The figure includes newly registered capital, additional investment for existing projects, as well as capital contributions and share acquisitions.

Of these, newly registered FDI recorded particularly strong growth. Vietnam licensed 2,429 new projects with combined registered capital of $21.05 billion. While the number of newly licensed projects increased by 7.8 per cent from a year earlier, the value of newly registered capital more than doubled, reaching 2.1 times the level recorded in the same period of 2025.

Manufacturing and processing remained the largest recipient of new foreign investment, attracting $11.58 billion, equivalent to 55 per cent of total newly registered capital. The electricity, gas, and water production and distribution sector ranked second, drawing $3.13 billion, or 14.9 per cent of the total.

Among 69 countries and territories investing in new projects in Vietnam, Singapore remained the largest source of newly registered FDI with $7.50 billion, accounting for 35.6 per cent of the total. It was followed by South Korea with $5.61 billion, Hong Kong (China) with $2.91 billion, and mainland China with $1.73 billion.

Additional capital injections into existing projects also remained strong. A total of 666 projects increased their registered investment, adding $10.43 billion, up 4.4 per cent on-year.

Meanwhile, capital contributions and share acquisitions reached $6.58 billion across 1,815 transactions, representing a sharp 61.6 per cent increase from the same period last year. Most of this capital flowed into professional, scientific, and technological activities, which attracted $2.68 billion, followed by the wholesale and retail trade sector with $1.96 billion.

The National Statistics Office also highlighted that realised FDI reached an estimated $15.20 billion during the first seven months of the year, up 11.8 per cent on-year. This marks the highest level of FDI disbursement for the January-July period in the past five years. More than 82.6 per cent of the realised FDI, equivalent to $12.55 billion, was invested directly in manufacturing and processing facilities.

The latest figures underscore the rapid acceleration in Vietnam's investment inflows during 2026. At the end of January, newly registered and additional FDI totalled just over $2.36 billion, while realised FDI stood at around $1.48 billion. Six months later, investment momentum has strengthened significantly. Rather than remaining broadly flat, newly registered investment has risen steadily month after month, pushing total new commitments above $21 billion.

The trend suggests that international investor confidence in Vietnam continues to strengthen, particularly for large-scale projects in high technology, energy production, and advanced manufacturing.

FDI listing hurdles lie beyond securities law With the current position of Vietnam's stock market, the State Securities Commission expect foreign-invested enterprises to become one of the key providers of high-quality listings for the market, reflecting its integral role in the economy.

FIEs' listing on Vietnam's stock exchange, unlocking new capital More foreign-invested enterprises listing on Vietnam's stock exchange could unlock new capital channels while injecting premium assets and driving higher corporate governance standards.

Vietnam urged to upgrade FDI quality as global production chains restructure Global production networks are undergoing profound restructuring under the combined impact of tariff policies, AI, and growing concerns over supply chain security. As competition among major economies shifts from low-cost manufacturing to technological capability, Vietnam needs to improve the quality of foreign direct investment, strengthen its industrial ecosystem, and develop domestic enterprises to move up global value chains.

Finance sector's efforts to expand Vietnam's development space

Reflecting on more than four decades of economic reform and international integration, Minister Tuan said every stage of Vietnam's development had been closely linked to deeper integration into the global economy, with the finance sector playing a pioneering role.

He noted that the MoF helped establish Vietnam's first legal framework for attracting foreign investment through the 1987 Law on Foreign Investment, restored financial relations with international financial institutions in 1993, supported Vietnam's accession to ASEAN in 1995, and implemented the country's first tariff commitments under international integration.

"The finance sector has fulfilled its role by helping expand Vietnam's development space and progressively integrating the country's economy more deeply into regional and global markets," he said.

Vietnam has since become an active participant in numerous regional and multilateral financial cooperation mechanisms, joined the World Trade Organization, concluded 19 free trade agreements, signed 81 double taxation avoidance agreements, 60 investment promotion and protection agreements, 30 customs cooperation and mutual administrative assistance agreements, as well as many specialised financial cooperation arrangements.

According to the minister, these treaties and agreements have established a transparent, stable, and predictable legal framework for international trade, investment, and finance, strengthening Vietnam's position in the global economic integration process.

The country's policy of openness and international integration has also transformed foreign investment and international trade into key drivers of economic growth, enabling Vietnam to maintain average annual GDP growth of around 6.5-7 per cent for more than three decades.

At the same time, Vietnam has continued to strengthen its national financial foundation and preserve macroeconomic stability. Public debt is projected to stand at around 35-36 per cent of GDP by the end of 2026, well below the statutory ceiling, providing substantial fiscal policy space.

Meanwhile, the financial market has expanded in both scale and depth. The stock market is now equivalent to approximately 82.3 per cent of GDP, while the corporate bond market has reached around 22.1 per cent of GDP, gradually becoming an increasingly important source of medium- and long-term capital for the economy.

Vietnam's financial standing has also continued to improve internationally. FTSE Russell recently upgraded Vietnam's stock market to secondary emerging market status, while international credit rating agencies have improved the country's sovereign credit ratings, bringing Vietnam closer to achieving Investment Grade status.

Developing capital markets

Minister Tuan said the global landscape was changing rapidly, with strategic competition among major economies, the restructuring of global supply chains, and accelerating green transition, digital transformation, and AI reshaping international investment, trade, and financial flows.

"These developments require a new approach to international integration. It should focus on expanding markets or attracting capital, but also support the enhancement of domestic capabilities, improve the quality of economic growth, and strengthen the resilience of the economy," he said.

He said this approach reflects the guiding principles of Resolution No.59-NQ/TW on international integration in the new context and Resolution No.06-NQ/TW on implementing the foreign policy orientations of the 14^th National Party Congress.

The MoF outlined four strategic priorities that will guide the ministry's international cooperation and integration agenda in the coming years to support rapid and sustainable economic growth.

The priority, the MoF minister said, is to improve the mobilisation and effective use of international resources to support rapid and sustainable development.

To achieve Vietnam's economic growth goal, the 2025-2030 National Financial Plan identifies an unprecedented financing requirement. Total state budget expenditure during the period is estimated at VND21.2 quadrillion ($830 billion), including around $320 billion allocated to the medium-term public investment plan.

Such an investment programme will require the country to maximise every available source of capital by combining state resources, private-sector investment, and international financing to create new development opportunities while maintaining macroeconomic stability and safeguarding national financial security.

"In this context, foreign capital plays a particularly important role. It not only supplements financial resources, but also facilitates technology transfer, knowledge sharing, modern management practices, and international standards, thereby improving the quality of growth and strengthening the competitiveness of the economy," the minister said.

