According to the licence, Amazon Kuiper Vietnam is authorised to establish a private telecommunications network using satellite transmission to test and verify the operation of customer terminal equipment, thereby evaluating the quality of products manufactured in Vietnam.

Minister of Science and Technology Vu Hai Quan granted the license to Amazon Kuiper. Photo: MST

The network is established by connecting satellite systems with ground infrastructure in Vietnam, operating nationwide. According to regulations, the enterprise must comply with regulations on telecommunications, radio frequencies, technical standards, service quality, and information security.

The licensing provides a basis for Amazon to test equipment manufactured in Vietnam, contributing to the promotion of high-tech industries, expanding supply chains, and strengthening cooperation in developing next-generation connectivity infrastructure.

Amazon Kuiper Vietnam, established in 2024, is Amazon's legal entity in Vietnam specialising in satellite connectivity. Its Amazon Leo, formerly known as Project Kuiper, is a broadband network utilising over 3,000 low-orbit satellites, aiming to provide high-speed, low-latency connectivity to areas difficult to access by traditional infrastructure.

As part of the working visit to the US, on September 22, Minister Quan met with leaders of major groups, including Anthropic, Amazon, and Oracle. These corporations proposed various areas of cooperation with Vietnam in AI, data centres, supporting digital transformation for businesses, training and developing technology human resources, and exploring the possibility of establishing Centres of Excellence in Vietnam.

According to a report by BMI, a unit of Fitch Solutions, published on September 21, the centrepiece of the proposed amendment – proposed on August 19 – consists of allowing land acquisition and construction to start before compensation plans are approved, and resettlement arrangements are carried out for residents affected. The proposed amendment is part of a broader effort to reform the current 2024 Land Law and is being debated by lawmakers, with its approval by the National Assembly expected in October.

This follows the resolution issued by the Communist Party’s Central Committee in July, setting out the political direction for overhauling how land is managed, priced, and compensated, replacing an earlier resolution that had guided policy for the previous four years.

This resolution functions as a policy framework rather than as law, urging the government to urgently translate its principles into amended legislation. The amendment to the Land Law proposed in August, at the legislative level, would make these changes binding, once they are approved in the National Assembly.

The wider land law reform policy framework, which sets the direction of regulatory changes in the sector in the long term, also focuses on addressing other issues such as allowing for the acquisition of unresolved parcels of land when the majority of landowners and developers in a project area have already agreed to terms, instead of waiting for unanimous agreement.

It also urges resolutions for the clarification of criteria for when land can be seized, as well as data-driven methods for setting land prices. For this reason, the long-term targets of the reform include making a digital land database with full implementation of the modernised land reform targeted for 2030, which, if passed, would only have an effect towards the end of the forecast period between 2026 and 2035.

In addressing land acquisition issues, which BMI has previously highlighted as one of the biggest impediments currently to infrastructure development and building construction in the market, the research firm anticipates the reform will bode well for project development within Vietnam’s infrastructure and building construction sectors.

Land acquisition-based delays are currently affecting other infrastructure projects including the $7.5 billion Gia Binh International Airport in Bac Ninh province, which reportedly pushed back the handover of resettlement land for affected residents a fourth time in July.

The recently approved $29 billion Red River Land Boulevard project in Hanoi has also been reportedly experiencing delays stemming from resettlement disputes between residents and developers. The mega-project was approved in May, with its scheduled completion date in 2038.

Land acquisition issues have also been posing downside risks to timely construction of building construction projects in Vietnam. This is the case of the $4.2 billion North Hanoi Smart City project, for which the initial completion date was 2028, but with construction starting only in August last year.

The implementation of the new land reform will therefore bode well for the advance of infrastructure and building projects in Vietnam. BMI currently forecasts Vietnam’s construction real GVA to expand by 9.3 per cent in 2026 and by an average of 7.4 per cent annually between 2026 and 2035, as one of the fastest growing markets in the region. That said, BMI highlights that risks to BMI's forecast are skewed to the downside due to the oil shortages and higher construction material prices triggered by the US-Iran conflict.

Photo courtesy of BMI

Given the amendment is still subject to National Assembly approval, BMI anticipates that the effects of the proposed amendment will largely start to materialise towards the medium term.

In October 2026, the National Assembly is expected to approve the amendment, though translation of these legislative changes into quicker land acquisition processes and shortened project timelines will likely take considerably longer, and only take effect towards the end of theforecast period. Vietnam's land framework was already overhauled significantly in August 2024, suggesting that further amendments could take years to be consolidated into a coherent legal structure.

As such, while the amendment will be a structural improvement for project development in the medium to long term, near-term relief for the construction sector's most pressing land-related bottlenecks will remain limited, and infrastructure projects currently experiencing land acquisition issues are unlikely to benefit from this resolution by the time it is passed.

Land law overhaul transforms land acquisition Senior partner Duyen Ha Vo and senior associate Tram Dang of VILAF explore the potential implications of upcoming changes on land acquisitions of developers engaged in real estate, energy, and infrastructure projects.

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The Ministry of Education and Training began seeking feedback on the draft in mid-September. Once approved, it is expected to replace Decree No.86/2018/ND-CP, which was amended and supplemented by Decree No.124/2024/ND-CP.

A noteworthy point of the draft lies in both expanding forms of international educational cooperation and reflecting a change in management methods. Instead of maintaining numerous pre-approval procedures, the regulatory body aims to expand institutional autonomy, increase decentralisation and delegation of authority, and promote data-driven management and post-auditing.

This change is expected to create more better conditions for the flow of capital, training programmes, technology, and international educational resources into the Vietnamese market, but it comes with higher demands for transparency, accountability, and protection of learners' rights.

In the preschool and primary education sectors, the draft proposes three forms of educational collaboration, which include the implementation of the Vietnamese education programme to achieve higher quality goals; an integrated scheme combining the Vietnamese and foreign curricula; and a foreign education course.

A notable proposal is to allow Vietnamese students to study foreign education programmes at the high school level in eligible institutions without setting a limit on the percentage of Vietnamese students enrolled.

Nevertheless, Vietnamese students are still required to study compulsory subjects as prescribed. The initiative must ensure the educational goals of Vietnam, the legitimate rights and benefits of learners, and the ability to transition within the education system.

For integrated education programmes, the Department of Education and Training will conduct an assessment and approval process before implementation. However, a programme already approved by any Department of Education and Training can be used by another educational institution without having to repeat the assessment and approval process if the content remains unchanged.

If this regulation is adopted, it could significantly reduce the repetition of procedures for the same programme, while also facilitating the replication of educational collaboration models that meet the requirements.

The scope for international cooperation is also expanded for higher education and vocational education. At the university level, the draft identifies three forms of collaboration, namely collaborative training to award degrees and certificates; establishing research institutes, innovation centres, and key laboratories; and establishing branches of foreign higher education institutions in Vietnam.

Regarding vocational education, two forms are identified, namely joint training programmes to award diplomas and certificates, and joint programmes to establish faculties, centres, and specialised units. The draft also adds a legal framework for cooperation and investment abroad in education.

For foreign education representative offices in Vietnam, the proposed management approach shifts the focus to transparency, notification, data updating, and post-auditing, while clearly defining the scope of activities.

One of the most notable changes in the draft is the strong shift from pre-auditing to post-auditing. For joint training programmes with foreign institutions, educational institutions are given greater autonomy in reviewing and making decisions according to internal procedures. The pre-approval mechanism will only be maintained in certain cases requiring enhanced quality control.

Changes are also clearly evident in joint activities related to organising examinations and issuing foreign certificates. Instead of requiring prior approval, the draft proposes a shift to an autonomous decision-making mechanism, coupled with obligations for transparency, notification, data updating, and post-auditing.

Along with autonomy comes the responsibility of all parties involved for quality, safety, security, fraud prevention, and protection of the rights of exam candidates.

For educational institutions with foreign investment and branches of foreign educational institutions in Vietnam, the draft also does not reinstate the conditions, procedures, and processes for investment, establishment, and operation permits already regulated by investment laws and specialised decrees. This approach aims to limit the situation where an activity is subject to multiple layers of overlapping procedures.

However, reducing pre-auditing procedures does not mean loosening management. On the contrary, the draft sets higher requirements for information disclosure, data updating, reporting, and accountability of educational institutions, investors, and participating parties in cooperation and partnerships.

