The new ASU will produce nitrogen and oxygen, critical gases to support the daily operations and long-term growth of key Australian sectors, including food and beverage processing, healthcare and medical facilities, mining and advanced manufacturing.

The ASU is expected to start-up in 2028.

Tim Kehoe, Managing Director of Air Liquide Pacific said: "Expanding our air gas capacity demonstrates Air Liquide's long-term commitment to fueling the growth of Australian industries with essential gases they depend on every day. With the new ASU in New South Wales, we are reinforcing our commitment to serving our customers and enhancing our supply chain resilience."

This project reinforces Air Products' long-term commitment to Malaysia, expands its production capabilities in Southern and Central Malaysia, and marks its fifth LNG-based ASU in Asia.

A document exchange ceremony was held at the PETRONAS Twin Towers to mark this milestone. The ceremony was attended by senior executives, including PETRONAS Gas Berhad's Managing Director/Chief Executive Officer Abdul Aziz Othman, DIALOG Executive Deputy Chairman Chan Yew Kai and Air Products' Asia President, Kurt Lefevere, underscoring the strategic importance of the project and the strength of the long-standing partnership between PETRONAS Gas Berhad and Air Products.

The new plant will supply the merchant market in Southern and Central Malaysia, strengthening Air Products' ability to serve key industrial hubs and support growing demand from the electrical and electronics, petrochemicals, aerospace and manufacturing sectors.

By using cold energy from the LNG regasification process to liquefy air at low temperatures, the plant will improve energy efficiency and reduce production-related emissions, helping customers reduce their carbon footprint through a more energy-efficient and lower-emission supply of industrial gas solutions.

"Our relationship with PETRONAS Gas Berhad spans more than four decades, and we are honored by their continued trust in Air Products to support their and Malaysia's effort to advance lower-emission industrial development," said Ramani Velu, Air Products' Southeast Asia President. "This investment underscores our long-term commitment to Malaysia and our focus on delivering safe, reliable, and energy-efficient solutions that support our customers' growth. It also strengthens our ability to serve customers across the country."

Air Products has operated in Malaysia since 1974 and maintains a strong network of state-of-the-art production facilities and depots strategically located across the country. In the Northern Region, the company serves key industries, including electrical and electronics, through advanced ASUs in the Prai Industrial Area, and a pipeline network in the Batu Kawan and the Bayan Lepas Industrial Park in Penang.

Elevra Lithium is a North American lithium producer with projects in Quebec, Canada, United States, and a joint venture in Western Australia.

Starting later this year, Elevra Lithium will supply LG Energy Solution with 240,000 dry metric tonnes of spodumene concentrate over a four-year period. The spodumene concentrate will be produced at Elevra's North American Lithium (NAL) project in Quebec, Canada, which is already operational.

With spodumene concentrate set to be sourced from an operational North American mine and supply expected to commence later this year, LG Energy Solution is well positioned to strengthen its responsiveness to local customer needs while supporting the rapid growth of the regional ESS market.

To proactively respond to the rising market demand for energy storage systems (ESS) in North America, LG Energy Solution has five standalone and joint venture facilities in the region that are meeting customers' growing demand for reliable and scalable ESS solutions powered by LFP batteries.

NextStar Energy, the standalone facility in Windsor, Canada, has been serving as a cornerstone of Canada's growing battery ecosystem since commencing production last year.

Backed by more than CAD 5 billion in investment and expected to create up to 2,500 direct jobs at full-scale production, the facility, combined with local supply of spodumene concentrate, will reinforce the local value chain in Canada.

Securing a stable supply of spodumene concentrate not only diversifies the company's raw material sourcing portfolio beyond lithium carbonate and lithium hydroxide but also provides greater flexibility to optimize production based on evolving electric vehicle (EV) and ESS market demand and market conditions. As a key intermediate feedstock that can be processed into either lithium carbonate or lithium hydroxide, spodumene concentrate enables greater production scalability, while enhancing supply chain resilience and supporting a stable supply of critical battery materials.

"This agreement with LG Energy Solution represents an important step in implementing the commercial strategy we outlined with our FY26 annual results. It provides Elevra with a committed customer for a meaningful portion of NAL's production while retaining exposure to spodumene concentrate market pricing," said Lucas Dow, chief Executive Officer and Managing Director of Elevra Lithium. "Securing a leading global battery manufacturer as a customer further strengthens the commercial position of NAL and supports our strategy of building a diversified portfolio of high-quality customers as we increase production and progress the NAL expansion."

"This agreement marks another important step in strengthening our raw material supply chain in North America and supporting the region's rapidly growing ESS market," said Kang Yeol Lee, procurement Center Leader of LG Energy Solution. "By securing a stable supply of spodumene concentrate from an operational North American source, we are enhancing both the flexibility and resilience of our supply chain while reinforcing our ability to meet evolving customer demand with greater speed and scale."

To learn more about LG Energy Solution's ideas and innovations, visit https://news.lgensol.com.

The groundbreaking ceremony took place on October 8. The project includes a running-track system, outdoor fitness areas, green spaces, rest areas, scenic viewpoints, and outdoor community spaces.

According to the design, the running-track system comprises an approximately 3.5-km riverside route, a 2-km sunset route, and a 1.5-km oxygen forest route.

The routes connect with the landscape and open spaces throughout the urban area, taking advantage of the waterfront, natural breezes, and expansive views. The sunset route focuses on scenic experiences at the end of the day, while the oxygen forest route guides runners and walkers through a multi-layered green environment.

The running-track system is designed to accommodate various needs, from running and physical exercise to leisurely walks and enjoying the surrounding landscape. Rest areas, scenic viewpoints, and outdoor community spaces are arranged along the routes, creating additional opportunities for residents to meet, connect, and spend time with their families as part of everyday life.

The riverside park landscape at Palm City is being developed around the concept of recharging daily. It is designed to connect people with nature. Under this vision, greenery, water features, and open spaces are interwoven, allowing residents to access nature within the urban environment.

The vegetation is arranged in multiple layers, combined with natural water elements and open areas, with the aim of providing shade, reducing surface heat accumulation, and supporting natural ventilation. These solutions are expected to contribute to improving the microclimate within the park and surrounding areas of Palm City.

The landscape design embodies the concept of an urban resort within the city, where outdoor spaces become an integral part of the daily living experience. A sense of refinement is expressed through quality and experience, reflected in spatial proportions, material selection, and the transitions between different areas.

The perspective view of the riverside park and jogging track. Photo: Huong Viet Properties

The riverfront park and public space will create an additional landscape corridor connecting different sections of Palm City. Residents will be able to access the running tracks, fitness areas, green spaces, and river-oriented outdoor areas from various parts of the urban development.

Among these areas, Palm River is the latest riverside apartment precinct at Palm City, developed in a resort-style concept in the heart of the city. Located along the Giong Ong To River, Palm River has direct connections to the landscape and shared amenities of the urban development, particularly the riverside park and running tracks.

Nguyen Si Toan, managing director of the High-rise Real Estate Business Division at Huong Viet Properties, said, “We do not view the riverside park simply as an additional amenity for the urban development. At Palm City, nature, particularly waterfront, is a component of the urban spatial structure. By developing nearly 3 km of public riverside space, we aim to bring the inherent value of the landscape into residents’ daily lives, allowing them to exercise, relax, connect with nature, and enjoy a quality living environment.”

"A truly liveable urban area is created through buildings, and also through how nature is preserved and harmoniously integrated into everyday life. At Huong Viet Properties, we pursue sustainable development by creating spaces with long-lasting value for the community," Toan added.

The perspective view of the riverside park and jogging track. Photo: Huong Viet Properties

Phase I is expected to be completed in the first quarter of 2027. Upon completion, the park will serve the Palm City community while connecting with the landscape and amenities across the entire urban development.

The landscape design consultant is a Brazil-based firm with a proven track record of more than 300 projects across three continents.

Huong Viet Properties strengthens integrated real estate vision Real estate developer Huong Viet Properties is building a sustainable growth platform combining development expertise, operational excellence, and long-term value. Nguyen Si Toan, managing director of High-rise Real Estate Business Division, spoke with VIR’s Bich Ngoc about the company's strategies and competitive advantages.

Keppel unlocks $104 million with divestment from Palm City Keppel Ltd has divested its entire 42 per cent stake in South Rach Chiec City LLC (SRC), the developer of Palm City in Ho Chi Minh City, according to a statement released on April 1.

Palm City and Palm River reflect Huong Viet Properties' sustainable vision Huong Viet Properties has been honoured with two prestigious accolades at the 2026 Dot Property Vietnam Awards, reaffirming its vision of creating integrated urban developments that deliver long-term value and elevate residents' quality of life.

The province’s regional GDP at current prices was estimated at $10.36 billion in the first nine months. Industry and construction accounted for around 55.6 per cent of the economic structure, with industry alone accounting for nearly 45.2 per cent. Services represented 26.8 per cent, while agriculture, forestry and fisheries accounted for 11.7 per cent.

Hung Yen GRDP grows 11.2 per cent in the first nine months of 2026. Photo: Quynh Nga

Industrial production continued to record strong growth. The Index of Industrial Production (IIP) increased 15.7 per cent on-year in the first nine months. Manufacturing and processing rose 16.3 per cent; electricity production and distribution increased 8.9 per cent; while water supply, waste and wastewater management and treatment grew 16.08 per cent.

Several industries recorded high IIP growth, including machinery and equipment manufacturing, up 99.36 per cent; repair, maintenance and installation of machinery and equipment, up 75.7 per cent; and pharmaceutical, medicinal chemical and botanical product manufacturing, up 38.9 per cent.

Industries related to electronics, equipment and transport vehicles also maintained growth, including the manufacture of electronic products, computers and optical products, as well as electrical equipment manufacturing.

Alongside industry, construction activity continued to expand. Construction production value at 2020 constant prices was estimated at $3.08 billion in the first nine months, representing an on-year increase of around 14.2 per cent.

The services sector grew 9.14 per cent during the period. Total retail sales of goods and consumer service revenue reached $8.9 billion, up 17.5 per cent, while retail sales of goods reached $4.42 billion, up nearly 18.7 per cent.

Revenue from transportation, warehousing and transportation support services reached $882.6 million, an increase of 17.1 per cent.

