Vietnam’s supply chain faces an added layer of complexity amid ongoing fluctuations across communities, markets, and industries. Many companies still operate independent logistics networks, limiting operational efficiency and increasing vulnerability to disruptions. These challenges share a common solution: building an integrated and resilient supply chain.

Pham Duy Khiem, Head of Supply Chain Management of DKSH Vietnam. Photo: DKSH

DKSH’s role is to foster this connectivity through collaboration, enabling partners to leverage a shared network instead of managing operations independently. We operate under a business continuity and crisis management process that keeps supply chains running with minimal interruption. Our transport management systems provide end-to-end visibility, so orders are consolidated and routes adjusted as conditions change. Supply chain resilience in Vietnam cannot be achieved through isolated efforts. It relies on the scale and visibility that a unified network provides. Delivering these capabilities is our primary focus.

Beyond protecting against disruptions, resilience is also about enabling growth. Through our shared distribution network, partners can scale their business faster without having to invest in their own logistics infrastructure. Vietnam has diverse geographies, making network connectivity a critical advantage. During periods of volatility, the combination of nationwide infrastructure, contingency planning, and operational visibility has allowed us to maintain continuity while supporting our partners’ market expansion ambitions. We see supply chain resilience not only as a defensive capability, but increasingly as a growth enabler.

How are digital technologies improving visibility and risk management across the supply chain? For DKSH, to maintain a truly resilient supply chain, what is the most critical factor?

Digital technologies provide unprecedented visibility across our operations. By connecting data from sourcing to delivery, we gain a near real-time view of the entire supply chain. That transparency is essential for effective risk management, allowing us to address operational pressures before disruptions lead to shortages. Moreover, beyond visibility, digital technologies enable faster and better decisions. By identifying demand shifts, inventory risks, and transportation disruptions early, this helps us move from reactive problem-solving to proactive risk management.

At the group level, we position technology in the core of our supply chain management. DKSH is driving this transformation by integrating AI into its supply chain operations. We apply AI-supported analysis across sourcing, production, and logistics to detect potential disruptions and make data-driven decisions.

However, manpower remains a critical factor in maintaining a truly resilient supply chain. The true differentiator lies in the judgment and expertise of the teams managing it. Technology alone cannot navigate unexpected bottlenecks. It is a collective synergy, coupled with human experience that resolves operational challenges.

Therefore, network continuity relies on well-trained, empowered teams that can act quickly when disruptions happen with an effective business continuity plan, and on a shared sense of responsibility, so goods can keep moving reliably despite pressures.

Our role is to ensure technology and people work hand in hand. Digital platforms provide visibility across the supply chain, while our teams' expertise turns data into practical decisions that keep operations running smoothly.

Real-time operational monitoring creates a more connected view across the supply chain and allows faster responses to operational risks. While technology provides the visibility, it is ultimately our people who interpret the data, make informed decisions, and translate insights into actions that protect service reliability.

DKSH’s distribution centre in Vietnam supports resilient supply chain operations. Photo: DKSH

With sustainability becoming a key business requirement rather than a voluntary initiative, how is this changing supply chain management; and how do you work with partners to ensure responsible sourcing and sustainable practices?

One of our sustainability objectives is to build a sustainable value chain with our partners through clear standards. The diverse nature of our business and products requires a varied management approach rather than a one-size-fits-all model, while never compromising our standards. Our focus is on delivering a transparent, responsible, and sustainable supply chain. More importantly, sustainability must deliver measurable outcomes. We focus on turning sustainability commitments into practical operational improvements that reduce waste, improve efficiency, and create value for customers and partners.

Vietnamese regulation is also moving in the same direction, reshaping how supply chains are run. Procurement, transport and warehousing decisions now carry environmental and social weight. At DKSH Vietnam, we have replaced plastic shrink wrap in our warehouses with industrial rubber bands to secure loads, resulting in a 68 per cent cost saving, a 28 per cent decrease in processing time, and a 34 per cent total waste reduction in 2024 compared to 2023.

We also moved temperature-sensitive healthcare products to reusable cold-chain boxes, and converted distribution centres to LED lighting and paperless processes. Our Vietnam distribution centres hold ISO 14001 and ISO 45001 certification, covering both environmental management and worker safety.

Sustainability must always go hand in hand with product quality and safety. As we work with suppliers and logistics partners, our objective is not only to reduce environmental impact but also to strengthen capabilities across the value chain. This includes encouraging responsible business practices, enhancing compliance standards, and encouraging continuous improvement in operational performance.

We believe sustainable supply chains are built through long-term partnerships where all stakeholders develop together and contribute to shared value creation.

Looking ahead, what will characterise a successful supply chain in 2030? How do you see the relationship between resilience and sustainability evolving in the coming years?

Looking ahead to 2030, we believe a successful supply chain will require running at scale through shared networks rather than fragmented private ones, being data-driven enough to anticipate disruption and adapt quickly, and being low-carbon by design. More importantly, resilience will become the new measure of efficiency, when leading organisations will be those that can balance efficiency, resilience, sustainability, and compliance simultaneously.

Our targets reflect the direction in driving sustainability within the value chain. With validation from the Science Based Targets initiative, we have committed to reducing absolute Scope 1 and 2 emissions by 71.2 per cent and significantly reducing Scope 3 emissions intensity. These commitments influence how we redesign routes, optimise load planning, electrify fleets, expand renewable electricity use, and improve energy efficiency across distribution centres.

Resilience and sustainability were once seen as competing priorities, based on the idea that going green meant higher costs or lower reliability. In practice, they support each other. Green choices often help protect operations during disruptions.

Resilience and sustainability are now converging into a single standard of operating well. Our role is to keep enabling that, so companies can reach the market reliably and grow with a lighter footprint.

As Vietnam continues to strengthen its role in global manufacturing and consumption networks, businesses will increasingly depend on collaborative supply chain ecosystems that provide visibility, flexibility, and trusted execution. DKSH is committed to collaborating with local partners to build connected and resilient supply chains that support long-term sustainable growth.

Nearly 70% of registered attendees had more than three years of work experience, while software and hardware engineering professionals together accounted for 42% of registrants, underscoring the event's strong appeal among experienced technology talent.

Held under the theme "Re-skill in AI," this year's Career Festival also introduced Cake's first AI Career Fair Guide, alongside a broader suite of AI-powered career services designed to connect online career exploration and preparation with in-person employer engagement.

AI Hiring Expands Across Industries as Cross-Border Careers Gain Momentum

One of the clearest hiring trends at this year's event was the expansion of AI-related hiring across a wider range of industries and applications. Participating employers collectively offered more than 100 AI-related openings.

Viewed through NVIDIA founder and CEO Jensen Huang's "AI Five-Layer Cake" framework, nearly 20 participating companies represented key parts of the AI ecosystem, spanning power and energy, chips and hardware, AI infrastructure, and applications. These included Schneider Electric, Nanya Technology, Vertiv, and Health2Sync.

The range of career opportunities is also expanding into emerging industries and overseas markets. The Taiwan Space Agency joined the event alongside the Industrial Development Administration's aerospace supply chain and communications talent initiative. Japanese payments company PayPay Corporation recruited in Taiwan for the first time.

Employers Compete for Talent Through Higher Pay and Long-Term Development

As competition for talent intensifies, employers are differentiating their strategies across compensation, development programs, and early-career hiring.

More than 100 opportunities at the event offered starting annual compensation above NT$1 million. Singapore-based Titansoft offered senior software engineering roles paying up to NT$4 million per year.

Meanwhile, Delta Electronics subsidiary Cyntec introduced its Global Manufacturing High-Potential Talent Program, with annual salaries starting at NT$1.2 million for roles across manufacturing, equipment, engineering, technical functions, and quality assurance.

At the early-career level, Taiwan Mobile opened more than 20 internship roles spanning AI training data validation, cybersecurity, sustainability, and video marketing.

Together, these initiatives reflect a shift from filling individual vacancies toward building longer-term talent pipelines across different stages of a professional's career.

Cake Founder and CEO Trantor Liu said: "For companies, talent competition is no longer just about finding people who already have AI skills. It is also about how to develop talent over the long term, across different stages of their careers. For professionals, true Re-skill in AI is not a one-time skills upgrade, but a continuous evolution throughout their careers."

Cake Connects AI-Powered Career Services Into One Job Search Journey

Cake has integrated AI across multiple stages of the job search journey. Its new AI Career Fair Guide recommends relevant employers, job openings, and booths based on a candidate's experience level, target industries, and job preferences.

The service connects with Cake AI, which provides AI-powered career strategy, job analysis, and resume review to help users clarify their career direction, better understand opportunities, and strengthen their applications. On-site services also included AI-generated professional headshots.

By connecting online exploration, job-search preparation, and in-person employer engagement, Cake is turning Re-skill in AI into a continuous career process rather than a one-time skills upgrade.

Under the agreement, Shanghai Electric will deliver a full EPC turnkey solution for the gas-fired power plant, coupled with a 25-year long-term service agreement (LTSA) covering all major equipment. Notably, every core component—from gas turbines and steam turbines to generators, heat recovery steam generators, and air-cooled systems—will be manufactured in-house by Shanghai Electric, which will also serve as the sole provider of the long-term maintenance and service program. This integrated, end-to-end capability gives Shanghai Electric full life-cycle coverage, spanning equipment manufacturing, systems integration, and multi-decade operational support—a vertical model that brings the company on par with the established global leaders in the heavy-duty gas turbine sector.

Shanghai Electric's current heavy-duty gas turbine lineup features two principal models, with output ratings of 300 MW and 78 MW, respectively. To date, the company has delivered 103 units, with total installed capacity from commissioned projects exceeding 21,000 MW. The units covered by Shanghai Electric's long-term service and maintenance programs have accumulated more than 1.3 million operating hours. With robust production capacity available across both turbine classes, Shanghai Electric is positioned to offer new units for delivery as early as 2028. Beyond the Malaysian energy developer that awarded the current contract, project developers in Indonesia, Thailand, the Philippines, and Vietnam have also expressed strong interest in placing orders.

The findings were selected as a Late-Breaking Abstract (LBA) for oral presentation and included in the official WCLC press program.

