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

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

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

• Bora delivered historically record-high quarterly revenues of NT$5,889 million in 2Q26, up 47.2% quarter-over-quarter driven by broad-based operational momentum, with basic EPS of NT$4.36.
• CDMO revenue growth and increased site utilization rates,along with strong growth in the rare disease business and a return to growth for generics business of the Pharma Sales operations lifted group profitability, with gross margin expanding to 41.3% from 36.0% and operating margin reaching 16.8% from 10.2% in 1Q26. Excluding one-time costs related to the Weider Global Nutrition transaction, operating margin was approximately 18%.
• CDMO's strong backlog of US$317 million as of end of 2Q26, another historical high following a strong quarter, signals that Bora's core business continued to perform with higher demand.
• Pharma Sales' rare disease franchise continues to show double digit sequential growth and the increased demand from government channels during the quarter with stabilized pricing in DLS has lifted the generics business back to normal.
• Reflecting Bora's recent increase in investment in Sunway Biotech, from 35.97% to 42.27% and subsequent acquisitions of Weider Global Nutrition's, the Company has introduced "Consumer Healthcare (CHC)" as a new segment in its revenue mix disclosure beginning this quarter. In 2Q26, revenues from CHC were NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY, and contributed to 14% of the Bora Groups consolidated revenues, an all-time high.
• Cash-on-hand reached an all-time high of NT$8,431 million as the Company was preparing for MacroGenics Inc.'s Rockville facility acquisition.
• The Company has kicked off a group-wide AI in Manufacturing, BORA AIM, program aimed at improving process efficiency across sites, spanning engineering, quality and production. Bora has also signed a partnership with Insilico Medicine for AI drug discovery. The first 6 months will focus on beta version testing of the Bora AIM agents and AI champions to drive process consolidation.
• Share capital increased 0.3% during the quarter from employee stock option exercise.

Bobby Sheng, Chairman of Bora Group, stated, "We are pleased to announce Bora Group's return to strong operating profits and double to triple-digit growth on all key margins sequentially, as well as demonstrate that our soft 1Q26 performance was anomalous rather than structural. Our impressive sequential improvement was driven entirely by strong demand from both our CDMO and Pharma Sales businesses, with 2Q26 manufactured batches reaching 0.38 billion doses, led by increased commercial production in Maple Grove and Zhunan sites and a full quarter of operations in the Maryland injectable facility, while our flagship products DLS and VIGAFYDE® in Pharma Sales continues to secure leading market share.

Our focus right now is execution. CAPEX investments in our mature sites, including facilities in Taiwan and in Canada, continue to deliver operational leverage driven by gross margin expansion, and our recently acquired oral solid dose facility in Maple Grove continues to show stellar and impactful demand as we sign more projects. Our 12-month rolling backlog is at historic high in almost all our sites, despite projected manufacturing delays at our Maryland injectable facility as we diligently respond to FDA audit observations from a recent audit. Bora Group's commitment to the fast-growing Biologics manufacturing industry took another big step as we look to integrate 12,000 liters of capacity, and 3 commercial products from our Rockville facility, as well as see revenue recognition from this acquisition starting Q3. As Bora's CDMO footprint expands in the US, we continue to capture durable, high-value demand as customers increasingly prioritize supply security and onshore capacity.

In addition, we are seeing sustained growth and improved gross margins in the Vigabatrin franchise, our most important, rare disease franchise, thanks to renegotiations with our partner vendors. Accelerated state and government orders for generics products increased 2Q26 revenues and 6 new generics launches have also supported a more diversified generics portfolio. Together, the advancement in rare disease franchise and generics business has positioned Bora's Pharma Sales business, operating under the name Upsher-Smith, in a far stronger state than it was just a quarter ago.

As announced in July, we are excited to be developing a group-wide AI in Manufacturing program, BORA AIM, aimed at improving process efficiency across sites, spanning engineering, quality and production. We also announced a partnership with Insilico Medicine to enhance our understanding of AI drug discovery and create more customized AI manufacturing platforms for AIDD small molecules. In the next 12 months, Bora Group will be ready to showcase some exciting AI-enabled CDMO platforms that will truly add value to our partners and sharpen the overall competitive advantages of Bora Group.

As our momentum carries Bora into the second half of the year, we expect margins of our flagship products in Pharma Sales and CHC businesses to hold steady on continuous revenue growth, and improved efficiencies in the CDMO business in addition to consolidation of new revenues from the Rockville facility."

2Q26 Operational Achievements & 2026 Outlook

Global CDMO Operations

Revenues increased 30.3% year-over-year and 29.0% quarter-over-quarter including internal orders, and 33.0% and 40.2% external orders only, or NT$2,116.4 million. The growth was primarilydriven by a strong rebound in injectables following the semi-annual maintenance in 1Q26 and same period last year, and demand acceleration overall as we continue to meet the increasing backlog.

CDMO business also signed a record high US$378.2 million in total external wins. Highlighted by a 10+2-year, multi product commercial contract in our Maple Grove facility with a new top-20 pharma company, and 14 new molecules from pre-commercial programs from multiple new customers. Bora is confident in its mid- to long-term growth trajectory as pharma and biotech companies continue to look for US based CDMOs as a part of their efforts to onshore US production and improve supply chain resilience.

During the quarter, 0.38 billion doses, or 109 molecules, were developed and manufactured. Contribution from the top 20 global pharmaceutical companies stood at roughly 30% and should increase drastically in the next 8 quarters.

Looking at 3Q26, the Company is highly optimistic, with our backlog having climbed to an unprecedented level even after a strong quarter of manufacturing output. We do anticipate some timing shifts in revenue recognition related to scheduled semi-annual maintenance at our Maryland injectable site, alongside targeted quality-enhancement activities in connection with observations on passive RABS (Restricted Access Barrier System) line received from an FDA audit that took place 2Q26. However, there has been no reduction in total commercial batch productions in 2026 as we speak and several existing clients have initiated transfers to the FlexPro isolator filling lines. RFP activity has risen, with the first GMP PPQ campaign starting in August. On the newest, isolator-based AST lines, factory acceptance testing (FAT) is planned for Q326, with qualification to follow in 2027, expanding our ability to onboard small-scale isolator programs, including tech transfers.

On biologics, Rockville facility revenue recognition started in the first month of 3Q26 and the site has confirmed that it is on track to deliver batch production volumes ahead of last year's run rate of around 13 batches for the remainder of 2026. We anticipate one-time transaction costs from this acquisition of approximately 3% of the purchase price including legal and FA fee and transition related expenses as stated in the Transition Service Agreement. The Rockville acquisition expands biologics capacity and brings integrated drug substance (DS) and drug product (DP) capabilities under one roof, strengthening our end-to-end service offering and attracting more inbound opportunities and higher value conversion with cross selling opportunities for our injectable business.

For our strategic investment in Tanvex Biopharma, the main Bora Biologics platform company, although the business still operates at a loss, Tanvex has built a strong presence in international conferences, especially Bio International in the US in June. We have seen a positive uptick in pipeline from leading biotechs and heavy weight biopharmas, and stable demand for early-stage PD programs in Zhubei. The Rockville acquisition is expected to orchestrate and accelerate opportunities for Tanvex in the coming quarters.

Pharma Sales Operations

Revenues decreased 2.7% year-over-year and increased 30.4% quarter-over-quarter, arriving at NT$2,934.04 million in 2Q26. The year-over-year decrease was mainly due to a product rationalization program in 2025 that lead to the withdrawal of a basket of legacy generics products.

During the quarter, specialty and brand came in strongly, up 58.8% for the quarter QoQ and displayed almost 50% growth against 2025 run rate. The rare-disease Vigabatrin franchise demand is robust, and our continuous investment in the segment has resulted in much broader patient access compared to when we acquired Upsher-Smith 28 months ago. On coverage, we are on track to achieve year-end formulary goal of >50%, supported by more regional plans and strong physician adoption as they gain experience with VIGAFYDE®. The Company has also renegotiated contracts with suppliers, leading to improved gross margins for the franchise during the quarter and expects full economic contribution starting 3Q26. Simultaneously, the Company out-licensed its non-core assets, Stiripentol generics and 505(b)(2), during the quarter, fully capturing the economic value of these drug assets to enable fueled and renewed focus on core specialty and brand business.

The generics business returned to stability as Upsher-Smith successfully defended flagship product DLS. High value generics advanced 20.6% sequentially from downstream restocking, narrowing the year-to-date YoY decline against 2025 run rate to high teens.

Having executed our way through specialty and brand business growth and generics portfolio optimization, we have returned to the 2023–2024 peaks of Pharma Sales performance but with healthier and more resilient operating profits. As of now, Upsher-Smith sees 6 ANDA pending approval.

CHC Operations

Bora Group has increased holdings of Sunway Biotech to 42.27% through a private placement at $NT 596 million. Subsequently, Sunway completed the acquisition of Weider Global Nutrition (WGN), a global nutritional supplements company with offices in the US, Spain, and Germany and products sold in over 60 countries. Benefitting from the consolidation of WGN that started in May, Consumer Health business totaled NT$824.76 million in 2Q26, a 354.4% increase QoQ and 234.3% YoY. Focusing on longevity and sports nutrition, WGN's distribution strength is expected to meaningfully contribute to the CHC business in 2026 and beyond and shall deliver vertical-integration synergies to Sunway's existing ingredients' manufacturing operations. Together, the WGN acquisition is expected to catapult Sunway Biotech into a leading global nutritional supplements company and substantially accelerate top and bottom-line improvements in the future.

Recent Investor Conference

Bora will host English online earnings call at 8:00 a.m. Taiwan time on Aug. 14^th, 2026. The event will cover the Company's 2Q26 financial and business results and 2H26 outlook.

English Online Earnings Presentation Link: https://teams.microsoft.com/meet/225504163505748?p=UyyncWl1CnOzjBCNKD

Bora will participate in Goldman Sachs 2026 CDMO day in Singapore in Sept. For 1:1 meetings with management, please contact your GS representative.

Bora 2026 Earnings Schedule

Q3 2026: Expected in the 2^nd week of Nov 2026
Q4 2026: Expected in the 2^nd week of Mar 2027

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

For more, please visit:
https://www.bora-corp.com
https://www.boracdmo.com

A New Standard for Compact Commercial Cleaning

As cleaning automation expands from large facilities to smaller commercial locations, businesses need robots that can navigate tight spaces without compromising performance or autonomy. Larger robots can be difficult to deploy in compact stores, while smaller machines often require more manual intervention. PUDU ET1 addresses this gap by combining compact mobility with commercial-grade cleaning and full-process automation for small-format businesses.

Powerful Cleaning in One Pass

ET1 integrates scrubbing, sweeping, vacuuming and dust-mopping in one robot. Its front-sweep, rear-scrub structure handles dry debris and wet stains in a single pass, helping stores improve cleaning efficiency without repeated manual work.

For deeper stain removal, ET1 combines a scrubbing roller speed of up to 800 rpm with 20 kPa suction to remove grease, footprints and stubborn stains while efficiently recovering dirt and wastewater. For sticky stains commonly found in restaurants, convenience stores and retail spaces, ET1 supports 85°C hot scrubbing, with hot water supplied by the docking station and maintained by the robot during operation.

ET1 also features real-time roller mop self-cleaning, continuously refreshing the roller to reduce dirt buildup and help prevent secondary contamination. Its streak-free cleaning design quickly recovers dirty water, leaving floors dry with minimal residual moisture and helping reduce slip risks in customer-facing spaces.

Automation That Extends Beyond Cleaning

ET1 is paired with a fully automated 8-in-1 docking station, covering automatic charging, clean water refilling, wastewater drainage, detergent dispensing, roller mop rinsing, squeegee rinsing, roller spin-drying and water heating. After each task, ET1 automatically returns to the station to complete a self-cleaning cycle, reducing daily manual intervention for store teams.

ET1 also features auto dust collection, transferring dust, hair and debris after cleaning tasks to further reduce routine upkeep. This end-to-end automation allows small commercial spaces to move beyond robot-assisted cleaning toward a more hands-free operating model.

