Sri Lanka is expanding renewable generation, with the country's long-term power plan targeting 70% of electricity generation from renewable energy sources by 2030, led by solar and wind. As the share of variable renewable generation grows, the power system requires more flexible resources that can respond quickly to fluctuations in supply and changing demand patterns. Electricity demand typically reaches its daily peak at around 7 p.m, placing additional pressure on the grid during the evening. Against this backdrop, Sri Lanka's power-sector planning has identified utility-scale battery energy storage as an important grid-support technology for maintaining system reliability and enabling greater renewable energy integration.

PowerTitan 2.0 Designed for Local Project Requirements

• End-to-end intelligent management: The system integrates station-level control with intelligent battery management, continuously tracking battery status and optimizing operation to support system stability and long-term performance.
• Full-stack pre-commissioning capability: PowerTitan 2.0 integrates the battery system and PCS into an all-in-one AC-DC block, with key components pre-assembled before delivery. This simplifies on-site installation and commissioning, contributing to a 50% reduction in grid-connection time.
• Built for a challenging coastal environment: Located approximately 500 meters from the sea, the project operates in a hot, humid and corrosive environment. PowerTitan 2.0 is designed to withstand challenging environmental conditions, supporting reliable long-term operation. The system is designed for an operational life of at least 15 years.

The project strengthens the grid's peak-shaving and frequency-regulation capabilities, providing fast and flexible support as electricity demand and renewable generation fluctuate. By storing electricity when supply is available and dispatching it when needed, the BESS can help improve system efficiency, enhance supply reliability and create greater flexibility to integrate renewable energy.

"The commissioning of this Project is not only a technological milestone but a national achievement. By partnering with Sungrow, we have demonstrated how foresight, innovation, and collaboration can reshape Sri Lanka's energy landscape. This project is a testament to what can be accomplished when industry leaders work together toward a shared vision of sustainability and resilience," said Sudath Pathmal, chief Operating Officer of WKV Group.

Accelerated Delivery Through Close Coordination

The project set a benchmark for rapid, high-quality delivery in challenging conditions. From thermal commissioning to pre-SAT, the project was completed in just one week, followed by formal SAT and commercial operation within five days. The accelerated delivery was supported by:

• Proactive pre-project enablement: Technical parameters were pre-configured, with auxiliary power, liquid-cooling inspections, and grid-connection planning completed ahead of commissioning to minimize on-site delays.
• On-site cross-team support: Sungrow's technical and delivery experts provided on-site support through SAT and COD, helping WKV complete testing and transition into commercial operation within the compressed schedule.

The project demonstrates Sungrow's ability to combine integrated technology, coordinated project execution and hands-on customer support to address the practical demands of utility-scale energy storage projects. Building on its experience across global markets, Sungrow will continue to support customers in deploying reliable energy storage solutions that enhance grid flexibility and enable greater renewable energy integration.

• Address: 80 Middle Road, Singapore 188966

• Transit: 20 minutes from Changi Airport; steps from Bugis MRT Station

• Dining Destination: Man Fu Yuan, LUCE, The Lobby Lounge

• Event Space: 8 event rooms including the pillarless Grand Ballroom

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

With bags priced from S$106, the pop-up offers Singapore shoppers an opportunity to discover the brand in person: feel the soft quilting, compare sizes and colours, and find a bag for work, family outings or weekends away. Customers purchasing at the event will also receive a complimentary, non-retail mirror, while stocks last.

From a Japanese favourite to an everyday companion in Singapore

Nubi is a traditional quilted fabric long used in Korea for bedding and household textiles. Recognising its durability, ease of washing and lightweight comfort, pionunnal gave the fabric a new purpose as a bag. By combining this traditional textile with fine stitching by Japanese artisans and refined design, the brand created a new category of "Nubi bags" with a distinctive appeal beyond the conventional tote.

Following the brand's launch, social media brought attention to a fresh style: lesson bags designed for adults. Traditionally associated with children carrying supplies to classes and activities, the lesson bag became a fashion accessory for adults through pionunnal's high-quality materials and clean, simple designs, which complement everything from casual looks to more polished outfits.

The brand's first department store pop-up at Isetan Shinjuku drew a strong response, with customers queuing outside the department store on opening day. Through subsequent pop-ups at major department stores across Japan and collaborations with brands and companies, pionunnal helped establish a new culture of enjoying a second bag as part of an outfit, becoming a driving force behind the second-bag trend and opening up a new fashion category.

A new bag with a Singapore connection

The event's new release, bonbon (S$172), takes its inspiration from the mandarin oranges exchanged during Chinese New Year visits as symbols of good fortune and prosperity. It introduces an organza drawstring closure and velvet cord to pionunnal's Nubi designs, giving the softly rounded bag a more decorative finish.

An adjustable, detachable strap allows bonbon to be carried as a shoulder bag or a compact mini bag. Measuring 280 mm wide, 120 mm deep and 150 mm high, it can carry mandarin oranges for festive visits, while also fitting into everyday outings and meals with friends. The Singapore event offers advance sales of bonbon, with a launch in Japan planned to follow.

Styles for different parts of the day

Alongside bonbon, visitors can explore MILK (S$106), a compact companion for essentials; PIANO (S$112), a clean-lined tote that accommodates B4 documents, magazines and a laptop; and GARDEN (S$235), a roomy, rounded bag with two handle lengths and two deep interior pockets.

MOANA (S$192) and MOANA mini (S$166) pair a clear PVC outer bag with a Nubi tote. Each can be used separately or together, offering three carrying arrangements for city outings, pool visits and holidays. For those drawn to a structured silhouette, LADY (S$252) combines a square silhouette, satin lining and a base insert.

The brand name means "a rainy day" in Korean and expresses the idea that rainy days can still be enjoyable. In Singapore, the pop-up gives that philosophy a new setting, with designs intended to accompany the many different moments of everyday life.

Event information
pionunnal
POP UP STORE from Tue 13 Oct to Sat 31 Oct 2026
Available at Ladies' Accessories, Level 1 (near main entrance), Takashimaya Department Store

Customers purchasing at the pop-up will receive a complimentary mirror, while stocks last. Gifts cannot be reserved. For the product line-up and further information, visit the official website.

https://pionunnal.shop

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

Key achievements during 2025 include:

• Reducing Scope 1 and 2 carbon emissions by 14% since 2021, progressing towards De Beers Group's science-based target to reduce its carbon footprint by one third by 2030.
• Supporting 2.6 jobs offsite for every one job created onsite, as the Group works towards its ambition to support four offsite jobs for every onsite role by 2030.
• Managing 375,000 acres of land for conservation across Southern Africa, alongside continued investment in nature-positive initiatives and biodiversity conservation.
• Supporting the designation of Angola's first Ramsar Wetland, helping protect the source of 95% of the water flowing into the Okavango Delta through the Okavango Eternal partnership with National Geographic.
• Achieving the safest year in De Beers Group's history, with a 19% reduction in Total Recordable Injury Frequency Rate compared with 2024 and zero work-related fatalities.
• Passing the milestone of five million rough diamonds individually scanned on Tracr, strengthening transparency and traceability across the natural diamond value chain.
• Training a further 500 women through EntreprenHER, delivered with UN Women and government partners, taking the total number of women trained through the programme to more than 3,900 since 2016.
• Committing to invest US$70 million to the Diamonds for Development Fund in Botswana, supporting the country's ambition to accelerate long-term economic diversification.

• Today, De Beers' conservation efforts are helping to protect vast swathes of land and keystone species across Southern Africa. Overall, De Beers Group manages 375,000 acres of land for conservation, and continues to explore scalable, nature-positive models across its conservation properties.
• The Okavango Eternal partnership with National Geographic reached a major milestone with the designation of Angola's first Ramsar Wetland, helping protect the source of 95% of the water flowing into the Okavango Delta, the world's largest inland delta and one of the most biodiverse areas in Africa.
• With Debswana, a joint enterprise between the Government of the Republic of Botswana and De Beers Group, De Beers celebrated the birth of the 70th rhino calf born safely on our nature reserves in Botswana since our rhino conservation efforts began in 2012, while the Group also successfully translocated 31 rhinos to support wider rewilding efforts in the region.

• De Beers Group has reduced its Scope 1 and 2 carbon emissions by 14% since 2021, progressing towards the Group's SBTi-approved targets to reduce its carbon footprint by a third by 2030.
• As part of its focus on reducing carbon emissions, De Beers Group is proud to support Envusa, which brings 520MW of renewable energy to southern Africa, from solar and wind. Envusa forms part of a broader portfolio of climate initiatives designed to reduce emissions across the natural diamond value chain in a transparent and responsible way.
• Other examples of this work include advancing trials to create 'drop in' biofuels, progressing pioneering tyre circularity initiatives with Anglo American and Sasol, and supporting Kelp Blue, an award-winning startup that grows Giant Kelp on a large-scale off the coast of Namibia, to help sequester carbon, support the re-wilding of oceans and create a range of jobs and products that support the local economy.

• The Stanford Seed programme, which focuses on providing leadership training, management coaching and networking tools to help SMEs in De Beers' southern African diamond producing partner countries grow, has now supported 128 businesses since launch.

• The EntreprenHER programme, run in partnership with UN Women to support opportunities for female entrepreneurs in diamond producing partner countries, trained a further 500 women in 2025, taking the total number of women trained since 2016 to 3,900.
• Overall, for every job that we created onsite, De Beers supported 2.6 jobs offsite in 2025, continuing towards the Group's commitment to support 4 jobs offsite for every 1 job onsite by 2030.

• The Group marked the 20th year of its Best Practice Principles programme, a rigorous set of standards, compliance with which is third-party audited.

• • The programme covers around a quarter of a million people across more than 70 countries – including all De Beers Group operations globally, as well as all Sightholder customers and their diamond-related contractors.

• The Group also ensured 100% of its precious metal suppliers met rigorous sourcing standards to supply gold, platinum, and silver to its De Beers London and Forevermark retail brands.

• With regards to traceability, Tracr passed the milestone of five million rough diamonds being individually registered on the blockchain-backed diamond traceability platform
  • Tracr also established a new partnership with Sarine to integrate rough diamond source registration with advanced scanning data, helping to create an end-to-end, cost-effective traceability solution to verify a diamond's journey.
  • The Tracr platform also provided the traceability backbone for the De Beers London capsule collection using GemFair diamonds developed in 2025, demonstrating that artisanally mined diamonds can be purchased ethically and transparently by luxury brands.
  • These developments help provide greater confidence to consumers, retailers and industry partners in a diamond's provenance and journey through the value chain.

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

Key facts

• Milestone: 100th Big Apple Donuts & Coffee store in Malaysia
• Opened: Saturday, 10 October 2026, at IOI Mall Puchong, Selangor
• Offer: Ola Pandan and Dreamy Pandan at RM1 each, all outlets nationwide, until 31 October 2026, while stocks last (100 pieces per store per day, in-store only)
• Heritage: first store opened in 2007 at The Curve, Mutiara Damansara
• Franchise: Big Apple welcomes new franchise partners
• 2027 plans: another 10 stores across Malaysia

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

HKTDC Associate Executive Director Silas Chu said:

"Last month, the Hong Kong SAR Government unveiled the Policy Address and first Five-Year Plan, setting out a vision for building a green and liveable city. Across the region and beyond, China, the European Union and many ASEAN economies are actively pursuing carbon-neutrality or net-zero emission targets, and driving decarbonisation through regulations and industrial policies. Green transformation has shifted from policy aspiration to market rule. As global demand for ESG and green solutions continues to grow, Eco Expo Asia will bring together green technologies, innovative solutions, and global business opportunities to help enterprises capitalise on the new prospects emerging from this transition."

