding for rural industrial vitalization via "Ping An Rural Communities Support" totaled RMB40,794 million in the first nine months of 2026.

Looking ahead, China's trajectory toward high-quality economic growth remains unchanged. A series of government policies will provide strong, sustained support for steady economic growth while fostering new strengths and creating new momentum amid innovation-driven, high-quality development. Ping An will adhere to its original aspiration of finance for the people, advance its tech-enabled "integrated finance + health and senior care" dual-pronged strategy under the business policy of "higher-value growth, service innovation, tech-driven development, and regulatory compliance." Ping An will proactively bolster technology finance, green finance, inclusive finance, pension finance, and digital finance, constantly optimize its portfolios, strengthen its growth drivers, and innovate, improve and upgrade its high-quality services. By doing so, Ping An will give back to society, shareholders and customers by delivering more resilient growth.

The meeting took place at the Ministry of Finance (MoF) on October 27. Deputy Minister Ngoc noted that Vietnam and China were neighbouring countries with a long-standing traditional friendship and close geographical and historical ties, and have established a Comprehensive Strategic Partnership, with sustained efforts to build a Vietnam-China community with a shared future of strategic significance.

In particular, the state visit to China by Party General Secretary and State President To Lam in August 2026 provided fresh momentum for deepening bilateral cooperation across all fields, especially in the economy, trade, investment, and strategic transport.

She expressed her confidence that the meeting would provide an important opportunity for both sides to exchange experience, address obstacles, and encourage substantive and effective cooperation in finance and investment.

Fan Bi noted that investment and trade cooperation between China and Vietnam was expanding rapidly, with Chinese businesses showing growing interest in Vietnam's investment environment.

During the visit, the delegation hoped to hold in-depth discussions with Vietnam's MoF on the development of production chains and supply chains, as well as models for establishing cross-border economic cooperation zones between the two countries, he said.

At the meeting, Deputy Minister Ngoc shared five key areas for elevating bilateral economic and financial cooperation.

First, investment cooperation and supply chain development. China is currently one of the largest foreign investors in Vietnam, ranking sixth among 143 countries and territories. China's total registered direct and indirect investment in Vietnam stands at approximately $37 billion, reflecting the strong appeal of Vietnam's investment environment.

In implementing Politburo Resolution No.50-NQ/TW on improving the institutional framework for foreign investment cooperation through 2030, Vietnam places particular emphasis on linking production chains and building interconnected business ecosystems.

The MoF leadership proposed that the Research Office of China's State Council serve as an information bridge to help businesses from both countries strengthen cooperation in technology, research and development, and global supply chains.

Second, strategic infrastructure and transport connectivity. She said Vietnam considers physical infrastructure connectivity, particularly railway development, one of its three strategic pillars. The Lao Cai–Hanoi–Haiphong railway project has been identified as an important model for strengthening transport connectivity between the two countries.

The MoF discussed financing conditions and framework agreements, while calling on China to support Vietnam in improving its capacity in railway management, operations, and industrial development.

Photo: Tran Nam

Third, economic corridors and cross-border cooperation. The two sides should make better use of their extensive shared border to develop logistics hubs, smart border gates, and integrated border-gate economic zones. Vietnam also proposed stronger customs cooperation and mutual recognition of Authorised Economic Operator programmes to reduce logistics costs and improve business competitiveness.

Fourth, broader financial cooperation and resource mobilisation. The MoF deputy minister expressed Vietnam's sincere appreciation for the grants and technical assistance provided by the Chinese government in recent years. She also called on major Chinese financial institutions to actively participate in the development of the international financial centres in Ho Chi Minh City and Danang, helping attract medium- and long-term capital for infrastructure, energy, and green transition projects.

Fifth, concrete mechanisms for implementation. Vietnam was working with Chinese agencies to consolidate the Financial Cooperation Working Group and the Strategic Infrastructure Working Group. Deputy Minister Ngoc urged the Chinese side to designate focal points as soon as possible to facilitate the swift implementation of action programmes and deliver tangible results.

Fan Bi praised the comprehensive and strategic proposals put forward by Deputy Minister Nguyen. He noted that the Research Office of China's State Council had a dedicated unit providing policy advice on financial matters, creating significant potential for the two agencies to expand professional exchanges and cooperation, with the Chinese Embassy in Vietnam serving as a bridge.

The delegation would fully take on board the proposals and report them to the leadership of China's State Council and relevant Chinese ministries and agencies for consideration and implementation, Bi said.

China spends nearly $1 billion on Vietnamese durian Vietnam’s durian exports to China generated nearly $988 million in the first half of the year, up 43.4 per cent on-year.

China Eximbank prioritises financing for Lao Cai-Haiphong railway On August 27, Deputy Minister of Finance Nguyen Duc Chi held talks with a delegation from the Export-Import Bank of China (China Eximbank) on financing options for the Lao Cai-Haiphong railway and opportunities to expand financial cooperation between the two sides.