AI Magic Cleaning for Adaptive Operations

ET1 continues PUDU Cleaning's AI-native technology roadmap with AI Magic Cleaning, integrating perception, motion control and cleaning systems into a unified intelligent workflow. It supports autonomous mapping, automatic stain recognition, cleaning heatmaps and AI adaptive cleaning, continuously optimizing each task based on real-time floor conditions.

With AI floor surface and stain recognition, ET1 can detect carpet edges and lift the scrubbing roller to keep carpets dry, or lift the sweeping brush and side brush over liquid spills to prevent spreading mess and secondary contamination. For stubborn stains, AI Adaptive Scrubbing automatically lowers cruise speed, increases roller speed and boosts water output for deeper cleaning.

Built for Easy Deployment and Chain-Scale Use

For chain brands, ET1 is designed for easy deployment, operation and maintenance.

With Auto Mapping and One-click Start, store teams can begin cleaning without complex setup or manual mapping, lowering deployment barriers and enabling faster in-store demonstrations.

The robot also features an intuitive operating system with dedicated modes for managers and daily operators, built-in guidance and proactive maintenance reminders.

Its modular cleaning components are designed for quick removal and washing, helping teams maintain the robot more easily while reducing long-term operating costs.

Built for Narrow Aisles and Busy Stores

Built for real-world small business environments, ET1 can navigate spaces with a minimum clearance of 50 cm in width and 60 cm in height, allowing it to move through narrow aisles, shelf gaps and low-clearance areas in convenience stores, drugstores and restaurants. It can operate during business hours while reducing disruption to customers and staff, making all-day cleaning more practical in dynamic commercial spaces.

Its edge cleaning capability also helps improve coverage along walls, shelves and corners, addressing areas often missed in routine cleaning.

More Than a Cleaner

For retail scenarios, ET1 can be equipped with an optional 21.5-inch advertising display, enabling stores to show promotions, product campaigns and brand content. With cloud-based content management and customizable body wraps, the robot can also serve as a mobile in-store marketing touchpoint, creating additional value beyond cleaning.

As the first product in the PUDU E Series, ET1 marks a strategic expansion of PUDU's commercial cleaning portfolio. Together with the PUDU CC1 Series, MT1 Series and BG1 Series, ET1 enables PUDU to provide cleaning solutions across different commercial space sizes, from small stores to large commercial complexes, supermarkets, office buildings, warehouses and logistics facilities.

According to Frost & Sullivan's 2025 Global Embodied Intelligence and Commercial Service Robotics Independent Market Research Report, Pudu Robotics ranks No. 1 globally in commercial cleaning robotics revenue with a 29% market share. The launch of ET1 further strengthens PUDU's leadership in commercial cleaning robotics and reflects the company's long-term commitment to real-world commercial scenarios, AI-native innovation and scalable robotic solutions.

The effort builds on more than a decade of Vitamin Angels' work in Indonesia. Since 2015, the organization has supported vitamin A supplementation and deworming (VAS+D) through local nongovernmental organizations across the country. This expanded collaboration with the Ministry of Health marks a new milestone in Vitamin Angels' long-standing commitment to improving child nutrition and supporting government-led nutrition programs across the country.

Every February and August, the Ministry of Health of Indonesia leads a nationwide vitamin A supplementation campaign, providing vitamin A to children ages 6 to 59 months to support healthy vision, immune function, growth, and development. Vitamin A is proven to reduce child mortality by up to 24% in populations at risk of vitamin A deficiency, making effective implementation critical. According to the 2023 National Health Survey (Survei Kesehatan Indonesia), 21.5% of children under age five were stunted and 8.5% experienced wasting, underscoring the importance of delivering proven nutrition interventions that support healthy child growth and development. Despite the program's scale, ensuring every eligible child receives the recommended two doses each year remains an ongoing challenge. The same survey reported that 49.9% of eligible children received one dose of vitamin A, while only 32.2% received the recommended two doses, highlighting opportunities to strengthen implementation nationwide.

To support those efforts, Vitamin Angels worked alongside the Ministry of Health to strengthen multiple aspects of program implementation including review of existing information, education, and communication materials, helped develop updated communication strategies and behavior change resources, pre-tested campaign materials, strengthened monitoring and evaluation activities, trained frontline health workers, and helped ensure vitamin A supplies were available for the August campaign.

"The greatest impact comes when governments lead and partners strengthen what's already working," said Otte Santika, Indonesia Country Advisor, Vitamin Angels. "Supporting the Ministry of Health's national campaign for the first time marks an important milestone in our work to improve child health in Indonesia. We're proud to contribute our technical expertise and experience to help strengthen a program that reaches millions of children across the country and continues to improve with each campaign."

One of the campaign's largest initiatives focused on strengthening the capacity of frontline health workers responsible for delivering vitamin A services across the country. Vitamin Angels supported a national webinar led by the Ministry of Health featuring ministry leaders, pediatric nutrition experts, and communication specialists. The live training reached 3,755 participants from across Indonesia. Within a few days of its release on the Ministry of Health's digital learning platform, the recorded webinar had been viewed by an additional 17,995 participants (as of August 11, 2026), demonstrating strong demand for practical guidance and professional development among health workers nationwide.

"Indonesia's National Vitamin A Supplementation Program plays a critical role in protecting the health and development of children across the country," said Dr. Lovely Daisy, MKM, Director of Family Health Services, Ministry of Health of the Republic of Indonesia, during the vitamin A webinar on July 27, 2026. "We appreciate Vitamin Angels' support in strengthening health worker capacity, improving communication strategies, supporting monitoring and evaluation, and helping ensure vitamin A was available for this campaign. Together, we are building an even stronger program that will benefit more children in the years ahead."

In addition to technical support, Vitamin Angels responded to an urgent request from the Ministry to help secure vitamin A capsules ahead of the August campaign. Working with local manufacturer Kimia Farma and Ministry officials, the organization coordinated procurement and delivery of 870,000 vitamin A capsules. The rapid response helped ensure uninterrupted implementation of the nationwide campaign and timely distribution to children throughout Indonesia.

The August campaign also laid the foundation for continued improvements. Following implementation, Vitamin Angels will continue supporting the Ministry's monitoring and evaluation activities, refinement of communication strategies and educational materials, and planning for the February 2027 Vitamin A Supplementation Month. Lessons learned from this campaign will help strengthen future implementation and support the Ministry's efforts to reach more children with essential nutrition services.

To learn more, visit vitaminangels.org.

Insta360 currently holds 71% value share (US$) of the global panoramic camera (360 camera) market (according to IDC's Worldwide Quarterly Handheld Smart Camera Tracker Report, 26Q1). X6 is built to extend that lead by making one camera enough.

"X6 is the camera we always wanted to build. It captures everything around you, in any light, and hands you a finished edit before you even reach for your phone," shares JK Liu, Founder of Insta360.

X6 is available in Australia from August 12 through the Insta360 Official Store, Amazon, and a broad network of leading national and specialist retailers, including JB Hi-Fi, Harvey Norman, The Good Guys, Camera House and Costco, priced from AU$1,049.99.

Additional bundles are also available exclusively through the Insta360 Official Store, including the Essentials Bundle at AU$1,159.99. Customers who purchase and activate X6 before September 30, 2026, will receive one year of Insta360+ Premium cloud storage at 500GB, plus three months of Moments Pro (two clips per month) at no extra cost.

Image Quality: Superior Detail, Day and Night

X6 sees more light than any X camera before it. Custom dual Sony 1/1.1" square sensors deliver full 1-inch equivalent 360 imaging, 33% more sensor area than X5 and around four times the light intake per frame.

Behind the sensors sits a triple AI chip: one 8-core 3.3GHz 4nm flagship processor paired with two dedicated imaging chips. Together they bring 500% more computing power than X5, a 106% faster clock speed, and 35% lower power draw. A new low-light mode adds two ambient light sensors to cut flicker and pull more out of night scenes, while AdaptiveTone 2.0 meters each lens on its own and captures two exposures per frame for wider dynamic range.

X6 is also the first 360 camera with native in-camera Dolby Vision. Paired with 10-bit color and more than 1.07 billion recordable colors, X6 delivers a professional color profile straight out of the camera.

The 3-in-1 Camera Ecosystem

X6 is a 360 camera, a subject-tracking gimbal camera, and a single-lens action cam, and it switches between all three in a tap.

Shoot first, frame later. Hit record and stay in the moment. X6 captures everything around you at native 8K50fps, so you come back later and pull the best angles from any direction.

Flat 4K straight from the camera. InstaFrame 2.0 locks onto subjects instantly and tracks people, pets, and objects across the frame, giving you clean flat 4K video with no editing step. Pair X6 with the new Foldable Selfie Stick Remote Kit and its joystick control turns that tracking into gimbal-style shooting. Add the POV Head Tracker and framing follows your eyeline instead, so the camera captures whatever you turn to look at.

A classic action cam when you want one. Switch to single-lens and shoot like a traditional action camera at up to 5K60fps, wide-angle up to 170 degrees (at 5K30fps), or 4K120fps for slow motion that earns the replay.

Flagship Hardware Built for Adventure

X6 features a 2.32-inch OLED display with up to 1200 nits of peak brightness, designed for improved visibility outdoors.

Its new 2600mAh Xtreme Battery delivers up to 140 minutes of 8K30fps 360 recording and supports fast charging to 80% in approximately 24 minutes. It is also designed to perform reliably in temperatures as low as -20°C.

X6 introduces Replaceable Lens 2.0, offering improved scratch resistance while making damaged lenses easier and more affordable to replace.

X6 is waterproof to 20 metres without a case, or up to 60 metres with the Invisible Dive Case Pro. It also includes built-in storage, allowing users to start recording even without a microSD card installed.

An upgraded four-microphone system improves wind reduction, while a new Hidden Engine Mic is designed specifically to capture cleaner motorcycle engine sound at speed.

X6 also supports more than 100 accessories across Insta360's magnetic mounting ecosystem, with compatibility extending across existing X5, X4 Air and Ace Series mounts.

Zero-Edit: A Finished Video While You Charge

X6 edits for you, and Insta360 PanoMind is what makes it possible. Built in-house and trained on more than 10,000 hours of footage across 30-plus scenarios including travel, daily life, winter sports, motorcycling, diving, and cycling, PanoMind is the first 360-native AI model to understand a full spherical scene rather than a flat frame.

Plug X6 in to charge and AI Director, the auto-edit engine inside PanoMind, builds a highlight edit from the footage on the camera and delivers the finished clips to the Insta360 app. Analysis runs on the camera itself rather than in the cloud, and the feature can be switched off at any time.

When you want to shape a clip yourself, Auto Edit 2.0 turns one clip or many into a complete edit in a single tap: framing, camera movement, cuts, music, and transitions.

Follow us on Instagram: http://www.instagram.com/insta360

Subscribe to our YouTube Channel: http://www.youtube.com/insta360

Mr. Ma Huateng, Chairman and CEO of Tencent, said, "As we entered into the third quarter of the year, we are making substantial progress towards building a new, AI-empowered Tencent in terms of intelligence, applications, and infrastructure. At the intelligence level, Hy3's production version provides users a widely used model with strong cost-performance metrics, and serves as a stepping-stone toward the Hy family of models attaining state-of-the-art capabilities in the future. At the application level, our WorkBuddy AI office productivity service and CodeBuddy AI coding tool are achieving breakout user growth and are the clear leaders in their fields in China today^[1]. At the infrastructure level, we substantially stepped up our procurement of compute, which will enable us to convert usage of our applications and models into revenue going forward. At the same time, we continue to enhance our existing services, with sustained marketing services revenue growth, several successful recently released games, and rapidly increasing video views on Weixin Video Accounts."