Alongside selectively attracting foreign direct investment, the MoF will continue expanding cooperation with governments, multilateral financial institutions, and development partners to diversify external financing sources. Particular emphasis will be placed on mobilising official development assistance (ODA), concessional loans, and long-term international financing for strategic infrastructure, connectivity projects, the green and digital transitions, science and technology, and innovation.

He also stressed the importance of implementing Decision No.441/QD-TTg on ODA and concessional foreign loans during 2026-2030. The framework is intended to ensure resources are directed towards priority sectors, maximise spillover effects on economic growth, enhance national competitiveness, safeguard public debt sustainability, and strengthen Vietnam's fiscal position.

The MoF's second strategic priority is to continue developing Vietnam's capital market into one that is modern, transparent, safe, efficient, and closely integrated with international financial markets, thereby strengthening the country's financial standing and improving its capacity to mobilise long-term capital.

"As competition for global capital intensifies, developing a modern, transparent capital market that operates in accordance with international standards is essential for attracting medium- and long-term investment, supporting sustainable economic growth, and improving the economy's resilience to external shocks," Minister Tuan said.

To achieve this, Vietnam will continue refining its legal framework, improving corporate governance standards, strengthening transparency and market discipline, and encouraging balanced development across capital markets.

The MoF also aims to diversify the investor base, particularly by attracting more professional institutional investors and foreign financial institutions, while enhancing supervision, risk management, and alignment with international standards and best practices.

Building on FTSE Russell's recent upgrade of Vietnam to secondary emerging market status, the government will continue improving the country's economic fundamentals and sovereign credit profile. These efforts are expected to strengthen international investor confidence, reduce the cost of raising capital overseas, and expand access to high-quality financial resources needed to support rapid and sustainable development.

Photo: Duc Thanh

The third priority is to reshape Vietnam's approach to attracting foreign investment by placing technology transfer, stronger domestic capabilities, and deeper participation in global value chains at the centre of its foreign direct investment (FDI) strategy.

Minister Tuan said Politburo Resolution No.10-NQ/TW, issued in June 2026, represented a significant shift in investment policy. Rather than focusing primarily on increasing capital inflows, Vietnam will select strategic investors with advanced technologies, modern management capabilities, and the capacity to lead global production and supply chains.

"The focus is no longer simply on expanding investment volumes. Greater emphasis must be placed on transferring technology and knowledge, strengthening research and development, developing a highly skilled workforce, and improving the ability of domestic enterprises to absorb and master advanced technologies," the minister said.

The effectiveness of foreign investment, he added, should be measured by its contribution to Vietnam's economy, including higher domestic value-added, stronger participation by Vietnamese companies in multinational supply chains, and a gradual transition from assembly and processing activities towards higher value-added, technology-intensive production.

To support this strategy, Vietnam will refine and implement investment support mechanisms, including the Investment Support Fund established under Decree No.182/2024/ND-CP. The fund is designed to engage and retain strategic investors with strong research, innovation, and core technology capabilities while encouraging technology transfer, expanding domestic supplier ecosystems, and enabling Vietnamese enterprises to integrate more deeply into global value chains.

The fourth priority is to accelerate digital transformation in parallel with deeper international integration and closer alignment with global standards. In line with Resolution No.57-NQ/TW, the MoF considers international cooperation in science, technology, and innovation to be a key driver of digital transformation.

As digital technologies evolve and international standards for digital finance continue to emerge, Minister Tuan said stronger cooperation with governments, international organisations, financial centres, and leading technology companies will be essential for acquiring knowledge, facilitating technology transfer, developing high-quality human resources, and learning from advanced governance models.

At the same time, Vietnam will participate in developing, adopting, and implementing international standards covering digital finance, fintech, data governance, and cybersecurity.

These efforts, the minister said, will improve the connectivity and compatibility of Vietnam's financial system with global markets, enhance national competitiveness, attract investment, foster innovation, and strengthen national financial security.

Reforming international cooperation and integration

Looking ahead, the minister said the MoF would adopt a new mindset and broader vision for its external relations and international integration agenda, ensuring it is aligned with Vietnam's goals of achieving rapid, sustainable growth and enhancing its international standing.

He stressed that international integration should no longer be viewed solely as a channel for expanding cooperation and mobilising external resources. Instead, it must become a catalyst for institutional reform, stronger national competitiveness, the adoption of advanced international standards, and greater economic resilience in the face of global uncertainties.

"International integration is not just about expanding cooperation and mobilising resources. It must also drive institutional reform, strengthen competitiveness, facilitate the adoption of advanced international standards, and enhance the economy's resilience to external shocks," he said.

Under this vision, the MoF will continue to modernise its approach to external relations and international integration, making international financial cooperation more proactive, substantive, and effective.

The ministry will work to foster a more favourable environment for economic development, strengthen Vietnam's national financial standing, and contribute to the country's development objectives through 2030, while supporting the ambition of becoming a high-income nation by 2045.

"I am confident that, through close and effective coordination among agencies across the political system, we will continue to harness the combined strengths of diplomacy and finance to mobilise the fullest possible range of resources and create new drivers for Vietnam's rapid and sustainable development," Minister Tuan said.

As of July 15, the fleet had increased by 24 aircraft compared with a year earlier, according to the Civil Aviation Authority of Vietnam (CAAV). Vietjet operates the country's largest fleet with 107 aircraft, including 83 Airbus A321s, 16 Airbus A320s, and eight Airbus A330s serving medium- and long-haul routes.

Vietnam Airlines ranks second with 94 aircraft, including 59 Airbus A321s, 17 Boeing 787 Dreamliners, 14 Airbus A350s, and four Airbus A320s. The national carrier remains the only airline in Vietnam operating both the Boeing 787 Dreamliner and Airbus A350 wide-body fleets.

Sun PhuQuoc Airways currently operates 14 aircraft, consisting of 11 Airbus A321s and three Airbus A320s. Pacific Airlines has a fleet of three Airbus A321s, while Bamboo Airways operates two aircraft, one Airbus A320 and one Airbus A321. Vietravel Airlines currently has five Airbus A321s.

Notably, Sun PhuQuoc Airways has been the fastest-growing airline in Vietnam since the beginning of 2026, taking delivery of new aircraft at a time when the global aviation industry continues to face a shortage of commercial jets. By the end of July, the airline's fleet had expanded to 16 aircraft. It plans to increase the number to 26 aircraft by the end of August and 32 aircraft by the end of 2026. The carrier is also expected to receive its first wide-body aircraft in September, most likely an Airbus A330 or Boeing 787-9, providing the foundation for expanding its international route network.

The continued fleet expansion by Vietnamese airlines has significantly increased operational capacity to meet rising demand for both passenger and cargo transport.

According to the CAAV, passenger throughput at Vietnam's airports reached 11.5 million in July 2026, up 0.5 per cent on-year and 3.5 per cent higher than in June. International passenger traffic totalled 3.8 million, up 2 per cent from the previous month, while domestic passenger numbers reached 7.7 million, an increase of 4.2 per cent.