Public investment and production investment accelerated

Alongside production, total realised investment capital continued to increase. Total investment realised in the province during the first nine months was estimated at $4.7 billion, up 14.3 per cent on-year.

Industrial production continues to be a key driver of economic growth in Hung Yen. Photo: Phuong Lien

Of this, investment by the state sector reached $1.3 billion, up 17.8 per cent; the non-state sector reached $2.76 billion, up around 17.9 per cent; and realised foreign direct investment (FDI) reached $632 million.

According to the Hung Yen Statistics Office, investment from state budget sources managed by the local authorities reached $1.18 billion in the first nine months, up 17.6 per cent on-year and equivalent to 54.03 per cent of the annual plan. Of this, provincial-level budget capital reached $855.2 million, up 50.3 per cent, while commune-level budget capital reached $327.1 million.

In September, Hung Yen continued to add resources to industrial and infrastructure development with the simultaneous groundbreaking of seven industrial park (IP), industrial cluster (IC) and transport projects.

The list included Lien Ha Thai IP (Green iP-3), Tho Hoang IP, IP No. 10, IP No. 15, Da Loc IC, Lac Dao IC, and the project to build frontage roads and overpasses along the route connecting cultural heritage, tourism and economic development areas along the Red River. The projects will add to the province’s industrial land supply and transport infrastructure, while strengthening connectivity between areas.

Local business community also continued to expand, with more newly established enterprises. From December 22, 2025 to September 21, 2026, the province recorded 4,030 newly registered enterprises, with total registered capital of $1.78 billion. In the manufacturing and processing sector alone, 785 new enterprises were established, with registered capital of $337.4 million.

At the September regular meeting on October 7, Chairman of Hung Yen People’s Committee Nguyen Manh Quyen requested that all levels and sectors focus on implementing tasks for the fourth quarter, striving to achieve the highest possible level of the targets and tasks set for 2026.

The province will focus on maintaining production growth, resolving difficulties for businesses, accelerating public investment disbursement, land clearance, and the progress of key projects.

For projects where multiple tasks can be implemented simultaneously, agencies have been asked to organise parallel implementation in accordance with regulations and shorten processing times.

Hung Yen’s regional GDP growth target for 2026 has been set at 11.5 per cent or higher. With growth reaching 11.2 per cent after nine months, the key task for Q4 is to maintain production momentum, encourage investment, and complete the tasks set for full year.

Hung Yen expands space to attract a new wave of industrial investment Industrial production in Hung Yen rose 15.4 per cent in the first seven months of 2026, prompting the province to expand its industrial parks and clusters and develop new industrial space to meet growing demand.

Hung Yen accelerates infrastructure development Hung Yen is accelerating investment in transport and industry, completing key connectivity routes, expanding production resources, and strengthening new investment flows.

Molex opens its expanded manufacturing facility in Hung Yen Global electronics and connectivity solutions provider Molex has completed the initial building phase of its expanded manufacturing plant in Hung Yen, strengthening its high-tech manufacturing footprint in Vietnam as its second site in the country.

Foreign direct investment expands across Hung Yen industrial zones Manufacturing enterprises from Northeast Asia increased direct foreign investment into northern Vietnam's Hung Yen province to leverage regional industrial infrastructure developments.

Diware in crating & Portrait of Shakunona Parata

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Jamila Nsouli | General Manager at Somerset Diamond Bay Garden Phnom Penh

In the role, Nsouli will lead the property's pre-opening programme and establish its operational and guest-experience priorities. The opening strategy will focus on practical, flexible accommodation for business travellers, leisure guests and families – creating a welcoming home away from home while connecting each stay with the character of Phnom Penh.

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

emart24 x Maryam DurianKimchi: Dua Dunia Satu Seoul

• K-Pizza Tteokbokki – A bold Korean-Italian fusion of chewy rice cakes, tangy pizza sauce, spicy gochujang, bulgogi chicken and melted mozzarella.
• K-Reamy Korean Udon – Chewy udon in a creamy gochujang sauce, loaded with kimchi, mozzarella and chicken strips, topped with an onsen egg.
• Strawberry Pop Yogurt Milk – A refreshing strawberry yogurt drink with bursting popping boba for a deliciously fun Hwachae-inspired treat.
• Mango Pop Yogurt Milk – A refreshing mango yogurt drink with bursting popping boba for a deliciously fun Hwachae-inspired treat.

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

IX Capital International Limited is an award-winning index and investment advisory company. The index business arm- IX Asia Indexes, providing real-time digital asset and innovative indexes, disseminated 24x7 globally and built on robust infrastructure. Since the launch of the first crypto benchmark index ("IXCI") launched in Hong Kong in December 2018, the ixCrypto index series expand into 29 indexes designed for exchange futures products, mark-to-market, and fund managers' portfolio construction purposes. To ensure the professionality and impartiality of the index methodologies and operations, IX Asia Indexes has established its index advisory committee with representation from different industries, including fund management, exchanges, brokerage, financial blockchain experts, crypto service providers, etc. The committee will meet quarterly a year to discuss matters relating to the IX Asia Indexes, including to review and to comment the data sources, methodologies, and operations of IX Asia Indexes, to provide guidance to the future development of new IX Asia Indexes and to handle other issues and decisions on an as-needed basis.

IX Asia Indexes was awarded the Fintech Award (wealth investment and management) 2019 and 2021 organised by ETNet. It as well won an award for Startup of the Year and Basic Technology (Big Data) from Hong Kong Fintech Impetus Awards 2022 by Metro Broadcast and KPMG. It also won Asia Pacific Enterprise Achievement Award 2024 by Echolade. IX Asia Indexes completed its IOSCO compliance statement and obtained ISO/IEC 27001:2022 UKAS certification.

Website: https://ix-index.com/
Advisory Committee: https://ix-index.com/committee.html

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

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

For more information, visit www.plasticityforum.com.

and https://www.oceanrecov.org/.

The event was supported by AWS Hong Kong as Event Partner and BOC Group Life Assurance Company Limited as Strategic Partner, with Hong Kong Institute of Circular Economy and Cantabrigian Consulting Limited serving as Supporting Organisations.

The event featured a distinguished line-up of senior leaders and experts from the financial, technology, GreenTech, business and social impact sectors to exchange perspectives on the future of sustainable transformation., including:

• Ronald Young, Head of Sustainable Banking Development, Hong Kong Monetary Authority
• Dr. William Yu, Founder and Chief Executive Officer, World Green Organisation
• Chris So, Managing Director, AWS Hong Kong
• Terry Yung, Chief Investment Officer, BOC Group Life Assurance Company Limited
• Vivienne Chiu, Chief Brand and Communications Officer, BOC Group Life Assurance Company Limited
• Eugene Li, Head of Outsourcing, GBA NATC Director, IBM
• Ronald Cheung, Founder and Chief Executive Officer, Lifewood Data Technology Ltd.
• Annie Cheung, Executive Director and CEO, Peoplebank Hong Kong Limited
• Peter Wong, Deputy CEO, Dialogue-in-the-Dark HK Foundation
• Angus Chan, Senior Manager, GreenTech, Hong Kong Science and Technology Parks Corporation
• Arthur Lam, Co-founder and CEO, Negawatt Utility Limited
• Terence Chow, Senior Generative AI Go-To-Market Specialist, AWS
• Eric Chau, Enterprise Partner Success Strategist, AWS

From Sustainable Finance to Climate and Technology Innovation

The forum explored how capital, technology, innovation and people can work together to accelerate the transition towards a more sustainable and resilient economy. Speakers shared practical experience and forward-looking perspectives across sustainable finance, GreenTech, artificial intelligence, ESG innovation, talent development, accessibility and social impact.

A keynote presentation by Mr. Ronald Young, Head of Sustainable Banking Development at the Hong Kong Monetary Authority, highlighted key initiatives advancing sustainable finance in Hong Kong. Mr. Terry Yung, Chief Investment Officer of BOC Group Life Assurance Company Limited, shared an investment perspective on sustainable transformation, while Ms. Vivienne Chiu, Chief Brand and Communications Officer of BOC Life, highlighted the role of corporate engagement, strategic partnerships and innovation support in advancing ESG solutions and creating wider societal value.

The discussions reinforced Hong Kong's role in international finance, technology and innovation, highlighting the importance of cross-sector collaboration in turning ESG strategies into measurable business, climate and societal value.

AI as an Enabler of Sustainable Transformation

Artificial intelligence emerged as a key theme throughout the event, with speakers examining how AI and data technologies can support ESG decision-making, improve operational efficiency, strengthen climate and sustainability intelligence, and accelerate innovation across industries.

At the same time, discussions also highlighted the importance of responsible AI adoption, workforce reskilling, accessibility and social inclusion, ensuring that technological advancement creates broader opportunities for businesses and society.

Turning ESG Strategy into Real-World Impact

Speaking at the event, Dr. William Yu, Founder and Chief Executive Officer of the World Green Organisation, highlighted that sustainable transformation requires the collective participation of finance, technology, business and society.

The future of ESG transformation will increasingly depend on how effectively organisations combine finance, technology, AI, human capability and cross-sector collaboration to create measurable business, climate and societal value.

WGO will continue to develop the ESG XCHANGE series as a platform to connect different sectors, promote practical partnerships and translate ESG strategies into business value, climate impact and societal value.

https://www.thewgo.org/

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Rothman Consumer Reputation Index (CRI)

In the first survey, "Made in Germany" had the highest value in all ten countries, with the United States and France also scoring above 7. Since then, Japan has overtaken France and the United States, taking second place behind Germany in most of the countries in the region, and this year it became the most trusted country brand in Poland, as Polish consumers now rate it (7.5) above Germany (7.0), the first time an Asian country has topped a national ranking anywhere in the region.

Japan, however, is far from the biggest winner in terms of improvement. While Japan's average score has risen by 0.43 points since 2021, trust in China as a country of origin improved by 0.63 points, Singapore's score rose by 0.66 points, and South Korea's by 0.72 points over the past five years.

The survey also shows a more mixed picture since 2023 on the regional average, as South Korea and Singapore, the two biggest winners over the five years, and Japan made most of their advance by 2023 and have since consolidated well above their 2021 levels, while China is the only one that has continued to climb. China's rise mirrors the decline of the United States, which has lost exactly as much as its biggest global rival has gained – 0.63 points. As a result, the average consumer trust gap between China and the United States has narrowed from 2.0 points in 2021 to 0.74 in 2026.