He added, "This year's Eco Expo Asia brings together over 340 exhibitors from 16 countries and regions, including first-time participants from Indonesia, Laos, Myanmar, the Philippines, Thailand, and Vietnam, highlighting the Expo's growing international reach. Some 200 key officials and representatives of semi-official organisations from the Chinese Mainland, Hong Kong, Belt and Road countries, and ASEAN, will attend and tour the Expo, further promoting cross-regional cooperation and exchange."

Speaking at the press conference, the Deputy Director of the Environmental Protection Department of the HKSAR Government, Dr Vanessa Au, expressed:

"The 21^st edition of Eco Expo Asia, held under the theme 'Connecting the World for a Sustainable Future', dovetails with the HKSAR Government's First Five-Year Plan, and implements the Policy Address precisely aligning with the National 15^th Five-Year Plan. It underscores our commitment to advancing Hong Kong's green transformation, fostering green innovation, seizing the opportunities presented by the low-carbon economy, creating economic benefits and enhancing citizen well-being. Key highlights of this year's expo include the HKSAR Government booth, the Environmental Campaign Committee Pavilion, the Hong Kong Pavilion and the newly established comprehensive experience zone for green technology. This year during the expo, the Environment and Ecology Bureau and the Ministry of Ecology and Environment of the People's Republic of China will, for the first time, co-host the Belt and Road Green Innovation Conference in Hong Kong. In addition, the Environmental Protection Department, in association with the Belt and Road Initiative International Green Development Coalition and the Chinese Academy of Sciences, will jointly organise the second edition of the 'Green Silk Road' International Training Programme. This expo brings together stakeholders from all sectors, uniting our efforts to advance global carbon neutrality and sustainable development."

Businesses show continued strong confidence in Hong Kong as an ESG business hub

The HKTDC has also released the "HKTDC ESG Index 2026". The latest ESG Index stood at 67.3, up from 64.2 last year and well above the neutral threshold of 50, reflecting the continued strengthening of corporate confidence in Hong Kong's role as an ESG hub. The survey also showed that 93% of respondents have integrated ESG into their overall business decision-making processes, while the share of businesses sourcing or selling ESG-related products and services rose from 29% in 2025 to 46% in 2026.

Silas said, "The rise in the ESG index reflects the continued strengthening of global businesses' confidence in Hong Kong's role as an ESG business hub. Results further demonstrate that ESG is increasingly being built into business decisions on investment, sourcing, and supply chain management, fuelling steady growth in demand for ESG products, services and solutions. ESG has evolved beyond a compliance requirement into a source of competitive advantage for companies."

With strong demand for ESG solutions, Hong Kong is well positioned to unlock commercial opportunities across banking and finance, professional services, and innovation and technology. In terms of technological innovation, surveyed businesses identified the most impactful Hong Kong digital and ESG platforms for boosting performance as sustainable supply chain platforms (45%), AI analytics (37%), and cloud data reporting (30%). On supply chain management, respondents most valued Hong Kong's ESG certification services (50%), followed by transparency and traceability tools (41%), and ESG audit and risk analysis solutions (36%).

Pavilion line-up expands with ASEAN and Qinghai Pavilion debuts

Eco Expo Asia brings together green innovations and technologies from around the world, offering the industry a platform to exchange ideas and explore new business opportunities. This year, the number of participating pavilions has risen to 18, covering a wider spread of regions. On the Chinese Mainland front, Qinghai Province makes its first appearance with a pavilion of its own, joined by the nine Chinese Mainland cities in the Greater Bay Area, Macao, Guangxi, Hunan, Shanghai, and Nanjing in Jiangsu Province.

Among the international group pavilions, the headline addition is a new ASEAN Pavilion, featuring 13 green technology companies from eight member countries, including Singapore, Laos, Malaysia, Myanmar, the Philippines, Indonesia, Thailand, and Vietnam. An ASEAN networking reception on the opening day will further strengthen business ties with the region. In addition, Korea Institute of Fusion Energy (KFE), bringing two companies, will showcase their marine environmental technologies and waste gas treatment equipment. The US State of Illinois returns after several years, while Canada, Italy, and the Netherlands maintain their regular presence.

Regarding Hong Kong exhibitors, the Hong Kong Science and Technology Parks Corporation once again leads 11 start-ups to the Expo to showcase local green innovation achievements. The Hong Kong Pavilion, supported by the Environmental Protection Department and coordinated by the Federation of Hong Kong Industries, is back with 19 local exhibitors presenting a diverse range of eco-friendly products, technologies and solutions. Rounding off the home-grown line-up, the HKSAR Government booth, featuring 11 bureaux and departments including the Environment and Ecology Bureau, and the Environmental Campaign Committee Pavilion, will highlight the city's latest work in environmental protection and green development.

As a member of the HKSAR Government's GoGlobal Task Force, the HKTDC will set up a GoGlobal Connect Zone, helping Chinese Mainland environmental enterprises tap international markets through Hong Kong's professional services. A seminar on going global rounds out the programme, sharing practical experiences in expanding overseas.

Four thematic areas spotlight green innovation

Aligned with global trends and policy directions, this year's Expo centres on four areas: Green Energy in Motion, Frontier Green Tech, Building for a Greener City and From Waste to Worth, showcasing the latest innovative green technologies, products, and solutions.

Under"Green Energy in Motion", the Expo features green energy solutions spanning the maritime, land transport and aviation sectors. Echoing the call in the Policy Address and Hong Kong's First Five-Year Plan to build a Sustainable Aviation Fuel (SAF) industry chain, EcoCeres Ltd. (Booth: 3-F30), a global leading SAF producer, makes its Expo debut with its advanced renewable SAF made from waste materials, alongside Hydrotreated Vegetable Oil (HVO). The Hong Kong Science and Technology Parks Pavilion (Booth: 3-E02) will also focus on energy, with start-ups presenting innovations such as EV chargers and modular EV conversion technology.

Under the "Frontier Green Tech" theme, around 30 start-ups and university spin-offs will show how research achievements have been transformed into practical environmental applications. Among them, first-time exhibitor Stellerus Technology Limited (Booth: 6-D27) will display the Multi‑Spectral Imaging Carbon Observatory (MUSICO), the world's first lightweight, high‑resolution, high‑precision synergistic greenhouse gases observatory, which has already been deployed on China's Tiangong space station. MUSICO monitors greenhouse gas emissions, supporting enterprises in formulating emission-reduction measures and supplying precise data to green finance institutions.

In keeping with the "building a green and liveable city" policy direction under Hong Kong's Five-Year Plan, the "Building for a Greener City" theme gathers a host of innovations now in real-world use. Green Vigor Limited (Booth: 3-E02) will exhibit a modular hydropower system that converts wasted hydraulic resources from water tanks and cooling systems in buildings into electricity, a solution already in use in local shopping malls, commercial buildings and schools. AEC GreenTech Innovations Limited (Booth: 3-C20) brings a robot designed for plastering and paint spraying, which works at least five times faster than manual labour while halving material use, delivering environmental benefits. The technology has been adopted in local construction projects.

The fourth area, "From Waste to Worth", assembles a number of leading Chinese Mainland enterprises in the waste management sector, including Chongqing Sanfeng Environment Group (Booth: 3-E30), named among Top 50 Environmental Enterprises in China and the Top 10 Influential Enterprises in China's Solid Waste Industry, as well as listed environmental companies Dynagreen Environmental Protection Group (Booth: 3-B30) and Beijing Enterprises Environment Group (Booth: 3-D30), showcasing their waste management and resource circular solutions. Hong Kong-based Green AI Technology Limited (Booth: 3-E26) will launch REV, its new generation of the unmanned recycling station at the Expo, demonstrating how AI and automation can be applied to recycling.

Over 30 key events to gather experts from government, industry, academia and research

More than 30 forums and seminars will be held during the Expo, bringing together over 80 government officials, industry leaders and business representatives from the Chinese Mainland, Australia, Malaysia, Thailand, and other Belt and Road countries to share insights on green opportunities, success stories and forward-looking strategies.

The annual flagship event, Eco Asia Conference, will also feature a series of seminars centred on four key themes, with industry and academic experts presenting the latest developments. On 26 October, Professor Su Hui, Chair Professor in the Department of Civil and Environmental Engineering at HKUST, who spearheaded the development of MUSICO, will join Professor Kenneth Leung, Director of the State Key Laboratory of Marine Environmental Health at CityUHK, to discuss technologies for monitoring extreme weather and explore Hong Kong's role as a regional green innovation hub. On 27 October, representatives from the Construction Industry Council and China State Construction Engineering (Hong Kong) Ltd will examine green building development from the perspectives of policy, certification and practice.

On 28 October, Avinash Persaud, Special Advisor on Climate Change to the President of the Inter-American Development Bank (IDB) and a member of the High-Level Expert Group on Climate Finance for the COP26, 27 and 28 Presidencies, will take to the stage. Drawing on his extensive experience spanning international finance, public policy, and climate finance, he will analyse emerging global trends in the field.

Public Dayinvites everyone to embrace green lifestyles

The final day of the Expo (29 October) will be Public Day, with free admission for the public, aiming to raise awareness of environmental protection and sustainability and to encourage the adoption of green lifestyles. A series of seminars on climate, environmental protection and food waste upcycling will be held that day. Speakers include representatives from the Hong Kong Observatory, Hong Kong meteorologist and former Assistant Director of the Hong Kong Observatory Leung Wing Mo, and guests from Ways Out HK, a local social enterprise that turns food waste into jewellery. Visitors can also take part in interactive workshops, including a recycled paper making workshop, green cleaners making workshop and green mini games, enabling participants to learn hands-on how to put resource recycling and green living into practice.

Register now : https://tinyurl.com/33s7wf64

https://www.hktdc.com/event/ecoexpoasia/en

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

Against this backdrop, WHS President Axel R. Pries emphasized the need for innovation and collaboration: "Past achievements and continued progress in global health are increasingly challenged by multiple and overlapping crises. To build resilient, effective, and equitable health systems, we need innovation across biomedicine and technology, financing, delivery, and political coordination. This requires partnership and trust within and beyond the health sector and is at the heart of the World Health Summit 2026 leitmotif."

Announcements and new pledges during the official WHS press conference:

• Diene Keita, Executive Director of UNFPA, highlighted the Government of Bangladesh's landmark investment of 250 million euros in women's health, supported by the European Investment Bank.

• John-Arne Røttingen, CEO of Wellcome, launched the Wellcome Global Monitor 2026, which shows trust in science has fallen since the COVID-19 pandemic.

• Ilana Ron Levey, Managing Director at Gallup, shared findings from the State of the World's Emotional Health 2026 Report, examining the relationship between social media use and emotional well-being.