2Q2026 Financial Highlights

Revenues: +11% YoY, gross profit: +13% YoY, non-IFRS operating profit: +9% YoY

• Total revenues were RMB204.8 billion, up 11% over the second quarter of 2025 ("YoY").
• Gross profit was RMB118.4 billion, up 13% YoY.
• On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
  • Operating profit was RMB75.6 billion, up 9% YoY. Operating margin decreased to 37% from 38% last year.
  • Operating profit excluding New AI Products^[2] was RMB86.1 billion, increased by 19% YoY. Operating margin excluding new AI products contributions increased to 42% from 39% last year.
  • Net profit was RMB 70.6 billion, up 9% YoY.
  • Net profit attributable to equity holders of the Company was RMB68.4 billion, up 9% YoY.
  • Basic earnings per share were RMB7.581. Diluted earnings per share were RMB7.433.
• On an IFRS basis:
  • Operating profit was RMB67.3 billion, up 12% YoY. Operating margin was stable at 33%.
  • Net profit was RMB58.0 billion, up 3% YoY.
  • Net profit attributable to equity holders of the Company was RMB56.0 billion, up 0.7% YoY.
  • Basic earnings per share were RMB6.207. Diluted earnings per share were RMB6.104.
• Capital expenditure was RMB52.8 billion, up 176% YoY.
• Total cash was RMB511.2 billion, up 9% YoY. Net cash position totalled RMB58.2 billion, down 22% YoY.
• We recorded negative free cash flow of RMB13.8 billion for 2Q2026, as net cash generated from operating activities of RMB52.7 billion was more than offset by capital expenditure payments of RMB59.3 billion, media content payments of RMB5.0 billion and lease liability payments of RMB2.2 billion. Included in our operating cash flow were large AI-related prepayments to provide infrastructure to support our Hy model enhancements, WorkBuddy and CodeBuddy inference needs, Weixin AI initiatives, and development of AI capabilities across our products and services, as well as to meet growing external demand for our cloud services. Excluding the prepayments for compute procurement, our free cash flow would have been RMB37.6 billion.
• The fair value of our shareholdings^[3] inlisted investee companies (excluding subsidiaries) totalled RMB487.2 billion as at 30 June 2026, compared with RMB547.1 billion as at 31 March 2026. The carrying book value of our shareholdings inunlisted investee companies (excluding subsidiaries) was RMB387.9 billion as at 30 June 2026, compared with RMB365.1 billion as at 31 March 2026.
• During 2Q2026, the Company repurchased approximately 37.4 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD16.9 billion.

2Q2026 Management Discussion and Analysis

Revenues from VAS increased by 8% year-on-year to RMB98.4 billion for 2Q2026. Domestic Games revenues were RMB47.3 billion, up 17% year-on-year, driven by growth from most of our major games, with notable contributions from Delta Force, VALORANT PC and MOBILE, and Roco Kingdom: World. International Games revenues were RMB18.6 billion, down 0.8% year-on-year due to foreign currency movements, or up 4% year-on-year in constant currency terms, as higher revenues from Wuthering Waves and VALORANT PC were offset by lower revenues from certain Supercell games. Social Networks revenues increased by 0.8% year-on-year to RMB32.5 billion.

Revenues from Marketing Services were RMB43.6 billion for 2Q2026, up 22% year-on-year, supported by enhancements to our AI-driven ad recommendation model (which determines the ad shown to each user for each impression), upgrades to our automated campaign management solution AIM+ (which helps advertisers purchase performant impressions), and integration of closed-loop marketing capabilities within the Weixin ecosystem (which facilitates Weixin-integrated services, such as Mini Games and Mini Shops, to advertise more effectively on Tencent-managed ad properties). Most major industry categories increased marketing spending on our platforms during the quarter.

Revenues from FinTech and Business Services rose by 9% year-on-year to RMB60.3 billion for 2Q2026. FinTech Services revenue growth was mainly due to higher revenues from commercial payment, wealth management and consumer loan services. Business Services revenue growth was primarily driven by increased revenues from our cloud services, underpinned by greater demand for AI-related services, ongoing international expansion, and a more favourable pricing environment.

Operating Metrics

Business Review and Outlook

• We released the full Hy3 production version in July 2026, which delivered a substantial step-up in performance versus the Hy3 preview version, and significantly outperforms most similar-sized models. Since its launch, Hy3 has consistently ranked among the top 3 models globally in terms of token consumption on OpenRouter^[5].
• WorkBuddy is achieving rapid user growth and healthy user retention rates, with high user willingness to pay for tokens via subscriptions and top-ups. WorkBuddy's market leadership is underpinned by its robust harness engineering, wide range of model availability, and industry-leading Skills library.
• In recent weeks, we have begun a small-scale prototype test for Xiaowei, the agentic AI inside Weixin. Xiaowei is powered by a customised model, WeLM, built for user privacy, Weixin-specific use cases and inference efficiency.
• Video Accounts' total time spent grew more than 20% year-on-year in 2Q2026, benefitting from enriched content for younger users, upgraded interactive features and a new multi-variable content ranking system.
• Our domestic evergreen games^[6], Delta Force and VALORANT PC, achieved lifetime highs in average DAU in 2Q2026. Our new game, Roco Kingdom: World, ranked first by average DAU^[7] and by gross receipts^[8] among all new mobile titles released in China year-to-date.
• Miniclip attained breakout success in international markets as Arrows – Puzzle Escape became the most downloaded mobile game globally in 2Q2026^[9], generating robust in-app advertising revenues.
• We upgraded our automated campaign management solution, AIM+, with AI-powered end-to-end execution capabilities for mini shop and mini drama advertisers.

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.html, or follow us via Weixin Official Account (Weixin ID: TencentGlobal).

The agreement was signed by Abraham Mose, President Director of PT GARAM, and Tim Anderson, Chief Executive Officer of PT Acwa Power Indonesia, at Danantara's office in Jakarta and witnessed by H.E. Rosan Roeslani, Chief Executive Officer of Danantara and Minister of Investment of the Republic of Indonesia. Planned for Manyar in Gresik, East Java, and valued at approximately USD 400 million, the facility will combine a seawater reverse-osmosis (SWRO) plant with an integrated salt production line, producing around 62,500 cubic meters of desalinated water per day and approximately 500,000 tons of high-purity industrial salt a year.

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, said: "Indonesia is an important growth market for Acwa, and this agreement represents another step in our commitment to supporting the country's long-term water and industrial needs. By combining our expertise in large-scale seawater desalination with the production of high-purity industrial salt, we have an opportunity to deliver an integrated solution that strengthens water security while supporting Indonesia's ambition to increase domestic salt production. We look forward to working closely with PT GARAM and Danantara to advance this important project."

The project is designed on a Build-Own-Operate basis and will be developed through a project company established in Indonesia, using a limited or non-recourse project financing structure anchored in the project's own cash flows. Indonesia currently imports more than 4 million tons of industrial salt a year, with demand expected to rise to more than 7.7 million tons by 2028. By recovering high-purity salt as a co-product of the desalination brine-management process, the Gresik facility is designed to increase domestic salt supply while providing a reliable source of desalinated water for industrial use. The project also creates the potential, subject to feasibility, to recover additional marine minerals from the same process.

Abraham Mose, President Director of PT GARAM, said: "The signing of this Joint Development Agreement marks a significant milestone for PT GARAM in building a salt industry that is more modern, efficient, and competitive. This enables Indonesia to increase salt production capacity while also building an industrial ecosystem that integrates desalination technology, industrial salt production, energy efficiency, and the potential for developing other marine minerals. Technology and knowledge transfer are central to this collaboration, and our aim is to ensure that Indonesia has world-scale production facilities alongside the workforce capable of operating and developing them sustainably."

Tim Anderson, Chief Executive Officer of PT Acwa Power Indonesia, said: "This is a strong foundation for developing an integrated solution tailored to Indonesia's needs. Combining desalinated water and high-purity industrial salt production within a single facility creates the potential to address two important national priorities at once. Our focus will now be on working closely with PT GARAM to progress the project responsibly and establish the foundations for its successful long-term development."

Under the agreement, Acwa will contribute its experience in desalination project development, technology selection, technical design, financing structure, engineering, procurement, and construction, as well as long-term operations and maintenance. The collaboration also includes knowledge and technology transfer, training, and the sharing of operating protocols with personnel from PT GARAM and the project company. PT GARAM will lead site readiness and project access, permitting, and stakeholder coordination in Indonesia, and the development of markets and commercial channels for the facility's output.

Acwa holds more than 98 GW of global power capacity, including more than 52 GW of renewable energy, and is the world's largest private water desalination company. Its global experience in developing, financing, constructing, and operating large-scale water and power infrastructure, together with its growing presence in Indonesia, positions the company to support the country's long-term demand for reliable and sustainable water solutions.

Learn more: www.acwapower.com

The capital made forays into 35 countries and territories. Laos ranked first, receiving more than $638.2 million, equal to 27 per cent of total capital, followed by Cambodia with more than $449.8 million (19 per cent), and Indonesia with more than $308.6 million (13.1 per cent).

The capital was injected into 15 sectors. Transport and warehousing enticed the largest amount, with total registered investment capital of more than $601.6 million, equal to 25.5 per cent of total capital.

Viettel is one of local firms with substantial outbound investment. Photo: baodautu.vn

Electricity and gas production and distribution ranked second, with more than $585.8 million, equal to 24.8 per cent.

Agriculture, forestry and fisheries ranked third, with total registered investment capital of more than $487.3 million, equal to 20.6 per cent.

As of the end of July 2026, according to FIA, Vietnam had 2,075 valid overseas investment projects with total overseas investment capital of more than $26.1 billion.

Of this amount, investment was concentrated mainly in mining, surpassing $7 billion, accounting for 27 per cent of total capital; agriculture, forestry and fisheries with more than $3.8 billion, accounting for 15 per cent; and information and communications with more than $2.9 billion, accounting for 11 per cent.

By destination, Vietnamese businesses have invested in 88 countries and territories. The destinations receiving the largest amounts of Vietnamese investment were Laos with more than $7 billion, accounting for 26.9 per cent of total capital; Cambodia came second alluring more than $3.3 billion, accounting for 12.9 per cent; and Venezuela ranked third courting more than $1.8 billion, accounting for 7 per cent, among others.

Part of outbound investment has also been directed to Russia, Australia, Myanmar and Singapore.

Regarding outbound investment activities, in a study released in late June, the United Overseas Bank Limited (UOB) noted that the trend of moving production activities to geographically closer markets, or nearshoring, was gaining momentum.

About one-third of surveyed Vietnamese businesses (226 businesses, including large and medium-sized entities nationwide) planned to establish or expand manufacturing operations domestically, while many businesses were also considering expansion into ASEAN (43 per cent), further reinforcing the region's role as a key manufacturing and supply chain hub.

According to UOB, this shift is driving a strong wave of international expansion. Seven in 10 Vietnamese businesses expanded their overseas operations in 2025, while nine in 10 planned to continue expanding over the next three years.

Similarly, 80 per cent of Vietnamese businesses planned to invest overseas within the next two years, with the average planned investment expected to exceed $28 million.

ASEAN remained the top preferred destination, selected by 65 per cent of surveyed firms for their expansion plans, with Thailand, Singapore and Indonesia being the markets of greatest interest.

“Vietnamese businesses are demonstrating impressive adaptability and resilience in an increasingly volatile global environment,” said Pham Nhu Anh, head of Wholesale Banking at UOB Vietnam.

According to Nhu Anh, UOB was seeing a clear transformation, moving beyond mere recovery towards a more profound shift, as businesses stepped up investment in digital capabilities, strengthened supply chains and expanded across ASEAN to capture long-term growth opportunities.

Vietnam steps up overseas investment Vietnam’s total outbound investment reached $540.2 million in the first two months of 2026, up 2.3 times on-year, marking a significant expansion of Vietnamese firms’ overseas activities.

Vingroup explores $6.5 billion investment in India Vingroup is mulling $6.5 billion investment in the Indian state of Maharashtra across key ventures, including urban development, electric mobility, energy, and social and public infrastructure.

Vietnam records huge increase in outbound investment in first five months Vietnam’s outbound investment totalled $794.6 million in the first five months of 2026, 2.5 times higher than the same period last year.

Vietnamese groups expand their footprint across Southeast Asia Vietnamese businesses are actively extending their reach into neighbouring countries as part of their regional expansion strategies.

According to the Hinrich Foundation, the AI race is a competition for resources as much as it is of algorithms and innovation. Southeast Asia is a key terrain in the AI race both for resources and innovation.