Vietnam and China discuss policies to support private-sector growth On September 21, at the Ministry of Finance headquarters in Hanoi, Deputy Minister Nguyen Duc Chi held talks with a delegation from the Central Social Work Department of the Communist Party of China Central Committee, led by Zhao Shitang, Deputy Minister of the department.

The inaugural edition of the Transport Expo Asia (TXA) Awards 2026 took place 22 October 2026, at Hyatt Regency Kuala Lumpur at Midtown, capping off the Transport Expo Asia exhibition held on 20 to 22 October 2026 at the Malaysia International Trade and Exhibition Centre (MITEC). The Awards was curated by The IBR Asia Group.

With an Oscar style flourish, the winners were revealed as follows:

• BEST LOGISTICS OPERATOR: Swift Haulage Berhad, accepted by Loo Yong Hui, Group Chief Executive Officer. "This award is a pleasant surprise, and also one especially sweet because we just celebrated our 15^th anniversary. It's a validation of our efforts to get to where we are today."

• BEST PORT OPERATOR: Pelabuhan Tanjung Pelepas (PTP) Sdn Bhd, with Johor Port Authority, accepted by Mark William Hardiman, Chief Executive Officer, alongside Dr. Siti Noraishah Azizan, General Manager of Johor Port Authority. "I think it has been a fantastic collaborative effort between regulator and operator to take PTP to the next level. I want to thank our stakeholders for the support, allowing us to grow as fast as we have, helping us become the fastest growing container port in the past three years."

• BEST SHIPPING OPERATOR: MTT Shipping and Logistics Berhad, accepted by Ooi Lean Hin, Managing Director. "Of course, I'd like to say thank you to our Minister, YB Loke Siew Fook, and for the ministry for organising this event, and the panel of judges for choosing us. This award belongs to team MTT. We are a fairly young company since we established in December 2010, and it has been an amazing journey as we hope to continue to play a part in connecting Malaysia to the world."

• BEST LAND OPERATOR: Express Rail Link Sdn Bhd, accepted by Datin Noormah Mohd Noor, Chief Executive Officer. "This is a great honour for ERL, and we'd love to give our heartfelt appreciation to the Ministry of Transport, and the TXA Awards organising committee. This award is a testament to the dedication of our hardworking staff and team. It will inspire us to continue giving better service, and to do our part for the future of the rail industry."

• EXCELLENCE IN ROAD SAFETY SOLUTIONS: Pertubuhan Keselamatan Sosial (PERKESO), accepted by Dr. Azlan Darus, Head of Prevention, Medical and Rehabilitation Division. "When we launched Ops Cegah, we hoped to play a more active role in tackling accident risks. This award is recognition of our drive, to one day achieve a zero-accident rate."

• ENGINEERING EXCELLENCE IN TRANSPORT: Malaysia Rail Link Sdn Bhd, accepted by Dato' Sri Darwis Abdul Razak, Chief Executive Officer. "I am thankful to accept this award on behalf of the large family of East Coast Rail Link Sdn Bhd. ECRL has been one of the most challenging projects that has been done in Malaysia yet, and this would not have been possible without the team. I hope to see the results of our efforts when ECRL officially begins service in December 2026."

• SUSTAINABLE TRANSPORT INITIATIVE OF THE YEAR: Railway Assets Corporation, accepted by Dato' Azhar Ahmad, Chief Executive Officer. "I would like to accept this award with humility, and dedicate this award to my team. To me, leadership is not measured by the assets we own, but by the value we create for Malaysia, and the rakyat."

• TRANSPORT INNOVATOR OF THE YEAR: Penang Port Commission, accepted by Dato' V. Vijayaindiaran, General Manager. "Digitalisation is the way forward, and is how we can innovate and get ourselves moving for the industry as a whole. To the team, this award is for us."

• MINISTER'S LAUREATE FOR NATIONAL TRANSPORT LEADERSHIP: Malaysia Rapid Transit Corporation Sdn Bhd, accepted by Datuk Mohd Zarif Hashim, Chief Executive Officer. "We have always pushed each other to work faster, to ensure we deliver even during times we weren't sure of ourselves. With this award, I am humbled and thankful to the ministry, our stakeholders, and of course my team, for getting us this far."

The TXA Awards is Malaysia's national transport recognition programme, highlighting organisations who have contributed towards the advancement of the country's transport ecosystem. Its inaugural edition has been a success, showcasing the depth and breadth of achievements made by all its industry players.

"Safety, innovation, sustainability and connectivity: these priorities are interconnected. I encourage everyone to continue pushing boundaries, challenging conventional approaches and pursuing higher standards," said YB Loke Siew Fook, the Minister of Transport, Malaysia. "By aligning our efforts, we can strengthen Malaysia's competitiveness, deepen out regional connectivity and build a transport ecosystem that is resilient, inclusive and ready for the future."