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

Morningstar DBRS is a global credit rating agency with coverage across North America, Europe, Asia, and Latin America. Its assessment of Verdant Rock reflects the company's strong projected earnings ability, robust risk profile, sound liquidity, and good capitalization. Morningstar DBRS also assigned an A (low) Issuer Rating to Verdant Rock. The rating follows Verdant Rock's BBB+ Long-Term Insurer Financial Strength Rating with a Stable Outlook from Fitch Ratings, assigned on 12 June 2026. Verdant Rock now holds Financial Strength Ratings from both Fitch Ratings and Morningstar DBRS, providing counterparties with dual-agency confirmation of the company's investment-grade standing.

Verdant Rock's guarantees are designed for beneficiaries with investment-grade mandates. Banks and insurers that hold guaranteed paper issued by Verdant Rock may reference both the Fitch Ratings and Morningstar DBRS ratings as independent, agency-confirmed assessments of the company's investment-grade standing. The Morningstar DBRS A (low) Financial Strength Rating adds a second layer of external validation to the security architecture behind each guarantee Verdant Rock issues.

" Receiving an A (low) Financial Strength Rating from Morningstar DBRS six months after our BMA license is a result we are proud of. Morningstar DBRS assessed our projected earnings ability, risk profile, liquidity, and capitalization, and reached a conclusion consistent with what we have been telling counterparties since we launched: that Verdant Rock is built on sound structural foundations. We now hold Financial Strength Ratings from two internationally recognized agencies. For any counterparty that requires dual-agency confirmation before it can accept a financial guarantee, that question is answered." - Tolga Uzuner, Co-Founder and Chief Executive Officer, Verdant Rock Limited

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

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

Angela Yang, partner, Corporate Finance PwC Vietnam

As Vietnam’s capital market matures, investors are looking not only at whether the economy can grow, but also at whether they can deploy and manage capital efficiently over the long term.

This reflects a wider global shift. PwC’s 2025 Global Investor Survey covering 1,074 professionals across 26 countries and territories found that investors are prioritising resilience, technology-enabled transformation, credible governance, and greater transparency around financial and non-financial performance.

In terms of sectors, we continue to see strong interest in advanced manufacturing, industrial and logistics infrastructure, technology-related businesses, and the broader digital economy. Energy transition is also attracting growing attention, particularly as Vietnam pursues its net-zero commitments and expands renewable energy capacity.

At the same time, they are increasingly interested in businesses that can benefit from rising domestic consumption, healthcare demand, and long-term productivity improvements. These themes align with broader global trends around digital transformation and resilience.

Ultimately, the conversation has shifted from whether Vietnam can grow to whether investors can access that growth efficiently, transparently, and at scale. Foreign institutional investors can play a much broader role than simply providing capital. One of their most important contributions is improving market quality.

Firstly, greater participation can enhance market liquidity and price discovery while helping broaden the investor base. This is particularly valuable as Vietnam seeks to deepen its capital market and reduce reliance on retail participation alone.

Secondly, foreign institutions often bring higher expectations around governance, transparency, and disclosure. As active shareholders, they frequently encourage improvements in board oversight, communications, risk management, and capital allocation discipline. These improvements can benefit the overall market ecosystem and increase confidence among both domestic and international backers.

Thirdly, foreign institutions can help drive the development of more sophisticated financial products and investment vehicles, including exchange-traded funds, bond funds, infrastructure funds, and sustainable finance products. This diversification supports a more balanced financial system and provides businesses with a broader range of long-term funding sources.

The potential pool is significant. PwC projects that global assets under management could increase from $139 trillion in 2024 to $200 trillion by 2030, underscoring the importance of positioning Vietnam as a credible destination for these long-term allocations. Private markets are also expected to represent more than half of asset-management industry revenues by 2030.

Importantly, institutional investors bring not only capital but also expectations. Their due diligence, stewardship, and reporting requirements can encourage companies to strengthen board oversight, minority shareholder protection, and sustainability-related disclosure. These improvements can benefit the market as a whole, including domestic investors.

Vietnam has already made important progress in improving foreign investor access. The easing of the full pre-funding requirement for foreign institutional investors and the introduction of a formal failed-trade mechanism were central to FTSE Russell’s recent decision to upgrade Vietnam’s stock market.

Going forward, however, long-term investors are likely to place greater emphasis on predictability, governance, and market infrastructure than on access alone. Institutional financial backers typically allocate capital over multi-year horizons and therefore require confidence in regulatory consistency, shareholder protection, disclosure standards, and market transparency.

Rather than relying solely on incentives, policymakers may wish to focus on strengthening the overall investment environment. Continued enhancements in settlement infrastructure, custody arrangements, foreign exchange mechanisms, securities lending frameworks, and protection could all contribute to making Vietnam a more attractive destination for long-duration capital. The objective should not be to encourage investors to stay through administrative measures. Rather, it should be to create a market environment where they choose to remain because of confidence in the market’s long-term fundamentals and operating framework.

One key priority in the next 3-5 years is continuing to modernise market infrastructure. Efficient clearing and settlement mechanisms, risk management tools, and further alignment with international market practices will remain important.

A second priority is strengthening corporate governance and disclosure standards. Accelerating the adoption of international reporting practices, improving transparency, and ensuring consistent enforcement can help increase confidence.

Thirdly, Vietnam would benefit from expanding the supply of quality opportunities. This includes encouraging more high-quality listings, supporting state-owned enterprise equitisation, and increasing market depth.

Finally, developing a stronger domestic institutional investor base, including pension funds, insurance investors, and professional asset managers, will be critical. Deep and resilient capital markets are typically supported by a healthy balance between domestic and international institutional participation.

Deputy general director Larry Lee of SABECO shared his perspective on efforts to raise standards across the entire supply chain

Expectations for Vietnamese enterprises are moving beyond business expansion towards improving productivity, accelerating innovation, strengthening resilience, and creating lasting economic and social value, the event heard.

This transition reflects Vietnam’s broader ambition to develop a more competitive and self-reliant economy, with enterprises playing an increasingly important role in translating national development priorities into practical outcomes.

Speaking at the forum, Prof. Dr. Nguyen Xuan Thang, a member of the 13th Politburo and chairman of the Central Theoretical Council, emphasised the responsibility of businesses in shaping the country’s economic future.

“Every enterprise is helping to shape the future of the country’s economy through the decisions it makes today,” Thang said. “I believe that when institutions pave the way, businesses take the initiative, and resources are effectively connected, Vietnam will develop a generation of enterprises with the capabilities to expand internationally, the confidence to conquer markets, and the responsibility to contribute to the country’s development.”

His remarks highlighted the importance of combining institutional improvements with corporate initiative, particularly as Vietnam seeks to enhance the quality of economic growth and strengthen its competitiveness in international markets.

An enabling policy environment can provide businesses with greater confidence to make long-term investments, embrace technological innovation, and pursue more sustainable operating models. At the same time, enterprises must take responsibility for improving their capabilities and adapting to changing market conditions.

The high-level plenary discussion at the event brought together representatives from the Ministry of Agriculture and Environment (MAE), the Ministry of Science and Technology, and leading enterprises to examine the conditions needed to support Vietnam’s next phase of development.

Ho Kien Trung, deputy director-general of the Environment Department under the MAE, highlighted the importance of clearer policy frameworks in guiding businesses towards greener operations.

He referred to government efforts to establish criteria for green projects and circular economy practices, helping enterprises better understand environmental requirements and identify sustainable investment opportunities.

“Such policy developments are particularly relevant as businesses face increasing pressure to improve resource efficiency, strengthen environmental governance, and comply with evolving standards,” Trung said.

Clearer regulatory guidance could also facilitate access to green financing, enabling enterprises to invest in technologies and production processes that reduce environmental impacts while improving long-term competitiveness.

Increasing links

For manufacturing enterprises, these developments reinforce the growing connection between environmental responsibility and operational performance.

Representing Saigon Beer-Alcohol-Beverage Corporation, known as SABECO, at the discussion, Larry Lee, deputy general director responsible for strategic assets and sustainability, shared the company’s perspective on strengthening competitiveness through operational improvements and closer cooperation across the business ecosystem.

With 26 breweries across Vietnam, the company’s extensive operational footprint presents opportunities to improve resource efficiency, optimise production processes, and strengthen relationships with suppliers and business partners.

“One of the lessons we have learned throughout our transformation is that productivity and sustainability are closely linked to practical operational improvements,” Lee said. “When businesses use energy more efficiently, reduce material losses, manage water resources better, or optimise production processes, these changes not only benefit the environment but also directly improve business performance.”

In the beverage industry, efficient management of water, energy, packaging materials, and production resources is particularly important. Improvements in these areas can help reduce environmental impacts while supporting productivity, cost efficiency, and operational resilience.

For companies operating at scale, even incremental improvements in resource utilisation can generate meaningful benefits over time, particularly when implemented consistently across production facilities. This approach also demonstrates how environmental responsibility and business performance can reinforce one another, rather than being viewed as competing priorities.

Beyond individual operations, SABECO’s experience highlights the importance of collaboration in developing more resilient business ecosystems.

As one of Vietnam’s established beverage producers, the company operates within an extensive network connecting manufacturing facilities, suppliers, distributors, business partners, and local communities. Stronger cooperation across these relationships can contribute to more efficient operations, improved supply chain resilience, and the wider adoption of responsible business practices.

Lee emphasised that sustainable transformation requires coordinated efforts extending beyond individual enterprises.

“Vietnam’s next stage of growth will require closer coordination between policies, businesses, technology, logistics, finance, human resources, and domestic supply chains. No single enterprise can achieve this transformation alone,” he said.

Business continuity

Lee’s perspective echoed one of the forum’s central messages: achieving economic growth requires stronger connections between government policies, corporate capabilities, and resources across different sectors.

While large enterprises can play a leading role in adopting advanced technologies and improving operational standards, small- and medium-sized enterprises remain essential participants in domestic supply chains and local economic development.

Closer cooperation between businesses of different sizes can facilitate knowledge sharing, encourage technology transfer, and help smaller enterprises strengthen their competitiveness.

For firms such as SABECO, whose operations are closely connected with a broad network of suppliers and partners, strengthening these relationships can support both business continuity and wider economic development.

The forum also highlighted innovation as a critical driver of Vietnam’s transition towards higher-quality growth. Digital technologies, improved management systems, and more efficient production processes can help enterprises monitor resource consumption, optimise operations, and respond more effectively to changing market conditions.

At the same time, investment in workforce development and management capabilities remains essential to ensuring that technological improvements translate into productivity gains.

These priorities are becoming increasingly important as Vietnamese enterprises navigate a more complex global economic environment, characterised by shifting supply chains, technological disruption, and growing expectations surrounding environmental performance.

For businesses seeking to maintain their competitiveness, the ability to integrate innovation into long-term strategies will be an important consideration.

However, translating sustainability ambitions into measurable outcomes requires more than corporate commitment alone, the forum heard. Many enterprises continue to face challenges related to investment costs, technical capabilities, access to financing, and the practical implementation of environmental standards.

Supportive policies, clearer regulatory frameworks, and stronger cooperation between public institutions and the private sector can therefore play an important role in accelerating business transformation.

The discussions at last week’s forum reinforced the need for a balanced approach in which government institutions create new advantages for investment and innovation, while enterprises proactively strengthen their operational capabilities and pursue responsible growth.

For SABECO, participation in the forum provided an opportunity to contribute its business perspective to the national dialogue on sustainable development, particularly in relation to operational efficiency, resource management, and cooperation across value chains.