From semiconductor manufacturing to data centres and research hubs, AI-driven investments are projected by some analysts to bump a 10 –18 per cent GDP increase in the region by 2030. But its intensifying demand for power, land, water, and industrial capacity means the AI boom is also a stress test on whether ASEAN can convert the gains of its individual member states into a collective regional win.

In the midst of the AI race, Southeast Asia thrives. The region has become a landing for tech giants seeking to expand computational capacity and diversify supply chains amid global geo-economic rivalry. One visible result is the sprawling data centres and technological parks across the region. The Southeast Asian semiconductor industry is catching the same updraft.

Yet a thriving AI boom in Southeast Asia is not an automatic credit on the ASEAN side of the ledger. The AI race unfolding in the region is a race between Southeast Asia’s 11 sovereign member states. For investors, the region isn't much of a single choice but rather a menu of competing destinations, with each country offering different levels of resource availability, location connectivity, and talent capacity.

The Hinrich Foundation highlights that the sales pitch for Southeast Asia hinges on what ASEAN provides in regional cohesion. The ASEAN Digital Economy Framework Agreement (DEFA) marks an important step towards more substantive regional coordination underpinning the tech boom.

So too should the decades-long aspirations for the ASEAN Power Grid be to connect the region’s power networks and collectively boost its energy security and renewability. The regional peace and stability that ASEAN underwrites the relatively safe environment for foreign direct investment as it looks for alternatives to older chip hubs in Northeast Asia.

But the Southeast Asian digital economy isn’t really an ASEAN achievement yet. Malaysia is the fastest-growing data centre market in Southeast Asia, gaining ground after its southern neighbour Singapore issued a moratorium in 2019 on new data centres due to constraints on Singapore’s land, water, and energy. Vietnam, Thailand, the Philippines, and Indonesia are emerging as destinations for large-scale projects including from Amazon Web Services, Microsoft, and Google. By early 2026, hyperscalers had invested more than $50 billion worth of AI-ready data centre and cloud infrastructure across the region.

The region has long occupied the back end of the semiconductor supply chain in assembly, testing, and packing (ATP), and accounted for 23.6 per cent of global chip exports in 2023. Vietnam and the Philippines are rapidly expanding their role in ATP and other back-end processes, while established hubs such as Malaysia and Singapore are seeking to capture higher-value segments in chip design and fabrication.

To compete for tech investments, Southeast Asian nations offer different fiscal and regulatory incentives. Vietnam, home to low-cost, high-skilled workers, offers a preferential 10 per cent corporate income tax rate for the first 15 years, compared to the normal 20 per cent rate. The country scrapped personal income tax derived from research and innovation activities. In Thailand, AI companies are eligible for 100 per cent foreign ownership, relaxed working permits, and up to eight years of tax exemptions. Indonesia offers the most generous tax breaks of up to 20 years for AI and data centre FDI.

But a race pursued individually cannot deliver the same leverage that the region could wield collectively. Competing fiscal and regulatory concessions weaken each government’s individual bargaining power. Some key infrastructure underpinning the AI economy, such as power grids, subsea cables, and cloud services, increasingly extends across national borders. ASEAN is nowhere near creating the supranational authority, nor act sufficiently as a single economic bloc in ways that might amplify gains from the individual races into collective leverage for the region.

The Hinrich Foundation noted that ASEAN may benefit from stronger coordination where national AI projects depend on shared infrastructure. The association could do more to even out asymmetric cross-border resource and environmental pressures arising from AI projects. Its regional standards affect the region's collective bargaining position.

Scheduled to be formally signed in November 2026, DEFA is set to become the first region-wide binding agreement for the digital economy including cross-border data flows, electronic payments, and AI.

As that digital economy expands, it increasingly makes the case for ASEAN stepping up to coordinate the demands on the physical resources and infrastructure across the region. The region’s AI build out has consequences that increasingly extend beyond national borders. Meeting network needs such as subsea cables and energy grids will likewise require unprecedented cooperation among ASEAN member states.

Another test for ASEAN’s coordination lies in the surging power demand from AI infrastructure. In particular, it is a test for the ASEAN Power Grid, the association’s longstanding vision of connecting national electricity networks and supplying power equitably across the region.

In Southeast Asia, the AI boom is posing the question whether ASEAN can overcome its structural and institutional constraints. If so, Southeast Asia’s collective leverage can make ASEAN not just a provider of value but a shaper of the AI economy.

Southeast Asia's energy transition enters a new phase Investment in energy generation is accelerating across Southeast Asia, but building more generation alone will not be enough.

AI adoption reshapes marketing across Southeast Asia AI is rapidly reshaping marketing across Southeast Asia, including Vietnam, as businesses move beyond experimentation to integrate the technology into their core marketing strategies, according to a new report.

AllianzGI acquires UOB Asset Management, including its Vietnam operations Allianz Global Investors, one of the world’s leading active asset managers, has entered into an agreement to acquire UOB Asset Management, the asset management business of Singapore-headquartered UOB Group.

A steady stream of major contract wins for expressway and urban railway projects, coupled with expectations of $43.2 billion in public investment in 2026, is opening up a potential ‘golden period’ for the sector.

At its 2026 AGM on August 10, FECON JSC approved a consolidated revenue target of $224 million and consolidated net profit of $10 million, representing a 160 per cent increase from 2025.

Photo: baodautu.vn

In the first half of 2026, FECON generated nearly $128.5 million in revenue, up 49.6 per cent on-year, while pre-tax profit exceeded $4.28 million, 3.7 times the level recorded in the same period of 2025.

As of the end of Q2, FECON’s total assets stood at $444.2 million, up 9.1 per cent from the outset of the year.

Alongside its growth targets, FECON has identified financial restructuring, capital increases, improved cash-flow efficiency and the concentration of resources on strategic infrastructure fields as key priorities for its next phase of development.

According to its Q2/2026 financial statements, Deo Ca Traffic Infrastructure Investment JSC recorded consolidated revenue of more than $75.08 million and pre-tax profit of over $17.7 million in the first half of 2026, up 11.6 per cent and 20 per cent, respectively, from the same period of 2025.

In Q2, the company’s consolidated revenue exceeded $38.8 million, up nearly 2.5 per cent on-year, while pre-tax profit reached more than $7.93 million, an increase of 13.5 per cent.

Revenue from construction and installation reached more than $20.6 million, generated from a string of projects including the Dong Dang-Tra Linh, Quang Ngai-Hoai Nhon and second-phase Cam Lo-La Son expressways.

Deo Ca JSC said its order pipeline for the next phase is being replenished as the company has signed new contracts for the road connecting Danang’s Western Ring Road, the expansion of Nui Vung Tunnel, the expansion of three tunnels on the Quang Ngai-Hoai Nhon expressway, and the expansion of the Ho Chi Minh City-Trung Luong-My Thuan expressway.

The total value of the new contracts is nearly $80 million, helping increase the company’s construction backlog and creating room for revenue recognition in the second half of 2026 and subsequent years.

After reporting an on-year decline in business results in Q1 of 2026, Lizen JSC returned to growth in Q2, with revenue reaching $32.8 million, up 12.4 per cent, and pre-tax profit approximating $1.7 million, up 9.1 per cent.

For the first six months of 2026, Lizen posted a profit of $2.41 million, down slightly compared to the same period in 2025.

Lizen has also recorded positive results from its bidding activities. In particular, the Lizen-Phuong Thanh Traffic Investment and Construction JSC consortium won Package No. 01 for construction works under the initiative for the construction of a frontage road along National Highway 39, with a contract value of more than $66.1 million.

In addition, Lizen, together with two other contractors, was appointed to carry out Package XL02 for the construction of 20km section under Quy Nhon-Pleiku expressway project, with a contract value of around $137 million.

Diverse other companies also reported positive results. For instance, Dat Phuong Group JSC posted Q2/2026 pre-tax profit of $5.98 million, up 34.6 per cent on-year, bringing its six-month pre-tax profit to $10.2 million, an increase of 18.5 per cent.

Similarly, Construction JSC 47 reported Q2 pre-tax profit of $1.5 million, up 76 per cent, and six-month profit of $2.34 million, up 69.2 per cent.

Construction and Investment JSC No. 18 recorded Q2 pre-tax profit of $2.07 million, up 86.3 per cent, and six-month profit of $2.76 million, up 36 per cent.

Meanwhile, Construction Corporation No 1 JSC posted Q2 pre-tax profit of $3.95 million, up 182 per cent, while six-month profit reached $4.43 million, up 135.5 per cent.

According to KB Vietnam Securities, Vietnam’s public investment plan for 2026 stands at $43.2 billion and is expected to continue increasing in the upcoming years.

The outlook presents major opportunities for the infrastructure construction sector. However, from the corporate perspective, Nguyen Ba Khuong, director of 568 Construction Group JSC, said the industry is facing severe labour shortages as well as surging fuel and material costs.

“Therefore, companies need to step up the use of technology in management to optimise human resources and improve management efficiency. Those that fail to meet these requirements will find it very difficult to survive in the current challenging environment,” he said.

Jump in infrastructure spending offers bright prospects for contractors The transport infrastructure boom is unlocking strong growth prospects for major construction contractors as massive public investment fuels long-term demand.

Safeguards crucial to protect local construction groups Numerous building firms are in crisis, and there is a risk of insolvency. President of the Vietnam Association of Construction Contractors (VACC), Nguyen Quoc Hiep, spoke with VIR’s Van Nguyen about this dangers of halted production and business in this area.

Building contractors eye rosier prospects after tough 2023 Many building contractors returned to a profit in the first quarter of this year and have a bright outlook for the rest of 2024.

Building stocks draw interest as public investment ramps up Building stocks are drawing renewed attention on rising public investment, but cautious capital flows and delayed earnings impact keep the sector in a selective, accumulation phase.

Against this backdrop, the entrusted lending programme between the Danang Veterans Association and the Vietnam Bank for Social Policies (VBSP) goes beyond simply delivering capital to borrowers. From screening and approving eligible borrowers to monitoring the use of funds and organising training and technical transfers, the process is carried out in parallel to ensure that loans are used for their intended purposes and generate the greatest possible impact.

To date, the Danang Veterans Association has an outstanding loan portfolio of $112.2 million under the entrusted lending programme, serving 38,616 borrowers. The overdue loan ratio stands at just 0.04 per cent. The figures reflect the quality of the credit portfolio and the sustainability of the entrusted lending model, in which access to capital is accompanied by support from the association throughout the borrowing and investment process.

According to Le Trung Chinh, deputy head of the Danang's Veterans Affairs Division, the association conducts open and transparent screening to ensure loans reach the right beneficiaries. It also works with relevant agencies to organise training and provide technical guidance, giving members greater knowledge to improve production.

As a result, loans help address initial funding shortages while creating conditions for many veterans to gradually develop stable economic models.

The effectiveness of this approach is most evident in individual production models, where the value of a loan is measured not simply by repayment capacity but by the changes it brings to borrowers' livelihoods.

After being discharged from the military in 1987, Nguyen Ngoc Son, born in 1965 and now living in Hamlet 3, Thanh Binh Commune, returned to his hometown facing numerous difficulties. For years, he combined agricultural production with training courses on crops and livestock, building up his knowledge and experience before deciding to expand his economic model.

Nguyen Ngoc Son combines agricultural production with training courses on crops and livestock to build up knowledge and experience before expanding his economic model. Photo: Hong Dung

In 2021, he borrowed $4,000 from the Tien Phuoc Transaction Office of VBSP to renovate his garden, grow pepper and fruit trees, and develop livestock production. His family has since established a production model covering 1.5 hectares of fruit trees, 300 chickens, two buffaloes and three hectares of acacia forest, generating average annual income of more than $5,200.

Beyond developing his family's livelihood, Son has donated land for road construction, planted flowers along village roads and shared his production experience with other local households. His initial loan has therefore helped raise household income while enabling production knowledge to be shared more widely within the community.

Another path has been taken by Nguyen Trinh, a member of the Veterans Association in Huong Tra Ward. From a $2,000 loan in 2023, he invested in a seedling nursery covering more than 3,000 square metres, while adding his own capital to install an automated irrigation system, netting and production infrastructure.