On September 13, the WCLC official website published the Abstract data on overall survival (OS) from the HARMONi-2 study. On September 15, Professor Caicun Zhou, Principal Investigator of HARMONi-2, IASLC President, and Director of the Department of Oncology at Shanghai East Hospital, will deliver the formal oral presentation (Oral) at the conference, sharing the complete results of the HARMONi-2 study with the global industry.

As of the data cutoff on August 20, 2026, the median follow-up was 36 months, and a total of 234 overall survival (OS) events had occurred. For this OS analysis, a prespecified O'Brien-Fleming spending function was used, with a one-sided alpha of 0.0141.

Results showed that, compared with pembrolizumab, first-line treatment with ivonescimab significantly prolonged OS in patients with PD-L1-positive advanced NSCLC. This finding met the prespecified statistical significance threshold and demonstrated clear clinical benefit. The overall survival benefit was generally consistent across prespecified subgroups, with particularly pronounced benefit observed in the PD-L1-high population.

1. Intention-to-Treat (ITT) Population: Median OS of 30.8 Months with Ivonescimab, 27% Reduction in Risk of Death

• In the ITT population, ivonescimab monotherapy significantly prolonged OS versus pembrolizumab, with median OS of 30.8 months versus 22.6 months (HR=0.73; 95% CI: 0.57–0.95; P=0.009), corresponding to a 27% reduction in the risk of death.

2. Overcoming Traditional Anti-VEGF Treatment Contraindications: No Significant Increase in Bleeding Risk Observed in High-Risk Squamous Patients

Squamous NSCLC patients accounted for 45.5% of the HARMONi-2 population, and non-squamous patients for 54.5%. Among squamous patients treated with ivonescimab, 72.2% had central tumors, 10.0% had tumor cavitation or necrosis, and 6.7% had tumors encasing major vessels.

These populations are traditionally considered contraindicated or high-risk for anti-VEGF therapies and have long lacked effective treatment options. However, no apparent increase in bleeding risk was observed with ivonescimab, and these patients showed favorable benefit.

3. Consistent OS Benefit with Ivonescimab Regardless of PD-L1 Expression Level, with Particularly Pronounced Benefit in the TPS ≥50% Population

• In the PD-L1 TPS ≥50% subgroup, OS HR=0.58 (95% CI: 0.38–0.89), corresponding to a 42% reduction in the risk of death.
• In the PD-L1 TPS 1–49% subgroup, OS HR=0.85 (95% CI: 0.61–1.18), corresponding to a 15% relative reduction in the risk of death.

4. Consistent OS Benefit with Ivonescimab Regardless of Histology (Squamous and Non-Squamous)

• In the squamous cell carcinoma subgroup, OS HR=0.65 (95% CI: 0.45–0.95), corresponding to a 35% reduction in the risk of death.
• In the non-squamous subgroup, OS HR=0.79 (95% CI: 0.55–1.14), corresponding to a 21% reduction in the risk of death.

5. Favorable Overall Safety Profile with No New Safety Signals; Safety Characteristics Generally Consistent Between Arms

In May 2024, a prespecified interim analysis of progression-free survival (PFS) assessed by the Independent Data Monitoring Committee (IDMC) confirmed that HARMONi-2 met its primary PFS endpoint with statistically significant and clinically meaningful results. Median PFS was 11.14 months with ivonescimab versus 5.82 months with pembrolizumab (HR=0.51, P<0.0001). This indication was approved in China in 2025.

HARMONi-2 is the first randomized, double-blind, controlled Phase III clinical study to demonstrate statistically significant positive OS and PFS results versus pembrolizumab.

An international multicenter Phase III clinical study evaluating ivonescimab monotherapy versus pembrolizumab as first-line treatment for PD-L1-high NSCLC (HARMONi-7/AK112-3007) is currently progressing efficiently.

To date, ivonescimab has consistently achieved dual-positive OS and PFS results across multiple Phase III head-to-head trials against PD-1/L1 therapies and continues to expand into major solid tumors beyond lung cancer. The synergistic antitumor effects of ivonescimab's dual "immuno-oncology + anti-angiogenesis" mechanism continue to be validated in both clinical research and real-world settings. Ivonescimab has the potential to provide a more effective treatment option with a manageable safety profile for cancer patients worldwide and to drive continued progress in oncology care.

Forward-Looking Statements

This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the P.R. China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

With tens of thousands of enterprises served, cumulative loans processed by Qupital have surpassed US$9.5 billion. The new capital will expand Qupital's financing capabilities across China, the US, Japan, and Southeast Asia, while further scaling its proprietary AI risk engine and maintaining exceptional credit performance.

Profitable Growth Driven by Tech Automation

The financing comes on the heels of continuous operational excellence, with Qupital compounding profitability over the past two years. By leveraging real-time sales and operational data from merchants selling on leading global marketplaces including Amazon, TikTok Shop, TMall, and JD.com, Qupital's automated risk engine drives agile underwriting, delivering high operational leverage and rapidly expanding profit margins.

"Double digit year-on-year growth in cross-border e-commerce drives an unprecedented trillion-dollar liquidity gap, and this Series C round puts Qupital in prime position to bridge it. We are capturing this massive wave head on to build the core financial infrastructure for global e-commerce to support underserved SMEs."
— Andy Chan, Co-Founder & President of Qupital

"Agentic commerce and social e-commerce are redefining the speed of global trade. AI automation addresses traditional underwriting time lags to deliver higher efficiency and flexibility, and processes massive datasets, which are beyond human capability, to refine credit decisions. Converting live transactional data into instant trade credit is no longer just an advantage, it is the baseline for the future of digital commerce."
— Winston Wong, Co-Founder & CEO of Qupital

Strategic Roadmap Toward Capital Market Milestones

Proceeds from this milestone capital raise will be deployed to expand Qupital's loan pool to serve high growth e-commerce businesses globally, while simultaneously accelerating AI R&D and proprietary technology development. By harnessing its AI risk engine and credit automation, Qupital expects its profit margins to expand to over 45% within the next twelve months. The company is now actively exploring capital market opportunities including IPO, fundraising and strategic acquisition to scale operations and optimize capital structure.

These projects are gradually strengthening connectivity between Hung Yen and major economic centres in the region, while improving links between different areas within the province.

The Ninh Binh - Haiphong expressway, with a section of approximately 33 km through Hung Yen, is one of the province's key transport projects currently under implementation, providing a direct connection with Haiphong, the seaport system and the logistics network in the eastern part of the region.

Route alignment map of the frontage road and overpass project along the Red River. Photo: HY

Ring Road 4 - Hanoi Capital Region strengthens connectivity between Hung Yen, Hanoi and other localities in the region. Ring Road 3.5, east-west routes and several key transport routes are further expanding connections between urban and industrial areas and the existing transport network.

In addition to inter-regional transport projects, Hung Yen is adding infrastructure to connect development areas within the province.

On September 12, the project to build frontage roads and overpasses along the route connecting cultural and heritage sites, tourism and economic development areas along the Red River was launched, with a total investment of $114 million and a study scope of approximately 56 km.

The project comprises approximately 47 km of frontage roads, four overpasses, nine local-access overpasses, Lien Nghia Bridge, Nghi Xuyen Bridge and supporting facilities.

These components are being developed to improve connections between the main route, residential areas, production zones and the existing transport network, while meeting travel and freight transport needs.

The simultaneous implementation of projects along multiple corridors shows that Hung Yen is gradually adding important links to its transport system, from inter-regional connectivity to connections between development areas within the province.

Once completed, the projects will improve access to IPs, industrial clusters, urban areas and service centres, thereby supporting more effective use of land resources and the movement of goods.

Alongside inter-regional transport corridors, Hung Yen is adding roads and connectivity infrastructure in various areas across the province.

Once the projects are completed and put into operation, the transport network will have additional links between urban, industrial and service areas and production zones, facilitating the movement of goods and access to development land.

Expanding industrial land resources

Alongside transport infrastructure, Hung Yen is accelerating the development of land resources and infrastructure for IPs, creating additional space for production and business activities.

On September 12, the Tho Hoang IP and Lac Dao IC were launched, alongside the implementation of several other IP and IC projects across the province.

The Tho Hoang IP infrastructure investment and development project is being implemented in Xuan Truc and An Thi communes, covering 250 ha with total investment of approximately $180 million. The project investor is An Thi Infrastructure Investment and Development JSC.

Lac Dao IC covers approximately 42.5 ha in Nhu Quynh and Lac Dao communes and is invested in by Van Lam Industrial Cluster Infrastructure Construction and Development JSC.

At the groundbreaking ceremony, Chairman of Hung Yen People's Committee Nguyen Manh Quyen requested provincial departments, agencies and local authorities to continue supporting investors, shorten administrative procedures, and inspect and monitor the progress of IP and IC infrastructure projects.

Investors were asked to mobilise resources to complete infrastructure, draw in secondary investors at an early stage, and put the projects into effective operation.

Hung Yen Party Committee Secretary Pham Quang Ngoc and delegates perform the groundbreaking ceremony for Lien Ha Thai Industrial Park (Green iP-3) project. Photo: Tat Dat

At the same time, the Lien Ha Thai IP - Southern Subzone (Green iP-3) was launched, covering approximately 234 ha with total investment of $96 million.

The project is connected to major transport routes, including the Ninh Binh - Haiphong expressway, the coastal road and arterial routes linking Hung Yen with Hanoi and Bac Ninh, providing access to seaports, airports and logistics centres in the region.

According to the province's development orientation, Green iP-3 is being developed as a modern industrial park with synchronous infrastructure, prioritising high-tech, modern and environmentally friendly projects.

This is also a requirement for the development of new IPs, as infrastructure quality and the ability to meet investors' requirements are increasingly important competitive factors.

Alongside Tho Hoang, Lien Ha Thai - Green iP-3 and Lac Dao IC, IP No. 10, IP No. 15 and Da Loc IC are also being implemented, further expanding land resources and infrastructure capacity for production.

The transport and industrial projects are being implemented at the same time, creating complementary conditions between connectivity and investment capacity.

Transport infrastructure expands access to markets, seaports, logistics networks and economic centres, while IPs and ICs provide land, technical infrastructure and space for production and business projects.

From key transport projects to newly launched IPs and ICs, Hung Yen is gradually adding the foundational conditions for expanding its economic space.