In Austria, all four Asian economies now outscore the United States, and South Korea also edges ahead of the United States in Bulgaria and Slovenia. Singapore's strongest ground is Central Europe – Poland, Czechia, Slovakia and Slovenia, where Singaporean origin scores above 6 and ranks ahead of "Made in China".

The "Asian four" are the biggest gainers overall since 2021, increasing their average reputation score by 0.61 points, while Germany and France have remained stable, adding 0.13 and 0.16 points to their 2021 scores respectively.

The 2026 results confirm that a product's country of origin remains a stronger purchase driver in Central and Eastern Europe than the brand itself: 59% of consumers say where a product is made matters to their choice, against 55% for online reviews and 50% for the brand.

Price is still the dominant factor (86%), followed by recommendations from friends and family (64%).

As Zsofia Balatoni, Chief Strategy Officer at Rothman, highlights, "Three years ago our survey already showed that Asia had momentum in Central and Eastern Europe. The 2026 results show the trend has held. Japan now competes with Germany for first place in Poland, China has never been rated higher, and South Korea and Singapore have closed more than half of their gap with America since 2021. Consumers in Central and Eastern Europe buy the country before the brand, and Asia's country brands are increasingly valued."

https://rothmanglobal.com

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Dr. Emir Hrnjić, Senior Lecturer in Finance, NUS Business School (fifth from left), at a media engagement with Indonesian media in Singapore.

Now, artificial intelligence (AI) is changing what it means to solve a case. Since January 2026, NUS Business School has been piloting an AI-enabled approach in which students are given an AI-simulated problem where they must determine what information they need, decide whom to ask, evaluate the answers they receive and make a recommendation under uncertainty.

The simulation is built on ScholAIstic, a generative AI platform developed by the NUS AI Centre for Educational Technologies (AICET) to support roleplaying and simulation-based learning.

Dr Emir Hrnjić, a Senior Lecturer in Finance at NUS Business School, has been working with AICET to adapt and refine these capabilities for management education, developing executive personas around the business case.

To date, the tool has now been used by close to 100 MBA and Executive MBA students across Singapore and Jakarta, many of whom are senior executives.

Sharpening the human instinct behind good decisions

In the pilot, students interview AI-simulated executives, including a Chief Executive Officer, Chief Financial Officer and Chief Product and Technology Officer, each offering a different perspective to the same business situation. Students must navigate these perspectives, assess the information they gather and reach their own conclusions.

After each interview, students receive personalised feedback on on their questioning, allowing them to reflect and adapt their approach in subsequent interviews.

Dr Hrnjić said: "Students must decide what they need to know, ask the right questions, challenge what they hear and exercise judgement without having the complete picture. The aim is not to replace that human instinct with AI, but to sharpen in by helping students become more discerning about what to ask and trust. That is much closer to how leaders make decisions in the real world."

Early findings suggest that effective use of AI is not about asking more questions but about asking the right ones. Analysis of interview transcripts showed found that stronger interviews had more targeted questions, follow-ups and adaptation as new information emerged, rather than simply working through a prepared list.

The findings point to a broader role for generative AI in management education. Rather than using AI primarily to search for information or generate answers, the technology can recreate the real-world scenarios, sharpening executives' judgement to better navigate uncertainty and competing perspectives they face in real organisations.

NUS Business School sees potential for similar AI-simulated tools to be applied to other areas of business education where students need to question stakeholders, negotiate competing interests and make decisions under uncertainty. The ambition is to move beyond the largely static information environment of the traditional case towards a dynamic one where students actively acquire information, pursue emerging lines of inquiry, challenge assumptions and exercise judgement as the problem unfolds.

The simulation is one part of NUS Business School's broader approach to integrating AI into education. The school is exploring how AI can enhance, rather than replace, meaningful learning, thereby helping students develop the judgement, critical thinking and adaptability needed to navigate an increasingly AI-enabled workplace.

This becomes increasingly important as AI takes on a greater role in business. Companies across Asia, including Indonesia, are rapidly adopting AI across their operations, making the ability to question and assess AI-generated information an increasingly important leadership skill. For Indonesia, the economic stakes are significant. A 2020 study by Kearney and EDBI projected that AI could contribute US$366 billion to the country's GDP by 2030, equivalent to 12 per cent of projected GDP.

https://bschool.nus.edu.sg/

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As Japan's education system prepares for wider adoption of digital learning materials by 2030, school networks will need to support more connected classrooms, higher device density and more flexible teaching models. For the Okinawa City Board of Education, this meant building a resilient and scalable connectivity foundation while simplifying network operations across multiple school sites.

The Okinawa City Board of Education required a high-performance wired and wireless network capable of supporting growing digital learning demands across 24 schools. It also needed centralized visibility and management across both wired and wireless infrastructures, compatibility with existing classroom tools, and reliable wireless performance in environments affected by radio frequency interference from nearby facilities.

Working with Rikei and Prostaff, Alcatel-Lucent designed and implemented a network architecture combining next-generation Wi-Fi 7 access points, high-performance switching and centralized management through OmniVista Network Management Platform. A Proof of Concept was conducted to validate wireless performance, compatibility with existing systems and the ability to operate effectively in complex radio frequency environments.

The deployment provides Okinawa City's schools with a reliable, high-speed network foundation to support digital learning at scale. The new infrastructure delivers Wi-Fi 7 connectivity across the 6GHz and 5GHz bands, improves responsiveness for digital learning applications and enables more consistent classroom connectivity across all schools. The transition from the previous infrastructure was completed smoothly while maintaining support for existing classroom technologies.

The new network also provides a centralized and scalable operational foundation across all 24 schools. By consolidating visibility and management of the wired and wireless infrastructure, the Okinawa City Board of Education can simplify day-to-day network operations and more efficiently manage the growing number of connected devices and digital learning applications.

"Digital learning only works when the network behind it is reliable," said Ms. Yuko Shima, Deputy Chief Administrator, Educational Support Center, Instructional Department. "We needed infrastructure that could support today's classrooms while giving our schools the flexibility to evolve as education becomes more digital. Alcatel-Lucent and its partners understood this requirement and delivered a network foundation that supports both our immediate needs and our long-term goals."

"Our objective was to help Okinawa City build a high-performance and reliable digital learning environment across all schools," said Tee Jyh Chong, Senior Vice President Sales & Services, Asia Pacific. "By combining Wi-Fi 7, high-performance switching and centralized management, we are helping the Okinawa City Board of Education simplify operations, strengthen connectivity and prepare for the next phase of digital education."

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

One of the key proposals is to introduce a mechanism for developing affordable commercial housing for middle- and low-income earners in urban areas – a group that does not qualify for social housing but cannot afford higher-priced homes.

Prices for this segment could range from VND25-30 million ($960-1,150) per square metre in provinces to around VND60-70 million ($2,300-2,690) per sq.m in major cities.

These projects would be eligible for incentives in planning, investment procedures, technical infrastructure support, and preferential credit policies for both developers and homebuyers.

For rental housing, HoREA proposed removing the stringent requirement that applicants must be “facing housing difficulties” and instead requiring only that they “have a need to rent.”

The association also called for provincial-level authorities to establish maximum rental price frameworks to ensure the policy is practical and implementable.

in early September, HoREA also proposed the development of a “reasonably priced commercial housing” segment, under which developers would be free to determine selling prices and profit margins, provided they do not exceed price ceilings set by local authorities.

A notable aspect of the proposal is its approach to price determination. HoREA chairman Le Hoang Chau argued that the state should not impose a maximum profit margin on businesses. Instead, developers should be allowed to calculate their costs and profits and determine selling prices, provided these do not exceed the maximum prices for outright sales, instalment sales and rentals set by local authorities.

According to Chau, reasonably priced commercial housing is, by nature, still commercial housing and therefore should not be subject to a maximum profit margin in the same way as social housing.

“We propose that the Housing Law should only establish the principle of a price ceiling, while provincial-level people's committees would set the maximum prices for outright sales, instalment sales and rentals. They could even set different price ceilings for different areas to reflect local housing price levels,” Chau said.

Chau said businesses have different management capabilities, sources of capital and input costs.

“Some companies may use less financial leverage or have access to more favourable material supplies, allowing them to lower costs while still maintaining profits, while others may need to generate cash flow quickly and accept lower profit margins. Therefore, the state should regulate the final selling price rather than capping profit margins,” he added.

The proposal comes amid a prolonged imbalance in Ho Chi Minh City’s housing supply, which has been heavily skewed towards the high-end segment.

According to data compiled by HoREA, in 2021-2024, the city's market recorded no reasonably priced commercial housing units being launched. Since then, high-end housing accounted for all of the commercial housing supply eligible for capital mobilisation in the area.

A report released in late August by One Mount Group, a real estate brokerage company, highlights the widening gap between housing prices and buyers’ affordability.

Projects priced at $2,300-4,600 per sq.m accounted for more than half of total transactions, with an absorption rate of around 59 per cent. Meanwhile, the ultra-luxury segment, with prices exceeding $4,600 per sq.m, has seen subdued market activity, with a sluggish absorption rate of only around 20 per cent.

Real estate developers are beginning to turn their investments into affordable housing offerings. Dong Nai Waterfront City, the developer of social housing apartments within the Dong Nai Waterfront development, said it will begin accepting applications to purchase nearly 420 social housing apartments in the fourth quarter.

The apartments are located in the township in Long Hung Ward of Dong Nai City. The venture comprises two 10-storey apartment blocks and expected to be completed by the end of October 2027, with units ranging from approximately 40-80 sq.m in floor area. The indicative selling price is $885-960 per sq.m, inclusive of VAT but excluding maintenance fees.

If implemented on schedule, the project will add to the supply of housing for low-income earners, contributing to Dong Nai's target of developing 65,000 social housing units in the city by 2030.

In Di An, now part of greater Ho Chi Minh City, Bcons Group continues to target young families and first-time homebuyers with Bcons Centre City, a 3-hectare development planned around an affordable housing concept.

With the mock-up apartment opening last week, the venture, comprising 2,820 apartments and targeting genuine housing demand among urban residents, is expected to be priced at around $96,000 per two-bedroom unit. The first residents are expected to receive their homes in 2028.