The model now has total capital of around $24,000 and supplies hundreds of thousands of seedlings of various types to the market each year. It generates stable annual income of $4,000-4,800, while providing regular employment for two workers and seasonal jobs for five others.

The two models pursue different production strategies, but share a common starting point: relatively modest loans. Their success has been shaped by how borrowers acquire knowledge, select suitable investment directions and gradually expand production.

According to Doan Ngoc Chung, director of the Danang branch of VBSP, veteran members consistently use loans for their intended purposes, fulfil their repayment and interest obligations, and actively participate in savings and credit groups.

The experiences of these borrowers show that the impact of policy lending cannot be measured solely by the amount of capital disbursed. Its greater value lies in turning capital into viable production models, creating employment and enabling veterans to continue demonstrating initiative and responsibility in economic development and contributing to their local communities.

Policy lending accelerates in first half with $19 billion in loans Policy lending gathered pace in the first half of 2026 as the Vietnam Bank for Social Policies expanded concessional financing, creating jobs, supporting underprivileged groups and reinforcing the country's social security and inclusive growth agenda.

VBSP brings commune banking services into digital space While preserving its nationwide commune transaction network, the Vietnam Bank for Social Policies is accelerating digital transformation, enabling customers to access policy credit services, information and transactions more conveniently.

Financing education and building future human capital Nearly two decades after its launch, Vietnam Bank for Social Policies' student loan programme has helped more than four million disadvantaged students stay in education, underscoring how concessional credit can serve not only as a social safety net but also as a strategic investment in Vietnam's future workforce.

The Vietnam Sport Show 2026, Vietnam Cycle Expo 2026, and The 14^th Zhejiang Export Vietnam Fair are taking place at the Saigon Exhibition and Convention Centre in Ho Chi Minh City from August 13 to 15.

The events establish a comprehensive trade promotion ecosystem for the sports, two-wheel, and related supply chain industries. Spanning a total area of 10,000 square metres, the events are projected to house 520 booths, featuring 400 enterprises from 15 countries and territories. It offers an expansive networking venue connecting manufacturers, distributors, trade partners, industry experts, and sports enthusiasts alike.

The Vietnam Sport Show features enterprises showcasing fitness equipment, outdoor sports gear, wellness and rehabilitation solutions, sports tech, and cutting-edge products tailored to the evolving workout needs of consumers. Beyond serving as a platform for product launches and technological innovations, the event also enables companies to identify distributors, agents, and partners to expand their business footprints within Vietnam and ASEAN.

Concurrently, it bridges exhibitors with sports centres, gyms, clubs, retail networks, and specialised buyers through structured business matchmaking sessions held throughout the event.

Meanwhile, the Vietnam Cycle Expo remains the preeminent specialised event dedicated to bicycles, electric bikes, and eco-friendly mobility solutions. Alongside sport bikes, city bikes, e-bikes, and children's bicycles, the expo introduces various advancements in parts, accessories, battery technologies, smart devices, and auxiliary services, all pushing the growth of Vietnam's two-wheel ecosystem.

As consumer demand for greener transportation continues to surge, the expo serves as an efficient bridge connecting manufacturers, distributors, industry specialists, supply chain entities, and end-users.

In addition, the Zhejiang Export Fair for 2026 brings forward an array of manufacturing enterprises from Zhejiang province in China, specialising in sports gear, bicycles, accessories, athletic wellness products, and consumer goods. Its integration with the other two events enables Vietnamese enterprises to negotiate directly with source factories, secure partnerships, broaden supply resources, and drive commercial synergy within the sports and two-wheel value chains.

According to the Vietnam Automobile, Motorcycle, and Bicycle Association, Vietnam’s sports and bicycle industries are undergoing a broader shift towards smart technologies. In 2026, the convergence of AI, big data, connected devices, and digital platforms is reshaping how people train, manage sports facilities, and engage with fitness and wellness services. At the same time, growing emphasis on environmental, social, and governance standards is driving demand for green materials, and more resource-efficient business models.

"Against this backdrop, the exhibitions provide a platform for businesses to explore emerging technologies, strengthen trade links, and expand sourcing and distribution networks across Vietnam and the wider ASEAN market. They also reflect the growing application of circular economy principles in sports and mobility, as companies increasingly seek solutions that combine technological innovation with environmental sustainability," the association noted.

E-bike players prepare for transition Vietnam’s electric motorbike market is entering a period of fierce competition and policy-driven transition, as major players like Honda and Yamaha unveil new models in response to stricter urban emission controls and shifting consumer preferences.

Sun Group launches construction of Rach Chiec sports complex Vietnam’s largest-ever sports infrastructure project has officially moved into the construction phase in Ho Chi Minh City.

TVS invests $4 million in Dat Bike On March 5, Thien Viet Securities JSC announced a $4 million investment in Dat Bike, a Vietnamese electric motorbike manufacturer.

Photo: NIC

Recognising shared research and technology infrastructure as a key impediment in the development of strategic technology industries, the NIC has stepped up cooperation with Thermo Fisher Scientific, a global technology group specialising in life sciences, research, analytical technologies and solutions for a range of high-tech industries.

During his visit to Vietnam, Gianluca Pettiti, president and COO, and president of Life Sciences Solutions at Thermo Fisher Scientific, attended the forum and discussed cooperation potential with the NIC and Vietnamese partners, particularly in developing scientific and technological infrastructure and shared research models.

The partnership between NIC and Thermo Fisher aims to bring advanced international infrastructure, equipment, technologies and expertise closer to Vietnamese businesses, startups, research institutes and universities. This is expected to reduce technology access costs, shorten research and product development timelines, and strengthen domestic innovation capacity.

Pettiti said, "Vietnam has significant opportunities to develop high-tech industries and needs continued investment in research infrastructure, technology, human resources and stronger links between research and businesses."

Thermo Fisher Scientific aims to contribute its technology, equipment and expertise to help Vietnam strengthen research, product development and innovation capabilities.

"Connecting the company’s technological capabilities, equipment and expertise with Vietnamese government agencies, universities, research institutes and businesses will expand access to advanced technologies, accelerate their application and help bring research outcomes into practice," he added.

Speaking at the forum, Vo Xuan Hoai, deputy director of NIC, said, “The greatest value of the cooperation between NIC and Thermo Fisher lies in jointly building an open research infrastructure model where businesses, startups, universities and research institutes can access internationally standardised technologies, equipment and expertise at more reasonable costs and within shorter timeframes.”

Under the cooperation framework, a shared laboratory at NIC Hoa Lac will serve as foundational infrastructure for research, product development, technology testing and workforce training.

NIC will work with Thermo Fisher to develop an implementation roadmap while connecting businesses, startups, research institutes and universities that need access to the infrastructure. The two sides will also promote training and capacity-building programmes and mobilise additional technology corporations, research organisations and international partners to participate.

Through the initiative, NIC aims to establish an internationally standardised model of shared research and innovation infrastructure at Hoa Lac High-Tech Park, enabling domestic and international technology resources to be used more effectively and potentially replicated in other strategic technology fields.

MoU signing ceremony between NIC and Thermo Fisher Scientific. Photo: NIC

The forum featured a panel discussion on developing shared infrastructure for semiconductors, AI, and biomedical technology, with the participation of Dan Kritenbrink, former US Ambassador to Vietnam, representatives from Thermo Fisher Scientific, relevant agencies, Hanoi Industrial Park Management Board, Hanoi University of Science and Technology, and Vietnam National University, also in Hanoi.

During the forum, NIC and Thermo Fisher Scientific signed a MoU, marking a new step in their cooperation to support Vietnam’s innovation ecosystem through shared science and technology infrastructure and stronger public-private cooperation in strategic technology fields.

Under the cooperation framework, Thermo Fisher is expected to work with the NIC to develop an internationally standardised shared laboratory for semiconductor and biomedical technologies at NIC Hoa Lac. The infrastructure will serve businesses, startups, research institutes and universities while enabling Vietnamese organisations to access international technologies, equipment and expertise.

For the NIC, the MoU represents an initial step towards developing a new public-private cooperation model for technology infrastructure. Under this model, the state will play a role in enabling and connecting resources; international technology companies will contribute technologies and expertise; while businesses, research institutes, and universities will directly utilise the infrastructure, develop technologies, and commercialise research results.

Through its cooperation with Thermo Fisher Scientific, the NIC is reinforcing its role as a national hub connecting technology resources, expertise, infrastructure and the domestic market with leading global technology corporations.

VAIC 2026 honours new generation of 'AI builders'

Quantum hackathon opens in Gia Lai to tackle social challenges

RE:ACT challenge aims to turn youth ideas into community impact

Photo courtesy of SCGP

Outperforming numerous outstanding submissions, this year’s first prizes were awarded to Team ReFold in the Packaging Design category and Team Bupbindi in the Product Design category. Both teams impressed the judging panel with innovative, highly practical design solutions that effectively address modern consumer needs.

Alongside the competition, the two SCGP member companies also organised a seminar on the packaging and design industry for partners, businesses, and university students. The seminar aimed to advance design knowledge and strengthen industry collaboration by bringing together insights on consumer trends, marketing, and design. It highlighted the importance of integrating these perspectives to create solutions that truly resonate with people.

Building on the success of Packaging Speak Out, the competition embarked on a new chapter in 2026 as Design Speak Out, reflecting its expanded vision beyond packaging design to the broader world of product design, and providing participants with a more comprehensive perspective on the design industry. The programme encourages students to adopt a user-centric mindset, combining creativity with market understanding to develop practical solutions that strengthen connections between brands and consumers.

Guided by this vision, Design Speak Out 2026 expanded its competition categories to include category 1 for packaging design (Kinh Do Mooncake Giftset Packaging), and category 2 for product design (Plastic Food Container for the MATSU brand by Duy Tan).

To enrich participants' learning experience, the programme also featured a series of capability-building activities, including a bootcamp, mentoring sessions with industry experts, and a seminar. These activities brought together experts from Starprint, Duy Tan, and Mondelez Kinh Do to share practical insights into consumer trends, marketing, design, and product development.

Through these experiences, participants gained valuable exposure to professional design practice, strengthened their design capabilities, and developed a deeper understanding of how creative ideas can be translated into solutions that address evolving market needs.

Ekarach Sinnarong, general director of Starprint and member of SCGP, shared, “Vietnam is home to a young workforce with tremendous potential, creativity, and a strong ability to adapt to evolving market trends. Through real-world design projects developed with industry partners, students are able to apply their creativity to address actual business and consumer needs.”

Held from May to August, Design Speak Out this year attracted nearly 100 students from universities across Vietnam. Following a series of training programmes, expert mentoring sessions, and multiple evaluation rounds conducted by the judging panel, the competition successfully identified the most outstanding teams in each category.

In the Mooncake Gift Box Packaging Design category, Team ReFold impressed the judging panel with Kham Nguyet project, a design inspired by the intricate traditional art of mother-of-pearl inlay, blended with the distinctive architecture of Vietnamese communal house roofs under the blue hues of a full-moon night.

A key highlight of the design is its interactive packaging, with a box structure that can be transformed into a board game, extending the packaging’s value beyond its initial use and creating a fun family activity.

Meanwhile, in the MATSU Food Storage Container Product Design category, Team Bupbindi also made a distinctive impression with their ECOFOLD project, which combines Vietnamese cultural identity with practical functionality. The design captures the charm of Vietnam’s three regions through its colour palettes and product concepts, highlighting cultural value while creating a distinctive identity.

Its space-saving collapsible structure also allows for adjustable height and easy storage, while food-grade materials, refrigerator and microwave compatibility, leak-proof lids, silicone handles, and steam-release valves ensure convenience, safety, and ease of use.

Nguyen Thi Ngoc Lien, corporate and government affairs lead at Mondelez Kinh Do, shared, “Three years of partnering with Design Speak Out have shown us one thing clearly: Vietnam’s young generation of designers is not only highly creative but also demonstrates a deep understanding of consumers. This is the foundation for creating designs that truly resonate with consumers.”