The company’s emphasis on connecting productivity improvements with suitable objectives reflects a broader shift in how businesses approach long-term competitiveness. Rather than measuring success primarily through expansion, enterprises are increasingly encouraged to consider how effectively they utilise resources, develop capabilities, and create lasting value for stakeholders.

As Vietnam advances its economic development ambitions, the relationship between policy direction and practical corporate action will remain central to achieving growth, Lee said.

By strengthening institutional support, encouraging innovation, and fostering closer cooperation across business ecosystems, Vietnam can create further enhancements for enterprises to enhance their competitiveness.

The scale of this shift is reflected in the World Bank’s State and Trends of Carbon Pricing 2026 report, which recorded 87 direct carbon pricing policies worldwide, covering more than 29 per cent of global greenhouse gas (GHG) emissions. These mechanisms generated more than $107 billion in government revenue in 2025, with an average direct carbon price of nearly $21 per tonne of CO2 equivalent.

Nguyen Thi Thu Ha, deputy head for the Steering Committee for Environmental, Social, and Governance at Agribank

For Agribank, the implications are particularly relevant given its customer base and operating areas. Agriculture, farmers, and rural communities face high exposure to climate change, but also offer substantial potential for emissions reductions through rice production, livestock, forestry, biomass energy, waste treatment, and the circular economy.

This gives banks a broader financing role beyond carbon credit trading. The focus is on supporting activities that can deliver measurable emissions reductions and assessing when the resulting carbon value is sufficiently certain to be recognised in lending decisions.

An emission allowance represents the amount of emissions permitted under a compliance scheme, while a carbon credit represents a verified emissions reduction or removal that meets applicable methodologies, standards, and registration requirements. One credit generally represents one tonne of CO2 equivalent, but the two instruments carry different rights, obligations, and levels of financial certainty.

Turning emissions reduction potential into a tradable asset requires an appropriate methodology and baseline, reliable data, issuance, and measurement, reporting, and verification (MRV) framework. A forest area, rice field, or waste treatment facility does not automatically generate credits that can be sold.

For lenders, the important distinction is where a project stands in this process. There is a significant difference between estimated emissions reduction potential, a registered project, verified results, issued credits, a signed purchase agreement, and actual payment.

Each stage carries a different level of certainty and affects credit assessment differently. Projects may need capital during preparation and investment, while carbon value can only be measured and potentially monetised after emissions reductions have been monitored and verified. Even then, revenue depends on finding a buyer and completing the transaction and payment.

Funding before revenue

Vietnam’s carbon market framework is moving towards pilot operation. Its legal foundation was established under the 2020 Law on Environmental Protection and further developed through legislation covering the domestic carbon exchange, and international exchange of GHG mitigation outcomes and carbon credits.

Since 2022, establishments required to conduct GHG inventories have increased from just over 1,900 to 2,441, up nearly 28 per cent. Recent directives on environmental criteria and the Green Taxonomy, together with officially identifying green projects, provides a further basis for identifying eligible activities.

However, inclusion in the Green Taxonomy does not mean a project will generate carbon credits, while a project generating carbon credits does not automatically qualify for green credit.

According to Hanoi Stock Exchange data, the VN2025 allowance code for the 2025-2026 compliance period has a total volume of 511.47 million tonnes of CO2 equivalent allocated to 110 establishments. Trading began in June and is scheduled to end in December 2027. Trading volume and value have remained at zero on recent trading days, providing limited evidence of a stable reference price or sufficient liquidity for lending assumptions.

Vietnam has also gained experience in commercialising emissions reduction outcomes. In early 2024, the country received $51.5 million from the World Bank for 10.3 million tonnes of verified emissions reductions under the North Central Region Emissions Reduction Programme.

Financing requirements vary across the project cycle. Preparation may involve surveys, feasibility studies, documentation, methodologies, data collection, and consultants. Implementation requires capital for equipment, infrastructure, technology, and working capital. Once operations begin, projects may still need financing for MRV and independent verification, as well as bridge funding while awaiting credit issuance or payment.

The main risks are project readiness, data and MRV, revenue certainty, and the allocation of rights and benefits. An emissions reduction target does not necessarily translate into a commercially viable project. In agriculture and forestry, dispersed activities can make individual measurement costly, while cooperative or raw material area models require effective governance and data management.

Emissions may be reduced without credits being issued, credits may be issued without a buyer, or contracted payments may be delayed or disputed. Where farmers change production practices but rights over credits and related revenues are unclear, incentives to maintain those practices may weaken.

Carbon value can affect project economics through three channels: lower operating costs, reduced compliance costs, and revenue from emissions reduction outcomes or carbon credits. These channels should be assessed separately to avoid double counting.

Core production and business income should remain the primary basis for debt repayment. Carbon revenue should be treated as an additional source, with its contribution determined by its level of certainty.

Developing roles

At an early stage, estimated emissions reduction potential should not form part of the base repayment assumption. Once methodology, reliable data, registration, and a credible market outlet are established, part of the expected value could be considered, subject to a risk adjustment. Where credits have been issued or receivables under a firm purchase agreement established, banks have stronger grounds to consider related value while assessing transfer rights, payment conditions, buyer capacity, and legal risks.

This approach is particularly relevant to sectors where Agribank has an established presence. By mid-2026, its total assets exceeded $108 billion, deposits exceeded $100 billion, and outstanding loans surpassed $80 billion.

By the end of August, lending to agriculture, farmers, and rural areas had exceeded $53.6 billion, accounting for 64.7 per cent of total outstanding loans. As of July 31, the bank had more than 58,000 lending groups with over 910,000 members and loans exceeding $8.64 billion.

Agribank’s green credit portfolio stood at nearly $1.2 billion at the end of March. The bank continued to implement a $120 million green credit programme for individual customers and a $2 billion financing programme for clean and high-tech agriculture in 2026. Under the scheme to develop one million hectares of high-quality, low-emission rice in the Mekong Delta, Agribank is implementing a lending programme for linked production, processing, and consumption chains with a minimum scale of $1.2 billion.

Agribank could develop its role in carbon finance in five areas: financing emissions reduction activities, connecting customers with technical and financial partners, providing payments and cash flow management, mobilising climate finance through concessional and blended finance, and supporting customers through the wider green transition.

A low emission rice chain provides one potential model. Farmers could be linked through a cooperative with a purchasing company, with cultivation practices, water management, and data recording agreed among the parties. A technical unit could establish the monitoring methodology, support MRV, and prepare documentation. The bank could assess seasonal capital for farmers, equipment financing for cooperatives, and procurement and processing capital for the lead company.

Greater clarity is needed over ownership, transfer, and benefit-sharing arrangements for emissions reduction outcomes and carbon credits. Rules on receivables, secured transactions, accounting, taxation, and foreign exchange will also need to keep pace with market development.

Reliable data and MRV are equally important. Lowering the cost of measurement and verification for cooperatives and small businesses, alongside group-based methodologies and shared data platforms, could make participation more practical and improve the quality of project information from the outset. Blended finance, guarantees, technical assistance, and concessional capital can help address financing gaps during project preparation, pilot implementation, MRV, and technology investment, while complementing conventional credit assessment.

For producers and communities, contracts should clearly set out costs, data ownership, revenue sharing, obligations, and mechanisms for resolving disputes. Ultimately, carbon value can influence financing decisions only when emissions reductions are measurable, economic rights are clear, and future revenue can be assessed with reasonable confidence.

It was not an auction. Nor was Keppel's agreement in August to sell its 40 per cent stake in Ho Chi Minh City's Empire City project for around $267 million, priced between willing parties and payable in three tranches. While these transactions do not establish a market-wide trend, they illustrate the importance of transaction readiness when sellers negotiate directly with a limited number of counterparties.

Ansarada, which maintains an on-the-ground presence in Ho Chi Minh City, tracked 49 announced or rumoured Vietnam deals worth $1.82 billion between January 1 and July 16 this year. Divestments led on value, at $885 million across 17 transactions, while privately negotiated deals were the most common technique, with 19 deals, albeit modest in combined value at $118 million. Overall value fell 68 per cent on-year, largely because last year's handful of headline deals were absent.

Much of that activity was restructuring rather than expansion. VinFast's $530 million divestment led May's tally, and the Empire City exit forms part of a Keppel monetisation programme that has raised about $1.64 billion this year. Meanwhile, Thailand's Siam Commercial Bank and Home Credit Vietnam formally terminated their proposed acquisition in April, nearly two years after it was first announced.

Open auctions still have a role, particularly in state divestments. But they are public by design, and an unsuccessful round leaves a visible mark. VNPT has attempted several times to exit its holding in MSB without completing the sale, and announced plans for another auction in January.

Bilateral talks avoid that exposure but often lack a hard deadline, and legal and financial diligence in Vietnam can take three months or more. For a seller recycling capital, each extra month may delay the liquidity a sale was meant to release and weigh on returns, particularly if conditions shift before signing. That suggests execution speed may matter as much as the headline multiple.

Once commercial terms have been agreed, incomplete documentation and unresolved dependencies can generate further questions, extend the timetable and expose the seller to attempts to renegotiate. Protecting an agreed valuation therefore depends partly on how quickly and confidently the business can respond to diligence.

Photo: Ansarada Vietnam

Recent transactions have included partial stakes, project-level exits and non-core assets rather than only whole-company sales. Such transactions can create additional diligence work because the asset being sold may not operate independently of its wider group. A business being separated from a group in Vietnam often shares IT systems, intellectual property, supplier contracts, staff, and land-use arrangements with its parent.

When a buyer uncovers those dependencies mid-process, the usual consequences are renegotiation, a reduced price, or a longer timetable. A pre-market carve-out review, mapping shared assets, intercompany balances, and transitional service needs before any approach, can move those discoveries to a point where the seller still sets the narrative.

Buyers may also look beyond the audited accounts. Financial statements alone may not give a complete picture of a Vietnamese target, and recent legal reforms have tightened beneficial ownership disclosure, with nominee or layered offshore structures likely to draw closer scrutiny. Sellers that can evidence ownership history, related-party dealings, and land-use rights upfront are likely to face fewer surprises late in the process.

Bilateral talks can also sharpen the information dilemma. A seller that shares too much too early with a strategic buyer risks sensitive pricing or customer data ending up with a competitor if the deal falls through. Sharing too little may leave a buyer's doubts unresolved.

Staged disclosure is one approach to that tension, releasing commercially sensitive material in tiers linked to agreed milestones such as signed exclusivity or a binding offer. A complete, time-stamped record of who accessed what, and when, may also support a seller's position in later warranty or indemnity discussions.

Preparing a structured virtual data room before approaching potential buyers allows the seller to test document completeness, assign access permissions and establish a controlled disclosure sequence. For cross-border transactions, preparing key material in both Vietnamese and English can also reduce clarification requests and translation delays.

Ansarada’s platform supports granular permissions, staged disclosure, document activity records and multilingual transaction workflows.

The Highlands transaction also illustrates how the sequence is changing. A negotiated stake transfer now sits ahead of a possible listing, and with FTSE Russell's upgrade of Vietnam to Secondary Emerging Market status phasing in from September, more local companies may follow a similar route from private deal to public market.

The useful question for boards and funds is therefore not when conditions will improve. It is whether their assets could withstand a buyer's diligence if that call came next week.