Nguyen Quoc Hiep, chairman of the Vietnam Association of Construction Contractors, said businesses fully recognise the significant potential of the affordable housing segment. However, the development of reasonably priced commercial housing is currently facing considerable barriers as input costs have risen sharply.

According to Hiep, land prices, land use fees, construction materials, labour costs, and financing pressures have all increased significantly in recent years. Meanwhile, to keep products within the reach of homebuyers, developers have to maintain reasonable selling prices, leaving increasingly limited room for profit.

“Businesses want to develop reasonably priced housing, but with the current cost base, it is very difficult to ensure investment efficiency. If selling prices are set too low, profitability cannot be secured, while raising prices would make the products unaffordable for the target customer group,” Hiep said at the Vietnam Real Estate Forum in June in Hanoi. "Notably, the segment with the strongest demand in the market is not necessarily the one offering the most attractive investment returns. While high-end projects can generate wider profit margins, affordable housing requires developers to keep costs under tight control while still ensuring quality, infrastructure and amenities."

Affordability and sustainability to define new real estate cycle In the new real estate cycle, success will favour developers who prioritise genuine affordability and sustainable financial structures over short-term sales tactics, according to Jerry Nguyen, deputy general director of Investment and International Market Development at Hoa Binh Construction Group.

Tighter bank financing to drive divergence in housing supply mix Stricter bank lending conditions in 2026 are expected to widen disparities in housing supply mix, financing structures, and credit profile of developers.

Ministry of Construction proposes $400 million for social housing development The Ministry of Construction is working alongside the Ministry of Finance to propose a capital injection of $400 million for the Central Housing Fund as part of the medium-term social housing development plan for 2026-2030.

Against geopolitical uncertainty and global energy supply volatility, what are NSRP’s initiatives to guarantee its crude oil supply and maintain uninterrupted operations?

Ensuring crude oil supply security remains one of NSRP’s top priorities. Despite ongoing geopolitical uncertainties in the Middle East and volatility in the global oil market, the refinery has continued to operate safely, stably, and without interruption.

In fact, NSRP began implementing its crude oil diversification strategy as early as late 2025 to enhance feedstock flexibility and strengthen operational resilience. A significant milestone was achieved in January 2026, when the company successfully processed its first non-Kuwaiti crude oil cargo, Das Blend, comprising approximately one million barrels.

The cargo arrived at NSRP’s port in late December 2025 and was received and processed safely in full compliance with the refinery’s stringent operational standards. This achievement not only demonstrated NSRP’s technical capabilities but also established a strong foundation for long-term feedstock diversification.

Building on this success, NSRP has progressively expanded its crude slate and, to date, has successfully processed ten crude oil grades other than Kuwait Export Crude. This has significantly enhanced the refinery’s feedstock flexibility, enabling NSRP to broaden its sourcing options, strengthen resilience against supply disruptions, and optimise crude selection from both technical and commercial perspectives.

While Kuwait remains NSRP’s long-term strategic partner and most important crude oil supplier, the company has adopted a more flexible procurement approach by combining traditional supply sources with suitable alternative crude grades. Following earlier supply disruptions, NSRP resumed imports of Kuwaiti crude oil in September 2026, with additional cargoes already scheduled in the coming months.

Looking ahead, NSRP will continue to balance long-term supply agreements with spot market opportunities, while further expanding its crude oil evaluation and testing programme. This approach will help enhance supply security, mitigate geopolitical risks, and strengthen the refinery’s long-term competitiveness, operational flexibility, and sustainable performance.

Photo: NSRP

What are the key focus areas for NSRP to navigate the challenging global environment?

Global oil markets have experienced significant volatility in 2026, particularly following geopolitical developments in the Middle East. As of the end of August, NSRP's average crude purchase price had increased by approximately 63 per cent compared with the beginning of the year. At design capacity, every sustained $10 per barrel increase in crude prices could represent approximately $2.5 million of additional crude cost per day.

However, refinery profitability ultimately depends on refining margins rather than crude prices alone. Through crude optimisation, disciplined operations, and strong product margins, particularly in middle distillates, NSRP has continued to maintain solid business performance.

In addition, NSRP's products are marketed through the existing offtake arrangement with Petrovietnam Distribution Branch (PVNDB), which distributes NSRP fuel products nationwide through a broad network of petroleum traders.

During periods of market volatility, our priority is to maintain stable refinery operations and maximise production. We work closely with the off taker to optimise allocation planning, logistics, and inventory management to ensure reliable and uninterrupted fuel supply to the domestic market while meeting contractual commitments.

Could you shed some light on NSRP’s operational and financial performance in 2026?

NSRP continues to operate safely, stably, and efficiently with high reliability and strong operational performance. During the first 9 months of 2026, the refinery processed approximately 8.38 million tonnes of crude oil and supplied around 6.54 million tonnes of petroleum products to the market.

We expect to supply an additional 2.69 million tonnes in the fourth quarter, bringing total 2026 product supply to more than 9.2 million tonnes. This will allow NSRP to continue contributing approximately 35-40 per cent of Vietnam's domestic fuel demand, reinforcing our role as a key pillar of the country's energy security.

NSRP's operational and financial performance has improved significantly in 2026. This improvement has been driven by strong refinery utilisation, healthy refining margins, feedstock optimisation, and disciplined cost and working-capital management.

Beyond short-term profitability, our focus is on building a more resilient, financially sustainable, and commercially competitive business capable of delivering stable performance throughout refining cycles. In parallel, shareholders continue to discuss long-term financial restructuring initiatives to further strengthen NSRP's financial foundation.

Photo: NSRP

How does NSRP leverage its large-scale industrial assets to generate value beyond energy supply?

NSRP's contribution extends well beyond fuel production. Since commencing commercial operations in late 2018, the company has contributed approximately VND 147 trillion ($5.65 billion) to the state budget as of August 2026, making it one of Vietnam's major industrial contributors.

Looking ahead, our ambition is to become a world-class energy and industrial company that is operationally excellent, financially strong, commercially independent, and sustainably profitable, while continuing to support Vietnam's energy security, industrial development, and economic growth.

Furthermore, NSRP is committed to supporting Vietnam's energy transition and net-zero ambitions. Since July 2026, the refinery has been producing base petrol as blend stock for RON95 E10, with production averaging approximately 250,000 tonnes per month and accounting for around 90 per cent of our petrol output.

At the same time, we are advancing studies on carbon capture solutions, including a CCS feasibility study focused on capturing CO₂ from refinery operations. We are also evaluating opportunities to utilise captured CO₂ and surplus hydrogen in higher-value and lower-carbon products, supporting both sustainability goals and long-term business competitiveness.

What are NSRP’s plans to increase the long-term competitiveness of the refinery?

Moving forward, NSRP's strategy is to enhance competitiveness through refinery optimisation, higher utilisation, and deeper petrochemical integration. The refinery has already demonstrated the capability to operate at 125 per cent of design capacity. Our current objective is to sustain the aforesaid rate before the second Turnaround in August 2027 and seek approval for higher operation thereafter.

At the same time, we are studying opportunities in olefins, polymers, bitumen, lubricant-related products, and other petrochemical value chains to create greater value from existing refinery assets and strengthen long-term competitiveness.

From mega project to long-term growth platform for Thanh Hoa Nearly a decade after commencing operations, Nghi Son Refinery and Petrochemical LLC has emerged as a significant contributor to regional development, demonstrating how a large-scale industrial project can generate lasting economic value, strengthen industrial capabilities, and support long-term growth.

Nghi Son Refinery and Petrochemical remains committed to safety and stability Nghi Son Refinery and Petrochemical LLC (NSRP) has several measures to maintain optimal production and business efficiency of the refinery in 2024. So Hasegawa, general director of NSRP, spoke with VIR's Thanh Van about the company's efforts.

Nghi Son refinery processes first non-Kuwaiti crude cargo Nghi Son Refinery and Petrochemical has taken a key step towards diversifying its crude supply and strengthening operational flexibility.

For Vietnam, this partnership not only expands MILO’s footprint in youth sports development but also reinforces the brand’s pioneering role in fostering a more active generation of Vietnamese youth.

By leveraging the widespread appeal of basketball and the NBA’s global youth sports development network, MILO aims to help Vietnamese children and teenagers discover the joy of physical activity, cultivate a love for sports, and unlock their full potential.

The partnership between Nestlé and the NBA offers Vietnamese children the opportunity to engage in sports. Photo: Nestlé

Nestlé and the NBA will build on a shared commitment to youth participation in sport by creating more opportunities for young people and families to engage with basketball.

This will include activations across select NBA youth basketball development programmes and platforms, including Jr. NBA/Jr. WNBA, NBA Basketball School, Jr. NBA/Jr. WNBA Coaches Academies, Her Time To Play, and NBA 3X.

In addition, the partnership will extend across select NBA events and fan engagement platforms, including NBA Global Games and NBA House.

Liberato Milo, SVP head of Confectionery & Snacking Strategic Business Unit at Nestlé, said, "For decades, our brands have believed in the power of sport to bring out the best in people. From Milo and Nescau sports programmes to Nesquik athlete partnerships and initiatives, we have seen how sport can energise people, build confidence, and create healthy habits. Together with the NBA, we will use the power of basketball to connect with consumers at scale, create locally relevant experiences, and inspire more young people and families to get active and enjoy the game."

Binu Jacob, CEO of Nestlé Vietnam, said, “Vietnam has made remarkable strides in developing school sports and encouraging children to maintain an active lifestyle. MILO is proud to have been a partner on this journey for over 30 years. Through initiatives like the ‘Active Vietnam’ programme, we have collaborated closely with schools, families, and partners to inspire generations of young people to be physically active every day, thereby building self-confidence and fostering positive habits from an early age.”

“Our partnership with the NBA builds upon that long-standing commitment, allowing us to bring the excitement and dynamic spirit of basketball closer to a wide range of Vietnamese children. In doing so, we aim to contribute to the nation's shared goal of fostering a healthier and more active younger generation. This initiative also aligns with the government's objective of promoting the development of school basketball,” he said.

NBA senior vice president of Commercial Development and Media, said, "Nestlé is one of the world's most recognisable brands and has a longstanding connection to consumers across the globe. We look forward to leveraging Nestlé's reach and local market presence to connect with fans in new ways and support the continued growth of basketball around the world."