The monitoring mechanism is also proposed to be changed to assess compliance levels and classify risks to determine the appropriate level of inspection. Remote monitoring is preferred through data, publicly available information, reports, feedback from students, teachers, and employees, and quality assurance results.

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In 2027, Vietnam will host the Asia-Pacific Economic Cooperation (APEC) forum for the third time, following its previous hosting in 2006 and 2017. The event is among the country’s most important multilateral diplomatic occasions of the decade.

APEC 2027 represents a historic opportunity for Vietnam to affirm its position on the international stage, while promoting the image of the country.

Dang Khac Loi, deputy director of the Press Department under the Ministry of Culture, Sports and Tourism, said communications work for APEC 2027 would play a pioneering role and needed to be carefully planned and systematically prepared well in advance.

The theme of Vietnam APEC 2027 is "Creating the Era of Resilience, Innovation, and Prosperity.”

“Creating” is understood as a shift from participating to making contributions and exerting influence on the agenda, approaches, and mechanisms for cooperation. With nearly 30 years of participation in APEC, Vietnam has gained experience in international integration, economic restructuring, and connecting ASEAN with the wider Asia-Pacific region, giving the country advantages in contributing to this process.

“Resilience” is understood as not meaning isolation or closure. A resilient economy needs production capacity, human resources, technology, markets, diversification, and the ability to withstand shocks, while maintaining deep connections with the world.

Meanwhile, “innovation” is not limited to technology. Areas highlighted include AI, business models, institutions and governance, productivity and skills, data and digitalisation, and digital public services.

These are also themes that the media can explore to bring the APEC story closer to businesses and the public.

One requirement for communications work is to ensure that emerging topics such as AI, the digital economy, green growth, and demographics do not overshadow APEC’s economic and trade foundations.

Photo: Huong Nguyen

Trade and investment remain the “DNA” of APEC. The Putrajaya Vision 2040 continues to emphasise a free, open, fair, transparent, and predictable trade and investment environment.

For Vietnam, this is particularly significant as APEC represents an economic space that is deeply integrated with the country’s import-export activities and investment flows.

According to figures presented at the conference, APEC economies account for 74.8 per cent of Vietnam’s goods exports, 82.37 per cent of its imports, and 86.7 per cent of foreign direct investment into the country.

These figures demonstrate that APEC is closely connected with Vietnam’s domestic economic activities. Changes in regional trade, investment, supply chains, standards, technology, and the green transition can have direct or indirect impacts on Vietnamese businesses.

Another point highlighted at the conference was that the locations hosting APEC 2027 should not be viewed simply as venues for the event. Facilities and infrastructure developed for APEC should be considered in terms of their long-term value and use, extending beyond the period when the meetings are held. Such infrastructure can continue to support the development of Phu Quoc, An Giang, and contribute to the country’s socioeconomic development.

From a media perspective, this could provide an important approach: instead of focusing solely on event coverage while the meetings are taking place, the media should follow developments in infrastructure, tourism, services, the investment environment, logistics, human resources, and socioeconomic life before, during, and after APEC 2027.

APEC, or the Asia-Pacific Economic Cooperation forum, was established in 1989. From its 12 founding members, APEC has expanded to 21 member economies. It is a major economic cooperation forum, accounting for approximately 37 per cent of the world’s population, around 61 per cent of global GDP, and about 46 per cent of global trade in goods and services, according to APEC data for 2024 presented in the document.

PM inspects APEC 2027 project progress in An Giang province The construction of key projects serving the Asia-Pacific Economic Forum (APEC) in 2027 in An Giang province are being carried out and will be put into operation on schedule.

Special mechanism approved to accelerate APEC 2027 projects in Phu Quoc The resolution on special mechanisms and policies to address problems for projects and works serving the APEC 2027 Summit in Phu Quoc Special Economic Zone will take effect from September 1.

Image courtesy of VIFC-HCMC

The agreement was executed by senior executives from both sides, including Mandy DeFilippo, CEO of Standard Chartered for the United States and Europe, Americas, Middle East and Africa; Nguyen Quoc Toan, chairman of EQuest Education Group; and Truong Hoang Nam, deputy CEO in charge of Finance at EQuest Education Group and director of EQuest Capital.

Standard Chartered will act as a strategic partner to structure and participate in arranging financing packages. The mobilised capital will be disbursed through EQuest Capital before being deployed into education infrastructure and quality initiatives across Vietnam, with Ho Chi Minh City serving as the central hub.

EQuest Capital operates as a member of VIFC-HCMC, established under Resolution No.222/2025/QH15 of the National Assembly and Decree No.323/2025/ND-CP of the government.

Through VIFC-HCMC’s financial ecosystem, preferential tax policies, foreign exchange management mechanisms, and internationally aligned legal framework, EQuest Capital will receive, structure, and deploy investment capital directly into key projects.

The funds will be allocated across five core strategic priorities. These include building a technology-focused university campus offering undergraduate and postgraduate courses in AI, cybersecurity, data science, robotics, semiconductors, industrial systems engineering, nursing, and healthcare.

The group will also expand international university partnerships across Asia and the United States, develop a multi-level international K-12 school network for local and expatriate families, scale existing private K-12 school brands, and advance education technology platforms in Vietnam and globally.

In addition to capital mobilisation, Standard Chartered plans to explore credit products and foreign exchange management solutions for EQuest’s global network of faculty members and experts.

Truong Hoang Nam, deputy CEO in charge of finance at EQuest, highlighted that the agreement represents a critical milestone in the group’s strategy of sourcing international resources.

“Through the partnership with Standard Chartered and the connecting role of VIFC-HCMC, EQuest expects to progressively expand its access to long-term capital,” Nam said. “This will allow us to invest in infrastructure, develop new training programmes, and elevate overall educational quality in Vietnam.”

Highlighting the broader economic impact, Richard Dean McClellan, CEO of VIFC-HCMC, noted that the deal reflects the financial centre’s fundamental purpose.

“The partnership embodies the very role VIFC-HCMC aspires to play, which is bringing international financial institutions to long-term investment projects in Vietnam,” McClellan said.

He added that directing global capital into concrete education development projects enables domestic firms to integrate into international financial networks, while supporting national policies to attract private funding and build high-quality human resources.

Following the signing, all parties will evaluate project feasibility, determine financing structures, and develop implementation roadmaps, with disbursement subject to project progress and regulatory approvals.

EQuest Education Group is one of Vietnam’s largest private education outfits, operating across K-12, higher and vocational education, and EdTech.

As of September, EQuest manages more than 25 institutions nationwide, serving nearly 20,000 K-12 students and 10,000 higher education students, alongside 180,000 global users on its EdTech platforms. The group has previously raised capital from international financial backers, including Vietnam Oman Investment, TAEL Partners, and KKR.

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According to a statement on September 23, the move is aimed at keeping trusted US technology at the centre of Southeast Asia’s rapidly expanding AI and cloud computing infrastructure. USTDA signed an agreement with Vietnamese technology company Stavian Hightech Infrastructure JSC to fund a feasibility study for the project.

The project would be one of the largest planned data centre campuses in Southeast Asia, located in Ho Chi Minh City. The USTDA-funded study will include the full suite of ancillary infrastructure the project requires, including power supply, cooling and connectivity.

“Vietnam is a growing hub for data and AI infrastructure in the Indo-Pacific, and this partnership lays the groundwork for a landmark project built on trusted technology,” said Thomas R. Hardy, USTDA’s deputy director.

“This project will help Vietnam meet its growing digital infrastructure needs while positioning US companies to deliver the technology and expertise that clients are seeking for projects like this.”

Stavian has selected Illinois-based Cushman & Wakefield, Inc. to conduct the study, which will develop a procurement framework, financial model, and master plan for the campus. It will also establish criteria requiring customers to use secure equipment. This comprehensive approach can help mobilise the financing needed to move the project towards construction, generating opportunities to deploy trusted US solutions to the project.

The campus is intended to attract hyperscale cloud and AI infrastructure operators as the first major customers, including US firms. The project equips Vietnam with next-generation infrastructure that modern AI computing systems require, significantly expanding the country’s data centre capacity.