Packaging Speak Out 2024 - Vietnam competition equips young talents with design skills SCGP (SCG Packaging Public Co., Ltd.), in collaboration with the Ho Chi Minh City Student Assistant Centre (SAC), has announced the launch of the Packaging Speak Out 2024 – Vietnam competition.

Vietnamese youth speak out against dog and cat meat trade An award ceremony for a competition to highlight the dangers of rabies within the dog and cat meat trade took place in Hanoi on April 29, organised by Thanh Nien Magazine in partnership with the Vietnam Social and Behaviour Change Communication for Sustainable Development and the Soi Dog Foundation.

Young minds rethink packaging for a greener future This year’s Packaging Speak Out competition sparked vibrant creativity, drawing over 100 students from leading universities to showcase bold, innovative design ideas.

The Company anticipates start-up in the first half of 2028, approximately one year earlier than initially projected. This underscores VBM's optimized construction strategy and enterprise-wide reorganization of its project approach, with increased agility and ability to execute, delivering sector-leading returns from its project portfolio and vast mineral endowment.

The Project is expected to add 6 million tonnes to the Salobo plant's annual ore processing capacity, bringing overall processing capacity to 42 million tonnes per year. Annual copper production is projected to increase by up to approximately 30,000 tonnes contained in concentrate, which will also carry approximately 15,000 ounces of gold as a byproduct, further enhancing Salobo's production profile following record output in 2024 and 2025.

"The CPF Project reinforces what sets VBM apart: our ability to unlock significant value and growth from world-class assets through execution, innovation, and astute capital allocation," said Shaun Usmar, CEO of VBM. "Salobo is already one of the world's premier copper operations, and this project will allow us to produce more copper, more efficiently, using existing infrastructure while improving environmental performance."

Usmar added: "At a time when our industry is struggling to bring new copper supply online, VBM is bucking trends with the early delivery of its copper growth projects. We announced in late July the early delivery of the first project in our copper pipeline, Bacaba, by six-to-nine months, and I'm pleased to now be able to announce the one-year acceleration of our second project at Salobo. This should clearly demonstrate the strength of our project pipeline and our ability to de-risk, optimize and deliver low capital-intensity, high-return projects."

CPF Project will Reduce Bottlenecks

The CPF Project is a brownfield expansion that will leverage Salobo's high-quality orebody and existing infrastructure, reducing execution risk. Salobo is the largest copper operation in Brazil and a long-life, cornerstone asset for VBM.

CPF will reduce grinding requirements at Salobo through the addition of a new flotation circuit that removes waste rock earlier in the processing stream, alleviating grinding bottlenecks, increasing metallurgical recoveries, and enabling higher throughput. The Project is expected to reduce the operation's environmental impact with lower average energy and water usage compared to other methods.

As part of Salobo's strategic plan, total mine movements are expected to increase by approximately 7% benefiting from a number of initiatives including the introduction of new autonomous haulage equipment.

VBM received the construction license for the CPF Project from IBAMA (Brazil Institute of Environment and Renewable Natural Resources) ahead of schedule, enabling project implementation to begin earlier than planned.

Wheaton and VBM Working Together to Fund the Project

In addition, Wheaton Precious Metals ("Wheaton") has agreed to provide $40 million to VBM to partially fund the capital associated with the Project. Payments will be made in two separate $20 million installments tied to project milestones. VBM and Wheaton have agreed to these payments in lieu of future milestone payments under the existing Salobo streaming agreement, which would have required Wheaton to potentially make annual payments over a 10-year period of up to $8 million to VBM, if a high-grade mine plan was implemented.

VBM has reviewed the CPF Project plan and simplified its scope to support a lower capex estimate of approximately $215 million¹, down from the initially projected $225-$275 million. Given Wheaton's funding, VBM's capital expenditure is expected to be approximately $175 million¹. The Project's low capital intensity of $5,000 - $6,000 per copper equivalent tonne is well below the industry average.

"This is a true win-win for Wheaton and VBM," Usmar said. "The $40 million contributes to already exceptional project economics while Wheaton will benefit from the increased gold byproduct that CPF will enable. We appreciate Wheaton's support, which reflects the strength of our long-standing relationship and shared confidence in the value that the CPF Project will create at Salobo."

"Salobo has been a cornerstone asset for Wheaton for many years, and we are pleased to support the advancement of the CPF Project, which reflects our commitment to investing alongside high-quality partners in opportunities that generate long-term value for both parties," added Haytham Hodaly, President and CEO of Wheaton Precious Metals.

Innovation and Collaboration

VBM began research and development work on CPF for Salobo more than two years ago, conducting extensive lab testing at its state-of-the-art Sheridan Park Research Facility in Canada along with collaboration with industry experts and technical partners. Field testing has underpinned design assumptions and is continuing to accelerate operational training and provide valuable insights at the Company's pilot plant in Brazil's Carajás region – the prolific copper district where Salobo, and all of VBM's copper assets in Brazil, are located.

The Company is exploring additional opportunities for CPF technology at its other copper projects in the Carajás and across its portfolio, including further innovative applications at its polymetallic ore bodies.

The positive investment decision is indicative of the culture being created at VBM that leverages technology, collaboration, and innovation to reduce risk and utilize the team's deep technical knowledge and experience to create value.

Strong Copper Project Pipeline

The CPF Project is part of VBM's strong copper project pipeline in Brazil, which is underpinned by the Company's substantial mineral endowment of more than 53 million tonnes of contained copper in mineral reserves and resources, including inferred resources.

The Company's growth strategy is expected to increase copper production to approximately 700,000 tonnes per year by 2035, supported largely by its Brazilian resource base and project pipeline in the Carajás, where VBM has a strong operating footprint and existing infrastructure. These operations and projects have the advantage of being located near established mining complexes, processing facilities, logistics and power infrastructure, supporting a capital-efficient development pathway.

Resolution 10-NQ/TW comes at a critical time, as Vietnam must move beyond being merely a manufacturing hub to becoming a centre for technology, knowledge, management expertise, and value creation.

Achieving this will be challenging. While the Foreign Direct Investment (FDI) sector is highly productive and globally integrated, many Vietnamese small and medium-sized enterprises (SMEs) remain at the lower end of the value chain, with limited access to finance, modern management practices, international certifications, and skilled workers.

Many are also unable to meet multinational corporations’ requirements on quality, reliability, scalability, supply stability, and data security. Meanwhile, multinational companies often bring established supplier networks, increasing competition for local firms. Vietnam also lacks stronger coordination in developing industrial clusters across provinces.

The solution is not to impose localisation quotas, but to strengthen domestic capabilities. Upgrading SMEs should be the priority, with foreign-invested enterprises playing a more active role through technical support, training, audits, long-term procurement plans, and local supplier development. Vietnam should also recognise the importance of specialised SMEs, similar to Germany’s Mittelstand, in building a competitive industrial base.

Resolution 10 marks an important shift in FDI policy, from maximising investment inflows to ensuring foreign investment drives the growth of Vietnam’s own industries. To achieve this, investment incentives should be linked to measurable outcomes through clear Key Performance Indicators, such as local sourcing, supplier development, skilled employment, Research and Development (R&D) activities, university collaboration, and environmental compliance.

At the same time, Vietnam must strengthen legal certainty through robust intellectual property protection, transparent regulations, efficient dispute resolution, and stable policies. The government should provide strategic direction and incentives without undermining private-sector autonomy, in line with Resolution 68.

Finally, improving practice-oriented education and vocational training is essential to build a highly skilled workforce capable of supporting higher-value investment. By combining these measures, Vietnam can use FDI not only as a source of capital but also as a catalyst for technology transfer, knowledge development, and its long-term goal of becoming an industrialised nation by 2045.

It is essential to develop a clear roadmap for increasing localisation and integrating Vietnamese companies more deeply into global value chains. Without a well-defined plan, efforts risk becoming fragmented. Rather than attempting to cover the entire value chain across all high-tech industries, Vietnam should adopt a phased approach, focusing first on areas where domestic companies can quickly build capabilities and become competitive.

A three-phase roadmap would be appropriate.

The first phase (2026–2027) should focus on assessing current capabilities, identifying priority sectors, and laying the foundations for implementation. Particular attention should be given to strengthening human capital through practical education and workforce training, while pilot programmes can begin in selected industries.

The second phase (2027–2030) should concentrate on expanding supplier capacity to achieve the objectives of Resolution 10: integrating 10,000 domestic enterprises into FDI supply chains and developing 500–1,000 Tier 1 suppliers. This will require significant progress in certification, quality standards, digitalisation, financing, management capabilities, and industrial cluster development.

From 2030 onwards, the focus should shift towards establishing "Technology from Vietnam" to complement the traditional "Made in Vietnam" model. This means investing in indigenous innovation and enabling Vietnamese companies to move into higher-value activities such as design, R&D, intellectual property, brand building, and technology-intensive services.

Three sectors should be prioritised throughout this roadmap.

The first is semiconductors, where Vietnam's greatest near-term opportunities lie in assembly, testing, packaging, design services, cleanroom operations, supply chain management, materials, logistics, and engineering services, rather than leading-edge chip fabrication.

The second is advanced manufacturing. Vietnamese enterprises, particularly SMEs, need support to adopt automation, sensor technology, quality management systems, industrial software, robotics, and modern maintenance capabilities to become more competitive suppliers.

The third is finance, which is a key enabler of localisation. Developing domestic suppliers requires long-term capital, making it essential to accelerate the development of Vietnam's international financial centre in Ho Chi Minh City and the regional financial centre in Danang. At the same time, fintech, venture capital, and sustainable financing instruments should be expanded to support innovation. A stronger financial sector, developed alongside the country's industrial base, will generate significant spillover benefits.

Ultimately, Vietnam needs not only more FDI but better-quality FDI that helps domestic companies acquire technology, management expertise, and higher-value capabilities. In this regard, Resolution 10 provides the right foundation for raising localisation and strengthening Vietnam's position in global value chains.

Resolution 10 marks new chapter in Vietnam’s foreign investment strategy Vietnam is overhauling its approach to foreign investment, prioritising quality, innovation and supply-chain integration as the country seeks to strengthen long-term economic growth and competitiveness.

Industrial real estate stocks gain fresh momentum from FDI and policy support Vietnam's industrial real estate stocks are expected to benefit from a recovery in foreign direct investment (FDI) inflows, supportive government policies and rising investment in high-tech industries, strengthening the sector's medium-term growth outlook.

Vietnam must build talent and innovation to attract quality investment Vietnam is seeking to reposition itself as a destination for higher-quality foreign investment. Joel Hassan, lecturer for International Business at RMIT University Vietnam, told VIR that success will depend on building a stronger talent pipeline and improving innovation capacity.

During talks in Australia on August 11, Minister Tuan praised Treasurer Chalmers' role in economic policymaking and budget management, as well as his efforts to strengthen Australia's economic resilience through reforms.

He said the elevation of bilateral ties to a Comprehensive Strategic Partnership in March 2024 had opened a broader framework for cooperation across the economy, finance, energy transition, and sustainable development.

Providing an overview of Vietnam’s macroeconomic situation, he explained that the country is pursuing rapid and sustainable growth. Vietnam’s GDP grew 8.18 per cent in the first half of 2026, the highest six-month growth rate in 15 years. The Ministry of Finance (MoF) is pursuing a flexible fiscal policy, directing resources towards infrastructure and social welfare while maintaining budget discipline and public debt safety.

Reviewing the 2024–2028 MoU on financial cooperation, the two ministers welcomed the shift in bilateral cooperation from general exchanges towards practical technical activities. Through the Financial Policy Dialogues held in 2024 and 2025, the two sides exchanged valuable experience in macroeconomic management, market supervision and sustainable finance.

For 2026–2028, the MoF proposed that Australia continue providing technical assistance and policy advice in four areas where Australia has strong expertise. First, budget and fiscal management, including sharing experience in federal budget formulation, medium-term fiscal frameworks and long-term forecasting models in response to challenges posed by population ageing and climate change.

Second, tax policy and economic management, including technical assistance in tax system reform, digital economy management and the development of the small business sector. Third, financial market development, including sharing experience in developing transparent, long-term capital markets, strengthening investor protection, and mobilising green finance.