The partnership will span Australia, Brazil, Canada, Colombia, France, Germany, Ghana, Italy, Indonesia, Malaysia, Mexico, New Zealand, Nigeria, Singapore, Spain, Thailand, Turkey, the UK, the US, and Vietnam – with the Philippines joining from October 2027.

Nestlé Vietnam beefs up production capacity for coffee exports On August 21, Nestlé Vietnam inaugurated a production line for packaging instant coffee in glass jars at its Tri An factory in Dong Nai city.

Nestlé PURINA to meet cat nutrition demand Nestlé PURINA, a pet food brand under Nestlé, seeks to meet pet nutrition demand for cats in Vietnam.

ILO's WIND approach brings safer coffee farming to Vietnam Nguyen Trong Tuong was first introduced to the International Labour Organization's WIND approach in 2022. Four years later, he is teaching it himself, still looking for ways to make safer and healthier work part of everyday coffee farming in Vietnam.

With more than 52 per cent of Vietnamese organisations reporting operational damage from cyberattacks, unpatched and unauthorised software can create additional entry points for attackers, making software compliance an increasingly important part of enterprise risk management. Minitab’s actions support this broader enforcement effort and reinforce the importance of secure, properly licensed software use.

“Illegal software use creates legal, security, and operational risks for businesses. Minitab is actively working with our partner, JYW Vina Co., Ltd., to help Vietnamese organisations review their licensing and transition to genuine Minitab software,” said Tony Lee, APAC regional senior sales director at Minitab. “Properly licensed customers benefit from authorised product updates, expert support, and training resources that help them get greater value from Minitab’s data analytics solutions.”

Photo: Minitab

For businesses in Vietnam, adopting genuine software is not only about meeting licensing requirements, it provides the foundation for secure, data-driven decision-making, operational efficiency, and long-term business resilience.

For more than 50 years, Minitab has supported global organisations in enhancing quality, optimising processes, reducing costs, and fostering innovation through data-driven approaches. Its solutions assist businesses in manufacturing, research and development, supply chain management, and operational excellence.

Utilising genuine Minitab solutions enables businesses to access the latest features and authorised updates, including artificial intelligence-powered natural language tools, receive professional technical support and comprehensive training, establish a reliable analytics environment across the organisation, and ensure ongoing compliance with software licensing requirements.

Minitab continues to invest in the Asia-Pacific region through its sales operations, support services, and authorised partner network, with regional offices in Australia, Hong Kong (China), Japan, and South Korea. In Vietnam, Minitab works with authorised reseller partners to provide localised assistance in selecting and deploying appropriate Minitab solutions and training employees to use them effectively.

Data and resilience drive Vietnam’s digital government Public-sector digital transformation is entering a new phase, with data becoming the foundation of governance, while the ability to connect, share, protect, and recover data is increasingly determining operational resilience and the economy’s capacity for growth.

Vietnam pushes digital finance into tangible gains On September 24 in Hanoi, the Ministry of Finance, together with other agencies, organised Vietnam Digital Finance 2026 under the theme “Powering an intelligent, secure, connected, and sustainable digital financial ecosystem."

Vietnam launches first embodied AI conference to advance robotics ecosystem Vietnam held its first embodied AI conference in Hanoi on October 2, bringing together technology companies, universities and research institutions to explore applications of robotics.

The study, based on a survey of 3,200 CIOs across 10 countries, shows how far the CIO remit now extends beyond traditional technology management. As AI becomes embedded across the enterprise, technology leaders are being drawn more deeply into questions about how work is designed, where decisions sit and how responsibility is shared across the business. In Australia, 87% of CIOs agree they are now more responsible for redesigning workforce workflows and labour models than for managing core IT infrastructure, compared with 89% globally.

That broader responsibility comes as organisations are still working through how enterprise AI should be governed. Almost nine in 10 CIOs (88%) report that AI adoption within their organisation is happening faster than governance structures can adapt. More than a third of CIOs (35%) also say they feel personally accountable for workforce disruption caused by AI adoption, despite not being able to fully influence the outcome. In Australia, 90% say AI adoption is happening faster than governance structures can adapt, while 35% report personal accountability for workforce disruption. Meanwhile, 44% describe their organisation as very prepared to govern AI consistently across business functions, with a further 54% saying somewhat prepared.

"AI governance is also a workforce design issue," said Rachel Laycock, Chief Technology Officer at Thoughtworks. "As AI changes how work gets done, organizations need to rethink roles, workflows and decision rights so people know where human judgment is still essential and where AI can take on more of the work. Training matters, but it's only one part of building an organization that can use AI effectively at scale."

Complicating matters, the survey also found that influence over AI decisions is distributed across the business. Globally, 23% identify the CEO as having the greatest influence, followed by central IT or technology leadership (21%), the executive leadership team (11%) and dedicated AI roles (10%). In Australia, central IT or technology leadership is the most frequently cited source of influence at 20%, followed by the CEO at 16% and the executive leadership team at 14%. AI budget ownership is similarly distributed, with no single model dominant. Some 22% report that budgets are managed centrally by IT, 22% that responsibility is shared between IT and the business, 20% that budgets are controlled independently by business units, 19% that they are managed at executive or board level and 17% that the model is still evolving. In Australia, 22% say budgets are managed centrally by IT, 22% are controlled independently by business units, 20% are shared between IT and the business, 18% are managed at executive or board level and 18% say the model is still evolving.

"AI governance can't sit apart from data governance or from the economics of AI use," said Shayan Mohanty, Chief Data and AI Officer at Thoughtworks. "The person accountable for the data may not own the AI systems using it, while the people choosing those systems increasingly sit across the business. As adoption scales, organizations need the visibility and governance to understand where AI is creating value and where cost and risk are accumulating."

That distribution of decision-making can also create accountability tensions. Nine in 10 CIOs (90%) believe central IT would still ultimately be held responsible for security breaches or compliance failures caused by AI tools purchased independently by business units. In Australia, 89% agree central IT would still ultimately be held responsible for these failures.

CIOs also report feeling personally accountable for outcomes they cannot fully influence, including security incidents involving AI systems (37%), data privacy breaches (35%) and brand or reputational damage from AI misuse (34%). In Australia, 38% cite security incidents involving AI systems, 37% data privacy breaches and 35% workforce disruption from AI adoption as outcomes for which they feel personally accountable without full authority to influence them.

The lack of a single operating model extends to enterprise AI leadership. Seventy percent of organisations surveyed have already hired a Chief AI Officer, with a further 26% looking to do so. But there is no clear consensus on how the role should work alongside the CIO: 36% say the CAIO acts as an extension of the CIO's centralised strategy, while 35% say the role operates independently with equal or greater enterprise influence. Some 29% describe the CIO/CAIO relationship as a source of organisational friction or unclear boundaries. In Australia, 71% report that their organisation has already hired a CAIO and 22% are looking to hire one; among those describing the relationship, 36% say the CAIO acts as an extension of CIO/CTO strategy, 34% say the role operates independently with equal or greater enterprise influence and 29% cite friction or unclear boundaries.

"At Thoughtworks, our experience has been that AI transformation is a team sport, from defining enterprise AI strategy and architecture to embedding AI into internal platforms and day-to-day operations," said Xia Jie Jessie, CIO of Thoughtworks. "The question isn't who owns AI, but how leadership collaborates to create business value responsibly and at scale."

Taken together, the findings point to a CIO role that now extends well beyond technology infrastructure. Workforce design, distributed AI decision-making and enterprise governance now intersect, while organisations are taking different approaches to how leadership responsibility should be divided. In Australia, planned responses include embedding a dedicated technology lead within each business unit (55%), establishing a formal AI governance and operating model (48%) and standardising software and digital transformation across business units (38%), the highest country-level figure in the survey.

"Authority over AI is distributed, but accountability hasn't always moved with it," said Mike Sutcliff, CEO of Thoughtworks. "The answer isn't to pull every decision back into central IT or put one executive in charge and assume the problem is solved. Organizations need clearer decision rights, and people need the skills and information to make good decisions as AI becomes part of how the business runs."

The full report, Thoughtworks Global CIO Survey 2026: Who governs enterprise AI?, explores how organizations are approaching enterprise AI governance, leadership, workforce capability and the changing role of the CIO.

The Global Youth Powerhouse Summit 2026 brings together more than 600 young professionals, government and business leaders and corporate representatives

This year's Summit was the largest yet, bringing together more than 600 young professionals, government and business leaders and corporate representatives. Participants from over 60 countries and regions joined online. More than 30 distinguished speakers and moderators were invited, including officials of the Hong Kong Special Administrative Region Government and representatives of leading local and international organisations such as Huawei, the Alibaba Hong Kong Entrepreneurs Fund, Hong Kong Exchanges and Clearing Limited, Bullish and Endowus. In addition, consular representatives from up to 20 countries attended the Summit.

The Chief Executive of the Hong Kong Special Administrative Region, John Lee, GBM, SBS, PDSM, PMSM, delivered a pre-recorded video speech, encouraging young professionals to seize the opportunities of the times and inject fresh momentum into Hong Kong's high-quality development. He said: "For our young people, I firmly believe that your opportunities ahead outweigh the difficulties. The HKSAR Government will join hands with all sectors to build platforfor you to thrive in Hong Kong, in our country, and in the global arena."

The Deputy Secretary for Justice of the Hong Kong Special Administrative Region, Dr Cheung Kwok-kwan, SBS, JP, delivered an opening keynote entitled "Opportunities for the Professional Development of Young People", and stressed: "As the saying goes, 'Change is the only constant'—or as our Cantopop classic famously put it, '變幻原是永恆'. Today, we no longer measure change in years or decades, but in months and days. For our young professionals, this fast-paced era unlocks unprecedented career horizons. By accelerating Greater Bay Area integration through our new GBA Task Force and empowering you to act as the ultimate 'super-connectors' and 'super value-adders' helping Mainland enterprises go global, we are turning rapid change into your greatest professional advantage."

Dr Kevin Lau, MH, Founding Convenor of Hong Kong Youth Professional Global Advocacy, said: "This is more than a high-level forum. It marks a milestone in the maturing of our network of young professionals. This afternoon, venture funds managing an estimated US$10 billion in assets gathered in the room — and what they are looking at is Hong Kong's next generation. In life and health technology, our core belief is clear: artificial intelligence can assist imaging and diagnosis, but a physician's care, and the warmth of a human hand, can never be replaced by technology."