“Stavian Group is a leading infrastructure enterprise with four pillars: Industry, Technology, Energy, and Trade,” said Tony Dinh, CEO of Stavian Group. “Through Stavian Digital Park, we aim to help Vietnam attract more international technology investment and become a regional hub for AI and cloud computing. USTDA’s funding will enable Cushman & Wakefield to prepare a comprehensive, decision-grade, bankable feasibility study to guide investment decisions and support financing. We look forward to working with US companies whose innovation and technical expertise can help us build infrastructure that meets global customers’ needs.”

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The offshore wind project is expected to achieve commercial operations between 2031–2035. The sea survey licence enables Pacifico Energy to undertake the technical and environmental studies needed to evaluate the approved offshore area, establish the project’s design basis, and prepare subsequent investment and permitting steps.

Pacifico Energy will undertake preliminary desktop assessments of the site and develop a detailed survey campaign in preparation for field activities across the approved offshore area in 2027.

The planned field programme will include geotechnical and geophysical surveys, wind measurement, meteorological and oceanographic studies, environmental baseline surveys, and other technical assessments required to evaluate site conditions and support project design.

This latest approval follows the February 2026 sea survey licence for the 500 MW Nam Bo PE2.1 offshore wind project in Ho Chi Minh City. Together, these projects form a 1.8 GW offshore wind development pipeline for Pacifico Energy in Vietnam.

Pacifico Energy is proud to be among the pioneering investors helping shape Vietnam’s offshore wind industry. As an early mover, Pacifico Energy aims to advance projects that can support the country’s energy security and rising power demand while mobilising long-term capital, technology and supply chain investment.

Beyond project development, Pacifico Energy will continue working closely with government authorities and industry stakeholders on policy and market development, regulatory improvement, and a competitive and bankable framework for offshore wind in Vietnam. Sustained public-private coordination will be essential to translating Vietnam’s offshore wind potential into investable projects and long-term industrial growth.

The company aspires to advance Nam Trung Bo 3 successfully and for the project to become a positive model for large-scale offshore wind investment and long-term sector growth in Vietnam.

“This approval for the 1.3 GW Nam Trung Bo 3 offshore wind survey is a very significant step forward for Pacifico Energy in Vietnam,” said Nate Franklin, founder and group chairman, Pacifico Energy.

“It reflects our long-term confidence in Vietnam’s offshore wind potential and our commitment to supporting the country’s energy security and sustainable growth through development of complex energy infrastructure projects aligned with global best practices. We appreciate the continued support and coordination of the government, the relevant authorities, and stakeholders, and we look forward to advancing the survey programme and next development milestones.”

Pacifico Energy Vietnam secures $28.5 million financing for wind farm venture Pacifico Energy Vietnam (PEV), the Vietnam-based development platform of Pacifico Energy Group (PEG), on August 27 announced the closing of up to $28.5 million in senior debt financing from VietinBank for its utility-scale Sunpro Wind Farm.

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Launched in 2022, AEON Ekiden was introduced by AEON Vietnam as a community initiative combining sport with Vietnam-Japan cultural exchange. In 2026, the event continues across Vietnam’s three regions, with the first leg held in Haiphong in June, the second in Hue in July, and the finale in Tay Ninh in September, marking the event’s first visit to the locality.

This year’s race is divided into two categories: Category A for families, with at least one member aged between 5 and 12, and Category B for teams comprising members aged 13 and above. Over successive seasons, AEON has recorded growing participation among children, along with strong engagement from participants returning from previous years, helping AEON Ekiden become an annual family event.

From 2022-2025, the AEON Ekiden and AEON Cosplay Festival event series attracted nearly 22,000 participants, creating memorable experiences and fostering a spirit of connection among families and friends.

Alongside the relay race, the Vietnam-Japan Cultural Festival offers a range of activities for families and groups of young people, including traditional folk games such as chopstick relay and ring toss. In the afternoon, the AEON Cosplay Festival adds to the atmosphere with Talent and Catwalk categories, encouraging creativity and encouraging positive values.

The AEON Cosplay Festival at AEON Ekiden 2026. Photo: AEON

Speaking at the finale of AEON Ekiden 2026 in Tay Ninh, Takeuchi Takashi, CFO of AEON Vietnam, said: “Through this event, we aim to promote a healthy lifestyle and celebrate the friendship between Japan and Vietnam.”

AEON Vietnam aims to create value for local communities through its long-term commitment to sustainable development across three pillars: Planet, Profit, and People. Within this framework, AEON Ekiden falls under the People pillar, with the goal of encouraging physical and mental wellbeing in the community. The event also reflects AEON’s commitment to growing alongside local development, raising environmental awareness, and contributing to a sustainable future.

In its long-term vision, AEON identifies Vietnam as a key strategic market. The company will continue to strengthen the connection between Japan and Vietnam through a range of activities, while supporting Vietnam’s journey towards sustainable development.

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The hotel offers 15 meeting and event venues, including the 618-square-metre, pillar-free La Scala Ballroom, while programmes can extend beyond the formal agenda through private Saigon River yacht journeys, chauffeured city discovery by Rolls-Royce, tailored photography tours and curated dining experiences. Together, these offerings allow planners to shape MICE itineraries around both business objectives and a deeper sense of destination.

Ho Chi Minh City’s position as a leading MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism and business travel destination continues to gain international recognition. In 2025, the city was named Asia’s Best MICE Destination by the World MICE Awards, extending its winning streak since 2020, alongside two World Travel Awards titles: Asia’s Leading Business Travel Destination and Asia’s Leading Festival & Event Destination (2023–2025).

Recognising MICE as a strategic opportunity to attract business travellers, Ho Chi Minh City has made the segment a priority in its tourism development agenda. In late 2025, the Ho Chi Minh City People’s Council introduced a support policy for eligible MICE groups combining conferences, seminars or exhibitions with tourism activities through 2030, encouraging international arrivals and the integration of business events with accommodation and leisure.

Alongside these policy developments, Ho Chi Minh City continues to strengthen its MICE infrastructure. Terminal 3 at Tan Son Nhat International Airport began operations in 2025, while Metro Line 1 introduced the city’s first urban rail connection and construction of Metro Line 2 began in January 2026. Together with an expanding road network, upscale accommodation and conference venues, these developments further strengthen the city’s capacity to welcome international MICE groups.

Beyond business, Ho Chi Minh City offers a vibrant urban landscape where architecture, history, art, shopping, and gastronomy converge. From Vietnamese dining and historic landmarks to journeys along the Saigon River, the city gives MICE programmes opportunities to incorporate authentic local experiences, creating a distinctive sense of destination, where business, leisure and discovery come together with ease.

Within this landscape, The Reverie Saigon stands out as a destination that curates a seamless MICE journey, bringing together meetings, accommodation, dining, relaxation and distinctive experiences across the city. Located at one of Ho Chi Minh City’s most iconic addresses at the intersection of Nguyen Hue Boulevard and Dong Khoi Street, the hotel delivers an exceptional standard of hospitality defined by individuality, personalised service and meticulous attention to detail.

Occupying the upper floors, its rooms and suites are distinguished by generous proportions, Italian-inspired interiors and commanding views, providing a refined retreat between business engagements and moments of leisure.

“Today’s MICE travellers expect more than an efficient meeting agenda. They are looking for meaningful destination experiences, opportunities to reconnect and moments that remain memorable long after the programme has concluded”, said Gerd Kotlorz, general manager of The Reverie Saigon.

“At The Reverie Saigon, we bring these elements together to transform a business gathering into a highly personalised journey through the city.”

The Reverie Saigon offers many meeting and event spaces, from La Scala Ballroom – one of the city’s sought-after pillar-free ballrooms – to San Carlo and Amber & Jade, alongside intimate settings for executive meetings, conferences and private luncheons. Designed for a range of event formats and group sizes, the spaces are supported by an experienced events team overseeing programmes from concept and culinary arrangements to seamless on-site execution.

After a full schedule of meetings, guests can unwind through The Reverie Saigon’s wellness and dining experiences. The Spa and outdoor swimming pool offer an opportunity to relax and recharge, while the hotel’s restaurants and bars present a diverse culinary programme spanning European and Asian cuisines.

A defining highlight is Long Trieu’s Cantonese cuisine, awarded one Michelin Star for three consecutive years. The culinary offering extends to The Long @ Times Square, renowned for international cuisine and crafted cocktails; Café Cardinal, all-day dining and afternoon tea; and The Reverie Boutique, artisanal pastries and curated gifts.