The effectiveness of infrastructure investment will depend on projects maintaining their schedules, infrastructure being completed synchronously, and industrial land resources being brought into operation promptly.

Alongside accelerating construction, site clearance and the completion of technical infrastructure, the next requirements are to strengthen the capacity to pull in secondary investors, select suitable projects and improve land-use efficiency.

Hung Yen builds momentum for double-digit growth with strong H1 performance Strong industrial output, rising investment and robust trade propelled Hung Yen into Vietnam's top five fastest-growing localities in the first half of 2026, reinforcing confidence in the province's double-digit growth outlook.

Hung Yen builds digital foundations to drive long-term growth From strengthening data infrastructure to developing AI platforms, Hung Yen province is enhancing governance capacity while laying the groundwork for the growth of its digital economy.

Green i-Park explores potential investment partnerships in South Korea Green i-Park representatives have conducted a series of meetings and site visits with businesses in South Korea, including a meeting with the investor of Doha Industrial Park and businesses in Ulsan.

Yusen Logistics opens Hung Yen Logistics Centre On July 21, Yusen Logistics (Vietnam) Co., Ltd. officially opened its newest flagship facility, the Yusen Hung Yen Logistics Centre.

Pixclara is a radioactive diagnostic drug indicated for use with positron emission tomography (PET) to differentiate recurrent or progressive glioma from treatment-related change, in conjunction with other diagnostic evaluations, in adults and pediatric patients 1 month of age and older.

PET imaging with floretyrosine F 18 (FET-PET) is recommended in international clinical practice guidelines for the imaging of gliomas, including NCCN Guidelines®^[1], but until now there has not been an FDA-approved product available in the U.S.

Gliomas are the most common form of central nervous system (CNS) cancer, accounting for approximately 30% of all brain and CNS tumors and 80% of all malignant brain tumors^[2]. In the U.S., approximately 24,000 new glioma cases are diagnosed each year^[3], representing a significant unmet addressable need.

Kevin Richardson, Chief Executive Officer, Telix Precision Medicine, said, "FDA approval of Pixclara will enable broad access in the U.S. to FET-PET imaging, which is already recognized in international clinical practice guidelines. As the first FDA-approved PET imaging drug for glioma, Pixclara will provide physicians in the U.S. with more certainty in their diagnoses and greater confidence in their treatment planning for patients."

Kelly Sitkin, President and CEO, American Brain Tumor Association, said, "The approval of Pixclara will advance glioma care by enabling more precise monitoring, complementing the role of MRI. We welcome the FDA's decision, which provides a pathway to access this technology in the U.S. and helps address a critical unmet need in brain cancer diagnostics."

Patrick Wen, MD, E. Antonio Chiocca, MD, PhD, Family Endowed Chair in Neuro-Oncology at Mass General Brigham Cancer Institute, said, "Having an FDA-approved FET-PET product with high diagnostic accuracy will make a significant, positive difference to the management of patients with gliomas. This is a very positive step forward for brain cancer imaging and treatment planning."

About Pixclara (floretyrosine F 18)

Pixclara® is an intravenous positron emission tomography (PET) imaging drug for the differentiation of recurrent or progressive glioma from treatment-related change, in conjunction with other diagnostic evaluations, in adults and pediatric patients 1 month of age and older. It comprises a small molecule targeting compound labeled with a diagnostic radioisotope, fluorine-18. After administration into the bloodstream, Pixclara targets membrane transport proteins known as L-type amino acid transporters 1 and 2 (LAT1 and LAT2). Once bound, energy emissions from the radioisotope can be detected by a PET scanner. Pixclara (TLX101-Px) is also the subject of a Phase 3 registrational study for potential indication expansion for the diagnosis of brain metastases^[4].

Pixclara is the only FDA-approved radiopharmaceutical imaging drug for glioma (brain cancer).

For more information, visit www.telixpharma.com

Built for How Students Think Today

WRITERS AT WORK updates its curriculum annually in response to shifts in Singapore's English examination and education landscape. The 2027 update also responds to how students today process language, sustain focus, and construct ideas, shaped by their environment, technology, and culture. As attention spans shorten in a faster, more visually driven world, the ability to sit with a difficult question and think it through has become more valuable. The renamed Primary Writing Programme reflects this shift, still anchored in composition instruction but built around how students actually develop writing competency today.

Three Updates to the Primary Writing Programme

Three updates anchor the programme. Under Flexible Writing Practice, students complete guided or independent compositions depending on lesson objectives, with the STORYBANKING® method recalibrated to sharpen critical thinking through adjusted pacing and difficulty. This gradual release of support, from guided modelling to independent application, meets students at different levels of readiness: those who need more guidance receive clearer structure, while more confident writers are pushed to transfer their learning independently and make more sophisticated writing choices.

The update also responds to a reality of how students learn today: with model compositions and ready-made phrases widely accessible, that accessibility is not itself the concern. The risk is students learning techniques without learning to think. Primary Writing Programme lessons are designed to keep that thinking process intact and complete within the lesson, so students build the ability to reason through difficult questions themselves, rather than simply recall a technique.

Selected modules also integrate bite-sized situational writing, oral, and listening comprehension practice alongside composition, giving students regular, low-stakes exposure to other examination components while reinforcing skills they have already built. The STORYBANKING® programme has also been expanded with material tied to current experiences and trends, building on rather than replacing existing content.

A Refresh for the Comprehensive English Programme

The Comprehensive English Programme, covering Primary and Secondary levels, is also being updated, with a focus on strengthening students' ability to analyse questions and organise ideas. Existing scaffolding within the programme is being broken down further to make the thinking process more visible and explicit to students.

"The updates are not a departure from what has worked. They are a deliberate response to how our students engage with the world today," said Jemmies Siew, Managing Director and Curriculum Director at WRITERS AT WORK. "Our aim is for students to leave each lesson still knowing how to think through a hard question themselves, not just recall a technique."

https://www.writersatwork.com.sg/

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

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

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

• https://www.singaporetechnologyweek.com/data-centre-world

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

The inauguration ceremony was officiated by Suvit Pansangiam Vice Governor of Phuket, and attended by Dr. Poramaporn Prasarttong-Osoth, M.D., President of Bangkok Dusit Medical Services Public Company Limited (BDMS); Dr. Kongkiat Kespechara, Chief Executive Officer of Group 6, BDMS; BDMS executives; representatives from foreign consulates; medical partners; members of the media; and distinguished guests.

Prof. Dr. Art Hiranyakas, M.D., PhD., Director of the Bangkok-Phuket Cancer Institute, said the institute combines multidisciplinary expertise, advanced technologies, and a Personalized & Precision Cancer Care approach to deliver individualized treatment while preserving organ function and improving patients' quality of life.

The institute provides comprehensive cancer services, including screening, diagnosis, surgery, medical oncology, radiation therapy, rehabilitation, long-term follow-up, and second-opinion consultations. Supported by specialists across the BDMS network, including Bangkok Cancer Hospital Wattanosoth, patients benefit from coordinated, internationally standardized care and multilingual support.

Dr. Poramaporn stated the institute reinforces BDMS's commitment to expanding its Centers of Excellence and strengthening Thailand's position as a global medical and healthcare hub.

Vice Governor of Phuket Suvit Pansangiam added the institute marks another milestone in public-private collaboration, expanding access to specialized cancer care while reinforcing Phuket's role as a regional medical and healthcare destination.

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

With a number of new provisions, the decree is expected to provide a boost to bidding management policy by focusing on resolving practical obstacles, simplifying and standardising procedures, enhancing transparency in bidding activities through accelerated digital transformation, and strengthening oversight based on the exploitation of publicly available data on the National E-Procurement System, thereby improving the efficiency of the use of state funds.

Decree 349 comprises four articles covering contractor selection; the ordering or bidding for the provision of public products and services using state budget funds from regular expenditure sources; as well as transitional provisions and provisions on implementation.

Photo: baodauthau.vn

A notable new feature of the decree is the promotion of digitalisation throughout the organisation of contractor selection for packages subject to direct contracting.

Accordingly, for direct contracting under the normal procedure, the procuring entity carries out on the system such activities as publishing the contractor selection plan, sending the request for proposals, providing clarification of the request for proposals, opening proposals, and publicly announcing the contractor selection results.

Contractors may also receive requests for proposals, prepare joint venture agreements, prepare and submit proposals, and carry out other directly related activities on the system.

For direct contracting under the shortened procedure, the procuring entity sends the draft contract to the contractor through the system.

The contractor receives and reviews the draft and carries out the steps for finalising and signing the contract electronically. The procedure for publicly announcing contractor selection results has also been reviewed and adjusted to suit the specific nature of shortened direct contracting.

The digitalisation of these stages will help standardise information exchanges between procuring entities and contractors, reduce activities and paperwork conducted outside the System, shorten processing times, cut costs, and enhance transparency throughout the contractor selection process.

Another key provision of the decree is the strengthening of oversight of bidding activities based on systematised and standardised data.

Bidding-related data sources will be regularly updated for competent authorities, agencies responsible for regular oversight, bidding management units, procuring entities and relevant agencies in monitoring and supervising bidding activities within their respective areas of responsibility.

Strengthening oversight through the system will contribute to the digitalisation of management while also facilitating the centralised exploitation of bidding data, helping detect and flag unusual signs, improve the effectiveness of oversight and accountability, and enhance openness and transparency.

In addition, the decree introduces changes to the quotation collection process, which will be carried out in an e- environment.

E- forms will be designed to suit different groups of goods and services and authenticated using digital signatures. This approach is intended to standardise quotation information, reduce manual operations, simplify procedures and shorten processing times.

At the same time, conducting the process electronically is expected to help curb manipulation and price distortion, while gradually establishing a price database to support management, analysis and the use of information in bidding activities.

In particular, the decree introduces a number of new provisions on petitions and information disclosure.

Accordingly, for petitions related to bidding documents, the function for submitting petitions to the procuring entity through the system is expected to be adjusted to ensure compliance with regulations on petition submission deadlines, with particular attention to the requirement that petitions be submitted before the bid closing time.

For ordering activities, the new decree requires information on the quality of goods to be publicly disclosed. Such disclosure will contribute to greater transparency, provide an additional source of reference data, and support agencies and organisations in selecting and procuring goods in subsequent procurement rounds.