Other distinguished guests included Kevin Choi, JP, Permanent Secretary for Innovation, Technology and Industry; Professor Frederick Ma, GBS, JP, Chairman of the Hong Kong Trade Development Council; Bonnie Y Chan, JP, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited; and James Chau, President of the China-United States Exchange Foundation and World Health Organization Goodwill Ambassador for Sustainable Development Goals. Bryan Che, Chief Strategy Officer of Huawei, and Cindy Chow, Executive Director and Chief Executive Officer of the Alibaba Hong Kong Entrepreneurs Fund, also attended in person to exchange views with young professionals.

Panel discussions

Artificial intelligence: from first-time users to advanced users

The opening session began with remarks by Kevin Choi, JP, Permanent Secretary for Innovation, Technology and Industry, and was moderated by Stephaine Chan, Director of the Office of the Vice Chairman of Esquel Group. Panellists included Ilaria Chan, Chair of the Tech For Good Institute; Bryan Che, Chief Strategy Officer of Huawei; and Cindy Chow, Executive Director and Chief Executive Officer of the Alibaba Hong Kong Entrepreneurs Fund. The discussion focused on whether small and medium-sized enterprises, non-governmental organisations and schools can genuinely put artificial intelligence to use, and on the talent, trust and practical-application issues Hong Kong faces in driving "AI for all".

Kevin Choi, JP mentioned: "Every major technology shift brings uncertainty. Our theme today from entry-level shock to AI-powered users building the next talent leader."

Stephaine Chan said: "Every AI conversation ends in the same place, right? More investment, better people, better models and stronger policy."

Ilaria Chan said: "These days, Al is so powerful that they can scan the Internet and social media and find vulnerable young people or old people. They can find it instantly and have a very sophisticated way to trick them and fraud them from scamming."

Bryan Che: "One of the opportunities of Al is because the interface is much more natural for most people to interact with. On one sense, it's a lot easier for everyone to get started."

Cindy Chow said: "So I guess some of the most damaging thing is not allowing people to use or not, you know, really have the attitude to embrace all this new technology, what this new technology has to bring to you."

Geopolitics: the super-connector

This session was moderated by James Chau, President of the China-United States Exchange Foundation and World Health Organization Goodwill Ambassador for Sustainable Development Goals. Speakers included Ilaria Chan, Chair of the Tech For Good Institute; Ellana Lee, Senior Vice President, Managing Editor, Asia Pacific, and Global Head of Productions at CNN; and Professor Frederick Ma, GBS, JP, Chairman of the Hong Kong Trade Development Council.

James Chau said: "Against this backdrop, we often hear Hong Kong described as a super connector, typically framed in terof trade volumes, capital markets and logistics but I think that these connections that we're speaking of really only become very valuable and we understand and recognize the human bonds that pin these together."

Professor Frederick Ma , GBS, JP said: "We are part of China. And yet we are under one country 2 systeconnected to the rest of the world. That is the power of Hong Kong."

Ellana Lee said: "We made a very strategic decision when the times were tough to stay and remain in Hong Kong. I think that has and you know, we make these decisions not just out of a whim, but we are very calculative on why we need to stay. I have 8 cities across Asia Pacific. Hong Kong happens to be the hub for Asia Pacific. And there's it boils down to four major reasons."

IIaria Chan: "Simple of how tech is helping people, there is an organization, WHO care for children that was founded 20 years ago that helps orphans in developing China back then Vietnam, Thailand now in Africa, Middle East to find loving permanent homes. But their bottleneck is how they train social workers and governments on how to take care of orphan welfare. Now this year we've actually been launching an online product that is able to scale these bottlenecks, especially in areas that are underfunded. This is a great example of Al tech."

Education: Hong Kong as Asia's education hub

This session was co-moderated by Jennifer Yu Cheng, JP, Founder of the Future Leaders Foundation, and Jennifer Ma, Founder of JM Edu Consulting. Speakers included Maggie Chau, School Partnership Advisor at the Academy for Educational Development and Innovation of The Education University of Hong Kong; Dion CHEN, MH, Vice-Chairman of the Hong Kong Direct Subsidy Scheme Schools Council; and Professor Charles Ng Wang-Wai, Vice-President for Institutional Advancement of The Hong Kong University of Science and Technology.

Jennifer Yu Cheng, JP said: "An education hub is more than a place with excellent institutions. It is a place that students and families choose, where young people flourish, and connects education with research, innovation, careers and a wider community."

Professor Charles Ng said: "With our national policy. And I think we should do better to support this great initiatives and thinking back actually 2023 and home government already in in the government policy in October, if I remember correctly to start to increase the local student quota from 20% to 40%."

Jennifer Ma said: "As a consultant we need demand to meet supply and we are definitely seeing the demand for Hong Kong education at K12 level.......The advocacy for Hong Kong to be the gateway for China Resources and talents to leave China and go into international arenas. But at the same time, we also see a lot of international people interested in what's happening in mainland, and therefore Hong Kong is a great gateway. So, with that global education, global education philosophy, that means they really appreciate Hong Kong trilingual education by cultural mindset."

Dion CHEN, MH mentioned: "In 2026, a lot of DSS schools will work very hard to try to welcome and also promote welcome to Hong Kong and also promote Hong Kong's education to the students in different countries."

Maggie Chau said: "Maggie: I can see that all the universities are actually implementing AI in their curriculum. Talking about teacher education, the prograwe offer, I mean, not just The Education University of Hong Kong, the prograwe offer in all universities implement Al in the curriculum in a way that we draw attention to the use of Al is it has to be ethical."

Capital markets: AI listings, asset tokenisation and the new economy

This session was moderated by Emily CHAN Tan, a former CNBC anchor. Speakers included Bonnie Y Chan, JP; Clara CHAN Ka Chai, Chief Executive Officer of the Hong Kong Investment Corporation Limited; Michael Lau, Senior Vice President and Head of Group Business Development at Bullish and Chairman of Consensus; and Samuel RHEE, Co-founder, Chairman and Group Chief Investment Officer of Endowus.

Clara CHAN Ka Chai said: "We always say that from zero to 1 is the most challenging part. So, the patients in terof having staying power is the core, but it has to go in hand with other qualities like being proactive, being professional."

Michael Lau said: "I think it's an interesting proposition to consider that these types of companies that are so capital. I would start looking beyond the current horizon of where we are to see where it could go next. And so I do think that there is a demand looking to that future where this idea of a tokenized capital market could be quite interesting."

Samuel RHEE mentioned: "First of all, maybe we just take a step back and just try to understand all of the capital markets, not just equities."

Bonnie Y Chan, JP said: "I want to point out one thing. I mean, we are operating a stock exchange and I think capital markets at the end of the day, the basic function is to match capital with opportunity. So what I'm very focused on is that I'm not just focused on technology or AI."

Emily CHAN Tan said: "We are not just witnessing a cyclical recovery, but also some would call this the threshold of a capital markets renaissance."

Life and health technology: building a health-industry hub

This session was moderated by Professor Lo Yuk-lam, BBS, Founding President of the Hong Kong Biotechnology Organisation. Speakers included Professor LI King-Chuen, Founding Dean of the School of Medicine at The Hong Kong University of Science and Technology; Dr Sarah SALVILLA, Director of Health and Strategic Partnerships at FWD Group; and Professor Anthony Wu Ting-yuk, GBS, JP, former Chairman of the Hospital Authority and Non-executive Chairman of Trinity Medical Group. The discussion focused on how AI in healthcare can strengthen the competitiveness of Hong Kong's health industry.

Professor Lo Yuk-lam, BBS said: "Building HK's holistic wellness hub, this year marks a defining moment for HK. With the release of our first ever five year plan and their chief executive policy address just a few weeks ago, our city's road map for healthcare and biotechnology knowledge has never been clearer or more ambitious."

Professor Anthony Wu Ting-yuk, GBS, JP said: "Every country every city is trying to recruit more talent and I think Hong Kong is an ideal position to attract talents."

Professor LI King-Chuen said: "Our education system will be individualized. And we will do the factual knowledge transfer through mostly self-directed learning. So we guide them, we build an AI system with prescribed information."

Dr Sarah SALVILLA said: "Prevention for sure in terof how do we educate people to be much more proactive in their everyday lives, yes you know, kind of the lifestyle things."

Start-up pitching: connecting with capital

The closing session was moderated by business journalist Elaine Yu, with LU Chin Yung, Senior Vice President (Start-ups) of the Sector Specialist Group at Invest Hong Kong. Representatives of 11 venture funds were present, including the Alibaba Hong Kong Entrepreneurs Fund, Clee Capital, Click Ventures, GT Healthcare Capital Partners, Gobi Partners GBA, HKSTP Ventures, MindWorks Capital, Ryoden Medical Holdings, Seveno Capital, Verge HealthTech Fund and W2 Venture Partners. Together, the funds manage an estimated US$10 billion, have invested in more than 600 start-ups across more than 30 economies, and have backed at least nine unicorns, including Airwallex, Animoca Brands, Prenetics and GoGoX. Start-ups taking part in the pitching session included CELLmeric, Entoptica, PointFit, Syngular, Kodifly, AilsynBio, EveryBaby, A-grade, Orimmune Biotech, Nordia Biotech, Oncolmmu Nostics Limited, The Harbour School (THS), VisionBridge, Eden's Garden, and CARE CONNECT.

Elaine Yu said: "We have 15 startups and I think a group of students as well, very precocious students WHO are already thinking of ideas, real businesses with commercial viability at the cutting edge of science, research, healthcare and so forth. So, this should be a fun dynamic session."

LU Chin Yung pointed out: "Hong Kong is great in a lot of rankings in the world and this is not given, this is hard earned by your parents, by some of you sitting here. But as a young founder in Hong Kong, if you come to Hong Kong, you get to enjoy all this very safe environment. You have efficiency and then you also have a very clean government. This one I can say for sure. Yeah. And and all this, it helps the the founders to focus on your business, focus on grow, growing instead of you have to deal with many, many things."

The Summit closed amid lively exchange. Hong Kong Youth Professional Global Advocacy said it will continue to build the Summit into a platform for dialogue between young professionals and leading figures in government and business, helping Hong Kong's young talent seize the opportunities of the new economy.