Fourth, climate finance, including strengthening capacity to assess fiscal risks arising from natural disasters, financing the energy transition, and mobilising private capital for infrastructure to support Vietnam’s commitment to achieving net-zero emissions by 2050.

Regarding multilateral cooperation, Minister Tuan praised Australia for taking the lead on the fiscal policy pillar under the Incheon Plan for 2026–2030.

Ahead of APEC 2027, which Vietnam will host, the MoF has proposed four priority themes expected to be presented at the 2027 APEC Finance Ministers’ Meeting: financing for innovation; data-driven finance for small and medium-sized enterprises; diversification of resources for development investment; and development of young financial professionals. Minister Tuan asked Australia to support these priority themes in principle.

On the occasion, Minister Tuan formally invited Treasurer Chalmers to visit Vietnam and attend the 2027 APEC Finance Ministers’ Meeting in Halong in October 2027.

Australian Treasurer Jim Chalmers. Photo: Pham Dung Hung

In response, Treasurer Chalmers congratulated Vietnam on its impressive economic achievements, particularly its progress in financial reforms, efforts to upgrade its stock market and development of an international financial centre.

Treasurer Chalmers explained that amid a volatile global economic environment, the Comprehensive Strategic Partnership between the two countries has become increasingly important. Australia is committed to supporting Vietnam’s development goals through all available channels of cooperation, including ministerial-level mechanisms, embassies and partner organisations.

The talks concluded in an open and constructive atmosphere, providing fresh momentum for the specialised agencies of the two ministries to translate the agreed areas of cooperation into concrete initiatives and implementation timelines in the coming period.

Australia seeks market access for kangaroo meat and lychees in Vietnam Australia is seeking market access for kangaroo meat and lychees in Vietnam, with Australian Ambassador to Vietnam Gillian Bird calling on the Ministry of Agriculture and Environment to complete its assessment process.

Australia provides $1.3 million to support joint research projects with Vietnam On June 16, a new partnership to fund collaborative research projects between Australia and Vietnam is open.

Vietnam seeks stronger Australian investment to support growth target Vietnam's Minister of Finance Ngo Van Tuan has called on Australia to accelerate investment and bilateral cooperation programmes, particularly those supporting private sector development, as Vietnam pursues annual economic growth.

Announced on August 11, the Singapore-based studio is backed by Enterprise Singapore (EnterpriseSG) and Rabo Foundation and will support founders from across the region to improve smallholder farmer livelihoods, environmental outcomes, and food security.

Monsoon Ventures will initially focus on six priority markets – Vietnam, Indonesia, Thailand, Malaysia, Philippines and Singapore – with an initial investment of $940,000. The studio is targeting up to eight ventures in its first two years of operation, with plans to attract and deploy significantly more capital and build over 30 scalable ventures within five years.

‍An estimated 100 million smallholders across Southeast Asia are the backbone of regional food production, facing mounting pressure from climate shocks, input cost volatility, and supply chain fragmentation. The most practical near-term lever to improve smallholder resilience is validated technology reaching them at scale. These technologies exist across Southeast Asia, but rarely make it to market due to a lack of commercial translation infrastructure.

‍Monsoon Ventures has been founded by Beanstalk specifically to address this commercialisation gap in Southeast Asia. The studio will invest capital, recruit complementary commercial expertise, map value chain pathways, and help ventures engage with the right investors or strategic partnerships with regional players.

‍After running the agtech-focused Drought Venture Studio in Australia and working across Southeast Asia’s innovation ecosystem for eight years, Monsoon Ventures is Beanstalk’s first venture studio in Southeast Asia.

"In the last two years, Beanstalk's Australian venture studio helped innovators raise over $14.3 million and launch 15 commercial products," said Justin Ahmed, director of Beanstalk AgTech. "In Southeast Asia, the challenges facing science commercialisation are even more magnified, which is precisely why we're launching Monsoon Ventures here."

"Scientific innovations in smallholder resilience in this region so often die between proof-of-concept and commercial launch," Ahmed added. "Monsoon Ventures will bring the strategy, team, and capital to help innovation cross this chasm and reach the smallholders who need it."

‍Supported by EnterpriseSG and Rabo Foundation, Monsoon Ventures will draw on a blended finance model of philanthropic, public, and private capital that is suited to support both impact and commercial success outcomes. EnterpriseSG has provided foundational support for the studio to develop targeted solutions that can address the region’s food resilience challenges. Meanwhile, Rabo Foundation have further provided catalytic capital to support Monsoon Ventures’ mission to improve smallholder resilience.

Over the last eight years, Beanstalk AgTech has worked across the Asia-Pacific agrifood ecosystem, from Vietnam to Indonesia to Australia, helping researchers, founders, and agribusinesses turn promising science into products that reach farmers.

Rize raises $31 million to accelerate sustainable rice farming in Vietnam and Southeast Asia On July 16, Rize, Southeast Asia's leading sustainable rice platform, announced the close of a $31 million Series B funding round, comprising $20 million in equity and $11 million in debt financing.

TechCoop subsidiary secures $11.75 million financing from Symbiotics As part of its broader capital strategy, which includes a planned Series B equity raise later this year, TechCoop’s domestic trading arm in Vietnam, Farmnet, on April 14 announced disbursement of an $11.75 million senior secured loan from Symbiotics, the Geneva-based impact investment firm.

Every Half Coffee Roasters raises $8 million in Series A financing Every Half Coffee Roasters has closed an $8 million Series A funding round, fully subscribed by existing investors.

During talks in Canberra on August 11, the two ministers discussed measures to boost cooperation in agriculture, minerals, energy, and coordination under bilateral and regional economic frameworks.

Photo: Ministry of Finance

At the meeting, Minister Tuan highlighted the strong friendship and cooperation between Vietnam and Australia after more than 50 years of diplomatic relations, which were elevated to a Comprehensive Strategic Partnership in 2024. Under the upgraded framework, economic, trade and investment cooperation remains a key pillar, with significant potential for further growth.

Regarding economic and trade ties, he said bilateral trade reached approximately $8.2 billion in the first half of 2026, up 21.9 per cent on-year, demonstrating continued expansion in both scale and growth rate.

He called on Australia to further promote two-way investment, intending to double bilateral investment and raise two-way trade to $20 billion under the Enhanced Economic Engagement Strategy.

The minister also proposed stronger cooperation in finance and banking, capital markets and green finance, areas in which Australia has considerable expertise, and Vietnam has growing demand as its economy develops.

“Vietnam is ready to serve as a gateway for Australian businesses to access the ASEAN market of more than 700 million people. We hope the relevant agencies of both countries will strengthen connections, introduce specific investment opportunities and support businesses from both sides in expanding their operations in each other’s markets,” Minister Tuan said.

He also highlighted the close people-to-people links between the two countries, noting that more than 400,000 Vietnamese people live in Australia, alongside around 25,000 Vietnamese students. This community is an important resource for strengthening people-to-people exchanges, tourism, education and economic connectivity.

Minister Tuan thanked the Australian government, through the Department of Foreign Affairs and Trade, for committing $69 million in total grant aid to Vietnam for 2026–2027. The funding will contribute to activities under the Comprehensive Strategic Partnership and the Development Partnership Plan between the two countries.

Vietnam hopes Australia will maintain and expand its official development assistance, with a focus on climate change response, high-quality infrastructure, and Vietnam’s priority areas.

The government is targeting high-income status and developed-country status by 2045, requiring sustained high growth in the coming years, the minister said. High-quality technology, innovation and the private sector have been identified as important growth drivers.

As climate change and rising sea levels create growing challenges, Vietnam hopes Australia will continue to provide technology, expertise, and resources to strengthen climate resilience, develop sustainable infrastructure, and support the country’s green transition.

Minister Tuan presenting a gift to Minister Farrell. Photo: Ministry of Finance

Highlighting Australia’s strengths in agriculture, livestock farming, mining and mineral processing, Minister Tuan called on Australia to introduce and connect Vietnamese partners with businesses that have the technology, capital and expertise to invest in Vietnam.

He cited SunRice as an example of an Australian company investing effectively in Vietnam’s rice and food sectors, covering areas from varietal improvement and production to harvesting and processing. Such projects add value to agricultural products while bringing advanced technologies and production methods to Vietnam, he said. Vietnam hopes Australia will introduce more businesses with similar capabilities to expand investment cooperation.

In the minerals sector, Vietnam seeks to strengthen cooperation with Australia in exploration, mining and, particularly, deeper mineral processing, building on Vietnam’s potential in rare earths, nickel, and other critical minerals. Minister Tuan called on Australia to connect Vietnamese partners with companies possessing advanced technologies, management expertise and capacity for long-term investment.

In energy, Vietnam continues to have strong demand for energy resources to support economic growth while accelerating the development of new and renewable energy sources and energy infrastructure.

Vietnam is currently one of Australia’s major coal import markets and wants to maintain and expand cooperation in this area, while exploring opportunities in gas-fired power, offshore wind and other energy projects.

The two sides also discussed potential cooperation in regional energy connectivity, power infrastructure and energy solutions supporting digital transformation, AI, and industrial development.

Australian Minister for Trade and Tourism Don Farrell said there remained substantial room for Vietnam-Australia trade to grow. Bilateral trade has increased significantly in recent years, he said, adding that Australia wants to further strengthen bilateral economic ties.

Minister Farrell welcomed Vietnam’s development goals, including its target of becoming a developed country by 2045, and asserted Australia’s desire to be an important partner in Vietnam’s transformation and development process.

Referring to the Vietnamese community in Australia, he described it as an important bridge for further promoting tourism, people-to-people exchanges and economic ties between the two countries.

He said Australia was implementing programs and providing resources to help Australian businesses seek new markets, particularly in Southeast Asia, and expressed a willingness to support Australian companies in exploring and expanding investment and business opportunities in Vietnam.

Australia welcomed Vietnam’s priority areas and was ready to hold further discussions on cooperation opportunities in agriculture, minerals, energy and other areas of mutual interest.

Minister Tuan also called on Australia to continue supporting Vietnam at multilateral forums for the common interests of both countries, and to support Vietnam in successfully hosting APEC 2027, including the 2027 APEC Finance Ministers’ Meeting.

On the occasion, Minister Tuan invited Minister Farrell to lead the Australian delegation to the fifth Vietnam-Australia Economic Partnership Meeting (EPM), scheduled to take place in Hanoi in November. The fifth EPM will provide an opportunity for the two sides to review implementation of the Enhanced Economic Engagement Strategy and the 2024-2027 Action Plan, while discussing and agreeing on directions for cooperation in the next period.

Vietnam is ready to coordinate with Australia in preparing the meeting’s content and agenda, while the two sides’ focal agencies will continue discussions to determine a suitable date based on the schedules of the two ministers.

The two ministers agreed to maintain close coordination and make effective use of bilateral economic cooperation mechanisms to facilitate investment and business expansion by companies from both countries. They also agreed to strengthen cooperation in areas with high potential, contributing practical results to the Vietnam-Australia Comprehensive Strategic Partnership.

Australia shifts immigration focus from capital to talent Australia is reshaping its migration policy to attract highly skilled talent through a new innovation visa, moving away from traditional investment-based pathways.

Vietnam seeks stronger Australian investment to support growth target Vietnam's Minister of Finance Ngo Van Tuan has called on Australia to accelerate investment and bilateral cooperation programmes, particularly those supporting private sector development, as Vietnam pursues annual economic growth.

During the stock market correction in July, only a limited number of sectors managed to maintain positive performance. In contrast, July saw deep corrections across a broad range of sectors, bringing the valuation levels of many ticker groups significantly below their historical averages.

Data provided by Tien Phong Securities Corporation shows that, following the correction period, as many as 13 sectors are trading at price-to-earnings (P/E) ratio and price-to-book (P/B) ratios below their five-year averages.

Photo courtesy of baodautu.vn

The market discount is no longer concentrated in just a few sectors but has broadened across a relatively wide range of groups, including banking, financial services, food and beverages, industrial goods and services, IT, construction and building materials, retail, travel and leisure, among others.