For contractors and businesses, the new regulations are expected to open up opportunities for fair and timely participation in the public procurement market as bidding activities become increasingly digitalised and transparent.

Speaking to VIR, La Anh Tuan, director of the National E-Procurement Centre, said the system has been updated and upgraded with new functions and technical features and is ready for the implementation of the decree's new provisions.

"Functions related to direct contracting, oversight of bidding activities, quotation collection, handling of petitions, and information disclosure have been completed and updated on the system to ensure seamless operation once the new provisions take effect," Tuan said.

The system's interface has also been upgraded to be more user-friendly and easier to operate, with detailed guidance provided for each new version. It has been designed to allow customisation in line with users' contractor selection procedures.

"Procuring entities, contractors, and other stakeholders need to regularly monitor information on the system, study the new regulations, and promptly update themselves on operational guidance," he noted. "Early preparation will help ensure a smooth transition and contribute to maintaining the progress and quality of bidding packages and projects, thereby improving state management efficiency."

New decree sets environmental protection fees for mineral exploitation The Government recently issued Decree 27/2023/ND-CP regulating environmental protection fees for mineral exploitation.

New decree paves the way for supporting industry breakthrough Vietnam has rolled out new incentives under Decree 205 to empower supporting industries, foster technology adoption, and elevate small- and medium-sized enterprises (SMEs)' competitiveness in domestic and international supply chains.

New decree to streamline ODA and concessional loan management A new decree simplifies official development assistance (ODA) and concessional loan procedures, strengthens decentralisation, and enhances foreign capital use for sustainable socioeconomic development.

New decree spurs on PPP implementation As public-private partnerships (PPP) play an increasingly vital role in national infrastructure development, removing financial bottlenecks has become a priority to unlock resources.

At the event, ACCA reaffirmed its commitment to contributing to Vietnam’s development, expressing appreciation to its partners, members and students, while also setting out new directions for collaboration in response to rapid changes in technology, ESG and sustainability requirements.

Speaking at the event, Helen Brand, ACCA’s chief executive, expressed her appreciation to the State Audit Office of Vietnam (SAV), the Ministry of Finance, strategic partners, and the ACCA community in Vietnam.

“We want to continue working alongside all of you to build a sustainable and prosperous economy that benefits all people in Vietnam. ACCA is ready to play an active role in supporting economic growth, developing a highly skilled workforce, and helping realise Vietnam’s ambition of becoming a competitive international financial centre,” said Brand.

Helen Brand, ACCA’s chief executive. Photo: ACCA Vietnam

Ha Thi My Dung, deputy state auditor general of SAV, delivered remarks congratulating ACCA Vietnam on its 25^th anniversary and stated that the SAV has always regarded ACCA as one of its important partners.

“I am confident that ACCA will continue to build on its role, reputation and international experience and make an even greater contribution to the development of Vietnam’s professional community,” Dung said. “From the SAV’s side, we look forward to continuing our close cooperation with ACCA, strengthening the sharing of international experience and knowledge; enhancing cooperation in training and human resource development; exchanging views on innovation in audit methodologies and the application of technology and AI; and encouraging professional activities aligned with new requirements for public financial management and sustainable development.”

25 years

ACCA’s story in Vietnam began in 2001 with just 11 members. Today, ACCA has more than 1,300 members across the country and more than 7,000 students on their journey towards becoming ACCA members.

Behind these figures is a dynamic and growing community present across every sector of the economy, taking on critical roles ranging from accounting, auditing and finance to governance, strategy and sustainability.

This growth has been driven by extensive cooperation between ACCA and regulatory authorities, professional bodies, businesses, and educational institutions in Vietnam and around the world. At the same time, ACCA has promoted a range of initiatives to strengthen professional capabilities and expand opportunities for Vietnam’s finance professionals to access global standards and the international finance community.

Beyond professional development, ACCA has also established itself as a pioneering organisation in Vietnam, making significant contributions to policy dialogue and discussions on governance, strategy, environmental, social, and governance (ESG), sustainability reporting and issues directly affecting business operations.

Through its network of experts and corporate partners across 179 countries, ACCA promotes the sharing of international knowledge and best practices, helping organisations strengthen their financial and governance capabilities while preparing finance professionals for the evolving demands of business.

In particular, as the finance function increasingly shifts from a focus on reporting and control towards strategic planning and value creation, ACCA continues to equip professionals with the capabilities to take on roles extending beyond traditional finance, including risk management and strategy, as well as ESG, sustainability and transformation.

ACCA’s 25-year journey in Vietnam has unfolded alongside the professionalisation, integration and transformation of the economy. Building on this foundation, ACCA said that they would continue working to connect Vietnam with the global professional community, boost international standards, and support the development of a finance workforce capable of creating value for the economy and global markets.

ACCA Vietnam: 25 Years of Impact, Shaping the Future. Photo: ACCA Vietnam

Amid shared challenges such as climate change, the emergence of new technologies such as AI, and growing demands for transparency, the role of the accounting, auditing and finance community continues to expand significantly. For ACCA, these shifts require professionals not only to keep their technical knowledge up to date, but also to strengthen their adaptability, strategic thinking and ability to create value.

“This remains a key focus of ACCA’s direction in Vietnam in the next phase: continuing to connect Vietnam’s professional community with global standards, knowledge and opportunities,” said Brand.

“Perhaps the world has never needed the capabilities and qualities of professional accountants more than it does today,” she added. “However, we believe that professional accountants equipped with the right knowledge, skills and qualities can help organisations and countries overcome these challenges.”

The 25th anniversary, therefore, is not only an occasion for the ACCA community to celebrate what has been built over the past quarter-century. It also provides a foundation for ACCA to continue working alongside Vietnam in building a dynamic, sustainable and prosperous economy.

At the event, ACCA was honoured to receive Certificates of Merit and Letters of Commendation for its collective and individual contributions from the State Audit Office of Vietnam on July 9. The recognition reflects ACCA’s contributions throughout its cooperation with the State Audit Office of Vietnam and marks a meaningful milestone in the cooperative and friendly relationship between the two organisations.

ACCA and VACPA deepen partnership to support Vietnam's green finance transition The renewal of the MoU between ACCA Vietnam and the VACPA marks not only a new chapter in their long-standing partnership, but also a shared commitment to build a transparent, sustainable financial ecosystem and address the growing risk of greenwashing.

Building trust is vital for green finance transition Vietnam has taken an important policy step with its Green Taxonomy, but stronger professional judgement will be required across the financial ecosystem. Talking to VIR’s Hazy Tran, To Quoc Hung, country manager of ACCA Vietnam, said that Vietnamese businesses need to move beyond a compliance-driven approach by building a reliable data foundation.

At the second Vietnam-Japan Local Cooperation Forum in Hue on September 6, Toyota Vietnam general director Hirata Osamu proposed that self-charging hybrid electric vehicles (HEVs) be recognised alongside battery electric vehicles (BEVs) for preferential circulation in Ho Chi Minh City's planned low-emission zones.

He also proposed gradually shifting the special consumption tax (SCT) regime from one based on engine capacity towards one based on CO₂ emissions.

On Toyota’s proposal regarding SCT for self-charging hybrids specifically, the prime minister asked the Ministry of Finance to study the issue and report to the government in October.

Hirata said HEVs could significantly reduce fuel consumption and CO₂ emissions without requiring charging infrastructure or motorists to change their vehicle-use habits. He also argued that emissions should be assessed because the energy mix can significantly affect the overall emissions of different vehicle technologies.

Supporting both types, according to Hirata, would give Vietnam a practical route to reducing transport emissions while maintaining and developing its existing automotive manufacturing and supporting-industry ecosystem.

The policy push comes as Toyota is putting considerably more capital behind local production. On August 28, Toyota Vietnam received an amended investment policy decision and its 12^th revised investment registration certificate for its manufacturing project in Phu Tho province. The adjustment added the production and assembly of electrified vehicles, including Hybrid Electric models, to the project’s objectives.

Toyota registered an additional $283.7 million in capital. The project covers more than 28.6 hectares and has annual production capacity of around 52,000 vehicles. Toyota plans to begin work on new stamping and painting workshops in May 2027, with operations scheduled for 2029, creating the manufacturing infrastructure for new completely knocked-down (CKD) models in Vietnam.

“This investment will continue to strengthen and develop the supporting industry and contribute to sustainable development towards Vietnam’s carbon neutrality goal,” Hirata said, while reiterating Toyota’s long-term commitment to Vietnam.

The investment represents a significant change in Toyota’s hybrid strategy. Many of its popular hybrid models sold in Vietnam have largely depended on completely built-up imports. Preparing the infrastructure for domestic assembly could give the Japanese carmaker greater control over supply and costs while creating room to develop a local component ecosystem.

The shift is taking place against a rapidly changing market backdrop. Vietnam’s transition towards electrified transport has accelerated, particularly in BEVs, increasing demand for charging infrastructure and forcing traditional carmakers to decide how quickly they should move their green models from imports to domestic production.

Figures cited by the Ministry of Industry and Trade show that over 17,500 BEVs were sold in Vietnam in the first six months of this year, already exceeding the 15,670 units recorded for the whole of 2023. Of the first-half total, 17,480 were domestically manufactured or assembled.

The charging market is expanding alongside vehicle sales. Estimates cited in the material put Vietnam’s EV market at $3.71 billion in 2026, potentially reaching $8.84 billion by 2031, while the domestic EV charging-station market could grow from around $81.7 million in 2025 to $459.5 million by 2034.

Hybrids present carmakers with a different calculation. Self-charging HEVs do not depend on external charging infrastructure, but their powertrains require the integration of petrol engines, electric motors, batteries and power-control systems. CKD production therefore requires more sophisticated assembly and testing systems and specialised workers.

Toyota is not the first Japanese manufacturer to move into local hybrid assembly. Honda has already become the first Japanese carmaker to assemble hybrid vehicles in Vietnam, bringing its e:HEV technology onto a domestic CKD production line.

Hybrid CKD production requires significant initial investment in assembly and testing capabilities. Manufacturers need sufficient sales volumes to spread those fixed costs; otherwise, importing finished vehicles from established ASEAN production centres can remain economically attractive according to insider experts

Localisation presents another hurdle, as bringing final assembly to Vietnam does not automatically create a domestic hybrid supply chain. More sophisticated components require suppliers capable of meeting higher technological and quality standards, meaning manufacturers that develop their production infrastructure and supplier networks earlier could gain greater control over costs.

