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.

Citi deploys $100m in social trade finance to support Vietnam MSMEs On April 28, Citi successfully executed a series of first social trade advance transactions for financial institution clients in Vietnam.

ADB and HDBank sign $100 million loan targeting women-owned businesses On July 7, the Asian Development Bank signed a $100 million loan with Ho Chi Minh City Development Joint Stock Commercial Bank to expand access to finance for micro, small, and medium-sized enterprises in Vietnam, with a focus on those that are women-owned.

Vietnam's agrifood sector to receive $239 million investment Golden Gate BCE, a leading distributor of low-carbon Asian food and non-food products, signed an MoU with LPF Fund in Ho Chi Minh City on July 29 to provide about $239 million in financing for Vietnamese businesses pursuing green transition projects and improving their international competitiveness.

At the “Vietnam-Uganda Businesses – The Pearl of Africa” forum in Hanoi on August 12, officials and business leaders called for stronger connectivity, better market information and new cooperation mechanisms to translate political goodwill into more substantive economic engagement.

Deputy Minister of Foreign Affairs Le Anh Tuan said the two countries were well-placed to expand cooperation in several complementary sectors, particularly agriculture, energy, mining and digital transformation.

Trade has already shown encouraging momentum. Two-way turnover reached $22.1 million in 2024 before rising more than fourfold to around $95.47 million in 2025. Last year, Uganda imported $45.62 million worth of goods from Vietnam, while its exports to Vietnam reached $49.85 million, led by coffee, cotton and meat.

The more balanced trade structure is creating room for Uganda to increase agricultural and natural-resource exports, while opening opportunities for Vietnamese businesses to invest in manufacturing and value-added production in Uganda for both the domestic and wider African markets.

Vietnamese investment commitments in Uganda have reached around $40 million, with mining and construction among the main areas of interest. Ba Dinh JSC has committed $35 million to gold and non-ferrous metal exploration, while ATAD Steel has invested $500,000 in construction.

Nguyen Quang Vinh, vice chairman of the Vietnam Chamber of Commerce and Industry, said current trade and investment flows still remained below the potential of the two economies. He noted that geographical distance, limited market information, logistics costs, and differences in legal frameworks, business practices and culture continued to affect cooperation.

Those challenges, however, were seen as manageable if both sides strengthened institutional and business-to-business links.

Tuan said the next phase should build on the two countries’ positive political relationship and focus more strongly on practical economic outcomes. He called for more frequent exchanges among ministries, industry associations and enterprises to identify projects and address difficulties early.

“Vietnam and Uganda need to create regular channels for businesses to access market information, understand priority products and investment policies, and connect with potential partners,” he said. “With stronger political commitment and greater engagement from enterprises, there is considerable room to expand cooperation in a more effective and substantive manner.”

He also urged both countries to advance economic agreements that could give investors greater confidence, including a double taxation avoidance agreement and an investment promotion and protection agreement.

Further cooperation could also be developed in more specialised areas such as petroleum engineering, infrastructure construction, resource development and digital transformation. Existing agricultural cooperation frameworks should also be implemented more actively, according to Tuan.

“With strong determination from both governments and efforts from the business communities, I believe this forum can become a bridge for Vietnam and Uganda to broaden their development partnership,” he said. “It can also help generate concrete agreements and contracts that deepen the bilateral relationship.”

The Ministry of Foreign Affairs said it stood ready to work with VCCI and relevant ministries to support business matching, help remove obstacles and facilitate new partnerships.

VCCI is also positioning itself as a bridge between the two business communities. Vinh said the chamber could assist enterprises in accessing market information, identifying credible partners and assessing investment opportunities.

Ugandan Ambassador to Vietnam Betty O. Bigombe Photo: Organising Committee

Ugandan Ambassador to Vietnam Betty O. Bigombe expressed hope that the forum would lead to memoranda of understanding and specific cooperation agreements, while encouraging more Vietnamese companies to visit and invest in Uganda.

“We believe that by starting with Vietnam, Uganda can also gain a gateway to broader engagement with other ASEAN countries,” she said.