The hotel’s central location also offers easy access to the city’s diverse culinary scene, including MICHELIN Selected Vietnam House Restaurant, recognised for four consecutive years. Together, these offerings create elegant settings suited to business launches, private dinners and social gatherings.

The journey extends beyond the hotel itself, with the City Opera House, Central Post Office and an array of cultural landmarks, shopping destinations, fashion boutiques and dining venues all within convenient reach. Guiding guests along the way is an experienced Concierge team, led by a head of concierge who holds the prestigious Golden Keys to the City distinction, offering personalised recommendations and services tailored to each guest’s needs.

Guests can also discover Saigon through signature experiences unique to The Reverie Saigon, designed to reveal a different perspective of the city. From leisurely cruises along the Saigon River and city tours by Rolls-Royce to private photography tours, each experience is thoughtfully tailored to create a personal connection with the city in a distinctive way.

Here, a meeting can lead into a Michelin-starred dinner, a conference can conclude with a private journey along the Saigon River, and an incentive programme can become an intimate encounter with the culture and energy of Ho Chi Minh City.

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VTI is a founding shareholder of Highlands Coffee. The company was established by David Thai, founder and CEO of Highlands Coffee, in 1998.

Photo: Le Toan

The transaction is valued at approximately $88 million, subject to adjustments. JFC said the deal was part of its portfolio management strategy, which includes building businesses, scaling them up, and optimising ownership levels as they mature and become able to attract external capital.

JFC expects to use the $88 million proceeds to reduce debt, reinvest in growth areas, or return capital to shareholders.

Under the agreement, JFC will transfer 1,460,938 shares at $64 each. Jollibee said the transaction price was determined using a multiple-based valuation approach, together with standard valuation methods, normalised earnings before interest, taxes, depreciation, and amortisation (EBITDA), and the company’s growth outlook.

Jollibee invested in Highlands Coffee in 2012, paying $25 million for a 49 per cent stake in VTI’s Vietnam business and a 60 per cent stake in its Hong Kong operations. However, David Thai has said that he remains responsible for operations and human resources management.

“Jollibee only works alongside us as an investor and strategic adviser, and does not participate in business operations,” Thai said at a press conference in April.

With Jollibee’s support, Highlands Coffee has expanded rapidly to become Vietnam’s largest coffee chain. As of the end of June, the brand had 1,062 outlets in Vietnam and overseas, including company-operated and franchised stores.

In the second quarter, Highlands Coffee’s EBITDA exceeded 1 billion pesos, equivalent to $15.9 million, up more than 70 per cent on-year and its highest level on record.

The brand is playing an increasingly important role for Jollibee, ranking second only to Coffee Bean & Tea Leaf in terms of profit contribution and accounting for more than 8.6 per cent of the group’s EBITDA.

Alongside its network expansion, Highlands Coffee is considering an initial public offering, tentatively planned for the first quarter of 2027. The offering is expected to provide additional resources for its next phase of growth and strengthen the coffee chain’s brand.

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Coffee chains lose ground as international fast food gains favour

ScamAdviser Addressing New Vulnerabilities in Agentic AI

During the summit, ScamAdviser's CEO Aaron Chiou led a featured panel discussion titled "The Agent Is the New Victim – From Social Engineering to Agent Engineering." The session brought together industry experts from Google, Gen, AIM Intelligence, and Adyen, to examine how autonomous AI agents are becoming primary targets for digital fraudsters.

As consumers increasingly rely on AI agents to find deals, compare products, and complete transactions, scammers are shifting their tactics. Panelists highlighted that because AI operates probabilistically, static prompt rules can fail when encountering dynamic web content, hidden malicious code, or spoofed online storefronts designed to hijack AI logic.

"As AI agents increasingly make autonomous decisions on behalf of consumers, fraudsters are adapting by targeting the AI's logic directly rather than human eyes," said Aaron Chiou, CEO of ScamAdviser. "Static prompts defined before deployment are simply no longer enough against modern edge-case exploits. To foster trusted autonomous commerce, the industry must implement active, real-time runtime safeguards that verify every link, site, and transaction before action is taken."

To tackle this challenge head-on, ScamAdviser introduced AgentLooker.ai, a real-time security guard built specifically to keep AI agents from getting scammed during dynamic web interactions. ScamAdviser and its solution partners are continuously testing and tracking evolving threat patterns to ensure security guardrails stay ahead of bad actors and safeguard autonomous commerce.

Watchmen Honored with GASA Scam Fighter Award for AI-Powered Scam Defense

At GASS America, it also announced the winner of The Scam Fighter Award, which recognizes ScamAdviser's Watchmen solution for its outstanding impact in combating real-world digital scams, especially social media impersonation. As a cross-domain Fraud Early Warning System, Watchmen continuously monitors and analyzes corporate communication channels, mainly social media platforms, to instantly detect brand impersonation, mitigate cyber threats, and initiate automated anti-scam mechanisms. Powered by multi-layered filtering, expert rule engines, and Large Language Model (LLM) semantic analysis, Watchmen delivers real-time monitoring and proactive takedown capabilities for businesses and regulatory bodies.

In proven deployments with financial regulators, law enforcement agencies, and municipal governments, Watchmen demonstrated national-level impact, such as contributing to a 38% drop in the share of investment scam financial losses and cutting detection-to-takedown times from weeks to under 8 hours. By turning raw threat intelligence into actionable defense, Watchmen was celebrated at GASS as a benchmark solution for public-private anti-scam collaboration.

The conference is themed "Entrepreneurship Engine, Youth-Led Change: for a Prosperous Asia-Pacific for All." It is a signature youth event proposed by China as the host economy of APEC 2026, aiming to promote friendly exchanges and practical cooperation among young people in the Asia-Pacific region and to contribute the strength of youth to building an Asia-Pacific community to prosper together.

During the conference, participants took part in various activities, including an entrepreneurship campus and an investment dialogue among others. After the conference, participants conducted field visits to local innovation and entrepreneurship hubs in Hangzhou and Guangzhou.

The conference was hosted by the Chinese People's Association for Friendship with Foreign Countries and the People's Government of Zhejiang Province, and organized by the Hangzhou Municipal People's Government and the Zhejiang Provincial People's Association for Friendship with Foreign Countries.

The new Reserva is presented in the Vigía vitola - one of Trinidad's emblematic formats and the one with the largest ring gauge in its current portfolio - measuring 54 x 110 mm in length and delivering a medium-strength profile.

Since its inception in 1969, Trinidad has built an identity associated with exclusivity, subtle elegance, and the excellence of Cuban tobacco. Its name pays tribute to the historic city of Trinidad - a UNESCO World Heritage Site - while its origins were linked to its status as a Habano reserved as a state gift for international dignitaries.

Trinidad Vigía Reserva Cosecha 2022 marks a new chapter in its history: it is the first Reserva from the Trinidad brand.

The exclusivity of this first 'Reserva' is also reflected in its production in two formats. Only 5,000 individually numbered boxes - each containing 20 Habanos - and 5,000 gift boxes containing 3 Habanos, will be available at points of sale worldwide.

The presentation features a distinctive 'Reserva' band with NFC technology, allowing aficionados to access product information and verify the authenticity of each Habano.

The combination of selected leaves, additional aging of at least three years, artisanal craftsmanship, limited production, and authentication technology makes the Trinidad Vigía Reserva Cosecha 2022 an edition specially designed for collectors and aficionados seeking exceptional pieces within the world of Habanos.

World premiere in Montreux

The global unveiling of Trinidad Vigía Reserva Cosecha 2022 took place on 19 September at the Petit Palais of the Fairmont Montreux Palace in Montreux (Switzerland), during an event organized in collaboration with Intertabak, the exclusive distributor of Habanos for the Swiss market.

The celebration brought together 300 international guests, including members of the Intertabak board of directors, aficionados, business partners, and media representatives. Attendees had the exclusive opportunity to experience the new Reserva from the Trinidad brand, which was presented by Tony Hoevenaars, Managing Director of Intertabak AG.

Inspired by the world of private clubs and the brand's signature sophistication, the event combined gastronomy, pairings, and entertainment centered around Trinidad.

The highlight of the evening was the pairing of the Trinidad Vigía Reserva Cosecha 2022 with The Dalmore King Alexander III. The pairing programme also featured Henri Giraud PR 90-20 champagne served with the Trinidad Esmeralda.