Vietnamese airlines carried 5.5 million passengers during the month, up 1.2 per cent compared with July 2025 and 3.6 per cent higher than in June. Of the total, international services carried 1.6 million passengers, while domestic routes transported 3.8 million passengers, representing on-month increases of 2 and 4.2 per cent, respectively.

Cargo throughput at Vietnamese airports reached 162,100 tonnes in July, up 3.3 per cent on-year and 2 per cent from the previous month. Vietnamese airlines transported 39,300 tonnes of cargo during the month, down 1.6 per cent from a year earlier but still 2 per cent higher than in June. International cargo handled by Vietnamese carriers totalled 21,700 tonnes, while domestic cargo reached 17,600 tonnes, marking on-month increases of 1.8 and 2.2 per cent, respectively.

Vietnam Airlines secures preliminary backing for $2.9 billion aircraft financing package Vietnam Airlines has received a Preliminary Commitment from the Export-Import Bank of the United States (EXIM) for financing support of more than $2.9 billion, advancing funding arrangements for its planned acquisition of 50 Boeing 737 MAX 8 aircraft.

Hanoi region to get second airport under revised aviation plan The government has formally incorporated a second international airport for the Hanoi region into Vietnam's national aviation master plan, while introducing dedicated air logistics and maintenance, repair, and operations (MRO) hubs to support long-term aviation-led economic growth.

SmartKargo signs partnership with Sun PhuQuoc Airways to digitise cargo operations US-based SmartKargo, the leading provider of cloud-native air cargo management solutions, on July 21 announced the signing of a strategic agreement with Sun PhuQuoc Airways.

The National Statistics Office reported on August 3 that total export-import turnover reached $659.58 billion during the period, up 28.1 per cent on-year. Exports increased by 21.7 per cent, while imports rose by a faster 34.8 per cent.

The widening gap between export and import growth reflected stronger demand for raw materials, machinery, equipment, and other goods used for manufacturing and investment activities.

In July, Vietnam’s total merchandise trade value stood at $109.75 billion, an increase of 5.3 per cent compared with June and 33 per cent against the same month last year.

July export turnover was estimated at $53.08 billion, up 4.5 per cent on-month. The domestic sector generated $10.27 billion, rising 2.7 per cent, while foreign-invested enterprises (FIEs), including crude oil, contributed $42.81 billion, up 5 per cent.

Compared with July 2025, the country’s export value expanded by 25 per cent. Exports by domestically owned businesses increased by 14 per cent, while FIEs recorded growth of 27.9 per cent.

During the first seven months, Vietnam exported goods worth $319.53 billion, an increase of 21.7 per cent from a year earlier. FIEs continued to dominate export activity, generating $255.89 billion, equivalent to 80.1 per cent of the national total. Its export turnover increased by 26.4 per cent on-year.

Meanwhile, the domestic sector recorded export revenue of $63.64 billion, accounting for 19.9 per cent of total exports and representing growth of 5.8 per cent.

The country had 31 commodity groups with export turnover exceeding $1 billion each during the seven-month period. Together, these products accounted for 93 per cent of total export value.

Of these, seven commodity groups posted export turnover of more than $10 billion each, collectively making up 69.7 per cent of Vietnam’s total merchandise exports.

On the import side, turnover reached $340.05 billion in the first seven months, rising 34.8 per cent compared with the same period of 2025.

Imports by the domestic sector stood at $92.14 billion, up 24.1 per cent, while FIEs imported goods worth $247.91 billion, representing a sharper increase of 39.2 per cent.

The strong expansion in imports exceeded export growth and caused Vietnam’s merchandise trade balance to move from surplus into deficit.

The country recorded an estimated trade deficit of $3.59 billion in July. For the full seven-month period, the deficit reached $20.52 billion, compared with a trade surplus of $10.35 billion in the corresponding period last year.

The domestic sector posted a trade deficit of $28.5 billion, while FIEs, including crude oil, maintained a trade surplus of $7.98 billion.

The figures indicated that businesses were increasing imports of production inputs, machinery, and equipment as they mobilised resources for manufacturing expansion and investment in the coming period.

With a total capacity of 200 MW, the project is Envision's largest overseas nearshore wind project to date, marking a major breakthrough in the deployment of its energy system across Vietnam and Southeast Asia.

The Phu Cuong 1A and 1B project in Can Tho will deploy 25 Envision EN-226/8.X YE wind turbines, with batch deliveries scheduled to begin in the second quarter of 2027 and grid connection targeted for October 2027.

Highly suited to the low- to medium-wind conditions of nearshore waters in Vietnam and across Southeast Asia, the turbines combine proven technology, strong site adaptability and reliable lifecycle performance to maximise energy production and deliver long-term project value.

The move marks Envision Energy's second landmark collaboration with REE Group, building on the strong progress of the 128 MW Vinh Long wind projects. The first batch of turbines for Vinh Long rolled off the production line at the end of April 2026, and all wind turbine units are being shipped to the project site in batches as scheduled.

Edward Hou, senior vice president and president of Asia-Pacific Region at Envision Energy, said, "The next phase of wind development will be defined not only by scale, but by how effectively technology can be matched to local resources and long-term system needs. Through the Phu Cuong Project, Envision aims to show how locally adapted technology, reliable execution and lifecycle services can deliver enduring value."

"It marks an important step of Envision's Future Energy System across Southeast Asia, integrating intelligent renewable generation, energy storage, AI-powered energy management and digital capabilities to build more reliable and more resilient clean-energy infrastructure. We look forward to advancing a scalable model for nearshore wind development and supporting the energy transition in Vietnam and across the region," Hou said.

Nguyen Quang Quyen, managing director of REE Energy, said, "The development of nearshore wind in Vietnam calls for long-term partnerships built on suitable technology, reliable delivery and sustained asset performance."

"The Phu Cuong project represents the next step in our collaboration and an opportunity to apply these capabilities at greater scale. Together, we aim to deliver a high-quality project that supports the reliable development of nearshore wind and contributes to Vietnam's long-term energy transition," he added.

Wind industry leaders to convene in Vietnam for APAC Summit The Asia-Pacific Wind Energy Summit 2026 will take place on June 9-11 in Hanoi.

Vietnam targets up to 17 GW of offshore wind capacity The 2026 APAC Wind Energy Summit has opened in Hanoi, bringing together policymakers, investors, and industry leaders to discuss offshore wind development and energy transition in the region.

Norwegian OSW firms return to Hanoi as Vietnam advances clean energy push Strong Norwegian industry participation at the 2026 APAC Wind Energy Summit signals continued confidence in Vietnam's long-term offshore wind potential.