Representatives of the Uganda Chamber of Commerce and Industry said Vietnamese investors should first identify sectors in which they could build regional advantages. One option would be to study products currently imported from Vietnam by Uganda and neighbouring East African markets such as Kenya, Tanzania and Rwanda, then consider producing those goods locally in Uganda.

They added that investors establishing operations in Uganda could access tax incentives and repatriate profits after meeting local tax obligations. Careful capital planning, cash-flow management and cost control would nevertheless remain important for long-term success.

With trade already rising rapidly and both sides signalling a willingness to deepen institutional and business links, the next step will be turning broad potential into commercially viable projects and stronger regional market access.

The brewer was ranked first in the “Green Enterprise – Net Zero Action 2026” programme at the World Energy and Environment Forum – Vietnam 2026, held in Hanoi in July, highlighting its progress in embedding sustainability targets across its operations.

The recognition came as Vietnam continued to strengthen the policy and market foundations for its green transition. On June 29, the first trading session on the domestic carbon exchange recorded the transfer of more than 1,200 tonnes of CO₂ equivalent, worth a combined VND161.7 million ($6,100). Decree No.272/2026/ND-CP then took effect on July 4, providing a legal framework for offshore wind development.

Against this backdrop, the July forum brought together regulators, experts and businesses to discuss practical approaches to energy transition and environmental management.

Saigon Beer-Alcohol-Beverage Corporation, better known as SABECO, topped the 2026 assessment after nominations from local authorities were reviewed against criteria and assessment tools developed by the World Energy Council in Vietnam, with the results subsequently appraised by an independent expert panel.

The ranking reflected not a single project, but the extent to which SABECO has incorporated environmental, social and governance goals into its broader operating model.

Larry Lee, deputy general director in charge of strategic assets and sustainability at SABECO. Photo: VCCI

Larry Lee, deputy general director in charge of strategic assets and sustainability at SABECO, said the group’s scale meant that even incremental operational improvements could generate a significant wider impact.

“SABECO operates at a scale where every decision we make can have a meaningful impact,” Lee said. “Every improvement in energy use, water efficiency, packaging, logistics, supplier standards or people development can create positive effects across the entire ecosystem.”

That approach is increasingly visible across the company’s production network.

In 2025, renewable energy accounted for 46.4 per cent of SABECO’s total energy consumption, while all of its breweries had implemented CO₂ recovery systems aimed at improving energy efficiency and reducing emissions.

The company also reported a 7 per cent reduction in water-use intensity compared with 2023, while 100 per cent of its packaging was recyclable or reusable. Some 81.4 per cent of waste was recovered or recycled.

Sustainability requirements have also been extended further into the supply chain. All of SABECO’s partners have committed to complying with the company’s Code of Conduct, supporting the wider adoption of responsible business practices.

Beyond environmental performance, SABECO is placing greater emphasis on governance and disclosure as part of its longer-term transition.

Lee said transparent governance was central to the company’s ability to sustain operational improvements over time. SABECO maintains systems for monitoring ESG indicators to assess progress, manage impacts and improve performance, while publishing an annual Sustainability Report to disclose commitments and implementation results to stakeholders.

The report references the GRI Standards 2021 and is aligned with the United Nations Sustainable Development Goals, providing a more consistent framework for ESG-related disclosure.

The company also uses regular engagement with employees, customers, partners, investors and consumers to reassess material sustainability issues and adjust its strategy in response to evolving market expectations.

This approach is becoming increasingly important as ESG requirements are incorporated more deeply into global supply chains, where companies are being assessed not only on stated commitments but also on the credibility and ability to measure implementation.

For SABECO, that places operational efficiency, transparency and supply chain standards alongside more traditional considerations such as production capacity and market competitiveness.

Lee said the company would continue pursuing its longer-term sustainability ambitions rather than treating the latest recognition as an end point.

“Sustainability is not a destination, but a journey that we build together,” he said. “SABECO remains committed to the spirit of ‘Rise with Vietnam’, accompanying people, communities, the environment and the future.”

The rooftop solar system at Saigon Quang Ngai Brewery helps improve energy efficiency. Photo: SABECO

As Vietnam’s green transition advances, SABECO’s ranking illustrates a broader shift among domestic companies from setting sustainability goals towards integrating them into day-to-day operations.