Tasting notes

• Brand: Trinidad
• Product name: Trinidad Vigía Reserva Cosecha 2022
• Factory name: Torres
• Dimensions: 54 x 110 mm in length
• Strength: Medium
• Format: Parejo with pigtail

Unlit, the Trinidad Vigía Reserva Cosecha 2022 offers notes of cedar and toasted hazelnut.

In the first third, the smoke is smooth and creamy, with cedar and hazelnut predominating, accompanied by a slow, even burn and dense, aromatic smoke.

During the second third, the experience intensifies, maintaining the brand's characteristic medium strength while developing nuances of dark cocoa, sweet spices, and roasted coffee.

In the final third, the Habano achieves a deeper, more lingering expression, featuring notes of aged leather, sweet undertones, and a delicate hint of white pepper.

Smoking time: Approximately 50 minutes

*PDO (Protected Designation of Origin)

Recommended retail price

• 3,800 USD / 3,276 EUR per box of 20
• 660 USD / 570 EUR per gift box of 3

*Prices may vary by market

Running from now until 17 November, the exhibition showcases six groups of Gao's representative works across five thematic chapters, inviting guests to reflect on dreams, personal growth, gratitude and love while embarking on an inspirational journey of self-discovery.

The exhibition unfolds in five chapters that explore different stages of life and the pursuit of dreams. From the hope and imagination embodied in "Dreams Begin", to the celebration of individuality in "Breaking the Mold"; to "Dreams Return", which encourages visitors to reconnect with their original aspirations and re-examine their dreams, and "Gratitude Shared", a tribute to sincere appreciation; the journey culminates in "Love Expressed", illustrating how love serves as a powerful force that sustains dreams and strengthens meaningful connection.

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

For more details, please visit www.galaxymacau.com,

www.broadwaymacau.com.mo and www.galaxyicc.com.

How AI Storyboard Photobooth works

Rewriting the AI Photo Booth Experience

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For more information, visit: https://cheeseeffects.sg/

As one of the anchor projects of the Nghi Son Economic Zone, the refinery has also played an important role in supporting the development of the area's industrial, logistics, and supporting-industry ecosystem.

While the project's scale, backed by an investment of more than $9 billion, attracted considerable attention during its development phase, its significance today is increasingly measured by the value it creates after construction. Beyond supplying fuel to the domestic market, the refinery has become a major contributor to state revenue, a catalyst for industrial development, and a foundational asset within Thanh Hoa's broader economic ecosystem.

From large-scale investment to sustained economic contribution

The first half of 2026 highlighted the importance of operational resilience in an increasingly volatile global environment. As geopolitical tensions in the Middle East disrupted traditional crude oil flows and heightened uncertainty across energy markets, NSRP maintained stable operations and continued supporting the domestic market.

Nghi Son Refinery and Petrochemical Complex in Thanh Hoa province's Nghi Son Economic Zone. Photo courtesy of NSRP

In the first seven months of 2026, NSRP delivered approximately 4.7 million tonnes of petroleum products to the domestic market, helping ensure a stable fuel supply for transportation, manufacturing, logistics, and other key sectors of the economy.

Underlying this performance was the refinery's continued effort to strengthen feedstock flexibility. During the period, NSRP successfully tested and processed 10 additional crude oil grades, enhancing its ability to adapt to changing market conditions, diversify sourcing options, and reinforce supply resilience amid global uncertainty.

This resilience is also supported by NSRP’s strong operational performance. In recent years, NSRP has sustained annual throughput at more than 110 per cent of its design capacity through optimised and reliable operations, enabling it to contribute consistently to Vietnam’s domestic petroleum product supply.

The results reflect more than short-term operational resilience. Since commencing commercial operations in late 2018, NSRP has processed approximately 78.5 million tonnes of crude oil and supplied around 52.8 million tonnes of petroleum products, the majority of which have been consumed within Vietnam. Over nearly eight years of operation, the refinery has established itself as a critical component of the country's energy supply system.

This sustained operational performance has also translated into substantial economic value. From the start of commercial operations in November 2018 through June 2026, NSRP contributed approximately $5.44 billion to the state budget, underscoring its role as one of Vietnam's major industrial contributors.

For Thanh Hoa province, the impact extends beyond fiscal revenues. As one of the locality's largest industrial enterprises, NSRP plays an important role in supporting economic activity, creating employment opportunities, and strengthening the province's investment appeal. The company was recognised as an Outstanding Enterprise of Thanh Hoa in 2023 and received Certificates of Merit from the chairman of the Thanh Hoa Provincial People's Committee in both 2024 and 2025, reflecting its continued contribution to local socioeconomic development.

Impact beyond the refinery fence line

The refinery's impact is not limited to production output or fiscal contribution. Equally important is its role in supporting a broader industrial ecosystem.

Large-scale industrial projects create value not only through direct production but also through the networks of businesses they help develop. In NSRP's case, this includes a broad ecosystem of suppliers, contractors, logistics providers, maintenance companies, and industrial service partners.

Since 2020, NSRP has signed 162 contracts with businesses and suppliers located in Thanh Hoa. Photo courtesy of NSRP

The refinery's ongoing demand for materials, transportation, industrial services, and technical expertise generates business opportunities across multiple sectors. Since 2020, NSRP has signed 162 contracts with businesses and suppliers located in Thanh Hoa, with a combined contract value exceeding $279.6 million.

These partnerships do more than generate revenue. They help local companies strengthen technical capabilities, improve management practices, and participate in increasingly sophisticated industrial supply chains. Over time, such developments contribute to a more competitive and diversified industrial base for the province.

Through this multiplier effect, the refinery's economic footprint extends far beyond its physical boundaries, supporting the growth of local enterprises and reinforcing Thanh Hoa's position as an emerging industrial and logistics hub.

Investing in long-term competitiveness

Alongside its direct economic impact, NSRP continues to invest in capabilities that support long-term value creation.

Established through the partnership of Vietnamese, Kuwaiti, and Japanese stakeholders, the project has provided more than capital investment. It has also facilitated access to technology, international operating practices, management expertise, and workforce development opportunities.

Over the years, NSRP has implemented initiatives focused on technology transfer, talent development, supplier capability enhancement, and sustainability.

At the same time, NSRP's Energy Saving & ESG Campaign has generated more than 600 improvement ideas, of which 103 initiatives have been successfully implemented. Together, these projects have delivered approximately $16.7 million in energy savings while reducing carbon emissions by around 152,000 tonnes of CO₂. These achievements demonstrate how operational excellence, innovation, and sustainability are increasingly becoming integral components of the refinery's long-term competitiveness.

NSRP has implemented initiatives focused on technology transfer, talent development, supplier capability enhancement, and sustainability. Photo courtesy of NSRP

Looking ahead, NSRP is exploring potential opportunities to further leverage its existing infrastructure and capabilities through greater downstream integration, product diversification, and the development of higher-value petrochemical and industrial products. These opportunities could further strengthen NSRP's contribution to industrial development in Thanh Hoa and Vietnam, while enabling the refinery to evolve in line with the country's changing energy and industrial needs.

From mega project to growth platform

The broader impact of NSRP is also evident in the continued development of the Nghi Son Economic Zone, where the refinery serves as one of the foundational projects supporting the growth of port infrastructure, logistics services, transportation networks, energy facilities, and supporting industries.

Nearly a decade after operations began, the value of NSRP can no longer be measured solely through refining capacity or annual revenue.

More importantly, the project helps strengthen industrial capabilities, develop human capital, expand opportunities for local enterprises, and enhance Thanh Hoa's attractiveness as an investment destination.

Viewed through this lens, NSRP has evolved beyond the role of a refinery. From a mega project, it is steadily becoming a long-term growth platform, supporting industrial development, strengthening local business capabilities, and enhancing Thanh Hoa's position as one of Vietnam's emerging industrial and logistics hubs.

NSRP inaugurates Nghi Son Petrochemical Refinery Nghi Son Petrochemical Refinery and Dung Quat Oil Refinery will meet 80-90 per cent of domestic petroleum and diesel demand, reducing dependence on imported petroleum and petrochemical products.