Vietnam is entering a phase of rapid population ageing. For older adults with underlying conditions such as asthma, chronic obstructive pulmonary disease (COPD), cardiovascular disease, diabetes or immunocompromising conditions, proactive prevention of infectious diseases is increasingly becoming an important part of comprehensive healthcare.

As people age, immune function gradually declines through a process known as immunosenescence, increasing susceptibility to infectious diseases and the risk of severe outcomes, particularly among older adults with underlying health conditions.

The burden of infectious diseases among older adults

RSV, or respiratory syncytial virus, is a typical example of a pathogen that remains insufficiently understood and under-recognised in older adults. It is a common and highly contagious respiratory virus that usually causes mild cold-like symptoms. However, in older adults and people with underlying medical conditions, RSV can lead to serious infections.

RSV imposes a substantial disease burden on older adults in Vietnam. Based on modelled estimates over a five-year period, approximately 4.6 million RSV-associated acute respiratory infection cases are projected to occur among adults aged 60 years and older. According to the definitions used in the model, these estimates include approximately 200,000 hospitalisations and nearly 18,000 deaths attributable to RSV-associated lower respiratory tract disease.

Prof. David Halpin, University of Exeter Medical School, UK. Photo: GSK Vietnam

In light of the severity and complex complications of RSV, Prof. David Halpin of the UK's University of Exeter Medical School, and member of the GOLD Board of Directors and Science Committee, said, “Current recommendations increasingly emphasise the need to protect adults at higher risk of severe RSV disease, including older adults and people living with chronic respiratory such as COPD or cardiovascular conditions with vaccination. This is reflected in various international guidance, including GOLD and CDC recommendations.”

Dr. Doan Thu Tra, acting director of the Institute of Tropical Medicine, Bach Mai Hospital. Photo: GSK Vietnam

From clinical practice, Dr. Doan Thu Tra, acting director of the Institute of Tropical Medicine, Bach Mai Hospital, explained that, "To better protect older adults with underlying conditions, vaccination counselling has been integrated into routine healthcare touchpoints: during cardiology, respiratory, endocrinology, nephrology and geriatric consultations, as well as for patients preparing for discharge or organ transplantation, to help prevent infectious diseases. Healthcare professionals will review patient’s vaccination history, health status, underlying conditions and risk factors to recommend appropriate vaccines in line with current professional guidance."

Assoc. Prof. Dr. Pham Quang Thai, deputy head of the Department of Infectious Disease Control, National Institute of Hygiene and Epidemiology, said, “As people age, immunosenescence can impair the body's ability to respond to pathogens, placing older adults and individuals with underlying health conditions at a higher risk of infectious diseases. In this context, advances in vaccine research and development, including the application of adjuvant technologies, may help support enhanced immune responses in high-risk populations.”

Photo: GSK Vietnam

Integrating prevention into routine care for people with underlying health conditions

Beyond RSV, shingles is also easily overlooked, although it can have prolonged impact in older adults. People with chronic underlying conditions such as asthma, chronic obstructive pulmonary disease, cardiovascular disease or diabetes have a higher risk of developing shingles cardiovascular disease increases the risk by approximately 34 per cent, while diabetes increases the risk by approximately 38 per cent.

This was also among the topics discussed at several scientific sessions during the 2026 Annual Congress of the Vietnam Respiratory Society. It emphasised the role of preventive solutions, including adult vaccination as an important part of comprehensive respiratory disease care and management.

In the context of population ageing and the growing prevalence of chronic diseases, proactive prevention is increasingly regarded as an important component of comprehensive healthcare strategies. Decision No.1983/QD-BYT, issued in July by the Ministry of Health, promulgating the guidance on the management of risk factors, people with risk factors, and people living with non-communicable diseases in the community includes preventive vaccination measures, such as hepatitis B vaccination, human papillomavirus vaccination, RSV vaccination, influenza vaccination, pneumococcal vaccination, herpes zoster vaccination, and other appropriate vaccines in accordance with current professional guidelines.

University of Medicine and Pharmacy develops vaccinology postgrad course The University of Medicine and Pharmacy at Ho Chi Minh City held a seminar on strategic directions for its vaccinology postgraduate curriculum on November 10, in collaboration with GSK Vietnam.

GSK expands efforts to fight antimicrobial resistance in Vietnam Antibiotic resistance is emerging as a major global health threat, prompting action in Vietnam to promote rational use of antibiotics.

Protect what’s next: towards a future free from meningococcal group B disease The School of Preventive Medicine and Public Health, in collaboration with GSK Vietnam, has held a seminar titled “Journey towards a Vietnam free from meningococcal group B disease”.

According to our data, the banking sector’s stock price performance since the beginning of the year has broadly tracked the overall market. As of September 9, bank stocks had gained 3.17 per cent, compared with a 2.39 per cent increase in the VN-Index.

Based on the financial statements released for the first six months of the year, total net profit after tax at 27 listed banks increased 19.6 per cent on-year. We forecast that the banking sector’s aggregate profit could grow by 16–18 per cent for the full year, below the 19.5 per cent growth recorded in 2025.

Looking at the sector’s price performance, I believe the market is taking a relatively cautious view of bank stocks. The sector’s current price-to-book ratio stands at 1.42x, compared with a 10-year average of 1.7x. In 2025, the sector-wide index gained 29.8 per cent.

This is partly because market liquidity is no longer as abundant as it was last year. Investors are also concerned that the banking sector is facing a less favourable business environment.

At the individual stock level, price divergence has been quite pronounced, with only nine of the 27 stocks outperforming the VN-Index. Stock prices, in banking and across the market, can rise over a given period for various reasons. Beyond sector-wide expectations, individual corporate catalysts can include capital increases, merger and acquisition expectations, or exceptional earnings growth.

However, over the longer term, a company’s business growth prospects will remain the primary factor supporting its share price.

Source: Saigon-Hanoi Securities

What will be the main drivers of bank profit growth through the end of the year? Where is there still room for positive surprises?

This year, the State Bank of Vietnam (SBV) has adopted a cautious approach to credit management, targeting credit growth of 15 per cent, below the 19 per cent recorded in 2025.

As of July 31, total system credit stood at approximately $812 billion, up 8.98 per cent from the end of 2025, leaving room for further growth in the remaining months of the year.

Since the end of Q2, monetary policy has gradually shifted towards targeted support as exchange-rate and energy-price pressures have eased. Measures including the special mechanism excluding outstanding loans to 18 key projects from banks’ credit growth limits; Circular No.25/2026, raising the cap on the use of short-term funds for medium- and long-term lending from 30 to 40 per cent; and Decision No.1743/QD-NHNN, which allows banks to count 50 per cent of the State Treasury’s term deposits towards total deposits when calculating the loan-to-deposit ratio, together with a range of other technical measures, have helped improve system liquidity.

In addition, stronger fiscal policy support in the final months of the year, with more than $21.8 billion in public investment funds still awaiting disbursement, will support credit growth across the banking sector in the period ahead.

With credit growing rapidly, what risks does this pose to bank profits? Which indicators should investors monitor to identify emerging asset-quality pressures?

Alongside balance-sheet expansion, credit quality is another area investors need to watch closely.

Among 28 listed banks, total outstanding balances in non-performing loan groups 3-5 had increased 17.5 per cent by the end of Q2 from the end of 2025, while group 2 loans had risen 28.97 per cent.

The rise in bad debt has forced banks to increase provisioning, with total credit-loss provisions in the first six months of the year up 20 per cent from the same period in 2025.

In addition, to maintain operating efficiency amid rising deposit rates and strong pressure from the SBV to comply with efforts to lower lending rates, banks will need to restructure loan maturities, diversify revenue streams, increase the use of digital transformation and AI to optimise costs, and strengthen their capital base through funding from the stock market, offshore borrowing and other channels.

Source: Saigon-Hanoi Securities

How will FTSE-related capital flows affect bank stocks? What will determine whether active foreign capital continues to stay in the market?

According to FTSE Russell, 27 stocks, including eight bank stocks, are expected to be included in the FTSE Global Equity Index Series, effective September 21.

With Vietnam’s weighting expected to rise to around 0.49–0.5 per cent from 0.34–0.35 per cent at the March 2026 review, passive capital inflows from index-tracking funds are forecast to reach $2–2.5 billion after all four phases are completed by September 2027. The eight bank stocks are expected to account for around 58 per cent of the inflows, although the allocation will vary by stock.

However, with the first phase accounting for only 10 per cent of the total allocation, I do not expect a significant impact on stock prices at this stage.

In the longer term, market upgrading should be viewed as a starting point for the broader market and individual companies to move towards higher standards. Beyond passive funds, the ability to retain active foreign capital will continue to depend on the investment environment, macroeconomic and corporate prospects, and progress in implementing reforms and upgrading the capital market in line with the broader development strategy.

If Vietnam can build a capital market with a diverse range of products, greater depth, integrated and seamless infrastructure, transparency, strong investor protection mechanisms, and timely detection and enforcement of violations, the country will retain existing foreign capital while attracting additional inflows from overseas.

Over the next 6–12 months, what will differentiate banks?

The outlook for the next 6–12 months can be summed up in three keywords: growth, divergence and caution.

Growth will remain the dominant trend, driven by strong credit demand, particularly for infrastructure development projects. Divergence will become more pronounced among banks based on management capabilities, asset quality and funding costs. Meanwhile, caution will stem from the need to balance the objective of supporting economic growth with maintaining liquidity, controlling risks and preserving financial stability.

This will be a period in which management effectiveness, rather than growth alone, determines each bank’s position in the new cycle.

Against this backdrop, banks with strong capital buffers, solid funding bases, sound credit and cost management capabilities, and structural advantages in fee income will have greater opportunities to grow faster than the sector as a whole.

Vietnam stocks rebound as analysts retain bullish outlook Stronger policy support, improving liquidity, and market reforms are laying the foundation for stock market next growth cycle, even as short-term volatility persists.