For businesses facing rising expectations around emissions, energy use and ESG transparency, the ability to convert commitments into measurable improvements is increasingly becoming part of competitive positioning.

The programme aims to build an AI workforce that is sufficiently large and increasingly high-quality to meet ever-growing development needs of strategic tech sectors.

Under the programme, by 2030, at least 80 per cent of general education and pre-university students will be equipped with basic AI knowledge and skills.

Establishing an AI-integrated education system across all stages of education is critical. Image courtesy of baodautu.vn

In addition, all university students and at least 80 per cent of vocational education students will receive training in AI knowledge and skills, ethics and data safety.

Notably, the programme targets the training, re-skilling and upskilling of at least 50,000 university graduates and above with the capacity to apply AI in key industries and sectors.

At the same time, at least 10,000 highly qualified and specialised AI professionals will be trained, including a minimum of 1,500 experts capable of researching, developing and mastering core technologies and leading key AI initiatives.

In addition, at least 10 million workers will receive training, further education or skills updates in the basic use of AI. Around 100,000 teachers, lecturers and education managers will receive advanced training to enable them to guide, support and encourage AI application capabilities.

The programme also aims to establish an AI-integrated education system across all levels of education, with all higher education institutions implementing regulations governing the use of AI in teaching, research and assessment.

At least 10 advanced AI training and research centres will be established, together with a network of at least 25 higher education institutions serving as hubs for AI training, research and innovation.

With a vision to 2035, Vietnam aims to become a country with AI human resource development capabilities among the leading group in the region, while establishing a safe, reliable and responsible ecosystem for AI training, research, application and governance.

To achieve these objectives, the programme focuses on seven groups of tasks: completing the national AI institutional framework and competency framework; developing a workforce of teachers and experts; training highly qualified AI professionals; expanding access to AI education, re-skilling and upskilling; linking training with businesses and the labour market; developing infrastructure and data for training; and strengthening communications while raising awareness and AI skills.

Notably, small and medium-sized enterprises, cooperatives, production and business establishments, as well as social and professional organisations will receive support to access AI training programmes, competency assessment tools, consulting experts and shared learning resources, thereby enhancing labour productivity and competitiveness.

Google grants $1.5 million to Fulbright University Vietnam for AI research and education Fulbright University Vietnam has received a $1.5 million grant from Google to advance AI research and education in Vietnam.

Vietnam promotes GenAI training programme for teachers A Generative AI skills training programme for teachers will be implemented on a national scale in Vietnam, promoting AI integration in education.

National Innovation Centre launches AI training initiative The National Innovation Centre (NIC) under the Ministry of Finance, in collaboration with Intel, launched the “AI for all” initiative on April 2, which is a self-learning course designed for all Vietnamese citizens.

Leading in AI: from pilot initiatives to enterprise value AI has become a defining economic force. But while AI investment is accelerating across industries, the tangible impact on business performance remains uneven, and in many cases, limited.

Through the event, participating enterprises have the opportunity to gain first-hand insights into production models, environmental, social, and governance (ESG) solutions, and green transformation practices implemented at PRIME Group.

As Vietnam continues its journey towards net-zero by 2050, businesses across industries are facing increasing pressure to improve sustainability performance and align with evolving environmental standards. For SMEs, green transformation presents challenges and opportunities to enhance competitiveness, access new markets, strengthen supply chain partnerships, and respond to growing customer expectations on sustainability.

Despite these opportunities, many SMEs still struggle to turn green transformation ambitions into action due to constraints in investment, implementation capabilities, resources, and expected business returns. In response to these challenges, SCG launched Go Together with the aim of supporting SMEs in Vietnam in turning ESG ambitions into practical actions, thereby enhancing their long-term competitiveness and contributing to Vietnam’s broader green transformation.

Beyond individual events, Go Together aims to build a connected network for the SME community, providing a platform where businesses can regularly exchange experience and seek support throughout their green transformation journey. Through the initiative, SCG expects to foster a sustainable development ecosystem in which businesses that have already made progress in their transformation can continue sharing practical experience and supporting new participants in the future.