The divergence suggests the economy is undergoing a significant structural reshuffle, with weaker businesses exiting the market while capital increasingly flows into enterprises and sectors with stronger long-term growth prospects.

According to the National Statistics Office's socioeconomic report for the first seven months of 2026, released on August 3, Vietnam recorded more than 125,900 newly established enterprises, up 16.9 per cent from the same period last year.

More notably, total registered capital reached nearly VND1.52 quadrillion ($59 billion), representing a 63.6 per cent on-year increase. As a result, the average registered capital of a newly established enterprise rose to $474,000, almost 40 per cent higher than in 2025.

Including additional capital injected by existing businesses, total capital flowing into the economy reached $141 billion during the seven-month period, up 7.3 per cent on-year.

The figures suggest investors are shifting away from establishing small-scale businesses and instead favouring companies with stronger financial foundations that are better positioned to withstand macroeconomic uncertainties.

On average, 26,700 enterprises entered or re-entered the market each month during the first seven months of the year.

The surge in investment was accompanied by an equally striking increase in business exits. Nearly 31,200 enterprises completed dissolution procedures during the January-July, up 118.7 per cent compared with a year earlier.

July alone saw a particularly sharp deterioration. The number of businesses suspending operations while awaiting dissolution rose 136.8 per cent on-year, while the number completing dissolution procedures surged by nearly 270 per cent.

Overall, an average of 22,200 businesses exited the market each month. The figures point to an accelerating market shakeout, with financially weaker businesses unable to adapt to changing market conditions or recover from prolonged cash-flow pressures leaving the market, creating room for more competitive and better-capitalised enterprises.

Another notable trend was the growing disconnect between rising investment and labour demand. Although newly registered capital increased by 63.6 per cent, the number of registered employees fell 10.9 per cent on-year to around 597,300. The divergence reflects Vietnam's ongoing transition from a labour-intensive economy towards one driven increasingly by capital investment and technology.

New businesses appear to be building leaner operating models, investing more heavily in machinery, digitalisation, and automation to improve productivity rather than relying on large-scale hiring.

The same pattern is evident in business closures. Traditional labour-intensive sectors, including construction and wholesale and retail trade, continued to record large numbers of new business registrations but also faced particularly intense competitive pressures.

Business dissolutions in the construction sector jumped 128.5 per cent, reflecting persistent cash-flow constraints, while more than 11,700 wholesale and retail businesses closed, up 125.1 per cent, amid weak consumer demand.

The property sector experienced the most severe contraction, with the number of dissolved businesses soaring 135.3 per cent, a pace six times faster than the growth in newly established real estate firms.

The large-scale exit of businesses from these traditionally employment-intensive industries has been a key factor behind the decline in registered employment despite continued growth in new business formation.

By contrast, investment is increasingly concentrated in capital- and technology-intensive industries. One notable example is the electricity, gas, and water supply sector, where the number of newly established enterprises increased 74.5 per cent on-year.

The shift in capital towards energy and utility infrastructure underscores the economy's broader structural transformation. As newly established businesses adopt more automation and advanced technologies, they require significantly larger upfront investment but fewer workers, explaining why record capital inflows have not translated into stronger employment growth.

Top 100 ESG Vietnam Green Enterprises announced for 2026 The Top 100 ESG Vietnam Green Enterprises and Top 10 ESG Green Enterprises in key industries have been announced, recognising businesses that have embedded sustainability principles into their long-term strategies.

Vietnam sees surge in new business formation and registered capital in first half Vietnam recorded a sharp increase in new business creation and investment capital in the first half of 2026, with newly registered capital reaching a record level despite continued market consolidation, according to the National Statistics Office (NSO).

Private and foreign-invested enterprises remain Vietnam's largest job creators Vietnam's private and foreign-invested enterprises continue to account for the vast majority of jobs in the country's corporate sector, according to preliminary results of the 2026 Economic Census.

According to the announcement of the Organising Committee on August 2, the marathon remains Vietnam's only road race to hold the World Athletics Label awarded by the World Athletics. Li-Ning will act as the diamond sponsor and exclusive apparel partner for this year's edition.

Nguyen Tri, CEO of DHA Vietnam, the race owner and organiser, said, “Retaining the World Athletics Label serves as a testament to the marathon’s international quality while reinforcing Vietnam's growing position on the global marathon map."

Paco Borao, president of the Association of International Marathons and Distance Races, said, “The Halong Bay Heritage Marathon Powered by Li-Ning possesses all the essential elements of a world-class sporting and community event. With the World Athletics Label, the marathon has the opportunity to boost sports tourism in Halong in the same way major marathons have done for heritage cities such as Paris, Tokyo, Athens and Valencia.”

To maintain the World Athletics Label standards, the Organising Committee has upgraded all operational procedures, including multi-layered medical and rescue systems, race safety, anti-doping measures, as well as athlete care and experience.This year, the marathon is expected to welcome a record 18,000 participants, who will compete across four race categories: the marathon, half-marathon, 10 km, and 5 km.

The race will start and finish at the Quang Ninh Planning, Fair and Exhibition Palace. The course once again takes runners along fully closed roads bordering Halong Bay. The course ranks among the world's 50 most scenic running courses by Runner's World UK.

Finishing at sunrise overlooking the UNESCO World Heritage bay has been widely described by runners as an unforgettable experience.

At the 2026 launch, the Organising Committee has also introduced the Green Dragon Cup. This is the first-ever playground launched exclusively for the business community, aiming to connect, network, and spread the spirit of sportsmanship.

With tens of thousands of runners and visitors expected to converge on Halong, the Halong Bay Heritage Marathon Powered by Li-Ning is projected to become a major driver of sports tourism, generating revenue for accommodation, hospitality, and related services while presenting Vietnam's culture and people to an international audience.

Cat Ba named among Southeast Asia’s top island adventures National Geographic has highlighted Cat Ba Island as an ideal playground for rock climbers, cave explorers, and adventurers seeking to conquer limestone rocks overlooking the sea.

Halong Cruise Port welcomes over 3,100 international visitors Quang Ninh has welcomed a surge of international cruise arrivals, highlighting the province’s growing appeal as a heritage and tourism destination.

Amata City Halong welcomes new project in semiconductor supply chain On May 25, Thai-backed developer Amata City Halong signed an agreement with Mutek Technology Vietnam to develop a manufacturing project serving the semiconductor industry, reinforcing the appeal of Song Khoai Industrial Park as a destination for high-tech foreign direct investment in Quang Ninh province.

The expansion reinforces Amalga’s long-term commitment to becoming a strategic technology partner for Vietnam’s healthcare sector.