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

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

Vera Pan's engraved titanium AeroGrid surface releases a fried egg cleanly — no coating, no oil needed

"I wanted a pan with nothing to hide, where the non-stick comes from the shape of the surface itself, not something applied on top," said Kenneth, a Singapore-based inventor and entrepreneur whose product work, according to Morph Brand, has been recognized by the World Intellectual Property Organization and featured by Nanyang Technological University and the National University of Singapore.

That idea became AeroGrid. Each Vera product is constructed with a three-ply aluminium body and a cooking surface made of pure titanium, according to the company. The titanium surface is engraved with a fine honeycomb texture, which Morph Brand calls AeroGrid — that the company says is machined into the metal rather than applied as a separate coating, and is designed to reduce the area of contact between food and the pan so that food releases with less oil.

Because the cooking surface relies on the engraved texture rather than an applied layer, Morph Brand states that Vera cookware is manufactured without intentionally added per- and polyfluoroalkyl substances (PFAS), and without polytetrafluoroethylene (PTFE, commonly sold under the brand name Teflon) or perfluorooctanoic acid (PFOA). The company says this removes the coating layer that can wear over the life of conventional non-stick pans.

The launch comes as regulators in several jurisdictions move to restrict PFAS in consumer products. In the United States, Minnesota's prohibition on intentionally added PFAS across several product categories, including cookware, took effect on January 1, 2025, and other states and regulators have advanced their own measures. Morph Brand positions Vera as an option for consumers seeking cookware made without added PFAS.

The company further states that the titanium cooking surface is non-reactive and that the three-ply aluminium body is designed to heat evenly and resist warping. Morph Brand notes that non-stick performance and durability depend on proper use and care.

Vera is available to support through Morph Brand's Kickstarter campaign. Product specifications, pricing, and estimated delivery dates are listed on the campaign page.

https://instagram.com/morphbrand.official/
https://www.kickstarter.com/projects/morphbento/vera-pan-aerogrid-titanium-for-healthier-non-stick-cooking?ref=bvgkcw

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• 495g premium box - an exclusive format launching with retailer Costco across the United States, Canada, Taiwan, Australia, United Kingdom, Spain, France, Sweden, Iceland as well as New Zealand.
• 180g sharing box - available in the United Kingdom, Ireland, Switzerland, and Australia. More to follow.

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

• Explore with confidence. Choosing the right health insurance can be overwhelming given the wide range of plans and coverage options available. By answering a few simple questions in the "Choose Your Insurance" section on the Cigna Healthcare Hong Kong website, customers can receive tailored plan recommendations. They can also compare plan features, premiums, and coverage side by side, helping them make more informed decisions based on their individual needs.
• Complete application with ease and support. Customers can obtain instant premium quotations, add family members to a single application, and submit their application online. For those who prefer additional guidance, dedicated Cigna representatives are available through WhatsApp Live Chat and hotline, for real-time support throughout the process.
• Apply at your own pace. A flexible application experience allows customers to save their progress and resume applications whenever it is convenient, offering greater flexibility for those who wish to consider their options before making a decision.
• Choose the payment option that works best for you. Customers can complete the recurring premium payments through email payment links or QR codes, and select from a range of secure payment options including FPS, PayMe, UnionPay, debit cards and credit cards for greater flexibility and convenience.

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

For more details, please visit www.cigna.com.hk.

Image courtesy of VIFC-HCMC

Under the MoU, Citi and HDBank will strengthen cooperation in banking, treasury and risk management, capital markets, trade finance, payments, foreign exchange, derivatives, and other financial services.

The two institutions also plan to enhance the sharing of global market insights, exchange expertise, and organise training programmes and workshops on relevant financial topics.

The agreement combines HDBank's customer franchise, operational capabilities, and deep understanding of the Vietnamese market with Citi's global network, international expertise, and strengths across banking, services, and markets.

Through this collaboration, the two institutions aim to expand opportunities for Vietnamese businesses to connect with international markets, sources of capital, and global financial ecosystems, helping clients grow their cross-border activities and participate more deeply in global supply chains.

“It is a privilege to sign the MoU during this important visit to the United States of the high-level Vietnamese delegation led by Party General Secretary and State President To Lam. The visit sends a strong message about Vietnam’s determination to further deepen international cooperation, attract high-quality investment and create new momentum for sustainable economic growth,” said Minh Ngo, Citi country officer and banking head for Vietnam.

“The MoU further reinforces Citi’s long-term commitment to the ongoing modernisation and development of Vietnam’s financial sector. It also opens up additional opportunities for collaboration with HDBank across a range of areas where Citi has distinctive strength and expertise,” she added.

Nguyen Huu Dang, CEO of HDBank, said, “HDBank is actively strengthening partnerships with leading global financial institutions to expand our ability to serve clients and enhance access to international capital markets and financial resources. This cooperation with Citi further broadens HDBank's global partner network while creating additional opportunities for Vietnamese businesses to connect more effectively with international capital flows, markets, and value chains.”

The signing marks an important step in the relationship between Citi and HDBank and establishes a foundation for the two banks to identify and pursue specific areas of cooperation in the future.

Citi raises Vietnam’s 2026 GDP forecast to 8 per cent Citi Research has raised its forecast for Vietnam’s full-year GDP growth in 2026 to around 8 per cent, according to its latest report.

Citi releases 2025 Sustainability Report Citi has published its 2025 Sustainability Report, outlining progress on the bank’s longstanding sustainability goals and commitments.

Citi Foundation launches fourth Global Innovation Challenge The Citi Foundation has launched its fourth Global Innovation Challenge to help equip young people with skills for an economy increasingly shaped by AI.

Citi report: Corporates prioritise liquidity as supply chains mature Citi Institute and Citi's Services business have released a new report examining how corporate priorities are evolving as global supply chains mature.

Photo: The Ministry of Construction

During the working sessions, the delegation focused on learning about international experiences in research, investment, construction, and operation of high-speed railways; experiences in technology selection and system configuration; project management; cost and schedule management; technical and safety standards; as well as models for operation, maintenance, and asset management throughout the entire project lifecycle.

Regarding the field of vehicles and technical systems, the delegation explored modern high-speed train generations, electrification solutions, information and signaling systems, train operation control according to European standards, control centres, depots, and predictive maintenance technology.

For infrastructure, the delegation was interested in high-speed rail technology, ballastless rail, recording systems, rail couplings, as well as automated inspection and maintenance solutions.

Businesses also shared experiences on organising and operating high-speed railways, managing infrastructure, train scheduling, safety management, developing supporting industries, and training engineers and experts for operation and maintenance.

According to Deputy Minister Bui Xuan Dung, directly engaging with corporations that are developing, supplying, and operating advanced high-speed rail systems worldwide at InnoTrans is a practical opportunity for Vietnam to gain multifaceted access to technological options, management models, and project implementation experiences.

“This is an important source of information in the context of Vietnam's preparations for the North-South high-speed railway project, especially for the preparation of the feasibility study report, research on technology selection experience, and development of project implementation plans,” he said.

During discussions with businesses at InnoTrans, Deputy Minister Bui Xuan Dung explained that Vietnam welcomes and hopes that leading global railway industry corporations will participate and cooperate in the development of Vietnam's railway system, including the North-South high-speed railway project.

The deputy minister added that cooperation with international partners must aim for long-term objectives – linked to technology transfer, human resource training, and the enhancement of domestic capabilities – rather than being limited to the mere provision of equipment, vehicles, or services. Vietnam attaches particular importance to technology transfer capabilities when researching and considering options for high-speed railway development cooperation.

Photo: The Ministry of Construction

He urged enterprises to study specific and feasible technology transfer plans aligned with Vietnam's capabilities and absorption roadmap; at the same time, they should strengthen workforce training and knowledge transfer, support Vietnamese enterprises in joining the supply chain, and gradually build capacity for the manufacturing, assembly, operation, and maintenance of modern railway systems.

The long-term goal is that, through the implementation of major projects, Vietnam will gradually establish a domestic railway industry and build a workforce of engineers, experts, and managers capable of adopting, operating, and progressively mastering the technology, thereby ensuring self-reliance and sustainable efficiency throughout the system's lifecycle.

Bui Xuan Dung also urged enterprises to continue discussions with specialised agencies, project owners, railway companies, and training institutions in Vietnam to identify areas for immediate cooperation, as well as to develop long-term cooperation programmes aligned with the development of Vietnam's railway system.