Speaking about the significance of the initiative, Wichet Chuchaeu, chief regional officer for Vietnam at SCG CBM and vice president at SCG Vietnam, said, “Green transformation is a business imperative for SMEs. As global supply chains increasingly prioritise sustainability, businesses that start adapting today will be better positioned to compete and grow in the future.”

Wichet Chuchaeu expects the Go Together initiative will empower Vietnamese SMEs to go green with confidence. Photo: SCG

From practical models to green solutions

As one of the companies advancing green transformation in Vietnam’s building materials sector, PRIME Group has been promoting sustainability through three green manufacturing, green products, and green living.

Across its manufacturing operations, PRIME has partially replaced coal with biomass, recovered and reused waste heat, invested in rooftop solar power, applied the Internet of Things to optimise operations, and introduced wastewater recycling systems. These initiatives have helped reduce CO₂ emissions, improve energy and resource efficiency, and enhance operational performance.

In parallel, PRIME is developing green building materials, with the goal of having 80 per cent of its products classified as green products by 2030 and achieving net-zero by 2050. These achievements provide a practical reference point for SMEs seeking to understand how green transformation can be embedded into day-to-day business operations.

SMEs visit Prime Tien Phong factory to gain first-hand insights into its green transformation practices. Photo: SCG

Through the tour, SMEs will gain access to practical green transformation experience that can be applied to their own operations, from improving operational efficiency and optimising energy and resource use to leveraging technology to reduce environmental impact.

By learning from PRIME Group’s real-world practices and engaging directly with experts, participating businesses can identify solutions suited to their own needs and resources, helping turn ESG ambitions into actions that deliver both environmental and business value.

Beyond providing practical insights into green transformation, this event also creates opportunities for businesses to expand their networks. Participating enterprises will be able to connect with experts, business leaders who are pioneering ESG practices, representatives of industry associations, and relevant organisations.

These interactions will enable SMEs to learn from more experienced businesses while exploring potential collaboration in areas such as green transformation, innovation, and supply chain development.

Experts share insights during a panel discussion. Photo: SCG

In Vietnam, SCG remains committed to working alongside the business community and its partners to advance practical green transformation, share experience, and create more opportunities for SMEs to strengthen their capabilities and move forward with greater confidence on their journey.

30-year SCG backs green development as Vietnam enters next phase of net-zero journey After investing more than $7 billion over three decades, SCG now sees the country's net-zero transition as the next defining chapter of its development.

SCG calls for new growth model at Nikkei Asia Forum SCG called for a new growth model advancing carbon neutrality through competitiveness, energy security and innovation, addressing delegates at the Nikkei Asia Forum APAC 2026 in Bangkok.

SCG reports stronger H1 results and reaffirms long-term commitment to Vietnam As Vietnam continues to attract manufacturing investment and accelerate its green transition, SCG says it will continue investing in advanced manufacturing, sustainability and workforce development alongside reporting stronger first-half results.

Representatives from HEPZA, KCN Vietnam, and the contractor at the KCN Song Than 3 groundbreaking. Photo: KCN Vietnam

KCN Vietnam broke ground on a 21.9-hectare project at Song Than 3 Industrial Park on August 11 that will include a mixture of Ready-built Factories (RBF) and Ready-built Hybrid (RBH) facilities.

Developed in line with LEED green building standards, the project is designed to support manufacturers seeking faster market entry, greater operational flexibility and more sustainable production environments.

Upon completion, KCN Song Than 3 will add more than 130,000 square metres of premium industrial space to the market.

Situated in what was formerly Binh Duong province, now administratively part of Ho Chi Minh City, the ready-built project is located within one of Vietnam's most established manufacturing and logistics clusters. Its strategic location is expected to enable manufacturers to streamline operations, improve supply chain efficiency, and strengthen their competitiveness while benefiting from seamless access to domestic and international trade networks.

In line with Vietnam's policy direction under Politburo Resolution No.10-NQ/TW, the country is shifting its focus from attracting foreign direct investment (FDI) by volume to prioritising higher-quality investment, particularly in high-value manufacturing, sustainable industries and stronger linkages with domestic enterprises.