FTSE upgrade puts Vietnam on global investors’ radar, now investability must follow FTSE Russell has added 27 Vietnamese stocks to the FTSE Global All Cap Index as part of its September semi-annual review. In an interview with VIR’s Hazy Tran, Thomas Nguyen, Chief Global Markets Officer at SSI Securities said that FTSE Russell’s inclusion could bring billions in passive inflows, but the bigger opportunity lies in Vietnam’s institutional transformation.

According to an announcement on September 10, climate finance and women's access to finance are key priorities for Vietnam as it works towards more sustainable and inclusive growth. As the country targets carbon neutrality by 2050, climate finance is critical for renewable energy and other sustainable projects, while women-owned businesses – accounting for over 20 per cent of the business landscape – continue to face barriers to finance and growth.

EVF General Finance JSC has progressively strengthened its activities in both areas. Initially focused on financing the energy sector, particularly renewable energy, the institution has expanded its climate finance activities and strengthened its support for women-owned small and medium-sized enterprises (SMEs).

Building on an initial $10 million loan provided to EVF by Proparco in 2021 to support its climate finance activities, Proparco is renewing its support with a new $20 million senior loan. Under this new transaction, 50 per cent of Proparco’s loan will be dedicated to financing projects with climate co-benefits, while the remaining 50 per cent will finance women-led or women-owned SMEs. Through its commitment to women’s entrepreneurship, the project is eligible for the 2X Challenge, the international initiative aimed at advancing women’s economic empowerment.

The transaction also contributes to Team France’s commitment to Vietnam’s Just Energy Transition Partnership (JETP), signed in 2022 and aimed at mobilising $15.5 billion to support the country’s transition towards carbon neutrality by 2050.

Jean-Benoît du Chalard, Proparco’s regional director for North and Southeast Asia, said, “We are pleased to renew our support for EVF and, through this new transaction, to contribute to two key priorities for Vietnam: accelerating the financing of the climate transition and strengthening women entrepreneurs’ access to finance.”

Dinh Ngoc Bao, EVF’s head of International Markets Department and deputy head of Treasury Division, said, “This is an important milestone for EVF. We now hold a portfolio of over $280 million dedicated to green financing and more than $700 million in financing for women-led SMEs, reflecting our commitment to expanding responsible access to finance and supporting sustainable economic growth in Vietnam. We look forward to further developing innovative financing solutions that respond to the evolving needs of businesses and contribute to Vietnam’s long-term development.”

France's Proparco and Netherlands' FMO invest $80 million in SeABank The French Development Finance Institution (Proparco) and the Dutch Entrepreneurial Development Bank (FMO) have signed a loan agreement worth $80 million with SeABank.

SeABank secures $80m from Proparco and FMO for inclusive, green growth SeABank has received $80 million in funding from Proparco and FMO to expand support for SMEs, women-led businesses, and green finance initiatives.

Nam A Bank and Proparco sign MoU strengthening green financial resources Southern lender Nam A Commercial Joint Stock Bank (Nam A Bank) and Proparco, the development finance institution of the French Development Agency, have signed an MoU to develop and mobilise green financial resources.

Heads of school and board chairs from leading international schools across Asia convened for the opening of the Governance as Leadership Training Institute (GALTI) 2026 at United Nations International School of Hanoi (UNIS Hanoi).

Hosted from September 10-12, the three-day Institute brought education leaders from cities including Beijing, Guangzhou, Hong Kong, Kuala Lumpur, Seoul, Singapore, and Taipei to Hanoi. Together, they explored how school boards and senior leaders can govern responsibly, strengthen institutional leadership and prepare their schools for a rapidly changing future.

This year’s Institute marks GALTI’s tenth anniversary and focuses on the theme “Future-ready governance: Governing with purpose and responsibility in an AI-shaped world.”

The participation of Vietnamese education leaders creates an important opportunity for dialogue between national and local education authorities and international school leaders from across the region. It also reflects Hanoi’s growing role as a centre for educational exchange, innovation and leadership.

“Education leaders from across the region will see in Hanoi what our community sees every day: Vietnam is not simply responding to the future of education; it is helping to shape it,” said Dr Liz Gale, head of school at UNIS Hanoi.

“Governance in an AI-shaped world is not a challenge that any one school can address alone. We are proud to bring boards and heads together at UNIS Hanoi to learn from one another and consider how schools can use emerging technologies responsibly, ethically and in the best interests of students.”

As part of the official opening, participants attended a keynote session examining the responsibilities of school leaders and governing boards in responding to artificial intelligence. The session considered how schools can embrace innovation while protecting student wellbeing, academic integrity, equity, and the human relationships at the centre of education.

Students also played an active role in welcoming delegates to UNIS Hanoi. Student representatives led campus tours and share their perspectives on how artificial intelligence is influencing their learning and their hopes for the future of education.

Ngo Thi Diep Lan, vice head of the Private and Foreign-Invested Education Department (middle) took a photo with Dr Liz Gale, head of school (left) & Maria Chung, board chair at UNIS Hanoi (Photo: UNIS Hanoi)

“Decisions made at the governance level shape the future of a school,” said Rami Madani, head of school at the International School of Kuala Lumpur and facilitator of GALTI 2026.

“Bringing boards and heads from across Asia together at UNIS Hanoi allows us to examine difficult questions openly, learn from one another and strengthen education across the region.”

GALTI is designed as a working institute rather than a traditional conference. Through keynote discussions, practical workshops, and scenario-based sessions, Board members and Heads of School examine areas including responsible AI governance, crisis leadership, head–board partnerships, strategic decision-making, and effective governance practices.

Participants will leave the Institute with practical resources that they can adapt for their own schools, such as governance frameworks, Board agendas, leadership dashboards, professional-development plans, and partnership agreements.

Beyond regional governance, since 2020, GALTI has directly supported local educational development through the UNIS Hanoi Learning Together Fund. Financial contributions generated from the Institute fund Learning Together Vietnam, an annual, not-for-profit education conference which brings together hundreds of Vietnamese and international educators working across Early Years to Grade 12 to learn from one another, exchange innovative classroom practices, and collaborate to advance education across Vietnam.

By hosting GALTI 2026, UNIS Hanoi continues its long-standing role as a bridge between Vietnam’s education community and international schools across Asia. The gathering supports the exchange of knowledge, strengthens professional relationships and reinforces Hanoi’s position as a place where regional education leaders come together to learn.

UNIS Hanoi empowers youth to drive Vietnam’s green transformation The Gaia Green Future Talk brought together policymakers, industry leaders, and young innovators to explore how Vietnam’s next generation can drive the green transition through innovation and collaboration.

UNIS Hanoi marks UN Day with 3,000-strong celebration The United Nations International School of Hanoi (UNIS Hanoi), one of only two UN-affiliated schools in the world, marked UN Day with a celebration reflecting peace, diversity, and partnerships.

Lighting the path: how education fuels Vietnam’s climate resilience Dr. Elizabeth Gale, head of school at UNIS Hanoi, discussed how education, which is considered a soft tool, is fuelling Vietnam's climate resilience.

The upgrade does not create Vietnam’s investment case. Vietnamese companies have attracted sophisticated domestic and international capital for years. What changes now is the market infrastructure around that opportunity: broader benchmark eligibility, scheduled index inclusion and greater alignment with the operating standards expected by international institutional investors.

For Vietnamese dealmakers, that makes 2026 less a story about whether capital will come, and more about whether issuers will be ready for it.

FTSE turns market momentum into a timetable

Vietnam’s transition from Frontier to Secondary Emerging Market status follows years of market reform. In its March 2026 review, FTSE Russell specifically recognised progress in removing prefunding requirements for foreign institutional investors and improving market infrastructure.

From September, eligible Vietnamese securities begin entering FTSE GEIS benchmarks. The implementation is deliberately phased: 10 per cent of investability weight in September 2026, followed by 20 per cent in March 2027, 35 per cent in June and the remaining 35 per cent in September.

That matters because index inclusion turns part of the international capital opportunity from a broad macroeconomic narrative into a mapped market event. Passive funds tracking affected benchmarks need to adjust their portfolios as Vietnam enters those indices, while inclusion also puts Vietnamese securities in front of a wider universe of active emerging-market investors.

The opportunity, however, will not be distributed equally. Greater international participation also brings greater expectations around governance, disclosure and the quality and accessibility of information available during a transaction.

Decree 245 raises the readiness bar

At the same time, Vietnam’s domestic regulatory framework is evolving.

Decree No.245/2025/ND-CP, which amends the implementation of Vietnam’s Securities Law, forms part of a broader push to modernise the market and improve its alignment with international standards.

For issuers and their advisers, the important consequence is not simply another set of compliance requirements. It is the increasing convergence between what Vietnam’s regulatory framework demands and what sophisticated international investors already expect.

That changes the definition of transaction readiness.

A company considering an IPO or other capital event can no longer think about disclosure preparation as something that begins once the formal transaction timetable starts. Financial information, material contracts, corporate records and due-diligence responses need to be organised, controlled and capable of scrutiny well before investors arrive.

For transactions involving international capital, bilingual readiness is increasingly part of that equation. Vietnamese and English materials need to remain synchronised as documents change, questions are answered and new information enters the diligence process.

The challenge is therefore not simply having the right documents. It is being able to demonstrate control over them.

The competitive advantage is institutional readiness

This is where the FTSE timetable and Vietnam’s regulatory reforms intersect.

For a Vietnamese company contemplating a listing, equitisation, capital raising or cross-border transaction, waiting for the market window to open before preparing creates avoidable execution risk.

Institutional readiness means being able to establish clear permissions around sensitive information; maintain a defensible record of document access and changes; coordinate management, advisers, auditors and investors; and run structured Q&A without losing control of the information flow. It also means being able to show investors that key information is complete, current, consistently translated and based on approved company records.

These capabilities rarely determine whether a company has an attractive equity story. But they can determine how effectively that story survives diligence.

As Vietnam becomes more integrated into global capital markets, this distinction will become increasingly important. International investors will continue to assess growth, valuation and strategy, but the transaction process itself also sends a signal about governance and institutional maturity.

For issuers, the question should therefore shift from “When should we open a data room?” to “Could we withstand institutional diligence if it started tomorrow?”

Local knowledge, global expectations

Technology is only one part of that preparation. Vietnam remains a market where local regulatory understanding, language and relationships matter alongside international transaction standards.

Ansarada has maintained an on-the-ground presence in Ho Chi Minh City, including a local product development presence, while supporting transactions through a platform used across global markets.