The next edition of the TXA Awards will be held in 2028.

For more information on the TXA Awards, you can visit the official page here. For information about Transport Expo Asia itself, you can check out the website here.

The issuer is solely responsible for the content of this announcement.

• Date: 5–6 November 2026
• Time: 6:00pm–11:00pm
• Venue: The Steak House, Regent Hong Kong
• Price: HK$2,188 per person
• Wine Pairing: Five-glass pairing available; price to be confirmed
• Service Charge: 10%

The issuer is solely responsible for the content of this announcement.

• Route 1
  Nong Khai | Riverside Slow, City Flow: A journey along the Mekong River, capturing the peaceful rhythm, faith, and charm of upper Isan towns.
• Route 2
  Bueng Kan | Beyond the Green, Into Naga's Realm: A journey through majestic cliff sides, dense forests, adventure pursuits, and sacred Naga folklore of Phu Wua.
• Route 3
  Nakhon Phanom | Traces of Indochina: A route highlighting natural indigo crafts, spiritual heritage, and multicultural memories along the Mekong River.
• Route 4
  Chong Mek, Ubon Ratchathani | Where Cliffs Meet the Mekong: A journey through Pha Taem, Sam Phan Bok, and the timeless rhythms of a riverside community carved by wind and water.
• Route 5
  Mukdahan | From Mythology to Deep Time Discovery: A journey to uncover pre-historic geology, river legends, untouched wilderness, and the colorful living culture of Isan.
• Route 6
  Sadao, Songkhla | Food Trail in Creative District: A culinary and cultural exploration through historic architecture, creative art districts, and rich local food traditions.
• Route 7
  Sadao, Songkhla | A Journey Along the Gulf: A scenic route along the Gulf of Thailand blending coastal nature, old towns, living culture, and faith.
• Route 8
  Betong, Yala | Where the Mist Begins: A journey into a mountain town famous for morning mists, vibrant flora, cool climate, and unique local heritage.
• Route 9
  Wang Prachan, Satun | Across the Andaman Isles: A coastal road trip leading to seaside fishing communities and island-hopping adventures across the Andaman.
• Route 10
  Su-ngai Kolok, Narathiwat | At the Kingdom's Edge: Nature's Grace and Cultural Jewels: An invitation to discover cultural heritage, lush rainforests, community wisdom, and local experiences in the southern border provinces.

The issuer is solely responsible for the content of this announcement.

The issuer is solely responsible for the content of this announcement.

For more information, visit: https://www.mbiselangor.com

• Online Purchase Protection — protects against losses arising from fraudulent online travel transactions made with debit or credit cards or digital wallets.
• WhatsApp Emergency Assistance — provides a direct communication channel for assistance when abroad.
• Traditional Chinese Medicine (TCM) — included as an option for follow-up treatment in Malaysia after returning from a trip.
• Golf Benefit Add-On — covers losses to golf equipment, pre-paid green fees and recognises hole-in-one achievements.

The issuer is solely responsible for the content of this announcement.

For more information on MSIG Malaysia, visit www.msig.com.my or facebook.com/MSIGmy.

Bill Deng, Founder and CEO of XTransfer, will join the management team at showcases and closed-door sessions in both cities, sharing views on AI risk control and operations, local-currency settlement in emerging markets and practical inclusive finance for SMEs. During the events, XTransfer will hold signing ceremonies for strategic cooperation with several international financial institutions, further extending its global clearing network.

A central focus will be XTransfer's financial institution partnership model, which enables banks and payment institutions to participate as both co-builders and users. Partners can contribute local collection, payout and FX capabilities, while accessing services such as Pay-to-China, Local-Currency Collection and Local-Currency Payout through the XTransfer API.

Another focus will be XTransfer's end-to-end local-currency settlement. In emerging markets, restricted access to foreign exchange can delay the settlement of legitimate trade payments. To address this, XTransfer has built an end-to-end B2B trade settlement network comparable to Visa and Mastercard, directly connecting paying and receiving banks. Paired with its pioneering local collection account service, it enables end-to-end local-currency settlement, a 24/7, fast, low-cost, and compliant option that lets buyers and sellers worldwide pay and receive trade funds in their respective local currencies. The service now covers nearly 60 countries and regions across Africa, Asia, Latin America, the Middle East, Europe, and North America, etc.

Today, XTransfer serves more than one million SMEs globally, with over US$60 billion in total payment volume in 2025, and is trusted by more than 170 global financial partners. Through its participation in Hong Kong and Singapore, XTransfer aims to deepen collaboration across the financial ecosystem and make cross-border payments more secure, efficient and accessible for trade businesses worldwide.

https://www.xtransfer.com

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