As investment priorities evolve, demand for industrial real estate is extending beyond location alone, with manufacturers increasingly seeking developments that offer faster speed to operation, strong connectivity to production and logistics ecosystems, and internationally recognised sustainability standards.

This trend is particularly evident in Ho Chi Minh City, which attracted more than $6.8 billion in FDI during the first half, including over $2.6 billion invested in export processing zones and industrial parks.

Against this backdrop, KCN Vietnam is expanding its Southern portfolio with the KCN Song Than 3 development to help address growing demand for high-quality industrial infrastructure.

The project's mix of RBF and RBH products provides manufacturers with flexible space solutions tailored to different operational requirements and future expansion plans. The ready-built model enables occupiers to accelerate operational setup, commence operations more quickly and scale production efficiently as business needs evolve.

KCN Song Than 3 reflects KCN Vietnam's commitment to delivering industrial facilities that combine operational efficiency, energy performance and environmental responsibility, qualities that are becoming increasingly important for multinational manufacturers when selecting investment locations.

Hardy Diec, COO of KCN Vietnam Group, said that as Vietnam competes for higher-quality foreign investment, industrial infrastructure is becoming a critical differentiator.

"Manufacturers today are making decisions based on more than rental costs alone. They increasingly prioritise strategic locations, speed to operation, operational flexibility, sustainability, and long-term business efficiency," Diec said.

KCN Song Than 3 reflects the company's strategy to expand across key manufacturing hubs, he added.

"In the southern region, following our developments in Dong Nai and Tay Ninh, this project marks our entry into Ho Chi Minh City and reinforces our commitment to delivering industrial facilities that help manufacturers grow while supporting Vietnam's next phase of industrial development," Diec said.

KCN Song Than 3 forms part of KCN Vietnam's broader strategy to expand its industrial platform across Vietnam's key manufacturing hubs, strengthening its ability to support manufacturers as production continues to diversify and global supply chains evolve.

Computer-generated image of KCN Song Than 3. Photo: KCN Vietnam

Over the second half of 2026 and early 2027, KCN Vietnam expects to complete additional developments at Ho Nai (Dong Nai), An Phat and Phuc Dien (Haiphong), adding more than 300,000 sq.m of high-quality ready-built industrial space to the market.

The continued expansion of KCN Vietnam's portfolio reflects the company's disciplined growth strategy, strong project execution capabilities and long-term commitment to supporting the evolving needs of Vietnamese and international manufacturers.

Established in 2021, KCN Vietnam Group is a professional industrial property developer in Vietnam.

To date, the company's portfolio comprises ten ready-built warehouse and factory projects strategically located across industrial zones in northern and southern Vietnam, including DEEP C, Phuc Dien, and An Phat in Haiphong; Thuan Thanh 3B and Tan Hung in Bac Ninh; Ho Nai in Dong Nai; Phu An Thanh in Tay Ninh; and Song Than 3 in Ho Chi Minh City, with a total land bank exceeding 300 hectares.

KCN Vietnam boosts supply in north with factory model KCN Vietnam in October broke ground on its An Phat-Haiphong industrial ready-built project, spanning 8.9 hectares.

KCN Vietnam Group launches community support initiative KCN Vietnam Group has signed an MoU with Lao Dong Newspaper and the Golden Heart Social Charity Fund to launch a series of community support initiatives.

KCN Vietnam breaks ground on ready-built warehouse and factory project in Haiphong KCN Vietnam Group has broken ground on a ready-built warehouse and factory project in Haiphong, adding modern industrial facilities to the Northern Key Economic Region.

• A five-star hotel operated by an international brand present in at least three countries, located within the development;
• A single estate of 200 hectares (around 500 acres) or more;
• Full-spectrum infrastructure within one perimeter — indoor and outdoor sport, a central clubhouse, wellness, dining, parks and natural areas, a medical centre, recreation and security, plus a lifestyle anchor such as a golf, equestrian or yacht club;
• A clear separation of public and private zones, with residences kept behind their own multi-layered security perimeter and isolated from guest-facing spaces such as the hotel, restaurants and spa;
• A 24/7 premium service model featuring a dedicated resident care team, concierge services, standardised service-level agreements (SLAs), and a digital platform for managing every household and lifestyle need;
• A unified architectural code governing the style and coherence of every building on the estate;
• An equal-neighbour principle, under which a community of like-minded owners who can enjoy privacy while remaining part of an engaging social environment is formed.