For sellers preparing a divestment, carve-out, or stake sale in Vietnam, speak with Ansarada's team in Vietnam about building transaction readiness.

Vietnam’s capital-markets upgrade creates a new deadline for deal readiness Vietnam’s elevation to Secondary Emerging Market status is more than another vote of confidence in the country’s growth story. For issuers, advisers and investors, it creates something much more practical: a timetable for readiness.

Data compliance the hidden clause in cross-border Vietnam deals Cross-border M&A due diligence in Vietnam increasingly involves the Ministry of Public Security, not just legal counsel.

The capabilities of Vietnamese enterprises remain a decisive condition for entering global supply chains, the seminar heard

The shift from quantity to quality is also reflected in the way investors assess Vietnam. Cost advantages remain important, but they are no longer sufficient. Vietnam needs to move towards a growth model built on ecosystem strength, in which capital, supply chains, technology, and talent are interconnected, the seminar heard.

According to Phuong, Vietnam’s economy is entering the final stretch of its race to achieve its 2026 targets. In the third quarter and first nine months of the year, Vietnam’s GDP growth was estimated at 9.95 and 9.01 per cent, respectively, the highest levels recorded in many years.

Against this positive backdrop, foreign investment remains a bright spot. Cumulatively, after nearly four decades, total FDI capital attracted by Vietnam has surpassed $570 billion.

However, this has highlighted a gap that needs to be addressed. The sector has contributed investment resources, promoted economic restructuring, expanded export markets, and enabled Vietnam to participate more deeply in global production networks.

Links between the domestic and foreign-invested sectors remain limited; technology transfer and research and development have yet to meet expectations; and the proportion of Vietnamese enterprises participating in global supply chains remains relatively low.

This is also one of the reasons why the Politburo issued Resolution No.10-NQ/TW in June, on the development of the foreign-invested economic sector.

“Vietnam will not attract FDI at any cost. Instead, we will select partners in a way that helps enhance Vietnam’s position in global value chains,” stated Phuong. “More importantly, Vietnam’s objective is not for FDI to replace domestic resources, but to strengthen those resources, improve productivity and technological capabilities, and enhance the competitiveness of the economy.”

To realise this direction, the government on September 22 issued an action plan for implementing Resolution 10. The Ministry of Finance (MoF) is in the process of institutionalising relevant policies, including further improving the institutional framework, enhancing the investment environment, developing flexible incentive mechanisms for core projects, and encouraging links between the domestic and the FDI sectors.

“The combination of legislation on FDI, private sector development, and the state economic sector could create a strong impetus for the economy, providing a foundation for the double-digit growth phase in 2026-2030,” said Phuong.

Ecosystem advantage

Kamijo Hiroki, deputy CEO and head of FDI-TB at VPBank, said at the seminar that the way investors view Vietnam is changing.

“Vietnam continues to have important advantages in terms of its strategic location, international integration, and manufacturing environment. However, while competitive labour costs were previously one of the key reasons investors chose Vietnam, investor requirements are now much broader,” said Hiroki.

“Investors are now asking broader questions. Can Vietnam support sophisticated and resilient supply chains? Can treasury operations be managed with speed and visibility? Is there sufficient talent for advanced industries? And can the ecosystem support expansion over the long term?,” he added.

According to Hiroki, the shift is therefore from a cost-led model to a connected ecosystem model.

“Success will depend not only on attracting investment, but also on helping investors operate efficiently, expand confidently, and build deeper links with Vietnamese enterprises. This is also where the partnership between VPBank and SMBC can play a role,” he said.

VPBank brings a strong digital platform, deep relationships with Vietnamese enterprises, and a broad ecosystem for small- and medium-sized enterprises. SMBC brings global multinational clients, international business relationships, and demand from companies expanding into Vietnam, including through sales expansion. Together, the two sides can connect domestic suppliers with global value chains, while mobilising domestic and cross-border capital to support FDI, infrastructure, and business growth.

VPBank shared several concrete results at the seminar. In funding, SMBC helps connect VPBank to international capital sources, global financial institutions, and development finance partners.

A recent example is a $1.44 billion syndicated loan initiative, which demonstrates the ability of the partnership to mobilise international funding to support Vietnam’s growth. Another is a two-step loan project worth a total of $150 million between VPBank and the Japan Bank for International Cooperation, with SMBC’s support.

In supply chains, SMBC’s global relationships with multinational corporations help identify new business opportunities, while VPBank supports local suppliers, distributors, and ecosystem participants in Vietnam.

Cooperation around De Heus is one example of how global and local networks can be connected to create broader value chain opportunities. In cross-border payments, partnerships such as Taptap Send demonstrate how SMBC’s international connectivity and VPBank’s domestic market reach can work together to better serve customers.

Building capabilities

Drawing on these experiences, Hiroki identified five priorities for ecosystem development. The first is supply chain localisation. Multinational companies want to increase local sourcing, while potential suppliers may need support in capacity, technology, quality systems, financial strength, and governance. Supplier development and anchor-led supply chain finance can help qualified Vietnamese companies participate more confidently in global value chains.

The second priority is cross-border treasury. Multinational companies need effective management of foreign exchange, liquidity, documentation, cash visibility, and cross-border transactions. Digital treasury, automated reconciliation, API connectivity, and stronger cash management solutions can improve control and efficiency.

The third priority is talent development. As investment moves into semiconductors, AI, automation, and advanced manufacturing, university-business collaboration, vocational development, and knowledge transfer must connect education more closely with industry needs.

The fourth priority is the green transition and environmental, social, and governance criteria. International carbon commitments and sustainability requirements create demand for renewable energy, energy efficiency, and green manufacturing technology. Green loans, transition finance, and international funding can support credible pathways.

The fifth priority is mergers and acquisitions. Investors increasingly consider acquisitions, strategic partnerships, project development, and capital market opportunities. These require an integrated combination of funding, structuring, due diligence, regulatory coordination, and advisory support.

“Building an ecosystem for the next phase of FDI growth requires six stakeholder groups: government, Vietnamese enterprises, foreign investors, industry associations, universities, and financial institutions,” stated Hiroki. “Vietnam’s next chapter of growth will be built not on cost advantage alone, but on the strength of its ecosystem. An ecosystem where capital, capability, talent, and partnerships reinforce one another.”

While policy creates the foundation and finance strengthens connectivity, the actual capabilities of Vietnamese enterprises remain a decisive condition for entering global supply chains.

At a broader level, MoF deputy minister Phuong also said Vietnam needs to continue improving power infrastructure, logistics, and suitable personnel more rapidly, alongside further strengthening the institutional framework and investment and business environment. These are important conditions for Vietnam to maintain its position as a preferred investment destination and enhance its competitiveness in the new phase.

Therefore, connecting Vietnamese enterprises with global supply chains is ultimately not the responsibility of foreign-invested enterprises or domestic companies alone. If policy creates a favourable environment, foreign-led enterprises open up new markets and standards, and Vietnamese enterprises strengthen their capabilities to meet those requirements, FDI flows will not only generate additional output or jobs, but can also become a driver of productivity, technological capability, and economic competitiveness.

There have been some notable steps forward. The launch of the online member registration system, together with a relatively standardised set of procedures, is a positive signal that helps enhance the transparency and predictability that international investors typically look for.

However, a number of areas relating to sophisticated financial activities are still being developed. This is also something many investors are closely monitoring, as they need a clear understanding of the conditions for participation, licensing procedures, and how the regulations will be applied in practice.

What we have observed is that businesses are not only considering short-term incentives. They are assessing whether the VIFC can become part of their long-term investment strategies.

Hoang Thuy Duong, partner and tax head at KPMG Vietnam & Cambodia

Why are some investors considering establishing holding companies at the VIFC rather than continuing to use familiar offshore structures?

For large-scale projects, the considerations typically go beyond tax issues to include capital raising, cash flow management, and the ability to connect the parties involved in a project.

Where the legal framework permits, a holding company established at the VIFC could provide some investors with an additional structuring option, particularly in terms of centralising management and attracting international capital. However, the feasibility will depend on the specific regulations issued at each stage.

At present, some of the issues attracting investor attention include the relationship between businesses within the VIFC and projects implemented outside the centre; coordination between membership procedures and investment procedures; and how regulations relating to risk management, anti-money laundering, and innovation activities in the financial sector will be applied.

For emerging fintech models such as digital assets and blockchain, what businesses want most is clarity over the scope of permitted activities, the supervisory framework, and the implementation roadmap.

What is the most common mistake businesses make when preparing their applications?

Based on our observations, many businesses tend to focus too early on potential incentives without first clarifying their business objectives and the practical value of establishing a presence at the centre.

In any international financial centre, substantive presence is becoming increasingly important. Businesses need to demonstrate that their management activities, personnel, decision-making processes, and business functions are appropriate to the model for which they have registered.

This is not only a compliance requirement, but also helps mitigate tax and governance risks over the long term.

What are your recommendations to the executive authority and relevant ministries and agencies, and what role does KPMG play in this process?

It is important to recognise the efforts of the executive authority in gathering market feedback and consolidating implementation issues for submission to the relevant authorities.

From an investor perspective, three priorities stand out in creating a more enabling and consistent environment for businesses.

Firstly, a mechanism should be established for advance discussions or consultations on complex cases, accompanied by clear response timelines. At the same time, procedures should be streamlined for businesses that have already been licensed and are operating lawfully in relevant sectors. Finally, promoting consistent interpretation and application across different locations within the VIFC ecosystem would help improve consistency and predictability for investors.

We see ourselves as a bridge between businesses and regulators. Through our advisory projects and discussions with investors, KPMG consolidates issues arising during implementation, benchmarks them against international experience, and shares relevant practices that could be considered, thereby contributing to the policymaking process.

What should businesses do over the next six months?

The most important point is that businesses should not wait until all regulations have been finalised before beginning their preparations.

Businesses can proactively assess the VIFC’s suitability for their investment strategies, develop sufficiently flexible structuring options to adapt to future policy changes, and maintain early dialogue with relevant authorities and organisations.

During the formative stage of any financial centre, organisations that prepare early are often better positioned to understand the emerging operating framework and seize opportunities more quickly as the mechanisms are further developed.

Ask treasurers what they want to be known for, and rarely will you hear “my team reconciles faster than all others.” Rather, treasurers aspire to be the trusted advisor in the C-suite, helping to navigate market uncertainty, shape investment decisions, and guide the company towards growth.

Yet for many treasury teams, the daily reality is still dominated by operational work: collecting data from multiple sources, patching gaps with spreadsheets, and producing reports under time pressure. This struggle between strategic ambition and operational burden is why AI adoption in treasury is poised for its hockey-stick moment.

Treasury professionals certainly see the promise in AI: more than 7 in 10 believe that the technology can replace up to 25 per cent of treasury tasks over the next five years. They are also clear about where AI can bring the most value – cash-flow forecasting, followed by receivables reconciliation, and FX risk management, areas where better prediction, faster handling, and smarter detection can directly lead to improved liquidity and reduced risk.

However, there is a clear gap between promise and action: 1 in 2 companies have yet to deploy AI at all in treasury, and less than 1 in 10 have implemented AI into daily treasury workflows.

While strong conviction is currently met with limited execution, there is every reason to believe that AI adoption in treasury can, will, and must take off.