That combination provides an important vantage point on the change now taking place. Vietnamese issuers are not being asked to choose between local market requirements and international standards. Increasingly, they need to satisfy both at the same time.

For a virtual data room, that means capabilities such as permissioned document control, AI-translations, workflows, structured Q&A, version control and auditable reporting are becoming part of the infrastructure of transaction readiness rather than features introduced only once a deal is underway.

A window for Vietnam and a deadline for issuers

FTSE Russell’s decision is recognition of how far Vietnam’s capital markets have already come. It should also be viewed as a marker for what comes next.

The first FTSE inclusion takes effect on 21 September. Subsequent tranches continue through September 2027. Meanwhile, domestic market reforms are continuing to raise the standards expected of issuers and market participants.

For Vietnamese dealmakers, the opportunity is significant, but the more useful question now is not how much capital Vietnam may attract. It is which companies will be ready when that capital arrives.

For issuers preparing for an IPO, capital raising or cross-border transaction in Vietnam, now is the time to assess whether their disclosure, diligence and document-control processes are ready for institutional scrutiny. Speak with Ansarada’s team in Vietnam about building transaction readiness.

FTSE Russell confirms Vietnam market reclassification FTSE Russell, the global index provider, has confirmed the reclassification of Vietnam to secondary emerging market status, effective from September 21, 2026.

Stock market urged to take bigger role in financing next growth phase With investment demand expected to far exceed the capacity of the state budget and bank lending, restructuring capital channels and strengthening the stock market's financing role have become essential to sustaining Vietnam's next phase of economic growth.

FTSE upgrade puts Vietnam on global investors’ radar, now investability must follow FTSE Russell has added 27 Vietnamese stocks to the FTSE Global All Cap Index as part of its September semi-annual review. In an interview with VIR’s Hazy Tran, Thomas Nguyen, Chief Global Markets Officer at SSI Securities said that FTSE Russell’s inclusion could bring billions in passive inflows, but the bigger opportunity lies in Vietnam’s institutional transformation.

Vietnam reflects this broader regional trend. The country aims to rank among the world’s top 30 nations in data exploitation and AI development by 2045, yet adoption remains uneven. ITViec’s 2025 Survey found that 73 per cent of surveyed companies in Vietnam had integrated AI to some extent, while only 13.8 per cent had reached scaled or full adoption. At the same time, Amazon Web Services (AWS)’s 2025 Research found that 55 per cent of adopters cited lack of digital skills as the main barrier to expanding AI use.

These findings highlight that AI transformation is not just a technology deployment exercise. Organisations that thrive will be those that redesign work around effective human and AI collaboration, supported by the right skills, role clarity, governance and sustained change management.

AI changes tasks before it changes jobs

The key workforce question is not whether AI will replace jobs, but how it will reshape the tasks that make up those jobs, how it will be automated, augmented or kept deeply human. Most roles comprise multiple tasks, and AI will affect those tasks differently, and they will change at different speeds.

In Vietnam, the International Labour Organisation estimates that 20.8 per cent of employment, equivalent to 11.5 million jobs, is potentially exposed to generative AI. However, only 1.8 per cent of jobs fall into the highest exposure category, suggesting that AI is more likely to transform tasks within existing roles than drive widespread occupational displacement.

This distinction is important because workforce planning therefore needs to move from broad job titles to understand how individual tasks are changing and task-level analysis. In customer service, AI may support ticket routing, response drafting, knowledge retrieval and reporting, while enabling employees to focus more on complex problem-solving cases, relationships, judgment and service recovery. In software development, AI may reduce time spent on routine and repetitive coding while increasing the importance of architecture, quality assurance, validation, system integration and higher-value problem solving.

Workforce readiness is the ROI multiplier

AI value depends on how well organisations redesign the system around the tool. Too often, deployment is measured by activity: logins, prompts or tools rolled out. Yet activity alone is not impact.

The challenge is that technology evolves in months, while skills, job architecture, performance systems, learning infrastructure and culture can take years to adapt. When adoption outpaces readiness, return on investment can stall, usage can plateau and risk or resistance can increase.

Technology evolves in months, while skills, job architecture, performance systems, learning infrastructure and culture can take years to adapt. Photo: Aon

Leaders should therefore view AI readiness as an integrated people strategy built on four pillars: skills and learning, job design and job architecture, metrics and incentives, and governance and trust. Together, these pillars connect AI investment to business priorities, not just experimentation.

What leaders should do now

During the Aon’s Vietnam HR Insights Seminar in Hanoi on August 4 and in Ho Chi Minh City on August 8, people professionals and specialists from over 100 organisations across Hanoi and Ho Chi Minh City got together and discussed ưhat a typical AI workforce transformation journey should look like.

Identify where AI can create the highest business value. Not every workflow needs AI, and not every use case deserves equal investment. Leaders should prioritise areas where AI can improve productivity, quality, customer experience or decision speed.

Quantify the workforce impact. Organisations need to map how AI will reshape roles and tasks, identify automation risk and pinpoint new value-creating activities.

Redesign work before scaling tools. Automating old workflows can create fragmentation and anxiety. Redesigning jobs, processes and operating models clarifies what AI should do, where human judgment matters and how to avoid bottlenecks or disruption across the value chain.

Build structured reskilling pathways. Training should not be generic. It should be role-based, practical and linked to future skills, career paths and redeployment opportunities.

Align governance and incentives. If employees are expected to use AI responsibly and productively, performance systems, leadership behaviours and governance guardrails must reinforce that expectation.

Create a credible transition path for people. AI workforce transformation will succeed only if employees understand how their roles will change, what support they will receive and how they can stay relevant. Employee communication and wellbeing should be prioritised throughout the journey.

People professionals and specialists across Hanoi and Ho Chi Minh City got together at Aon’s Vietnam HR Insights Seminar 2026. Photo: Aon

Vietnam’s AI opportunity is real, but the next phase depends on whether organisations can turn national ambition into workforce readiness and business execution.

For Vietnam’s employers, the strategic question is no longer, “How fast can we adopt AI?” It is, “How ready is our workforce to use AI to create measurable business value?” The companies that answer with discipline will move beyond pilots, reduce risk and build a more adaptable workforce for the future.

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AEON Thanh Hoa. Photo: AEON

The expansion into new markets reflects AEON Group's long-term development strategy in Vietnam, with AEON Mall Vietnam and AEON Vietnam playing distinct roles across the group's retail network.

AEON Mall Vietnam has been expanding its shopping centre network since entering Vietnam in 2013, and the two new centres will further strengthen its presence. Isobe Daisuke, general director of AEON Mall Vietnam, said Vietnam is one of AEON Mall's key markets in Southeast Asia and the company is entering a new phase of growth, with its expansion focus shifting from major metropolitan areas to regional hub cities.

"We will continue to expand our shopping centre network in Vietnam, while focusing on developing each shopping centre in line with the characteristics and needs of its respective locality," Isobe said.

"We want AEON Mall to be more than just a place for shopping, but to become part of people's everyday lives, working with local communities to create new value and contribute to sustainable long-term development," he added.

At the group level, under its medium-term business plan for 2026-2030, AEON plans to allocate approximately 60 per cent of the group’s investment in ASEAN to Vietnam, aiming to triple its business scale by 2030 and achieve a network of 300 stores nationwide.

AEON Vietnam is expanding its retail network through a diverse range of formats tailored to the economic scale, population density, and characteristics of each locality. From large-scale shopping centres, general merchandise stores and supermarkets to mid-sized models and supermarkets, the retailer aims to expand its presence gradually across major metropolitan areas, regional hub cities, and suburban areas nationwide.

Following an initial phase focused on Hanoi and Ho Chi Minh City, AEON Vietnam is now stepping up expansion into dynamic regions with significant growth potential, including Haiphong, Danang, Thanh Hoa, Quang Ninh, and other provinces.

Tezuka Daisuke, executive officer and chief Vietnam Business Officer of AEON and general director of AEON Vietnam, said the opening of four new shopping centres in 2026 represents the fastest pace of expansion ever recorded in the AEON Group's business operations in Vietnam.

“Currently, against the backdrop of Vietnam’s strong development, AEON is continuing to expand into provinces and cities in other regions, where consumers are increasingly shifting towards a modern lifestyle,” Tezuka said.

Photo: AEON

Expected to open in October, AEON Mall Thanh Hoa has a total gross floor area of 120,000 square metres. The centre will house the AEON Thanh Hoa general merchandise store and supermarket (GMS), covering 10,300 sq.m. and representing AEON’s 13^th GMS in Vietnam. The shopping space is arranged across three floors, with a product and service portfolio designed to meet a wide range of customer needs.

Meanwhile, AEON Mall Halong, expected to open in November, has a total gross floor area of 130,000 sq.m. The centre is designed around a 'one-stop destination' concept, combining shopping, dining, entertainment, and services while catering to the economic, service, and tourism characteristics of Quang Ninh.

The AEON Halong GMS will be AEON Vietnam’s 14^th general merchandise store and supermarket in Vietnam. Besides serving the shopping needs of local residents, the store will also target tourists and customers from the hotel, restaurant, and food and beverage sectors.

Since entering the Vietnamese retail market with AEON Tan Phu Celadon in 2014, AEON Vietnam has gradually expanded its network and diversified its business models.

As of August, companies under the AEON Group in Vietnam operate nine shopping centres, 16 GMS, 40 supermarkets, 182 convenience stores, 71 speciality and service stores, and two drug stores.

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The $30 million in funding from Proparco will be allocated to priority sectors, including renewable energy ventures, energy efficiency, climate change response and adaptation, and green buildings.

Vo Hoang Hai, deputy CEO of Nam A Bank, and Rebecca Benhamou, senior investment officer at Proparco, signed the agreement in the presence of AFD country director Julien Seillan and leaders of the two sides. Photo courtesy of Nam A Bank

The move follows the signing of an MoU between two sides in Paris in March 2026. Since then, Proparco has completed the assessment, due diligence, and Know Your Customer procedures of Nam A Bank. This marks the first tangible outcome of the "Green Finance Community" initiative spearheaded by Nam A Bank at the Vietnam International Financial Center in Ho Chi Minh City.