Photos and video: Selected materials can be downloaded here: https://drive.google.com/drive/folders/1XowvT4PLTkLo-Vx6k8UJ_YyuM0O0wSlQ?usp=sharing .

Annex 1: Participating venture funds (in no particular order)

Annex 2: Attending guests (in no particular order)

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

A key highlight will be a presentation by Dr. Nguyen Van Dinh, vice chairman of the Vietnam Real Estate Association and chairman of the Vietnam Association of Realtors, focusing on Bac Ninh’s growth drivers, the role of planning and infrastructure in shaping the real estate market, and the factors to consider when assessing opportunities in a new urban development cycle.

For many years, the value of a real estate project has typically been assessed first and foremost based on its location, products, and on-site amenities. However, as urban areas continue to expand, infrastructure and connectivity with major economic hubs are increasingly becoming important factors in shaping long-term value.

Bac Ninh is a notable example of this shift. From being known primarily as an industrial and manufacturing hub, the province is gradually expanding its urban, commercial, service, and logistics functions while strengthening connectivity with Hanoi and other major economic centres in northern Vietnam.

Against this backdrop, a new urban development needs to demonstrate how it connects to surrounding areas, which economic ecosystems it links with, and how those connections translate into quality of life. Hong Hac City is positioned within this broader picture, not simply as a real estate project but as a potential component in the emergence of new living centres at the northeastern gateway to Hanoi.

Overview perspective for reference of Hong Hac City. Photo: Phu My Hung

Located in Song Lieu ward, Bac Ninh city, Hong Hac City covers 197.76 hectares, with a construction density of almost 28 per cent and a projected population of approximately 27,700. The project is designed around an 'All-in-One' model, integrating housing, education, healthcare, retail, sports, culture, landscaping, and essential services within a unified urban development.

The concept of 'multi-level connectivity' at Hong Hac City is reflected across five dimensions. These include regional connectivity linking Hanoi, Bac Ninh, and major economic centres across northern Vietnam; infrastructure connectivity through inter-regional transport networks and strategic transport hubs; economic connectivity linking residents with industrial, commercial, service, and logistics centres; amenity connectivity integrating education, healthcare, retail, sports, landscaping, and services within a single urban structure; and community connectivity creating a foundation for a stable, sustainable residential community over the long term.

One of the notable features of Hong Hac City is its focus on developing an integrated urban ecosystem, rather than concentrating solely on residential products. The master plan comprises three low-rise residential subdivisions of Hong Phat, Hong Thinh, and Hong Phuc - alongside mixed-use commercial areas and high-rise residential developments.

Green and water spaces are incorporated into the project’s structure, including a 17.8-ha central park, as well as internal parks, a water-regulation lake, sports facilities, and community amenities.

In July, Hong Hac City also partnered with EQuest Education Group to develop an education system within the urban development, with plans for an education complex serving approximately 2,500 students.

An artist's impression of the education facility at Hong Hac City. Photo: Phu My Hung

Within the overall Hong Hac City development, Hong Phat is the first low-rise residential subdivision to be developed. Its architecture draws inspiration from Kinh Bac culture, combining Modern Classical and Indochine design languages with understated references to the distinctive identity of the region, creating a distinctive character for the neighbourhood.

Zone F1-2 comprises 397 units, including townhouses, shophouses, and semi-detached villas, with access to the wider development’s network of parks and education, healthcare, and commercial amenities.

According to the developer, all 1,047 villas and townhouses in the Hong Phat subdivision have been issued certificates of land use rights and ownership of assets attached to land. The first handover of homes in Zone F1-1 is expected to take place towards the end of 2026.

In a real estate market that increasingly places greater emphasis on transparency and genuine quality, legal status, infrastructure, development progress, planning quality, and the ability to build a community are becoming key factors in assessing an urban development.

An artist's impression of the central park at Hong Hac City. Photo: Phu My Hung

For Hong Hac City, therefore, 'Multi-level Connectivity – Seizing New Opportunities' is more than just the theme of an event. It reflects how the project is positioned within the long-term development of Bac Ninh and the Hanoi region – where infrastructure enables connectivity, economic growth generates demand, and a quality urban ecosystem provides the foundation for building a community.

Hong Hac City also marks the expansion of Phu My Hung’s development footprint into northern Vietnam after more than three decades of urban development in Ho Chi Minh City, alongside Nomura Real Estate Vietnam, one of the top real estate developers from Japan.

The two partners share a people-centred approach, seeking to create an urban model that goes beyond providing homes to foster an environment for living, working, learning, healthcare, recreation, and community engagement.

From Bac Ninh’s transformation to the emergence of a new centre of living, Hong Hac City is positioning itself within a broader, long-term story of urban development, people, and value created over time.

As the development space of the Hanoi region continues to expand, Bac Ninh is entering an important period of economic and urban transformation.

Notably, on September 20, Bac Ninh officially became Vietnam’s ninth centrally governed city. This milestone marks a new phase of development, with the city aiming to become a high-tech industrial, innovation-driven, green, smart, and modern urban centre, while strengthening connectivity with Hanoi and other northern growth poles.

In the first nine months of the year, Bac Ninh granted investment licences to 264 new foreign-invested projects, with total registered capital of $1.67 billion, while 222 existing projects registered additional capital of $2.3 billion. With these results, Bac Ninh currently ranks third nationwide in overseas investment attraction, after Ho Chi Minh City and Thai Nguyen province.

The change in administrative status is taking place alongside rapid development in infrastructure, industry, logistics, commerce, and urban areas, creating new drivers for the movement of capital, businesses, and population across the region.

Against this backdrop, the value of real estate is increasingly being viewed from a broader perspective: not simply in terms of a project’s location, but its position within the wider development trajectory of the region.

Hong Hac City sets benchmark for integrated urban living Vietnam's real estate market is undergoing a transformation as a new generation of buyers looks beyond homeownership, seeking a lifestyle that embodies their social identity and provides a lasting legacy.

Hong Hac City approved for foreign homeownership The Bac Ninh People's Committee has issued an official document publicly announcing the eligibility of foreign organisations and individuals to own residential properties within the Hong Hac–Xuan Lam Eco-Urban Area development.

Hong Hac City partners with EQuest, opens show home in Bac Ninh Hong Hac City has marked a significant milestone with the signing of a strategic partnership with EQuest Education Group and the opening of the Bespoke Collection show home, underscoring the project's progress and long-term development strategy.

"The role of Science, technology, engineering, and mathematics (STEM) in nurturing students’ spirit of exploration and creativity is significantly highlighted. Curiosity is where learning and innovation begin, encouraging young people to ask questions, seek answers and continue growing," said Sasha Stone, Economic Attaché at the US Embassy in Hanoi.

Sasha Stone, economic attaché at the US Embassy in Hanoi. Photo: The US Embassy in Hanoi

For SWITCH Robotics, that philosophy has been shaped through years of hands-on experience in competitive robotics. The team now fields three competing teams, each with a growing record of achievements on both the national and international robotics stage.

Team 15167A, SWITCH, has won seven Excellence Awards, six Teamwork or Tournament Champion titles, five Design Awards, two Robot Skills Champion titles and one Think Award. At the VEX Robotics World Championship (VEX Worlds), the team won a Design Award in the 2022-2023 Slapshot season, finished second in the Teamwork Challenge Division in 2023-2024 under Full Volume, placed second in the qualification rounds in the 2024-2025 Rapid Relay season, and reached the Division Quarterfinals in the 2025-2026 Push Back season.

Team 79813J, BRAVE, has secured four Teamwork Champion titles, two Judges Awards, one Amaze Award and one Think Award. At VEX Worlds, the team won the Teamwork Challenge Division at the Dome Finals during the 2023-2024 Full Volume season and finished second in the same division in the 2024-2025 Rapid Relay season.

Team 15167B, WLR, has earned one Excellence Award, two Teamwork Champion Awards, one Robot Skills Champion title and one Amaze Award. In the 2025-2026 Mix & Match season, the team also competed at VEX Worlds.

The record reflects SWITCH’s sustained presence on the world’s largest student robotics stage, from winning a Design Award at VEX Worlds in the 2022-2023 season to claiming the Teamwork Challenge Division title in 2023-2024 and continuing to compete at the highest level in subsequent seasons.

SWITCH Robotics and the organizing team at the mentorship session. Photo: The US Embassy in Hanoi

Those experiences now form the foundation for SWITCH Robotics to pass practical lessons on to younger students. The mentorship session covered team building and role allocation, the Engineering Notebook, judging interview skills, competition experience and rules analysis, alongside a live question-and-answer session.

For Ho Van Son, SWITCH’s coach, the journey is also deeply personal.

“I’ve been with the team since the members were young fourth-graders, and I’ve watched them take their first steps in robotics and gradually grow in confidence, skills and achievements. Today, they’ve even grown to be taller than their coach,” he said.

The mentorship session will be followed by the Scrimmage on October 13 at the American Centre Hanoi, where secondary school students will have the opportunity to put their newly acquired knowledge and skills directly into practice in competition.

SWITCH Robotics’ journey captures the central message of the programme: every young person can become a next-generation engineer, starting simply with curiosity.

STEM education evolves for AI era As AI reshapes labour market demands, STEM education is also evolving. Rather than focusing solely on technology, many programmes are placing greater emphasis on creativity, adaptability and problem-solving to prepare students for an AI-driven economy.

AMC Robotics builds out Bac Ninh plant to scale AI-powered robotics AMC Robotics has provided an update on the buildout of its manufacturing facility in Bac Ninh, operated through its wholly owned subsidiary AMCV Co., Ltd., as it targets Phase 1 production by the end of 2026.

Vietnam launches first embodied AI conference to advance robotics ecosystem Vietnam held its first embodied AI conference in Hanoi on October 2, bringing together technology companies, universities and research institutions to explore applications of robotics.

"Business interruption and supply chain risk remains elevated and volatile. The operating environment is challenging with geopolitical tensions, trade fragmentation, cyber-related incidents, and growing dependency on technology such as artificial intelligence (AI). The scale of physical damage alone no longer determines the ultimate cost of a business interruption. Even a relatively contained incident can have consequences across production networks, customers and markets. Businesses therefore need to identify and better understand not only their own critical assets, but also those of the suppliers, technologies and infrastructure on which their operations depend," says Thomas Lillelund, CEO of Allianz Commercial.