Start with “can”. We know from our recent treasury roadshows across Asia-Pacific that the top three hurdles to implementing AI are integration with existing systems (70 per cent), cost (44 per cent), and expertise (41 per cent).

Integration is the stand-out for a reason. Most large corporates rely on ERP and TMS software systems that were built for a pre-AI era. Connecting modern AI tools to this environment requires significant technical effort and careful change management. In addition, data are usually held across dozens of bank portals and software systems, with much of it inconsistent or incomplete. AI is only as good as the data it accesses – and treasury data have historically been fragmented.

The skills gap is also real. Treasury teams are rarely stocked with AI specialists, and many functions rely on self-learning. Add in the need for governance, and it is understandable why many organisations are still piloting rather than scaling.

That said, these hurdles are not arguments against adoption. They are merely familiar friction points of every major technology shift and can be overcome.

If history is a guide, AI adoption in treasury will take off. Treasury technology does not change overnight. It changes when connectivity becomes easier, when standards emerge, and when enough organisations demonstrate value that others can implement with confidence.

That is exactly what has happened with APIs, or application programming interfaces. APIs have transformed to become the practical, high-return plumbing that underpins automation, reconciliation, and real-time visibility. And the pace of change is measurable. We have seen at first hand an exponential increase in our API call volume over the past few years – and 34 per cent on-year. As at-scale API adoption has shown, better connectivity and greater automation can lead to reduced processing time, lower error rate, and higher forecasting accuracy.

Finally, the reason AI adoption in treasury must take off is that there is simply no alternative.

Treasury teams are leaner than ever: many have less than 10 full-time employees worldwide. At the same time, the expectations placed on treasury teams have only increased. Treasurers are being asked not only to keep the lights on, but also to help navigate market uncertainty, shape investment decisions, and guide the company towards growth – in short, to become a more strategic function.

While the workload has been increasing, manual spreadsheets are still deeply embedded in treasury workflows. They remain the primary technology in nearly 1 in 3 treasury functions, rising to 54 per cent for cash-flow forecasting and 45 per cent for reporting and analytics.

The tension between being strategic and being operational. Treasury teams cannot strategise their way out of their operation workload, but they can automate away repetitive tasks by using technology such as AI and APIs.

While APIs can remove friction by connecting systems and enabling straight-through processing, AI can sit on top of these flows to improve forecasting, highlight anomalies, accelerate analysis, and triage exceptions – thus freeing up humans to focus on judgement, stakeholder management, and decision-making.

True, AI adoption in treasury is still in the “promise exceeds action” phase, but the scene is set for its hockey-stick moment. As a treasurer, you would not want your claim to fame to be the “fastest reconciliation in the industry,” would you?

HSBC launches $4 billion clean energy credit facility HSBC has launched a $4 billion credit facility in mainland China to support clean energy and low-carbon companies scaling internationally, with Vietnam a key target.

Hyper-personalisation critical for banks Bojan Obradović, group head of Innovation and Digital Partnerships at HSBC, explains how advances in AI and data capabilities are reshaping customer expectations and driving a new era of hyper-personalised banking

FX pressures to persist but remain manageable in H2: HSBC Ngo Dang Khoa, country head of Markets and Securities Services at HSBC Vietnam, spoke with VIR’s Hong Dung about the outlook for Vietnam’s FX market, the USD/VND exchange rate, and key risks shaping market expectations in the second half.

HEPZA and SHTP leaders, together with representatives of specialised departments, engage directly with businesses at the event. Photo: ITCP

The event attracted nearly 300 delegates representing government departments and agencies, local authorities, business associations, and enterprises operating in these zones.

Businesses raised difficulties in implementing policies, navigating administrative procedures, and conducting investment, production, and business activities. Relevant authorities discussed the issues and provided guidance on solutions within their mandates.

Le Anh Hoang, deputy director of ITPC, explained that addressing difficulties faced by businesses in export processing zones, industrial parks, and high-tech parks was essential to boosting production and business activities and enhancing the city's competitiveness.

“These zones play an important role in attracting investment, developing manufacturing, boosting exports, and advancing technological innovation. Simplifying administrative procedures and resolving shortcomings in policy implementation would therefore help businesses maintain and expand their operations,” Hoang said.

Tran Viet Ha, deputy head of HEPZA, said the city was shifting from a focus on administrative procedures to monitoring and managing the entire project implementation process, from investment preparation through to the commencement of operations.

According to Ha, export processing zones and industrial parks in the city currently have more than 5,400 registered projects, with total investment of approximately $82 billion. From the beginning of 2026 to the date of the conference, foreign direct investment reached around $5.6 billion.

However, Ha added, obstacles remain in project implementation. HEPZA aims to facilitate the early implementation of projects following registration and reduce procedures related to planning and construction. Some areas have yet to meet expectations.

“HEPZA will directly resolve issues within its authority, while coordinating with other agencies to address cross-sectoral matters,” he said.

At the dialogue, leaders of HEPZA, SHTP and relevant agencies discussed and responded to various groups of business recommendations, focusing on investment procedures, financial obligations, customs, environmental issues, and infrastructure.

Answering questions addressed by representatives from enterprises, on taxation, the authorities provided guidance on resolving issues related to non-agricultural land use tax, reconciling tax payment data, adjusting tax deductions, and late payment interest arising from disruptions in the transfer of management data. Other issues included the consideration of tax exemption and reduction decisions, as well as VAT regulations applicable to bank service fees and the business activities of export enterprises.

In investment, land allocation, and business registration, discussions covered procedures for processing applications to amend investment policy approvals in parallel with land allocation applications, handling investment security deposits, and adding business lines. The acceptance of electronic Investment Registration Certificates and Business Registration Certificates in administrative procedures was also discussed as a means of reducing time and costs for businesses.

In customs and import-export activities, the authorities discussed procedures for returning imported raw materials that fail to meet quality standards, declaring goods descriptions and HS codes, and re-exporting raw and auxiliary materials overseas for machinery testing.

The dialogue also addressed difficulties involving coordination among management agencies, the protection of property rights, and the settlement of disputes between domestic suppliers and enterprises operating in non-tariff zones.

On green transition and energy, discussions covered environmental criteria for existing industrial parks, procedures for upgrading production lines, installing energy-saving equipment, recovering waste heat, and improving environmental protection facilities.

Delegates also discussed the direct power purchase agreement mechanism, plans for developing clean hydrogen energy, electricity supply, water supply and drainage infrastructure, and waste treatment.

Regarding market support and supply chains, businesses proposed solutions on pricing mechanisms, measures to boost domestic sales of high-tech products, and incentives for foreign-invested enterprises to procure solutions and equipment from domestic agents and distributors, thereby developing a high-tech services ecosystem.

Many businesses attend the event. Photo: ITCP

HEPZA proposes 30 per cent slash on CIT to relieve burden on businesses Ho Chi Minh City Export Processing Zone and Industrial Zones Authority (HEPZA) has made a number of proposals to the municipal People’s Committee to support businesses and workers during the COVID-19 pandemic, including reducing corporate income tax (CIT).

Ho Chi Minh City introduces special procedures for industrial zone investment projects Ho Chi Minh City Export Processing Zones and Industrial Parks Management Authority will apply special investment procedures to special investment projects.

Ho Chi Minh City calls for investment in 38 new industrial parks Ho Chi Minh City is preparing to seek for developers for 38 new industrial parks covering a total area of more than 23,000 hectares under its master plan through 2030, with a vision to 2050.

Melatec Dental Clinic is a dental system with multiple branches located in renowned tourist cities across Vietnam, offering services ranging from routine oral care and pathology treatment to advanced dental procedures such as dental implants, orthodontics, porcelain crown restorations, and veneers.

The system's headquarters is located at 26 Doan Thi Diem street, O Cho Dua ward, Hanoi.

Melatec Dental Clinic – bringing together a team of highly specialised doctors and modern equipment to deliver an international-standard smile care experience. Photo courtesy of Melatec Dental Clinic.

Investing in technology and developing advanced dentistry

Melatec Dental Clinic is focused on developing specialised dental services, catering to treatment needs ranging from simple to complex cases. Among these, dental implants and aesthetic dental restorations are areas of focused investment.

The clinic regularly updates and integrates advanced equipment for diagnosis, treatment planning, and execution, such as 3D Cone Beam CT scanners, Osstem SM3 surgical, and extraction units, and bite analysis and adjustment devices.

The application of modern equipment provides doctors with precise data during the evaluation of dental conditions, jawbones, and related factors, enabling them to build customised treatment plans tailored to each individual client.

Alongside technology, infection control and sterilisation are top priorities at Melatec Dental Clinic. According to the clinic, all medical equipment and instruments across its branches are processed and monitored under strict sterilisation protocols to help ensure client safety during treatment.

The dentist provides a detailed consultation for the client. Photo courtesy of Melatec Dental Clinic

Professionally trained medical team

Alongside state-of-the-art facilities, the team of doctors is one of the core elements prioritised by Melatec in developing its services. Its practitioners are trained at Vietnam’s leading medical universities, holding professional practicing certificates and full legal documentation.

For clients requiring dental implants, doctors conduct thorough examinations and evaluations of oral health, jawbone conditions, missing tooth locations, and related factors before advising on a treatment plan.

Depending on each specific case, clients may be prescribed single implants, implant-supported restorations, or full-arch restorations. Formulating a tailored treatment plan aims to restore chewing function, aesthetics, and long-term oral health.

Over 20,000 international clients

Alongside domestic clients, Melatec Dental Clinic actively develops dedicated services for international visitors. The clinic has welcomed over 20,000 international clients to Vietnam for procedures such as dental implants, porcelain crowns, and veneers.

Treatment cost is also a major consideration for international patients. Melatec Dental Clinic notes that service costs in Vietnam can be approximately one-third of those in certain Southeast Asian markets, one-tenth of North America, and one-fifth of Australia, depending on the specific service and treatment plan.

An overview image capturing the modern, clean, and comfortable space of Melatec Dental Clinic. Photo courtesy of Melatec Dental Clinic

For foreign clients, choosing a dental facility abroad involves not only professional considerations but also concerns regarding language, transportation, accommodation, and itinerary scheduling.

To address this, Melatec Dental Clinic deploys comprehensive support services for international clients, including visa application assistance, complimentary hotel accommodation, airport transfers, and a dedicated 1-on-1 English-speaking interpreter throughout the service process.

Treatment plans are formalised through binding contracts with clients, accompanied by long-term warranty policies. According to Melatec Dental Clinic, should any issues arise that fall under the clinic's responsibility per the agreed terms, the facility is prepared to support clients with flight tickets.

Combining dental treatment with tourism

A strategic development direction emphasised by Melatec Dental Clinic is the integration of dental services with tourism.

Instead of travelling to Vietnam solely for medical care, international clients can opt for comprehensive packages combining dental treatment with guided tours. During their stay, clients have the opportunity to explore Vietnam's unique culture, cuisine, and top destinations.

These programmes are structured to support clients seamlessly throughout their journey, from pre-trip consultations, visa assistance, and airport pickups to hotel arrangements, clinical examinations, treatments, and post-treatment care.

Through this model, an international client's trip transcends routine dental care and recovery, transforming into an enriching cultural and travel experience.

Amid the growing global interest in dental tourism, Melatec Dental Clinic is committed to building a world-class service model for international clients centred on expertise, technology, rigorous treatment protocols, transparency, and exceptional service experiences.