Vo Hoang Hai, deputy CEO of Nam A Bank, said, “The $30 million loan underscores the trust of Europe’s leading development finance institution in the bank’s management capabilities. Nam A Bank remains steadfast in executing a strategy based on two pillars ‘Digitalisation and Green Transformation” to transform international financial resources into practical, cost-effective credit solutions. These solutions empower customers, especially SMEs, women-owned businesses, and sustainable agricultural ventures, to enhance competitiveness and achieve market breakthroughs.”

Jean-Benoit Du Chalard, regional director for North and South-East Asia at Proparco, expressed confidence in Nam A Bank’s commitment to sustainability. “We expect the partnership will generate a positive impact on Vietnam’s emission reduction goals. We are delighted to announce this high-impact partnership, signed today in Vietnam. This credit facility, dedicated 100 per cent to climate objectives, reflects our shared ambition to tackle climate change in a country that is particularly vulnerable to climate hazards,” he said.

The loan with a five-year term is an important leverage for Nam A Bank to expand its green credit portfolio. Photo courtesy of Nam A Bank

The signing ceremony took place within a series of activities from September 8 to 9, held by AFD and Proparco in collaboration with the international environmental management consultancy SLR Consulting.

The programme offers specialised training courses tailored for Vietnamese financial institutions, focusing on enhancing capacity for environmental & social (E&S) risk management and climate risks in line with the most rigorous standards, including the IFC Performance Standards and the World Bank's Environmental and Social Safeguard Policies.

The adoption of international E&S standards enables Nam A Bank to enhance its appraisal capabilities, ensure the rapid and secure disbursement of funds, and optimise the efficiency of customers' green projects.

Nam A Bank executives previously met Proparco representatives in Paris to advance the partnership. Photo courtesy of Nam A Bank.

With the partnership, Nam A Bank continues to affirm its role as one of the leading banks to receive international green finance while continuously expanding its global partner network to support green growth and sustainable development.

The resources will be allocated to target groups and objectives such as small and medium-sized enterprises, women-owned businesses, clean energy ventures, and green transformation, and digital transformation linked to greenhouse gas emissions reduction.

Proparco is France’s development finance institution dedicated to the private sector and part of the French Development Agency. For nearly 50 years, it has supported sustainable economic, social, and environmental development across Africa, Asia, Latin America, Eurasia, and the Middle East, by financing companies and financial institutions in more than 115 countries.

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Nam A Bank partners with ADB to promote trade finance Nam A Bank has joined the Asian Development Bank's Trade and Supply Chain Finance Programme (TSCFP), strengthening its trade finance capabilities and expanding its international reach.

Nam A Bank secures green capital from Switzerland, bringing international fundraising to nearly $350 million Nam A Bank signed an international credit agreement with SIFEM AG and secured additional capital from funds managed by responsAbility Investments AG, raising the total mobilised capital since the beginning of the year to nearly $350 million.

The project will be developed on a 1.9-hectare land plot with a total investment of $15 million, representing another significant milestone in Amata City Ha Long’s efforts to attract high-tech and advanced manufacturing investments. The facility will specialise in the production of high-value electronic components serving key industries, including industrial automation, automotive manufacturing, and medical technology.

The project is expected to achieve an annual production capacity of approximately 17 million units. Beyond expanding Quang Ninh’s growing electronics manufacturing ecosystem, the investment will create new employment opportunities, support technology transfer, and strengthen the province’s position within global supply chains.

Nguyen Van Nhan, general director of Amata City Ha Long, said, "This decision further reinforces the growing appeal of Quang Ninh City as an ideal investment destination and highlights the attractiveness of Amata City Ha Long to high-quality manufacturers."

He noted that the project demonstrated how Amata City Ha Long's world-class infrastructure, stable utility services, and well-planned industrial ecosystem successfully met the stringent requirements of advanced and high-tech manufacturing industries.

Photo courtesy of Amata

Amata City Ha Long remains committed to contributing to Quang Ninh's long-term development by fostering a technology-driven industrial ecosystem and building a strong supply chain network centred on innovation and advanced manufacturing.

Through these efforts, the company aims to create sustainable economic value, strengthen regional competitiveness, and support the growth of a dynamic new economic centre in northern Vietnam.

As of September 2026, Amata City Ha Long has attracted 26 investment projects with a total registered investment capital of approximately $3.3 billion, establishing itself as one of the leading industrial parks in Quang Ninh city.

Supported by world-class infrastructure, excellent connectivity to seaports, airports, and expressways, and a strong commitment to sustainable development, Amata City Ha Long continues to provide an efficient, reliable, and future-ready environment for business growth, and a strategic destination for global investors in advanced manufacturing and high-technology sectors.

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Continuous supply chain expansion at Amata City Halong: Topping Industrial On August 18, Amata City Halong JSC signed a Land Use Right Sublease Agreement with Topping (Quang Ninh) Industrial Co., Ltd., marking the arrival of a new Chinese supporting manufacturing project in Amata City Halong Industrial Park (also referred to as Song Khoai Industrial Park).

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More than three decades of development among Vietnamese private enterprises shows that as the business environment becomes increasingly transparent, the private sector gains greater room to build its internal capabilities, invest for the long term and gradually strengthen its competitiveness.

If fair rules in sport motivate athletes to continually push beyond their limits, a healthy competitive business environment similarly gives companies the confidence to invest in technology, innovation and long-term strategies.

Through policy recommendations submitted to the government over the years, Vietnam's private business community has shown that what it needs is not preferential treatment or privileges, but a transparent, stable and consistent business environment where every player can grow on the strength of its own capabilities.

“Businesses do not need preferential treatment; they need a stable, predictable, transparent and fair environment; they need their business and property rights to be protected; they need streamlined administrative procedures and a consistent policy implementation system from the central to local levels. Reform only truly matters when it delivers tangible results,” said Nguyen Duy Hung, member of the Board of Directors at Tan Hiep Phat Beverage Group, one of the leading fast-moving consumer goods (FMCG) businesses in the country.

Established in 1994, just a few years after the Law on Enterprises expanded the space for the private sector, Tan Hiep Phat was among the businesses that came of age alongside the country's reform drive. More than three decades later, Tan Hiep Phat has become the only Vietnamese firm among the top five leading beverage companies in Vietnam.

The journey of companies such as Tan Hiep Phat, therefore, serves as a reflection of the relationship between the business environment and the process of building internal capabilities within the private sector.

Hung uses the metaphor of “where the soil is fertile, birds will come to nest”: when confidence is strengthened, “flows of knowledge, talent, technology and legitimate aspirations for prosperity will naturally find their way in.”

Nguyen Duy Hung, member of the Board of Directors at Tan Hiep Phat. Photos: Tan Hiep Phat Beverage Group

But reform only creates the space for development. Opportunities become competitive advantages only when businesses have the determination to invest in capabilities that form a lasting foundation.

Building internal strength through manufacturing and technology

According to the Vietnam Private Economy Report and Provincial Competitiveness Index 2025, Vietnam's private economic sector currently provides jobs for approximately 26 million people, equivalent to 50.2 per cent of total employment nationwide.

Behind this scale lies the production capacity accumulated over many years by millions of businesses, with leading companies playing an important role in shaping supply chains, creating jobs and generating spillover effects across other parts of the economy.

According to Nguyen Van Viet, chairman of the Vietnam Beer – Alcohol – Beverage Association (VBA), persistent investment in modern production technologies and quality control in line with international standards not only enables businesses to provide consumers with quality products at reasonable prices, but also helps raise standards across the beverage industry and strengthen the competitiveness of domestic companies.

When a manufacturing company makes long-term investments, the value it creates extends beyond the company itself, spreading throughout the wider ecosystem

Tan Hiep Phat is an example of this process of accumulation. Nearly two decades ago, when most of the market was still using conventional filling technology, the company chose to invest in an Aseptic filling system from Germany – a technology requiring substantial investment and stringent operating standards.

Aseptic technology enables the product and packaging to be sterilised separately before filling in a sterile environment, helping control product quality and safety without the use of preservatives to extend shelf life.

Aseptic filling technology requires stringent technical operation and a long payback period

This was not simply a technology decision, but a decision to invest in long-term capabilities. The substantial investment required, stringent technical operating requirements and longer payback period made it far from an easy choice.

In return, Aseptic technology has become one of the key foundations that have enabled Tan Hiep Phat to build its manufacturing capabilities and develop its core products over the years.

More importantly, the company did not stop at adopting the technology. Through continuous operation and improvement, Tan Hiep Phat has gradually built up its capabilities, mastered the technology and worked with international partners to develop solutions better suited to Vietnam's climate, raw materials and consumer needs.

Over more than 30 years, the company has continuously reinvested in its production capabilities, gradually building a system of four manufacturing clusters in the country's key economic regions – Ninh Binh, Danang, Ho Chi Minh City and Can Tho – with 12 Aseptic filling lines and total investment exceeding $300 million.

The company has also brought its products to demanding markets such as France, the Netherlands, Australia and Canada by meeting globally-recognised standards including the Food and Drug Administration, Halal, ISO and HACCP.

These figures reflect more than the scale of investment. More importantly, they represent a decades-long process of building capabilities – a process that is still ongoing at Tan Hiep Phat.

In 2025, the company decided to invest an additional $100 million in next-generation production lines to enhance its manufacturing capacity and meet growing market demand. As the company has expanded, so have tens of thousands of partners across its supply chain matured and grown alongside it.

Seen through this lens, Tan Hiep Phat is more than simply a beverage company. Behind every bottle of Zero Degree Green Tea, Dr Thanh Herbal Tea or Number 1 Energy Drink lies an extensive economic ecosystem spanning farmers in raw-material growing regions, packaging companies, logistics providers and technology partners, through to distributors and retailers across the country.

This is also how the capabilities of individual businesses are transformed into the capabilities of an entire industry. And as more Vietnamese companies choose to invest in capabilities rather than pursue short-term growth alone, today's private-sector investments will become part of Vietnam's comprehensive productive capacity and economic competitiveness in the future.

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Tan Hiep Phat: a 30-year journey of sustainable development In early October, Tan Hiep Phat, Vietnam's leading beverage manufacturer, in collaboration with the Red Cross Society of Hau Giang Province, awarded 200 scholarships, each worth VND1 million ($39.54) to disadvantaged students.

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