Within the InnoTrans 2026, the Vietnamese delegation met with Deutsche Bahn – Germany's national railway company – and witnessed the signing of an MoU between DB and the Vietnamese-German University on railway workforce training and development.

Photo: The Ministry of Construction

Highly commending the cooperation initiative between Deutsche Bahn and the Vietnamese-German University, the deputy minister said that in the coming years, Vietnam will implement several major railway projects, including the North-South high-speed railway, international railway connections, and urban railway systems. Alongside investment resources and technology, early preparation of a highly qualified workforce – comprising engineers, experts, managers, and operations and maintenance personnel – must be carried out in a synchronised manner right from the project preparation stage.

InnoTrans, held every two years in Berlin, Germany, is the leading international exhibition on transport technology, bringing together regulatory bodies, operators, manufacturers, research organisations, and technology companies.

InnoTrans 2026 attracted more than 3,100 exhibitors from 59 countries. With the presence of major businesses in the global railway value chain, InnoTrans is a crucial forum for countries, operators, and businesses to directly access the latest technological trends in vehicles, infrastructure, electrification, information and signalling, train control, operational management, maintenance, digitalisation, and automation.

The event runs from September 30 to October 3. A highlight will be a forum titled 'Investing in Vietnam – Advancing in the New Era', focusing on investment prospects, capital mobilisation strategies, and the conditions needed for Vietnam to attract long-term international capital.

Vietnam’s hosting of Asia Securities Forum AGM for the first time comes as its stock market has been upgraded by FTSE Russell from Frontier Market to Secondary Emerging Market status, while aligning with the country’s strategy for developing the securities market through 2030 under Decision No.1726/QD-TTg.

The event will provide an opportunity for financial institutions, securities associations, and international investors to learn about reforms in Vietnam’s capital market, while strengthening connections and sharing experience in securities, bonds, green finance, environmental, social, and governance (ESG) standards, and digital transformation.

According to Hoang Hai Anh, vice chairwoman and secretary general of the Vietnam Association of Securities Business (VASB), the market upgrade will more opportunities for Vietnam to access international capital, but will not by itself be sufficient to entice large-scale, long-term investment. “Market upgrading is necessary, but it is not sufficient,” Hai Anh said.

The next question, she said, is how Vietnam will position itself on the regional capital market map and what advantages it can offer international investors. "Several Asian markets have developed distinctive strengths – Singapore has become a gateway for international capital into Asia, Malaysia has established a strong position in Islamic capital markets, while Thailand has developed an advantage in liquidity."

For Vietnam, alongside continued improvements to market infrastructure and mechanisms, corporate quality will be an important factor. “We need to strengthen corporate capabilities, particularly corporate governance,” she said.

Hai Anh noted that the experience of Japan and South Korea showed that improvements in corporate governance could enhance the quality of individual companies alongside the attractiveness of the market as a whole to investors.

Pham Phu Khoi, vice chairman and secretary general of the Vietnam Bond Market Association (VBMA), said attracting international capital had become increasingly important as Vietnam faces substantial demand for medium- and long-term funding in its next stage of development.

Discussions and analysis at VBMA indicate that a significant gap remains between the funding available from the government, credit and the banking system, and the economy’s overall capital requirements. “To fill that gap, we need to clearly identify where the money will come from,” he said.

However, foreign investor participation in Vietnam’s bond market remains limited. Unlike the equity market, international bond investors typically place significant weight on sovereign and issuer credit ratings when making capital allocation decisions.

Khoi therefore expects the impact of the stock market upgrade to be followed by improvements in Vietnam’s sovereign credit rating and the ratings of bond issuers. "Better creditworthiness could broaden Vietnam’s international investor base while allowing issuers to raise funds on more favourable terms. When credit ratings improve, borrowing costs can fall and maturities can be extended," he said.

The VBMA representative said the potential for attracting capital into bonds could be significantly larger than for equities, given the much greater size of the global bond market.

If credit-rating conditions improve, he expects foreign capital inflows into Vietnam’s bond market could reach around $10-20 billion, equivalent to 10–20 times the amount of capital he estimates could flow into the equity market following the upgrade.

Discussing global capital market trends and their impact on capital flows into Vietnam, Khoi said geopolitical developments, energy prices, and monetary policy were creating an unfavourable environment for bond markets. Conflicts in the Middle East and the Russia-Ukraine war have pushed up oil prices and increased inflationary pressures. Against this backdrop, the outlook for interest rates in the US and other major economies has become less favourable for bond capital flows.

This is particularly relevant for Vietnamese companies planning to raise funds internationally. Khoi noted that US Treasury yields are commonly used as a benchmark when Vietnamese companies issue bonds overseas. When international yields remain high, the cost of raising capital also increases.

"Nevertheless, unfavourable market conditions should not discourage Vietnamese companies from preparing to access international markets. This should not stop us from thinking about reaching international markets. This is the time to prepare and strengthen our internal capabilities," Khoi explained.

Khoi believes the government and Vietnamese companies should use this period to strengthen their preparations and accelerate improvements in credit ratings. When international conditions become more favourable, a stronger credit profile will put Vietnamese issuers in a better position to access external funding.

From another perspective, Hai Anh of VASB said global geopolitical, trade, and monetary policy shifts were creating not only risks but also opportunities for markets entering a new phase of growth.

In a volatile environment, she said, international capital tends to seek destinations that combine growth potential with safety and stability. Vietnam has an opportunity to attract such capital, but that opportunity can only be realised through proactive strategies and early preparation. “For a strategic task, all the issues need to be considered comprehensively and implemented in parallel,” she said.

She said Vietnam’s strategy should go beyond upgrading the market and then considering how to attract capital. Alongside the upgrade, the country needs to develop financial intermediaries, particularly the fund management industry and institutional investor base, which serve as a bridge between international capital and the domestic market.

In addition to foreign capital, Hai Anh said Vietnam should make better use of domestic resources. She cited Japan’s NISA investment account programme, which has encouraged part of household savings to move into investment, and raised the possibility of developing mechanisms suited to Vietnam to mobilise household resources into the capital market.

Beyond the market’s fundamental factors, she said ESG, digital transformation, and AI would increasingly influence the direction of capital flows. ESG, in particular, is no longer simply a matter of sustainable development but is becoming a competitive factor for countries, markets, and companies seeking to attract international capital.

Businesses turn to stock market for fresh capital Despite subdued liquidity and rising interest rates, businesses are stepping up IPOs, listings and capital raisings, betting increasingly on the stock market to unlock long-term funding.

FTSE Russell adds Vietnam to Global Equity Index Series The State Securities Commission and FTSE Russell have held a conference in Hanoi to mark Vietnam's official inclusion in the FTSE Russell Global Equity Index Series, ahead of its transition to Secondary Emerging Market status.

VFA 2026 to honour Vietnam’s securities investment funds The Vietnam Fund Awards 2026 will take place in Hanoi on September 22, themed “The Fund Industry in a New Era: Unlocking Capital Flows for High and Sustainable Growth.”

The event was opened with welcoming remarks from the Vice Chairman of the People’s Committee of Hue, Tran Huu Thuy Giang, who underscored the importance of Hue as a strategic city for halal tourism.

“Hue is a key centre for culture, tourism, and services in central Vietnam. Boasting the UNESCO-recognised complex of Hue monuments, diverse natural landscapes, a network of resorts, and unique tourism products, the city offers significant potential for developing halal tourism and expanding connections with Muslim tourist markets,” Giang stated.

Director general of the Department of the Middle East and Africa Nguyen Phuong Tra highlighted the role of international cooperation and diplomacy in halal cooperation.

“The MoFA has submitted to the government for the promulgation of a scheme on enhancing international cooperation to build and develop Vietnam’s Halal industry through 2030,” Tra said.

Delivering his address at the seminar, Ambassador of Indonesia to Vietnam Adam M. Tugio, underscored that the Halal economy has expanded well beyond its traditional niche into a major global powerhouse currently valued at around $7 trillion and poised to approach $10 trillion by 2030.

Adam M. Tugio

He noted that a global Muslim population of over two billion is fueling surging demand for halal-compliant offerings across diverse sectors, including agrifood, hospitality, pharmaceuticals, cosmetics, supply chain logistics, modest fashion, wellness, and the digital economy.