This move aligns with the Ministry of Health’s Healthcare Digital Transformation Strategy for 2025–2030, which prioritises strengthening digital institutions, building national data infrastructure, enhancing digital capabilities, deploying core digital platforms, and ensuring system-wide security. The strategy aims to improve citizens’ access to healthcare services while elevating management capabilities across public and private systems.

“Amalga’s expansion into Vietnam underscores the growing cooperation between New Zealand and Vietnam in healthcare and innovation,” said Scott James, New Zealand’s consul general in Ho Chi Minh City. “As Vietnam accelerates its digital‑health agenda, New Zealand companies like Amalga are well positioned to contribute meaningful expertise and technology to support the country’s healthcare system and its people.”

Niru Rajakumar, CEO of Amalga, added, “Vietnam is advancing a clear digital‑health vision, and the rapid modernisation across its hospitals reflects that momentum. By establishing our licensed entity here, we commit to supporting this national direction-building solutions for Vietnam, keeping data in Vietnam, and ensuring full accountability in how we enable long‑term healthcare modernisation.”

Amalga has served as FV Hospital’s information systems provider since its founding and is currently the technology partner for Sun Hospital’s major projects in Hanoi and Phu Quoc.

AI-driven applications form the core of Amalga’s ecosystem, enabling unified management of patient records and clinical data, while clinical support tools help doctors make faster, more accurate decisions. System safety and data security are ensured through synchronous digital infrastructure, supporting Sun Hospital’s vision of smart healthcare.

Nguyen Chi Thanh, vice chairman of Sun Group, said, “Amalga is a strategic partner helping us make breakthroughs in healthcare innovation. The combination of Vietnamese vision and New Zealand’s technological capabilities is laying the foundation for a national-scale smart hospital network centred around patients and people.”

Amalga’s next-generation hospital information system is built on a modular and multi-tenant architecture that supports easy integration and scalability. The solution complies with international HL7/FHIR standards – critical for interoperability across hospitals, insurance systems, electronic health records, and state management platforms.

The business offers two deployment models – cloud‑native infrastructure and on‑premise hospital systems – enabling healthcare providers to choose digital solutions that match their security requirements and operational scale as they modernise their services. The Vietnam-tailored version integrates social insurance workflows, applies AI to optimise clinical and administrative processes, and enhances data interoperability.

Amalga Vietnam’s team, deeply familiar with local language, culture, and hospital operations, manages end‑to‑end deployment. The company is partnering with Axel Health to implement an operations‑first deployment approach, focusing on workflow optimisation and hospital readiness to help facilities improve efficiency and sustain long‑term operational gains.

An Khang Pharmacy records four consecutive profitable months An Khang Pharmacy, a retail pharmacy chain, announced on July 28 that it recorded four consecutive profitable months from March to June.

HER2+ breast cancer carries $3.71 billion productivity burden in Vietnam HER2-positive breast cancer could cost Vietnam $3.71 billion in lost productivity, highlighting the economic case for greater investment in early diagnosis and innovative treatment, according to a WifOR Institute report on July 30.

Vietnam Medi-Pharm Expo spotlights healthcare innovation amid market growth Vietnam Medi-Pharm Expo 2026 is bringing together leading healthcare and pharmaceutical companies to unleash new opportunities for innovation, technology transfer, and international collaboration.

Accordingly, Vicem Ha Tien Cement JSC has reported second-quarter (Q2) 2026 net revenue of approximately $90.4 million, up 17 per cent on-year. Its pre-tax profit reached $6.73 million, an increase of 31.7 per cent on-year.

The result marked the company's highest quarterly profit in the past five years, enabling Vicem Ha Tien to complete more than half of its annual profit target after the first half of the year.

Total cement and clinker consumption approximated 61 million tonnes in the first half of 2026, up nearly 16 per cent on-year

According to the company, the strong performance was driven by a 6.4 per cent increase in cement sales volume compared with the same period of 2025.

The company also recognised revenue from cost-recovery fees related to the construction of a road stretch connecting Nguyen Duy Trinh road to Phu Huu Industrial Park in Ho Chi Minh City.

For the first six months of 2026, Vicem Ha Tien posted net revenue of nearly $164.8 million and pre-tax profit of more than $10.8 million, representing on-year growth of 17.15 per cent and 109.5 per cent, respectively.

La Hien VVMI Cement JSC also reported improved results, saying cement sales volume rose about 12.4 per cent in Q2 as local property market showed signs of recovery.

In addition to higher average selling prices, which boosted revenue compared with the same period last year, the company's financial income increased by nearly 63.6 per cent. Measures to improve productivity and reduce production costs also contributed to stronger profit growth.

The company’s net revenue reached $7.9 million, up 5 per cent on-year, while Q2 pre-tax profit rose 47 per cent to $1 million. In the first half of 2026, the company's pre-tax profit totalled $1.12 million, an increase of 40.7 per cent from a year earlier.

Vicem But Son, which posted a pre-tax loss of $644,000 in the first half of 2025, returned to profitability with first-half 2026 pre-tax earnings of $564,000, including $440,000 in the second quarter alone.

Vicem Hoang Mai also reported positive results, recording first-half pre-tax profit of $320,000, up 1.5 per cent on-year.

According to data from the Vietnam Building Materials Information and Data Centre (BIDC), total cement production reached 58.14 million tonnes in the first half, an increase of around 9 per cent compared with the same period last year.

Total cement and clinker consumption reached 60.98 million tonnes, up nearly 16 per cent. Although June saw signs of slower market growth, cumulative first-half results continued to reflect solid underlying demand.

Domestic consumption totalled 41.58 million tonnes, up 16 per cent on-year, while total exports reached 19.4 million tonnes, an increase of 15 per cent. Export value was approximately $720.5 million, up 14 per cent from the same period last year.

BIDC also noted that market activities slowed in June, with production, domestic consumption and exports all declining slightly from the previous month, although remaining above levels recorded in June 2025.

The trend suggests that market demand has not weakened remarkably, but future growth is becoming increasingly dependent on public investment and exports.

During the remainder of the year, the cement industry's outlook will hinge on the pace of infrastructure investment disbursement, the recovery of the property market and developments in international freight costs.

Businesses face challenges in greenhouse gas inventories Enterprises, particularly in the thermal power, cement, and iron and steel sectors, face major challenges in compiling greenhouse gas inventories due to fragmented data systems, inconsistent activity data, and a lack of dedicated personnel.

Thailand cuts 3.8 million tonnes of CO2 via low-carbon cement Thailand reduced more than 3.8 million tonnes of CO2 through low-carbon cement adoption, exceeding its nationally determined contribution targets and advancing a collaborative public-private Net Zero model.

Cement firms maintain pessimistic outlook Cement firms across the country continue to face tough times with dwindling consumption amidst the stagnant real estate market, reduced residential project deployment, and shrinking exports.