Fire is the dominant cause of loss

Fire and explosion is the costliest cause of business interruption claims, accounting for more than 40% of the total value analyzed, equivalent to approximately €2.9bn, or US$3.3bn. Fire was responsible for nine of the 10 costliest man-made business interruption events in the dataset and was the most expensive cause of loss in markets including Germany, Singapore, Hong Kong, the UK and the US. One case illustrates how losses can escalate beyond the original incident: a fire at a small manufacturing unit caused relatively limited physical damage but severely disrupted downstream operations, ultimately resulting in a nine-figure group-wide business interruption loss. Natural catastrophes are the second-costliest cause, representing 34% of the value of claims analyzed, and the most frequent, accounting for 26% of claims. Together, fire and explosion and natural catastrophe events generated more than 75% of total claim value.

However, events that do not involve natural catastrophe activity remain the principal overall business interruption loss driver, accounting for 74% of claims and 66% of their total value.

Recovery is taking longer and costing more

Some natural catastrophe claims are developing over increasingly long periods. Two years after Hurricane Helene in September 2024, many associated business interruption claims remained unresolved, not due to coverage issues, but because affected companies had not yet fully recovered. Supply chain delays, labor shortages, and volatile material costs can extend both recovery and settlement.

Concentrated production is also amplifying losses. Industries can depend on a limited number of specialist sites, suppliers or regions for critical materials and components, allowing a fire, cyber incident or extreme weather event at one location to cascade through global supply chains. The two costliest non-natural catastrophe events in the analysis involved fires at semiconductor factories.

Underinsurance also remains a key risk as declared values can be inadequate due to factors such as inflation, highlighting the importance of regular review to ensure it reflects current operating conditions.

"What we increasingly see in Asia is that the size of a business interruption loss is often determined less by the initial event and more by the speed at which an organization can recover. Whether the trigger is a fire, flood, equipment failure or disruption at a key supplier, businesses operating in highly interconnected supply chains can face prolonged operational and financial consequences.

"Businesses should also regularly review their declared values and business interruption exposures to ensure they accurately reflect current revenues, costs and operating conditions. Inflation, supply chain disruption and longer recovery periods have increased the risk that declared values may no longer be adequate when a major loss occurs. The most resilient companies are those that understand their critical dependencies in advance and have practical recovery plans that can be activated immediately," adds Charlotte Field, Regional Head of Short-tail Claims at Allianz Commercial Asia.

Cyber disruption broadens the risk landscape

While ransomware remains the leading cyber-related cause of disruption, a growing share of loss activity is also being driven by cloud outages, software failures and incidents at third-party technology providers. More than 48,000 outages were tracked across cloud and software services in 2025 alone, highlighting businesses' rising dependence on digital supply chains. High-profile incidents, including attacks on software providers and logistics platforms, demonstrated how a single cyber event can disrupt thousands of organizations simultaneously. As companies become more reliant on cloud services, AI and third-party technology providers, cyber-related business interruption is becoming a more significant and complex source of loss.

"In today's interconnected economy, preventing business interruption is no longer just about protecting individual sites. While companies have made progress in understanding their supply chain exposures, prevention remains the most effective form of risk management. Investments in fire protection, natural catastrophe resilience, cyber preparedness and business continuity planning can make a meaningful difference to both the duration and severity of a business interruption loss. Even relatively modest investments can significantly reduce the impact of disruption when it occurs," explains Alberto Barani, Business Interruption Group Leader, Risk Consulting at Allianz Commercial.

https://commercial.allianz.com/

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The discussion also focused on the new requirements arising from Resolution No.10-NQ/TW on the development of the foreign-invested economic sector, while exploring ways to create a more favourable environment for Vietnamese businesses to enhance their competitiveness and participate more deeply in global value chains. Here, several expert panellists give their outlook on the next stage:

Bui Thu Thuy, deputy director general of the Foreign Investment Agency under the Ministry of Finance

One of the major shifts in thinking regarding foreign direct investment (FDI) attraction in Resolution 10 is the change from attracting foreign investment to developing an economy with foreign investment, shifting from attracting FDI in isolation to developing a comprehensive investment and business ecosystem.

This requires a change in thinking and methods of FDI management, both at the central and local levels. Agencies must shift from an administrative management mindset to a development-oriented mindset, accompanying investors throughout the entire project lifecycle. To effectively utilise FDI, ministries, sectors, and localities need to prepare the following conditions:

The first is the institutional framework. The institutional framework, procedures, and national and local governance capacity are crucial factors in attracting high-quality capital.

The second factor is strategic infrastructure and the industry ecosystem. To allow FDI flows to spread and for domestic businesses to leverage the internal strengths of the economy, it must prepare the complete infrastructure and industry ecosystem, which includes not only traditional infrastructure but also digital infrastructure, and the capacity to supply clean and stable energy sources.

The quality of human resources is also important. Attracting good projects also requires a readily available, high-quality workforce. This is also a major challenge. To anticipate high-tech projects, we must prepare a high-quality workforce, especially in the fields of semiconductors, AI, automation, among others.

Finally, it is about enhancing the absorption capacity of domestic enterprises. Resolution 10 provided strong direction, and currently the Ministry of Finance is proposing superior investment incentives and support mechanisms, close to the practices of other countries, to encourage foreign-invested enterprises to transfer technology and increase spillover effects into the domestic economy. However, domestic enterprises also need to improve their capacity and prepare well to participate in the supply chain when having opportunities.

Truong Thi Chi Binh, deputy chairwoman of the Vietnam Association for Supporting Industries (VASI)

For export-oriented manufacturing, multinational companies almost always rely on their existing global supply chains when they set up production in Vietnam. High-end mobile phones are an example; to guarantee consistent quality, producers must bring in their trusted suppliers rather than simply switching to local ones.

If local firms want to enter global supply chains, they need to have clear and specific support from the government. Other countries have taken different paths. Thailand, Malaysia and China each developed deliberate strategies for electronics. In China, large production sites often benefit from significantly lower land costs.

In Vietnam, industrial land near major hubs can cost around $170 per square metre; even in more distant locations the cost is even about $90. Combined with interest rates of 12 per cent for seven-to-ten-year loans, these conditions discourage investment. A manufacturer can earn nearly the same return simply by placing money in a bank at 10 per cent with less risk.

Developed countries such as Japan and Germany still offer free or heavily subsidised land in many areas.

Vietnam already has more than 500 capable supporting-industry suppliers. With the right policies, these firms - and the members of our association - can expand together. In the past ten years, strong export growth and rising domestic demand have helped many former SMEs become substantial companies. VASI now includes a number of large enterprises, and our goal is to develop 10 to 20 leading companies that can pull smaller partners into their supply chains and share the experience they have gained through years of challenges.

Nguyen Thu Ha, national director of executive Search & Selection and Hanoi Total HR Solutions Business Development at Talentnet

After nearly twenty years of recruitment work for both foreign-invested and local companies, we repeatedly hear the same observations from foreign employers.

First, the skills of new graduates remain limited. Vietnam still lacks a strong vocational-education system, and university curricula often fail to match the competencies companies actually need. Second, while the technical level of engineers has improved in recent years, foreign-language proficiency lags that of peers in the Philippines, Thailand, and Malaysia. This restricts career development and makes it harder for Vietnamese professionals to learn from and communicate with international partners. Leadership and management capabilities are also generally weaker than in neighbouring countries, limiting the ability to operate effectively in a global context and to understand complex international supply chains.

The practical question, therefore, is how Vietnam can prepare its talent for global roles. At Talentnet, we support extensive recruitment for FDI firms and work equally closely with local companies. We work with business owners to design remuneration policies, competency frameworks and detailed skill-mapping exercises so that local enterprises can attract, develop and retain the people they need to compete internationally.

Jackson Woo, managing director of SGS Vietnam

I would like to return to a fundamental issue, namely trust. Without trust, global buyers will simply not engage Vietnamese suppliers. The majority of my clients in Vietnam are foreign-invested companies that already serve as tier-one, tier-two or tier-three suppliers to major international buyers. Global buyers tend to stay with these established FDI partners because the products must meet worldwide quality and regulatory standards.

Although the country has a large domestic consumer market of more than 100 million people, the export and domestic tracks are still distinct.

In addition to stimulating internal demand, we must help Vietnamese suppliers enter global supply chains by building an innovative ecosystem grounded in trust. I do not see major technical quality barriers among existing local suppliers; most are willing to learn, listen and seize opportunities. The real question is where they should allocate limited capital - land, technology, people, materials or quality systems. Clear government direction for the next five to ten years is therefore essential. The localisation strategy and the focus on high-tech industries announced earlier this year are positive steps. Society as a whole - universities, industrial parks, energy suppliers - must align curricula and infrastructure with future demand.

In the past, Vietnam treated FDI mainly as a source of capital. The government is now taking a better approach: FDI is viewed as a catalyst that can help local firms generate domestic value. Besides that, one thing is international standards, including environmental, social, and governance. ESG requirements are no longer optional; they are demanded both by global buyers and by the regulations of destination markets. Companies that want their products sold overseas must implement at least minimum ESG practices.

Vietnam shifting to a stronger FDI ecosystem Vietnam is moving towards a new approach to foreign investment, with the focus shifting from attracting capital and individual projects to developing a foreign-invested economic sector that is more deeply integrated with the domestic economy.

Resolution 10 equals growth driven by strategic innovation A massive strategic overhaul is underway regarding Vietnam’s embrace of foreign investment. Il-Dong Kwon, managing director and partner at BCG Vietnam, spoke to VIR’s Bich Ngoc about improving the quality of foreign funding and related resolutions to boost high-tech sectors.

Resolution 10 through a Nordic lens Resolution No.10-NQ/TW identifies the foreign-invested sector as an integral part of Vietnam’s national economy. David Tuan Anh Nguyen, executive director of Nordic Chamber of Commerce in Vietnam shares how the Nordic business community reads the Resolution, and what is happening on the ground.

Vietnam shifting focus to building high-quality FDI ecosystem Vietnam is shifting its approach from simply attracting foreign direct investment to developing a foreign-invested economic sector and building a high-quality ecosystem for foreign investment, according to Pham Van Hoanh, VIR's editor-in-chief.

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