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

Coverage is subject to the terms, conditions, and exclusions of the Allianz Scam Protect policy. Please refer to the Policy Wording for full details. This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). This advertisement has not been reviewed by the Monetary Authority of Singapore.

https://www.allianz.sg/

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

• 12–13 August – Familiarisation (FAM) Trip: Around 40 Singapore travel trade representatives, including travel agents, inbound operators, golf specialists and media, will explore Johor's heritage, culture, eco-tourism, sports and urban attractions through a curated familiarisation programme.
• 13 August – Tourism Product Development Workshop: Around 80 participants from Johor and Singapore will work together to develop tourism packages across themes such as heritage and culture, gastronomy, eco-tourism, sports tourism, golf, halal experiences and island tourism for the Singapore market.
• 19 August – Partner Networking Session: JETCO leaders will reconnect with local operators in Singapore to present the tourism concepts developed during the workshop and discussion plans to bring them to market.

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

For more information, visit jetcojohor.com.

• A guided 15-course tasting menu at Room4Dessert - Join Chef Will Goldfarb, winner of the 2021 World's Best Pastry Chef award, on a five-stop journey from his kitchen and garden to a fireside dessert finale.
• Organic Balinese farm cooking in Ubud - Explore organic farming practices, pick fresh ingredients and prepare Balinese dishes.
• Track fireflies in Bali with a conservationist - Harvest herbs, cook a Balinese feast, and watch Indonesia's only firefly breeding lab light up the night with conservationist Wayan Wardika.

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

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

"AI is turning the latest generation of data centers from a specialist real estate asset into mission-critical infrastructure," says Thomas Lillelund, CEO of Allianz Commercial. "The scale of investment is extraordinary and, as these centers evolve beyond traditional data storage to high-performance compute demands, success will increasingly depend on resilience: access to power, reliable supply chains, robust construction controls, as well as climate-aware site selection and insurance programs that reflect the true accumulation risk. Indeed, comprehensive insurance cover has become a prerequisite for financing many large-scale AI infrastructure projects."

Resilience must be central to data center operations

The sector's biggest constraints are increasingly physical rather than financial. Competitive advantage is increasingly determined by access to electricity, grid connections, permitting, specialized equipment and skilled labor. In the US alone, the construction industry faces a shortage of around 439,000 skilled workers, while an estimated 349,000 additional workers may be needed in 2026. Climate resilience is increasingly a strategic consideration rather than an operational afterthought. Around 79% of global data center capacity is already located in areas exposed to heightened natural catastrophe risk, while 54% is exposed to chronic heat and drought stress. Some of the fastest-growing AI infrastructure markets are also among the most climate-exposed, including Northern Virginia, US, Johor in Malaysia, and Marseille, France. Acute flood, wildfire and wind exposure is highest in the Americas, affecting 86% of capacity, while chronic heat and drought stress is greatest in Asia Pacific, where 89% of capacity is exposed.

Global data center insurance market will more than double by 2030

Insurance is evolving alongside the sector. As data centers assume a more critical role in infrastructure, comprehensive insurance cover has become a prerequisite for financing many large-scale AI infrastructure projects. Construction costs for a single AI campus can exceed US$20bn, with insured values rising substantially once high-performance computing equipment is installed. The global data center insurance market is projected to grow from around US$11bn today to more than US$24bn by 2030, reflecting rapid capacity expansion, rising insured values and increasing operational complexity. Demand is expected to extend beyond traditional property cover towards integrated solutions spanning construction, engineering, property, business interruption, cyber and liability, while also creating new opportunities in areas such as energy resilience, operational continuity, and technology risk.

Risk and claims trends: fire drives severity; water damage frequency

Allianz Commercial analysis of insurance industry data center-related claims shows that fire is the leading driver of loss severity, accounting for well over 50% of around €700mn (US$800mn) worth of losses. Natural catastrophe activity ranks second, followed by willful acts, which include crime and cyber incidents, followed by power failure. Water damage is the most frequent cause of data center claims, followed by willful acts, fire, and equipment breakdown. Business interruption is the primary driver of claims severity by line of insurance, highlighting the significant financial impact of operational downtime.