Cement firms aspire for better performance following policy move A new policy aimed at addressing the challenges facing the production and consumption of construction materials, particularly cement, is expected to help the sector boost consumption and improve revenue over the rest of this year.

International organisations raise Vietnam’s growth outlook

According to the Ministry of Finance (MoF), the global environment remains volatile, with slowing growth in major economies, renewed tensions in the Middle East pushing up oil prices, and the United States imposing additional tariffs of 10-12.5 per cent on imports from 60 economies.

Domestically, following the third plenum of the Party Central Committee, the government has accelerated new policies. International organisations have continued to commend Vietnam’s reform efforts and have revised their forecasts for the country’s GDP growth upwards.

Macroeconomic conditions remain broadly stable, with inflation under control. The consumer price index fell 0.1 per cent in July from the previous month, while average inflation for the first seven months was estimated at 4.39 per cent on-year, remaining within the government’s annual target.

Supplies of electricity and petroleum products were secured, while domestic fuel prices remained relatively low compared with regional markets thanks to tax and fee measures.

Monetary policy, exchange rates, and interest rates continued to be managed proactively amid external pressures, helping improve short-term banking system liquidity. Capital market development also continued, with registered capital mobilisation reaching an estimated $16 billion, up 25.9 per cent on-year.

State budget revenue in the first seven months was estimated at $71 billion, equivalent to 72.5 per cent of the annual target and up 16 per cent from a year earlier. The government also completed the allocation of more than $103 billion in medium-term public investment capital.

Public investment disbursement reached $16 billion during January-July, equivalent to 41.9 per cent of the annual plan, up $3 billion from the same period last year.

Registered foreign direct investment totalled $38.06 billion in the first seven months, up 50.9 per cent on-year, while realised FDI reached $15.2 billion, an increase of 11.8 per cent. Total import-export turnover was estimated at $659.6 billion, up 28.1 per cent.

Agriculture maintained stable production, while the industrial production index rose 11.4 per cent in the first seven months, the highest growth since 2019. Retail sales and consumer service revenue increased 13.1 per cent during the period, in line with the government’s annual target, while international arrivals reached a record 13.92 million, up 13.7 per cent.

187,200 enterprises entered the market during the first seven months, up 7.5 per cent, exceeding the 155,300 businesses that exited the market.

Government steps up reforms

Minister Tuan said the government had continued rolling out Conclusion No.18-KL/TW, focusing on improving institutions, enhancing the investment climate, upgrading infrastructure, and attracting investment from all economic sectors.

During the first seven months, the government and the prime minister issued 387 legal documents, including 47 in July alone, while accelerating draft legislation and resolving long-delayed projects.

The government also launched a 100-day action plan to remove bottlenecks in digital transformation and completed a review resulting in a catalogue of more than 3,000 standards supporting strategic technology development.

Despite the positive results, the MoF said industrial production growth remained around 0.6 percentage points below the level required to achieve the annual target of 12-14 per cent.

Private consumption improved in July but remained relatively weak. Excluding price effects, consumption increased 7.5 per cent, only slightly above the 7.4 per cent recorded in the same period last year.

Projects continued to face localised labour shortages, rising labour and material costs, and weather-related disruptions to public investment disbursement. Five ministries and localities recorded disbursement rates below 10 per cent or had yet to disburse public investment funds.

Inflation management remains challenging as price pressures typically increase towards the end of the year and global oil prices remain volatile. Lending interest rates have continued to rise, while the banking sector faces ongoing liquidity pressure. Delays in issuing implementing regulations also persist.

Key priorities for rest of year

The MoF proposed eight priorities to support growth during the rest of the year. On fiscal policy, the government will continue tax and fee support measures for businesses and households, adjust fuel taxes where necessary, accelerate public investment disbursement, and tighten recurrent spending.

The State Bank of Vietnam will maintain stability in the monetary and foreign exchange markets, manage credit growth flexibly, stabilise lending rates, improve access to finance, accelerate bad debt resolution, and strengthen banking supervision.

The Ministry of Industry and Trade will continue managing domestic fuel prices, ensure energy security, assess trade imbalances, and maximise the benefits of Vietnam's free trade agreements while working with relevant agencies to address issues arising during trade negotiations with the United States.

Local authorities will also continue reducing administrative procedures, logistics costs, and compliance burdens for businesses, while accelerating key transport infrastructure projects, including Long Thanh International Airport, boosting private investment, improving the business environment, advancing institutional reform, and implementing the government's 100-day digital transformation programme.

Vietnam urged to upgrade FDI quality as global production chains restructure Global production networks are undergoing profound restructuring under the combined impact of tariff policies, AI, and growing concerns over supply chain security. As competition among major economies shifts from low-cost manufacturing to technological capability, Vietnam needs to improve the quality of foreign direct investment, strengthen its industrial ecosystem, and develop domestic enterprises to move up global value chains.

Economy needs 11.9 per cent growth in H2 to achieve 10 per cent GDP target for 2026 Vietnam's economy will need to grow by around 11.9 per cent in the second half of 2026 to achieve the government's 10 per cent GDP growth target for the full year. However, this is not simply a matter of accelerating growth. It also requires keeping inflation under control, maintaining macroeconomic stability, and improving the quality of growth.

The information was shared at the seventh National Conference on Nuclear Regulation, jointly organised by the Vietnam Agency for Radiation and Nuclear Safety (VARANS) under the Ministry of Science and Technology and Quang Ninh People's Committee, on July 30.

Vietnam Electricity (EVN) is working with the Ministry of Education and Training, technology partners, and experienced organisations to develop a comprehensive workforce development programme.

Approximately 400 personnel will be required for project management, including staff from the project management board and EVN's specialised departments. This team will be responsible for a wide range of areas, from investment and construction, engineering, and technology to environment, safety, legal affairs, and international cooperation.

For plant operation and maintenance, the projected workforce is 1,700–1,800 personnel. EVN is coordinating with educational institutions to train students in relevant disciplines, followed by specialised training, technology transfer, and operational instruction with the participation of the technology suppliers.

Besides the workforce, EVN vice president Nguyen Tai Anh aslo pointed out three major challenges in preparation for Vietnam's first nuclear power project.

According to Tai, the first challenge was to establish a legal framework, standards, and guidelines for a new field. The regulations must meet the requirements of the International Atomic Energy Agency while remaining compatible with the standards of the technology supplier country.

Given the pioneering nature of the project, many issues cannot yet be fully addressed under the existing legal framework. Therefore, the project requires specific mechanisms to provide a basis for handling new issues.

“The second challenge relates to the project's substantial capital requirements, financing model, and credit arrangements,” Tai said. “Under the revised National Power Development Plan VIII, the two generating units of Ninh Thuan 1 Nuclear Power Plant are scheduled to be commissioned between 2030 and 2035. This timeline presents a massive workload, ranging from completing investment procedures, selecting technology, arranging funding to construction and safety inspection.”