Ambassador Tugio noted that Hue and Indonesia’s Special Region of Yogyakarta share unique historical and cultural similarities as former royal capitals and custodians of national heritage. Building on a sister-city letter of intent signed in 2006, he invited stakeholders of Hue city to turn this longstanding relationship into a new platform for practical economic cooperation.

“Hue and Yogyakarta demonstrate that cultural heritage is not merely a legacy of the past, but a strategic asset for the future,” Ambassador Tugio said. “Our shared heritage can serve as the foundation for new partnerships that generate jobs, attract investment, and create opportunities for local communities.”

The ambassador welcomed Vietnam’s efforts to strengthen its halal ecosystem through a government decree and the growing role of HALCERT, which provides an important framework for developing internationally recognised halal standards and certification systems.

He also highlighted Indonesia’s experience through the Indonesia’s Halal Product Assurance Organizing Agency, which oversees halal product assurance in the world’s largest Muslim-majority country.

According to the ambassador, opportunities for Indonesia-Vietnam cooperation include halal-friendly tourism, halal-certified food processing, seafood and agricultural exports, logistics and supply-chain development, education and vocational training, as well as joint research and innovation. With its UNESCO-recognised heritage, renowned cuisine, cultural authenticity, and strategic location in Central Vietnam, Hue is well-positioned to attract Muslim travelers and investors from Indonesia and other international markets.

Ambassador Tugio expressed optimism that cooperation between Hue and Yogyakarta could become a model for broader Indonesia-Vietnam collaboration in the Halal economy and sustainable development.

“The Halal economy should be viewed not merely as a certification requirement, but as a bridge connecting cultures, businesses, markets, and people,” he said. “By combining Indonesia’s market scale and geostrategic location as a trade hub to the wider region with Vietnam’s dynamism and production capacity, we can transform shared heritage into shared prosperity.”

Even among businesses that have been operating for more than five years and are classified as medium- or low-risk, more than 40 per cent have never accessed bank credit. In the trade sector, which has the largest concentration of SMEs, an estimated 70,000 low-risk businesses have yet to secure bank loans.

According to the State Bank of Vietnam (SBV), as of September 18, 19 commercial banks had registered to participate in the programme, with a total credit scale of around $16.28 billion. Loans under the programme carry interest rates at least 1 percentage point per year below the lending rates applied by each participating bank to loans of the same tenor.

“Credit remains one of the essential resources enabling businesses to maintain, recover, and expand their operations. Therefore, the banking sector has implemented a range of coordinated measures to facilitate SMEs’ access to capital,” said Nguyen Ngoc Canh, Deputy Governor of the SBV. “But we also need to acknowledge frankly that SMEs still face problems in accessing capital that need to be addressed. A bank may have funding available, but lending decisions still have to be based on its ability to assess risk and the borrower’s capacity to repay. Meanwhile, many SMEs face limitations in financial data, corporate governance, collateral or their ability to develop sufficiently convincing business plans. Therefore, if banks are simply asked to open the credit tap without changing how information is generated, shared, and used, the bottleneck may remain.”

In practice, however, SMEs still have to pass through multiple doors when seeking financing. Each bank has its own procedures, forms, assessment criteria, and documentation requirements, forcing businesses to prepare, supplement, and explain similar information repeatedly.

Nguyen Thanh Nghi, CEO of Thien Minh Rating (TMR), pointed to a broader issue behind this administrative burden: information asymmetry.

“Banks need to know whether a business can generate sufficient cash flow and repay its debt, but they do not always have access to sufficiently standardised, transparent, and reliable information to make that assessment quickly. Conversely, a business may have sound operations but still have to spend considerable time proving its financial strength to each individual bank,” he said. “When the due diligence process is prolonged, costs rise for both sides. For businesses, delayed access to capital can mean missing an order, a contract or an opportunity to expand production. Against this backdrop, TMR has proposed digitising and standardising corporate documentation, incorporating independent credit-rating results to create a digital passport.”

Photo: SBV

Nghi said the approach goes beyond simply replacing paper documents with electronic files, instead seeking to create a comprehensive and standardised information package supplemented by an independent assessment of a company’s creditworthiness. When working with banks, businesses could use this package rather than starting the process from scratch each time, while banks would gain an additional independent reference point in their risk assessments.

“If widely adopted, this could become a common language between businesses and capital providers, helping shorten the due diligence process and reduce transaction costs,” he said. “More broadly, the value of a digital passport lies not in the technology itself, but in the quality of the information behind it. TMR is focusing on three areas: helping businesses digitise their corporate profiles; advising them on standardising their documentation and financial management; and providing independent risk assessments to create an objective and transparent reference point for both businesses and banks.”

From a policy perspective, the TMR representative proposed that the SBV allow or encourage banks to pilot the use of digital corporate profiles combined with independent credit ratings when assessing credit applications.

Nghi also called on regulatory authorities, particularly the Ministry of Finance, to study mechanisms for managing and sharing data between credit institutions and licensed independent credit-rating agencies.

“Data connectivity, if implemented in accordance with regulations, could make credit assessments faster and more efficient,” he said. “But for the market to establish a new standard, the responsibility does not rest solely with banks or regulators. Businesses also need to rethink how they manage and provide information. A company with standardised financial records, reliable data and independently verified creditworthiness will have a stronger basis for demonstrating its capacity when seeking capital.”

SBV credit policy shift puts banks and developers in spotlight The State Bank of Vietnam's easing of capital rules and special credit treatment for strategic projects is expected to expand lending capacity, with banks, property developers and infrastructure companies emerging as the biggest beneficiaries.

SBV excludes tourism and resort loans from real estate credit growth The State Bank of Vietnam has issued Official Letter No.8509/NHNN-CSTT to 25 credit institutions, adjusting the calculation of certain loan balances when controlling real estate credit growth in 2026.

Announced on September 21, the company expects the Phase 1 production line to reach a maximum capacity of tens of millions of modules, generating approximately $30 million in annual production output based on current purchasing interest from potential customers across the United States, Japan, and Southeast Asia.

The facility is designed to support production of AMC Robotics' current robotics products and related core modules, with initial trial production expected to commence in early 2027.

The manufacturing investment is supported by strong tailwinds in the global warehouse automation market, estimated at $34.2 billion in 2026 and projected to grow at a compound annual growth rate of just under 14 per cent to reach $65.74 billion by 2031, according to Mordor Intelligence.

The Vietnam facility's management team is led by general manager Aron Wang, who brings more than 20 years of experience in electronics manufacturing, including chip-on-board, surface mount technology, and optical packaging at companies including Siemens and ASMPT. The company expects to grow its local team to approximately 20 to 25 employees by early 2027, recruiting primarily from Vietnam's electronics manufacturing and precision assembly talent pool.

AMC Robotics selected Vietnam for its established electronics supply chain, skilled manufacturing workforce, and proximity to key component suppliers. The facility will also diversify the company's manufacturing and supply chain footprint, supporting scalable production of its AI-powered robotics solutions.

"Our team is working closely with local partners and suppliers to bring the facility online on schedule," said Aron Wang, general manager of AMCV Co., Ltd. "We are building a local team with world-class manufacturing and quality capabilities, and we look forward to welcoming customers and partners to the site once trial production begins."

"The progress at our Bac Ninh facility reflects the meaningful steps we have taken to build a scalable manufacturing platform," said Sean Da, chairman and CEO of AMC Robotics. "With our management team in place and the buildout on track, we believe we are well-positioned to begin trial production in early 2027 and to meet the growing demand for our AI-powered robotics solutions in the warehouse automation market."

AMC Robotics establishes Vietnam subsidiary to support robotics manufacturing AMC Robotics Corporation, an AI-driven robotics solutions company, has announced the establishment of a Vietnamese subsidiary in Ho Chi Minh City.to support the manufacturing and production scale-up of its robotic dog, Kyro.

AMC Robotics signs lease agreement for manufacturing facility in Vietnam AMC Robotics Corporation, an AI-driven robotics solutions provider, on June 24 announced it has signed a lease agreement for a 6,150-square-metre manufacturing facility in Bac Ninh, which has been identified as a long-term hub for production and operations in Southeast Asia.

AMC Robotics targets $2.1 million warrant raise for Vietnam plant AMC Robotics Corporation, an AI-driven robotics solutions provider, announced on August 21 that it had entered into warrant inducement agreements with two investors for up to $2.1 million in gross proceeds.