The developments in July reflected cautious investor sentiment. The fact that valuations across most sectors have been discounted to below historical averages is creating a more attractive safety margin for medium- and long-term investors, as Vietnam's macroeconomic fundamentals remain positive, the economic growth outlook has been revised upward by a number of international institutions, and the process of upgrading the market's status is gradually turning into a reality.

As of early August, the VN-Index was trading at a P/E of 11.9x and a P/B of 1.9x, significantly below the 10-year averages of 15.35x and 2.18x, respectively.

Excluding the impact of Vingroup JSC, the market's adjusted valuation falls to just 9.9x P/E and 1.6x P/B – levels comparable to those seen during some of the most stressful periods, such as the Covid-19 pandemic and the corporate bond crisis in 2022.

TPS said current valuation levels have already priced in most of the adverse factors in the global investment environment, as well as the impacts related to tariff barriers.

The combination of stable macroeconomic fundamentals and deeply discounted valuations is creating an attractive risk-reward profile for medium- and long-term strategies.

At the same time, current valuation levels also give the market greater resilience against short-term fluctuations stemming from the external environment.

According to analysts at SSI Securities Corporation, earnings growth remains an important pillar supporting the market. However, in the second half of 2026, growth may slow as favourable base effects fade and high capital costs begin to exert a clearer impact on business operations.

On the positive side, as market valuations become more attractive, the market-upgrade story continues to be an important medium-term catalyst, with the full implementation process will be carried out in phases through September 2027.

In fact, stocks that stand to benefit from the market upgrade are also among the notable investment themes. On August 21, the list of Vietnamese stocks included in the FTSE Emerging Markets Index shall be announced.

At the corporate level, business results in the second quarter of 2026 continued to maintain their growth momentum, with most sectors posting double-digit growth.

Banking and real estate continued to make the largest contributions, with net profit in the second quarter of 2026 among HSX-listed companies rising 24.6 per cent and 232 per cent, respectively, on-year.

Other sectors that recorded strong profit growth in the first quarter and continued to maintain positive momentum in the second quarter included retail, utilities, oil and gas, construction materials, and fertilisers.

In the short term, as interest-rate pressures have yet to ease significantly and the profit outlook for the second half of 2026 may be less robust than in the first half, investors should continue to exercise caution.

Accordingly, SSI experts believe an appropriate strategy is to shift the focus towards selecting positions by sector and stock, prioritising groups benefiting from expanded production capacity and infrastructure investment, such as industrial parks, logistics, power, construction materials, and infrastructure contractors; making selective investments in the banking sector; and maintaining exposure to consumer stocks as a defensive segment.

Vietnam offers prime growth potential Amid high hopes for a new growth cycle in Vietnam’s stock market, Petri Deryng, founder and portfolio manager of Finland’s PYN Elite Fund, talked about the country’s strong growth, political stability, low debt, and attractive valuations make it a prime destination for investors.

Stock listings pick up steam on Ho Chi Minh City bourse After a period of stagnation, Ho Chi Minh City Stock Exchange (HSX) has recorded many businesses submitting applications and planning new listings.

Rosier prospects for bank tickers in H2 The prospects of a credit rebound, easing bad debt threats, and better net interest margins should help banks to maintain profit growth this year.

Generous dividend plans warm investor sentiment Following a period of steep decline and modest recovery, shareholders of Tien Phong Commercial Joint Stock Bank (TPBank) were buoyed by a gain of just under 5 per cent on the share price during the May 12 trading session.

He said that the government had issued a number of resolutions to implement the policy of boosting decentralisation of power, reforming administrative procedures, reducing investment and business conditions, and effectively utilising telecommunications infrastructure to serve national defence and security.

These policies have contributed to reducing compliance costs, creating favourable conditions for citizens and businesses, and enhancing the effectiveness and efficiency of state management.

Minister of Science and Technology Vu Hai Quan. Photo: MST

However, these mechanisms will expire on March 1, 2027. Amending the relevant laws is therefore necessary to provide a stable, consistent and sustainable legal framework.

The draft amendments focus on three key areas. The first is accelerating administrative reform and reducing the number of conditional investment and business lines.

For the Law on Radio Frequency, the draft removes licensing conditions that are no longer necessary or are already covered by other regulations, shifts from pre-approval to post-inspection, and abolishes regulations on training amateur radio operators. It also transfers responsibility for training and certifying maritime radio operators to the relevant specialised ministries.

For the Law on Telecommunications, the draft abolishes or simplifies several licensing conditions. It also removes domain name registration and maintenance services from the list of conditional business lines and shifts their management to a post-inspection mechanism.

For the Law on Electronic Transactions, the draft abolishes procedures for amending and renewing licences for trust service providers, helping reduce compliance costs for businesses.

The second area is further decentralisation of state management. Under proposed amendments to the Law on Technology Transfer, the Ministry of Science and Technology would be empowered to develop, approve and issue programmes and policies on technology imports, science and technology market development, technology transfer, application and innovation. The changes are intended to increase administrative autonomy and shorten processing times.

The National Assembly meeting. Photo: MST

Third, completing the legal framework for the effective use of telecommunications infrastructure to serve national defence and security.

Regarding the Law on Radio Frequency, the draft stipulates the licensing of frequency band usage in special cases for state-owned enterprises directly serving national defence and security, adjusting the initial licensing period from three years to five years and adjusting the time for evaluating the effectiveness of project implementation before allowing licence renewal to continue project implementation.

Regarding the Law on Telecommunications, the draft law adds a legal basis for sharing telecommunications infrastructure to ensure the fulfilment of national defence and security tasks; the government will specify the policy on free shared use of telecommunications infrastructure of enterprises wholly owned by the State for national defence and security tasks, and the mechanism to ensure the rights of these enterprises.

Viettel and Qualcomm to co-develop AI smartphones Viettel has signed an MoU with American multinational Qualcomm Technologies to establish a strategic partnership for AI-integrated smart mobile devices.

Japanese wireless carrier to launch mobile services in Vietnam On May 1, KDDI Corporation and VNPT agreed to jointly develop and launch a mobile telecommunication sub-brand in Vietnam.

Postal services revenue rises 30 per cent in May Revenue from postal services was estimated to reach VND8.5 trillion ($340 million) in May, a 30 per cent increase compared to the same period last year, reflecting the continued boom in demand for transportation and e-commerce.

For home loans and consumer loans for personal needs, customers are offered rate reductions of 0.1-0.3 per cent, per year.

For corporate customers, Nam A Bank has cut its maximum listed lending rates by 0.5 per cent, per year.

The bank is also stepping up its support for the business community through dedicated preferential programmes targeting key sectors of the economy.

The total credit limit under these programmes amounts to $1 billion, with lending rates reduced by 1-1.8 per cent, per year from the listed rates.

The largest programme, worth $600 million, is targeted at the agriculture, forestry and fisheries sectors. A $160 million credit package is available for infrastructure and digital technology, while a $144 million package supports seafood and fruit exporters.

In addition, Nam A Bank has allocated $56 million to businesses expanding production and operations in industrial parks and $40 million to support small and medium-sized enterprises (SMEs/MSMEs).

To facilitate lower lending rates, Nam A Bank has also cut deposit rates by up to 0.3 per cent per year.

Meanwhile, BVBank has launched a preferential lending package with a total limit of $100 million to support SMEs, offering rates at least 1 per cent, per year below the prevailing market level.

After the reduction, lending rates start from 9.7 per cent, per year, providing timely support for businesses and household businesses seeking to optimise operating costs.

Alongside its preferential interest-rate policy, BVBank continues to proactively streamline its credit assessment process and reduce administrative procedures to accelerate disbursements.

Similarly, NCB has cut lending rates by 0.5 per cent, per year for all individual and corporate customers.

For individual customers, preferential rates now start from 8.49 per cent, per year and apply to various borrowing needs, including collateral-backed loans, production and business activities, purchases of individual houses and secured consumer loans.

For SMEs, NCB has reduced lending rates by 0.5 per cent, per year across all loan tenors, with short-term rates starting from 10 per cent, per year during the first three months.

For large enterprises operating under supply chains and ecosystems, NCB has also cut lending rates by 0.5 per cent, per year, with rates starting from 10.45 per cent, per year.

Among state-owned banks, Agribank has announced a preferential credit programme worth $2.8 billion, to be implemented from August 2026 through 2028.

Preferential lending rates will be 1-2 per cent, per year below the average lending rate for loans of the same tenor. The programme applies to SMEs, businesses and individual business households operating in priority sectors and areas identified as key drivers of economic growth.

BIDV has announced a $2 billion low-interest credit package, available from August 2026 through the end of December 2028 or until the package has been fully disbursed.

Businesses borrowing for production and business activities will receive lending rates at least 1 per cent, per year below the bank's prevailing average lending rate for loans of the same tenor.

VietinBank has also announced a $2 billion credit programme running through the end of 2028, with preferential lending rates 1 per cent, per year below its regular lending rates for loans of the same tenor. For medium- and long-term loans, the preferential rates may apply for up to 12 months.

Carbon credit push gathers pace among Vietnamese firms Vietnamese businesses are accelerating efforts to develop carbon credits for international trading as the country's regulatory framework for cross-border transactions continues to take shape.

BIDV, VietinBank sign $281-million credit deal for O Mon IV power plant BIDV, VietinBank, and Petrovietnam have signed a credit agreement to finance the O Mon IV Thermal Power Plant.

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

Banks face growing bad debt risks amid rising funding costs Banks are facing rising bad debt risks as non-performing and special-mention loans increase, while thinner provisioning buffers and higher funding costs threaten to put pressure on asset quality.

According to a statement on August 12, the fund was selected through the third Call for Proposals launched under SIFI’s Investment Window in November 2025. Through this Investment Window, SIFI is deploying a total of CHF5 million ($6.16 million) in first-loss equity shared between Beacon Fund and the Mandala Entrepreneurship Fund to enhance health, education, and gender equality across the Mekong region.

This Investment Window, “Fostering Human Development,” focuses on advancing three United Nations Sustainable Development Goals – Good Health and Well-being, Quality Education, and Gender Equality – in the Mekong region. These target goals align closely with Beacon Fund’s long-standing commitment to supporting women-led and diverse-led small and medium enterprises (SMEs) in Vietnam.

Beacon Fund addresses critical capital gaps by providing flexible loans without requiring real estate collateral. Gender equality is embedded in the fund’s DNA, with 100 per cent of portfolio companies meeting the 2X Challenge criteria. In the portfolio, 45 per cent of management roles are held by women, and over 2,000 jobs are supported, 67 per cent of which are for women.

Beyond the gender lens, Beacon Fund actively backs essential human development sectors. In education, the fund provided two rounds of debt financing to MindX Technology School, which has supported over 17,200 students (23 per cent female) to access quality tech education. In healthcare, Beacon Fund recently invested in women-owned and -led TIMEC International General Clinic, pioneering an impact-linked loan structure that offers up to a 2 per cent interest rate reduction as the clinic demonstrates improved quality of care through higher patient satisfaction.

The first-loss equity provided by SIFI acts as catalytic capital designed to absorb initial risk and crowd in additional private capital into emerging markets. According to SIFI, Beacon Fund and Mandala Entrepreneurship Fund demonstrate the power of impact investing to drive measurable social progress and resilience in emerging economies. Their focus on innovative, locally grounded solutions underscores the growing potential of blended finance to unlock private capital in pursuit of sustainable development.”

Tenke Zoltáni, CEO of the SDG Impact Finance Initiative (SIFI), said, “Beacon Fund demonstrates how catalytic capital can help unlock investment in businesses that deliver both commercial potential and measurable social impact. Through our Investment Window, SIFI supports investment vehicles that expand access to finance where it is needed most and help mobilise additional private capital for sustainable development.”

Shuyin Tang, CEO & co-founder of Beacon Fund, said, “We’re deeply grateful for this vote of confidence from the SIFI team and for their junior equity investment into our fund – catalytic capital that we hope will help attract more like-minded investors and further expand the fund’s impact on SMEs in Vietnam."

This Investment Window was supported by the Swiss State Secretariat for Economic Affairs, the Swiss Agency for Development and Cooperation, the UBS Optimus Foundation, and the Ursimone Wietlisbach Foundation.

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