The third challenge is workforce development and building public support. Nuclear power requires a highly skilled workforce with expertise in project management, finance, contract management, and plant operation. “EVN is working closely with the government, ministries, agencies, and technology partners to develop a comprehensive workforce training programme for the nuclear power project,” he added.

At the same time, effective public communication is essential to provide transparent information, build public confidence, and foster support among local authorities and communities in the project area.

Ninh Thuan 1 Nuclear Power is among the most technically and technologically demanding infrastructure projects ever undertaken in Vietnam, requiring the highest standards of nuclear safety. As the project owner, EVN is preparing comprehensively in terms of regulatory mechanisms, human resources, and project organisation to ensure that the project is implemented on schedule, to the required quality standards, and with the highest level of safety.

New MoU sets stage for Vietnam’s first nuclear power project Vietnam is advancing plans for its first nuclear power plant through a strategic partnership with a top Russian energy company, aiming to strengthen expertise, infrastructure, and project readiness.

Russia to build 2,400 MW nuclear plant in Vietnam under new deal An intergovernmental agreement on cooperation to build the Ninh Thuan 1 Nuclear Power Plant in Vietnam has been signed during Prime Minister Pham Minh Chinh's official visit to Moscow.

Vietnam eyes partnership with South Korea for Ninh Thuan 2 nuclear power plant Vietnam will select the official partner for the Ninh Thuan 2 nuclear power plant in the third quarter of 2026 to ensure the commissioning of the plant by 2035.

The event provided a comprehensive overview of Vietnam's policies supporting startups and innovation, while offering practical guidance on how startups can effectively access resources across the innovation ecosystem.

According to Dinh Xuan Tu, acting director of the Technology Incubation Centre under the Department of Startups and Technology Enterprises at the Ministry of Science and Technology (MoST), developing a vibrant startup and innovation ecosystem, particularly technology spin-off enterprises, is increasingly important as science and technology, innovation, and digital transformation become key drivers of economic growth and national competitiveness.

"Under new resolutions and relevant directives, the Department of Startups and Technology Enterprises has led the formulation of key policies to foster innovation and technology enterprise development," Tu said.

According to the MoST, Vietnam's innovation startup ecosystem has made significant progress, with around 4,000 innovative startups, nearly 210 venture capital funds, close to 200 incubators, and approximately 1,000 enterprises certified as sci-tech businesses. In addition, more than 40 technology spin-offs have been established from research institutes, universities, and corporations.

However, from a public administration perspective, Tu noted that the number of technology spin-offs in Vietnam remains well below the country's research and innovation potential.

“The commercialisation of research outcomes continues to face significant challenges. Limited access to capital, expert support, markets, and government support policies remains a major obstacle for many startups and technology spin-offs. These are also the issues that policymakers are working to address by refining mechanisms to create a more enabling environment for innovation and enterprise development in the years ahead,” he said.

Nguyen Dac Binh Minh, deputy director general of the National Academy for Advanced Techonogy and Innovation under the MoST, said Vietnam needs to foster a new entrepreneurial mindset, encouraging young people to seek employment after graduation and become founders and leaders of future technology enterprises and corporations.

According to Minh, the government is shifting from a regulatory mindset to a development-oriented, enabling approach that recognises businesses and innovation as key drivers of economic growth.

“Alongside the new legal framework, the government is introducing a range of policies to strengthen the innovation ecosystem. These include regulations on the National Venture Capital Fund, financial mechanisms for science, technology and innovation, public-private partnerships in sci-tech, technology market development, as well as policies to support startups and innovation networks,” Minh said.

Following its inaugural edition in 2025, the Next Wave of Startups initiative, launched by WorkFlow, the Open Innovation & Technopreneur Institute, and partners to support Vietnam's and the region's startup ecosystem, has entered a new phase with the launch of the NWoS Incubation Program 2026.

While the 2025 edition focused on identifying and selecting promising startups through a competition format, the 2026 programme marks a shift towards a comprehensive incubation model. The initiative is designed to support startups in refining their business models, expanding into new markets, and strengthening their long-term growth potential.

The 2025 NWoS offering attracted nearly 200 applications, bringing together almost 40 local and international experts and mentors, as well as more than 1,000 participants, including representatives from organisations, businesses, and international partners. These outcomes reflected the strong interest of the startup community while providing organisers with valuable insights into the evolving needs of Vietnamese startups as they move into their next stage of development.

As Vietnam's innovation ecosystem continues to mature, an increasing number of startups have progressed beyond the ideation stage, with early products already in the market. They are now facing more complex challenges, including validating business models, acquiring enterprise customers, expanding into new markets, and preparing for fundraising rounds. In response, the programme has evolved into an incubation model focused on providing long-term, hands-on support, rather than limiting its role to identifying and selecting promising startups.

Private capital market shifts from growth-at-all-costs to patient capital As Vietnam's private capital market matures, investors are shifting their focus from aggressive expansion to long-term, sustainable growth. At the VIPC Summit on May 28, Nguyen Thanh Thao, CEO of Thien Viet Securities (TVS) explained why 'patient capital' – capital focused on governance, operational resilience, and sustainable value – is becoming the new benchmark.

Capital concentrated in later-stage startups, leaving funding gaps for early ventures Capital remains available for Vietnam's innovation economy, but it is becoming increasingly concentrated in later-stage companies, exposing critical funding and exit gaps that could constrain the next generation of startups.

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) rose to 52.9 points in July, up from 51.8 points in June and signalling a solid monthly improvement in the health of the sector. Business conditions have now strengthened in 13 consecutive months, with the latest improvement the most pronounced since February.

Manufacturing production increased sharply in July, with the rate of expansion quickening to a five-month-high. Output has now risen continuously on a monthly basis since May 2025.

Firms often linked higher output to an increase in new orders. New business expanded for the third month running in July, and at a faster pace than in June. Total new sales were supported by a solid increase in new export orders, which rose at the sharpest rate since July 2024.

Anecdotal evidence indicated that the improving growth picture in the sector was in part reflective of an easing of inflationary pressures.

Although respondents continued to report rising prices for shipping, and there were some mentions of further increases in fuel and oil costs, a recent dip in the oil price meant that other firms were able to make savings. As a result, both input costs and output prices increased at the slowest pace since September 2025.

Supply-chain disruption also softened further in July, with suppliers' delivery times lengthening to the least marked extent since May 2025. Where lead times did increase, panellists linked this to shortages of goods and transportation.

Meanwhile, manufacturers ramped up their purchasing activity in July, with the rate of expansion the steepest in almost four-and-a-half years. According to respondents, the rise in input buying mainly reflected higher output requirements, although some firms purchased items for use in the future.