The data center risk profile is changing as facilities become larger, more complex, and more increasingly interdependent. Hyperscale and colocation of campuses can bring together multiple tenants, construction works, servers, supporting utilities and on-site infrastructure in one physical or operational space. A single event can therefore trigger claims across property, construction, business interruption, liability, cyber, and financial lines. Real-life claims case studies show that in hyperscale facilities, damage to external cooling systems, hot works-related fire damage, and a delay in start-up caused by power disturbances have each resulted in losses in the US$50mn to US$100mn range.

"For insurers, the key question is not only the value of the building, but the concentration of value and dependency inside and around it. Power, cooling, batteries, fiber routes, testing and commissioning, and business continuity planning are all part of the same risk picture. Effective risk mitigation must begin early and continue throughout the data center lifecycle. Resilience must be designed in from the earliest planning stage," explains Christian Kolbe, Global Head of Construction Claims at Allianz Commercial.

Clarity between policies essential to avoid ambiguity

Data center projects encompass different project phases with several stakeholders and interests involved, which can create complications. During the construction phase, stakeholders include the owner, developer, contractor, and subcontractors, whereas in the operational phase, the stakeholders include the owner-operator, and potentially multiple tenants or end users. For example, different policies could respond to a hot works-related fire resulting in damage to a data center nearing completion, and this would impact different stakeholders.

"Clarity is critical with an insurance claim," says Charlotte Field, Regional Head of Short-tail Claims, Asia, at Allianz Commercial. "Clearly documented handovers are essential between your construction all-risk policy and operational policy. There must be no ambiguity about practical completion, in order to avoid disputes over which policy responds to a particular event and the extent of cover."

https://commercial.allianz.com/

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Maria Medvedeva

In her new role, Medvedeva will lead the company's expansion across Middle East markets. She will oversee the company's market-entry strategy and build-out across the region – from establishing local teams and operating models to steering regulatory engagement, forging partnerships with local institutions, and shaping Skyro's product and go-to-market approach market by market – driving the group's long-term growth across the GCC in step with the region's economic-diversification and digital-economy agendas, including Saudi Arabia's Vision 2030.

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

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

For more information about Hony Media Group, please visit the official website of the Group: https://www.honymedia.net/en/home.aspx .

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For more information, please visit thomsonhospitals.com

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• Art Pavilion (near the intersection of Nanyang Road and North Shaanxi Road): An open-air landscaped sanctuary designed for leisure and community engagement.
• Roof Garden (Level 6 of the mall): An urban resort-inspired placemaking venue scheduled to open in Q4 2026.
• VIC Lounge (relocating to Level 5 of the mall): The expanded lounge, scheduled to open in Q1 2027, will feature additional outdoor space, enhancing brand experiences, bespoke hospitality, and its positioning as a diverse lifestyle partner.
• Enhanced Dining Portfolio (across the mall and the Pavilion): Approximately 20 restaurants are being rolled out, ranging from Michelin-starred establishments to Shanghai first-to-market concepts.

1. B1ock (Featuring Shanghai's first CAFÉ ASTIER DE VILLATTE and B1OCK GALLERY contemporary art gallery)
2. Balmain
3. BegL
4. Berluti
5. Borsalino (First official boutique in Greater China)
6. Brunello Cucinelli (First flagship store in Chinese Mainland)
7. Crave
8. Dunhill
9. Huawei (World's first flagship store featuring the brand's latest premium retail concept)
10. Hublot (Exclusive flagship store in China)
11. John Lobb
12. La Moda
13. Messika (First store in Greater China featuring the brand's latest concept)
14. Montblanc
15. NUITS (Michelin Guide Recommended)
16. Piaget
17. Santa Maria Novella (First directly operated boutique in China)
18. Somsak Thai Fan (First store in China)
19. Thom Browne (New Shanghai flagship store)
20. Tod's
21. WooYoungMi (First boutique in Shanghai)
22. Xingrong Sichuan Bistro (First store in China)
23. Zegna

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