Through continued investments in facilities, specialised talent development, and bespoke international support services, the clinic aims to establish itself as a premier destination where clients can seamlessly combine oral healthcare with an unforgettable journey in Vietnam.

Melatec Dental Clinic

Headquarters: 26 Doan Thi Diem street, O Cho Dua ward, Hanoi

WhatsApp: +84 98 940 22 11

Vietnam's dental industry is expected to reach a revenue of $435 million by 2023 Growing dental hygiene, coupled with a surge in foreign dental tourists, is expected to drive the growth of Vietnam's dental services industry, which will reach a revenue of $435 million by 2023, according to a report by Ken Research.

Robust growth trends projected for investment in healthcare Vietnam’s healthcare and pharmacy chains are increasingly getting new funds to expand their operations in local market, thereby securing access and availability of medical supplies and drugs for locals. However, concerns over adequate human resources in the sector dampen the bright prospects and could cause supply issues.

Vietnam’s dental industry strengthens position on global medical tourism map Vietnam's dental industry is strengthening its position on the global medical tourism map through advances in technology, materials, and policy.

The tour offered investors first-hand insights into an integrated industrial park model that connects manufacturing with clean energy, environmental infrastructure, amenities and social welfare, supporting the development of a sustainable industrial ecosystem in Tay Ninh province.

Investors were briefed on the development potential of Thanh Thanh Cong Industrial Park. Photo: Le Toan

Nguyen Van Hong, VIR deputy-editor-in-chiefspoke at the tour. Photo: Le Toan

Le Thanh Kiet, deputy head of Tay Ninh Economic Zone Management Authority, shared the province’s development direction. Photo: Le Toan

Representatives of Thanh Thanh Cong Industrial Park introduce the park to potential investors. Photo: Le Toan

Nguyen Quoc Minh, vice chairman of the Industrial Park Suppliers Association, addressed a question to TTC Industrial Park. Photo: Le Toan

The delegation inspected key facilities, including the dedicated wastewater treatment plant and rooftop solar power system developed by TTC Energy, and visited TTC Trang Bang Aqua Park and Thanh Thanh Cong Residential Area, where the TTC social housing project is under development and is expected to be completed and handed over in 2028. Photo: Le Toan

From production infrastructure and clean energy to environmental solutions, amenities and housing, the Thanh Thanh Cong Industrial Park ecosystem is shaping a modern, green and sustainable industrial space, providing a foundation for businesses to pursue long-term growth in Tay Ninh. Photo: Le Toan

TTC reaping rewards for IZ and logistics endeavours Thanh Thanh Cong Industrial Real Estate Corporation’s ownership and operation of two industrial zones, one cluster and a warehouse network in Tay Ninh and Long An provinces have been advantageous alongside Vietnam’s economic development towards modernisation.

Thanh Thanh Cong residential area a promising urban hub in Tay Ninh province A promising urban development project is being developed by Thanh Thanh Cong Industrial Zone (TTC IZ) as the investor and Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land) as the project developer.

According to the National Statistics Office on October 5, GDP growth in the third quarter reached 9.95 per cent compared to the same period, approaching double digits and 1.45 percentage points higher than the growth rate of six months (8.49 per cent).

In the first nine months, the northern city of Quang Ninh led the group with growth of 12.54 per cent, followed by Ha Tinh province (12.36 per cent), the northern port city of Haiphong (12.06 per cent), and Bac Ninh city (11.81 per cent), and Ninh Binh province (11.31 per cent).

In the third quarter particularly, Quang Ninh led the way with a GDP growth rate of 15.54 per cent, followed by Ha Tinh at 12.36 per cent, Haiphong at 12.08 per cent, and Bac Ninh at 11.81 per cent.

Other localities posting double-digit growth included Thai Nguyen province (11.24 per cent), Hung Yen province (11.22 per cent), Khanh Hoa province (11.21 per cent), Danang city (10.31 per cent), Tay Ninh province (10.30 per cent), Phu Tho province (10.01 per cent), and Dong Nai city (10.01 per cent).

The strong performance across localities was primarily driven by robust growth in the industry, construction, and services sectors.

Under Resolution No.312/NQ-CP, issued on October 5 following the government's September 2026 meeting and online conference with localities, Prime Minister Le Minh Hung called for closer coordination of monetary, fiscal, and other macroeconomic policies to control inflation, maintain macroeconomic stability, and meet growth targets.

He also emphasised the need to stabilise monetary and foreign exchange markets, ensure liquidity, lower lending rates, and improve businesses' access to capital.

The government is looking to focus resources, prepare thoroughly, and ensure the progress and quality of reports and proposals submitted to the fourth Plenum of the 14^th Central Committee, and draft laws and resolutions submitted to the 16^th National Assembly for consideration and approval at its second session.

In addition, the PM asked for research and the incorporation of public opinion on important draft laws such as the amended land, housing and real estate business laws.

The resolution issued a key task for localities. The government requires nine localities to grow over 15 per cent in the fourth quarter, including Hanoi (16.55 per cent), Haiphong (15.39 per cent), Thanh Hoa (17.10 per cent), Can Tho (16.08 per cent), Vinh Long (17.25 per cent), Ca Mau (16.70 per cent), Quang Tri (16.64 per cent), Tuyen Quang (15.04 per cent), and Lang Son (18.41 per cent).

The government also called for faster disbursement of public investment capital and the urgent allocation of the remaining VND19.58 trillion ($744 million) in central budget funds, with the aim of disbursing 100 per cent of the assigned plan.

SOTRANS targets chemical warehousing growth with Ho Nai project As safety, environmental, and supply chain transparency standards become increasingly stringent, building a chemical warehouse is no longer simply a matter of capacity.

Expanding education partnerships to drive mutual growth Vietnam and the United Kingdom are cementing training and education cooperation. Jacqui Smith, the Right Honourable Baroness Smith of Malvern, Minister for Skills at the UK Department for Education, is going to pay a visit to Vietnam to deepen educational cooperation and support national ambitions of making English a second language in schools by 2035.

World Bank raises Vietnam's 2026 GDP growth forecast to 7.4 per cent The World Bank has raised its forecast for Vietnam's economic growth in 2026 by 1.1 percentage points to 7.4 per cent, the largest upward revision among Asia-Pacific economies.

Coteccons targets 'Quality Growth' with 25 per cent dividend plan Coteccons has marked another step forward in its recovery and growth, with stronger profitability, cash flow, governance, and financial foundations in the 2025-2026 fiscal year. Dinh Thi Hong Tham, corporate secretary and authorised spokesperson for information disclosure at Coteccons, shared her perspectives with VIR.

Photo: Minh Vui

The upgrade reflects R&I's positive assessment of Vietnam's economic growth fundamentals, prospects for structural reforms, fiscal headroom and resilience to external shocks.

R&I expects Vietnam to sustain high growth, supported by its transition towards a productivity- and innovation-driven growth model, expanded public investment and continued foreign direct investment inflows.

During the sovereign credit rating review in April and May 2026, the Ministry of Finance coordinated with relevant ministries and agencies and engaged directly with R&I, providing updated information on Vietnam's macroeconomic and fiscal conditions, public debt and reform achievements.

This work drew on the country's macroeconomic performance in recent years and experience working with international credit rating agencies, including Moody's, Fitch Ratings and S&P.

R&I assessed that Vietnam had maintained strong growth momentum, outperforming other Southeast Asian countries.

According to R&I, the reforms being implemented by the government, focusing on streamlining the state apparatus, boosting the private sector, improving the institutional framework and developing capital markets, will help strengthen growth potential and enhance the economy's resilience.

R&I welcomed this comprehensive reform programme and expects the consistent implementation of reform measures to help Vietnam sustain high growth on a more stable basis.

On fiscal policy, R&I noted that Vietnam’s public debt as a share of GDP remained relatively low, providing fiscal headroom to increase development investment spending.

Although the budget deficit and public debt ratio are projected to rise in the coming period, R&I sees no concerns over debt sustainability, as expanded public investment is expected to support future growth while the Vietnamese government remains committed to controlling recurrent expenditure.

R&I noted that Vietnam continues to record a current account surplus, maintain foreign direct investment inflows and keep the country’s external debt burden relatively low, supporting the economy's resilience to external shocks.

At the same time, R&I highlighted several areas requiring continued attention, including credit growth, banking liquidity, real estate lending, the financial system's capacity to provide adequate funding and the level of foreign exchange reserves.

Amid continued volatility and challenges in the global economy, Vietnam's first-ever upgrade to investment grade by an international credit rating agency marks an important milestone in the country's reform process and efforts to improve its sovereign credit standing.

The result underscores Vietnam's solid macroeconomic foundations, sustained efforts to achieve high and sustainable growth, prudent public debt management and implementation of far-reaching reforms.

This, in turn, further strengthens Vietnam's credit standing in international markets, boosts investor confidence and creates more favourable conditions for mobilising long-term resources to propel socioeconomic development.

The Ministry of Finance and other government agencies will continue to work closely with R&I and other credit rating agencies, providing comprehensive and timely information on socioeconomic conditions, fiscal performance and public debt to ensure that assessments of Vietnam's sovereign credit profile are based on accurate and up-to-date information.

Status upgrade crucial to stock market growth The upgrade of Vietnam’s stock market from frontier to emerging status is a driving force for the future.

The barriers associated with market status upgrade As Vietnam’s stock market stands poised on the threshold of significant upgrades, there is an air of anticipation among experts and investors alike. Such a move would send positive signals, heralding both increased market liquidity and foreign investor participation, while also driving greater transparency in the marketplace.

Identifying key drivers for VN-Index in second half of 2025 Vietnam’s stock market is showing strong momentum heading into the second half of 2025, buoyed by economic growth, policy support, and potential reclassification, but key risks remain.

Stock market reforms target greater flexibility and efficiency Vietnam is studying stock market trading reforms, including longer trading hours and wider price bands, while preparing market infrastructure upgrades to improve efficiency without compromising safety and stability.

According to the announcement on October 8, the five finalists are AirX Carbon, IBAS, Mamibabi, Ngu Thuyen Hueritage and Real Bean Coffee. From bio-based pallets made of agricultural by-products and microbial technology for shrimp farming to an AI-enabled family care platform, heritage tourism, and Fine Robusta, this year's Top 5 spans a wide range of sectors and business models. What they share is a product or service already in the market. Some already have exports, revenue, a customer network, or an established sourcing area.

As the private sector plays a growing role in economic growth, young businesses in Vietnam are actively seeking new models, applying technology and tapping market needs that remain underserved. The diversity of the CYE 2026 Top 5 partly reflects the spirit of experimentation, the adaptability, and the way a new generation of entrepreneurs approaches specific business problems.

Themed "Hardened by Challenges," CYE 2026 focuses on businesses that have moved past the idea stage and are testing their models directly in the market.

The Top 5 were selected after more than two months of evaluation rounds, Pitch Day and 1:1 mentoring. From the Top 20 onwards, teams reviewed their business models, growth strategies, finances, and investor pitches with mentors from a range of fields.

Through this process, CYE aims to give businesses a setting where they receive critical feedback from people with operating, financial, and investment experience, and can keep testing their business assumptions before the Final.

Photo: CYE 2026

AirX Carbon (Ho Chi Minh City) develops NetZero Pallet, a bio-based pallet made from agricultural by-products, aimed at reducing the use of wood and plastic in logistics. According to company figures, revenue grew about sixfold between 2023 and 2025. The product is supplied in Vietnam and in markets including Singapore, Japan, South Korea, Australia, and the United States.

IBAS (Ho Chi Minh City), founded in 2022, develops and transfers microbial technology for agriculture and aquaculture. Its model lets partners multiply microbial biomass on site at the farming area, without having to transport finished products from a production facility. According to the company's profile, the process currently achieves a culture success rate above 90 per cent.

Mamibabi (Ho Chi Minh City) develops a technology platform for pregnancy support and family care. The company combines AI with expert involvement to provide information, support monitoring, and connect users to care services. The product has been commercialised, and the company is expanding its partner ecosystem.

Ngu Thuyen Hueritage (Hue) offers an experiential tourism product on the Perfume River, combining a river cruise, cuisine, Ca Hue (Hue traditional singing), and introductions to local culture. The model began operating in 2025. According to company figures, it has reached 2.1 million views on Meta Business Suite and currently generates annual revenue of $192,000–$385,000.

Real Bean Coffee (Ho Chi Minh City) runs a Fine Robusta model from sourcing area to market. It works directly with more than 200 farming households on about 130 ha of agroforestry land, and its products have been exported to eight countries. According to company figures, revenue rose from about $116,000 in 2020 to about $480,000 in 2024.

Tran Anh Khoi, head of the CYE 2026 Organising Committee, said, "What stands out about this year's Top 5 is that all of them have moved past the idea stage and are solving specific market problems. Each model takes a different approach, but all show a spirit of experimentation, adaptability, and initiative in finding room for growth. Mentoring and Pitch Day help the teams look at their models again from the standpoint of operations, finance, and real-world growth potential."

Between now and the Final, the five businesses will continue refining their pitch decks and presentations for the judging panel. The CYE 2026 prize structure includes a First Prize worth VND150 million ($5,770), including VND30 million in cash and a support package worth VND120 million; a Second Prize worth VND75 million; a Third Prize worth VND30 million, and two Consolation Prizes worth VND30 million in total. The representative selected at CYE Vietnam will have the opportunity to compete at CYE ASPAC 2027 in Taiwan.

Italian Design Day 2026: a contemporary architecture and urban development dialogue Italian Design Day 2026 took place in Ho Chi Minh City in early March under the theme “RE-DESIGN. Regenerating Spaces, Objects, Ideas, Relations.”

Moonfolks launches in Vietnam to fuel ASEAN expansion for outbound domestic brands Moonfolks, one of Southeast Asia’s most awarded independent advertising agencies, has launched operations in Vietnam.

Kinh Do sparks the Mid-Autumn spirit across millions of Vietnamese homes Kinh Do has recently launched its Mid-Autumn 2026 campaign with a fresh creative direction, connecting millions of families through quality products, nationwide reach, and a multi-platform experience ecosystem that brings the festive spirit into modern life.

Some 83 per cent of employers say AI has changed, or is beginning to change, their hiring criteria, while 94 per cent report higher expectations for digital and AI capabilities than they had two to three years ago. However, businesses are not necessarily looking for AI engineers. Instead, they want graduates who can use common AI tools fluently in their daily work or apply them to solve problems specific to their roles.

These are among the key findings of the Vietnam Employability Report 2026: Beware the Gap – Are Graduates Set up for Success in a World of New Possibilities?, released on October 8 by British University Vietnam (BUV) in collaboration with research firm Decision Lab. The research surveyed 375 domestic and international companies on their hiring decisions for fresh graduates.

The findings were presented at the International Conference on Educational Cooperation in the Digital Era and Education & EdTech Exhibition, hosted by the Ministry of Education and Training.

Widest gaps emerge in real-world working situations

The report assessed seven capability areas among fresh graduates. Employers considered all seven important, with between 74 and 86 per cent rating each as important. Yet graduates fell short of employers’ expectations in six of the seven areas.

Time management recorded the widest gap, at 26 percentage points, followed by problem-solving at 23 points. Communication and adaptability showed gaps of 12 and 11 points, respectively. Digital literacy was the only capability area in which graduates exceeded expectations, by three percentage points.

These shortcomings become particularly apparent when young employees face urgent tasks, incomplete information, or work requiring coordination with several people. In such situations, employers need staff who can manage their commitments, flag potential delays early, and propose solutions independently rather than wait for detailed instructions.

Source: BUV

The findings suggest that the gap between education and employment is not simply a matter of academic knowledge. It also concerns graduates’ ability to apply what they have learnt, organise their work independently, and make decisions in real-world situations.

Employers also tend to favour international degrees, with more than half expressing a preference for graduates with such qualifications. Their perceived advantages extend beyond English-language proficiency. Employers describe these graduates as typically more confident, more comfortable working in multicultural environments, and more willing to ask questions, challenge assumptions, and present their views to senior colleagues.

While 83 per cent of employers say AI has changed, or is beginning to change, their hiring criteria, only 3 per cent require AI programming or data analysis skills. Instead, 79 per cent want graduates to use common AI tools fluently in their daily work or apply AI to the specific problems they encounter in their roles.

This points to a shift towards combining technological proficiency with problem-solving and adaptability. As AI tools become more widely available, candidates’ competitive advantage will depend not only on their ability to use technology, but also on how effectively they evaluate information, choose appropriate approaches, and take responsibility for their work.

However, collaboration between businesses and universities remains largely concentrated on recruitment. Although 59 per cent of surveyed employers take on student interns, only 15 per cent contribute to curriculum design, while 23 per cent do not collaborate with any university.

The report identifies three conditions for internships to genuinely build capability: meaningful work, close supervision, and evidence of the student’s contribution. Expanding internship opportunities therefore needs to go hand in hand with improving the quality of workplace experience and encouraging businesses to play a more active role in education and training.

Source: BUV

From qualifications to workplace capabilities

Against this backdrop, BUV introduced its new “Degree Plus” education model, which combines an academic degree with additional professional and personal skills development, alongside international experiences. Under the model, students receive a Global Employment Passport upon graduation, in addition to a degree awarded by a UK university.

The model is built around three pillars. The Professional Skills pillar includes modules on time management, project management, applied AI, and digital literacy. The Personal Skills pillar focuses on strategic thinking, problem-solving, resilience, and adaptability. The International Mobility pillar provides opportunities for students to participate in exchanges, study programmes, and internships abroad through the university’s international partner network.

Students can also apply their knowledge through internships and real-world projects with more than 500 corporate partners in BUV’s network. The approach aims to bring academic learning closer to labour-market requirements, moving beyond qualifications alone as a measure of graduate readiness.

The model is also positioned in the context of Politburo Resolution No.71-NQ/TW on breakthroughs in education and training development. The resolution highlights the need to raise digital and AI competency standards, develop the qualities and capabilities of Vietnamese people for a new era, and prepare Vietnamese citizens to become global citizens.

“The more powerful technology becomes, the sharper human judgement needs to be. The key question is no longer simply what qualification a student holds at graduation, but what their actual capabilities allow them to do on their first day at work,” said Paul Bennett, chief marketing officer at BUV.

According to the report, closing the gap between qualifications and capabilities requires action from government, employers, universities, and students alike. Stronger dialogue between educational institutions and the labour market, more responsive curricula, and regular feedback mechanisms will be essential to preparing graduates for an evolving economy.

Rick Bennett, deputy vice-chancellor and vice-president at BUV, said, "The university was making the full report publicly available and would continue the research regularly for the benefit of the wider education sector."

These issues were also explored at a panel discussion, “Shaping the Talent Profile for the Industry 4.0 Era,” which examined how universities, employers, and other stakeholders could work more closely together on curriculum design, expanded workplace opportunities, and regular feedback from the labour market.

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"Advancing to the third stage of DARPA's Quantum Benchmarking Initiative validates the strength of IBM's path to building a fault-tolerant quantum computer," said Jay Gambetta, Director of IBM Research and IBM Fellow. "IBM expects to deliver the first fault-tolerant system in 2029, and we plan to scale the value of quantum computing well beyond that timeline. We look forward to working with DARPA's team of experts as they advance their review of approaches to fault-tolerant quantum computing into the testing phase."

As an independent research and development arm of the U.S. Department of Defense, DARPA launched the QBI in 2024 to determine whether an industrially useful fault-tolerant quantum computer can be built by 2033. The program defines such a system as one whose computational value will exceed its cost. IBM has successfully progressed through the QBI's assessment process, including the first two stages that analyzed comprehensive R&D plans and risk mitigation approaches.

IBM has built the strongest quantum foundation in the industry, anchored by the largest fleet of quantum computers across the globe and Qiskit, the world's most popular quantum software. IBM's quantum computers are already being used today as scientific tools by a network of more than 340 organizations across financial services, healthcare, materials science, academia, and government as they build industrial applications and pursue algorithms to unlock the full potential of fault-tolerant quantum computing.

Last year, IBM laid out its plans to deliver the world's first fault-tolerant quantum computer, IBM Quantum Starling. Starling will combine advances in error correction, processor design, systems engineering, and more. Since then, IBM's progression has remained on course, including the demonstration of core hardware components for fault tolerance and breakthroughs in efficient error correction decoding.

Advancing to Stage C

Each successful QBI performer has progressed through three stages of the program thus far:

• Stage A required organizations to submit an initial technical concept of a cost-effective, fault-tolerant quantum computer that has a plausible path to realization in the near term. Several Stage A performers were announced in April 2025.
• Stage B called for a comprehensive research and development plan from each company detailing how to realize such a quantum computer, as well as the risks associated with this plan and mitigation approaches.
• Announced today, those selected for Stage C will move beyond conceptual plans and progress to evaluation by DARPA's QBI independent verification and validation (IV&V) team as they test the companies' hardware.

Alongside its participation in QBI, IBM continues to collaborate with partners across industry, government, and academia to accelerate the timeline toward fault-tolerant quantum computing.

For more information about the Quantum Benchmarking Initiative, visit the DARPA website.

For more information, visit https://research.ibm.com.

Via Verde represents ABF II's first investment and marks CIP's entry into the Italian biomethane market. The investment will create local jobs and supply domestically produced biomethane, which will replace imported fossil gas, supporting both Italy's energy independence and decarbonisation efforts.

Via Verde comprises a development pipeline of 20 projects strategically located across multiple regions of Italy, including Lombardy, Abruzzo, and Campania. Each plant is expected to process approximately 60,000 to 100,000 tonnes of agricultural waste annually.

Once the 20 projects are fully operational, the Via Verde platform will deliver approximately 1 TWh of biomethane annually, equivalent to the annual gas consumption of around 60,000 Italian households.

Andreas F. Brandt, Partner at CIP, says of the new investment: "Via Verde marks our entry into one of Europe's most attractive biomethane markets, giving us a strong foothold as Italy scales towards its 2030 biomethane targets. CIP will leverage its advanced bioenergy expertise to support Via Verde's experienced local team and substantial project pipeline, laying a strong foundation for long-term growth. We believe biomethane will play a key role in strengthening Italy's energy independence and supporting its transition to a lower-carbon energy system."

Supported by favourable market fundamentals and policy support mechanisms, Via Verde is expected to establish an early at-scale position in the Italian biomethane market and support the expansion of domestic renewable gas production.

For more information, visit www.cip.com.