With inputs being utilised to support sharply rising production, stocks of inputs continued to fall markedly. Stocks of finished goods were also down as products were shipped to customers to help satisfy order requirements.

Manufacturers also responded to greater workloads by taking on extra staff, the first time this had been the case in five months. That said, the pace of job creation was insufficient to prevent a build-up of backlogs of work amid solid new order growth

Hopes that new orders will continue to rise and plans for expanded production capacity were among the factors supporting confidence in the 12-month outlook for output in July. Sentiment rose to a five-month-high, but was still some way below the level seen just before the outbreak of war in the Middle East, as some panellists highlighted the potential for geopolitical issues to limit growth.

Andrew Harker, economics director at S&P Global Market Intelligence, said, "The second half of 2026 got off to a strong start as July PMI data pointed to improving growth momentum across the Vietnamese manufacturing sector. Softening inflationary pressures and an improving demand environment meant that firms were increasingly able to secure new work, including from abroad, where growth had remained muted up until July."

"Manufacturers were confident enough in the future to begin hiring staff again, as well as ramping up production and purchasing. Business sentiment remained below the level seen prior to the outbreak of war in the Middle East, however, and the fortunes of the sector for the remainder of the year will likely remain closely tied to geopolitical events," he said.

Nike boosts sourcing from Vietnam as manufacturing share rises Footwear giant Nike has increased its sourcing from factories in Vietnam, reinforcing the country's role as its largest global manufacturing base.

Manufacturing firms deliver stronger earnings on efficiency gains Manufacturing companies posted robust first-half earnings as profit growth outpaced revenue, underscoring improving production activities, stronger cost discipline and rising confidence in a broader industrial recovery.

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

Announced on July 28, the first phase of the rooftop solar installation spans 33,187 square metres at the expanded Bau Bang Industrial Park.

LOF International Dairy Factory has partnered with Vietnam-Singapore Smart Energy Solutions JSC as the project developer and appointed SolarBK as the main contractor responsible for the project's technical design, equipment supply, construction, testing and commissioning.

The first phase of the venture is expected to generate approximately 3.82 million kWh of clean electricity annually, equivalent to a reduction of about 2,515 tonnes of CO₂ equivalent per year. Accordingly, over its 25-year lifespan, the system could generate more than 82 million kWh of clean electricity and reduce approximately 54,000 tonnes of CO₂.

The initiative further demonstrates the trend of integrating renewable energy into production, which is considered central to LOF's development strategy on its greening journey.

Upon completion of its full 5 MWp capacity, the project is expected to increase the proportion of clean electricity used in production, contributing to the reduction of greenhouse gas emissions and supporting LOF in achieving its environmental, social, and governance goals.

The LOF International Dairy Factory covers a total area of ​​120,000 sq.m in the expanded Bau Bang Industrial Park. Its first and second phases occupy 43,000 square metres and 22,000 sq.m, respectively, while employing around 300 skilled engineers and experts.

The factory is designed with an annual production capacity of 685,000 tonnes, supported by highly automated production lines and a centrally controlled SCADA system.

Meliá and Tanzanite expand Ho Tram resort with new Indochine project Meliá Hotels International and Tanzanite International on May 18 signed a management agreement for The Indochine at Meliá Ho Tram, marking a major expansion of Meliá Ho Tram Beach Resort in southern Vietnam.

Samsung Vietnam takes 28MWp rooftop solar system into operation Samsung Electronics HCMC CE Complex (SEHC), an electronics manufacturer based in Ho Chi Minh City, has brought a 28MWp rooftop solar power system into operation, marking a milestone in its sustainability strategy.

Battery storage prioritised as rooftop solar incentives under review The government is preparing a new package of policies to accelerate rooftop solar development, while expanding investment in battery energy storage and studying time-of-use electricity pricing for large residential consumers as part of broader reforms of the country's power sector.

Deputy Prime Minister Nguyen Van Thang chaired a roundtable with leading Dutch companies in Amsterdam on July 30, where both sides discussed opportunities to deepen bilateral investment and economic cooperation.

Speaking at the event, DPM Thang welcomed the Dutch business community's continued interest in Vietnam and highlighted the growing momentum in bilateral relations. He noted that Vietnam and the Netherlands have developed a substantive and increasingly effective partnership, particularly in trade, investment, and economic cooperation. The Netherlands is currently Vietnam's largest trading partner within the European Union and serves as a key gateway for Vietnamese exports to the European market.

During the first five months of 2026, two-way trade reached more than $6.74 billion, up 21.9 per cent on-year.

As of the end of May, the Netherlands had 476 active ventures in Vietnam with total registered capital exceeding $15 billion, maintaining its position as the largest EU investor in the country. Major Dutch companies, including Heineken, Unilever, De Heus, and Philips, have established long-term operations and expanded successfully in Vietnam.

Building on the Comprehensive Partnership established in 2019, together with several sector-specific strategic cooperation frameworks, Thang said the two countries have significant potential to strengthen further cooperation in complementary sectors, including financial services, logistics, ports, high technology, water management, the green transition, and innovation.

He also highlighted Vietnam's ongoing efforts to improve its institutional framework, develop modern infrastructure, promote science, technology, innovation, and high-quality workers, while accelerating the establishment of Vietnam's International Financial Centre (VIFC) in Ho Chi Minh City and Danang to create new growth drivers and mobilise development resources more effectively.

Dutch business representatives welcomed Vietnam's development outlook, particularly its institutional reform agenda, plans for the VIFC, and commitment to innovation. Participants expressed interest in expanding cooperation in finance, international financial services, semiconductors, AI, logistics, port development, shipbuilding, water management, renewable energy, and the green transition.

Businesses also discussed financing mechanisms for infrastructure and sustainable development projects, investment policies, and strategies for developing a highly skilled workforce. They encouraged Vietnam to maintain a stable and transparent investment environment to support long-term inititatives. Several companies shared plans to expand existing operations, increase investment capital, and explore new projects in Vietnam.

Deputy Minister of Finance Nguyen Thi Bich Ngoc. Photo: Anh Hien (VNA)

At the roundtable, Deputy Minister of Finance Nguyen Thi Bich Ngoc, Deputy Governor of the State Bank of Vietnam Pham Tien Dung, and representatives from relevant ministries addressed issues raised by Dutch businesses, including one-stop investment procedures, blended finance mechanisms, Vietnam's semiconductor development strategy, and new investment incentives and support policies.

DPM Thang stressed that Vietnam remains one of the region's most attractive investment destinations, noting that inflows of foreign investment in the first half of 2026 reached a record high. Vietnam is continuing to improve its legal framework and introduce more competitive incentive policies to attract high-quality investment, particularly in science and technology, innovation, digital transformation, and financial services.

At the same time, the government is building a comprehensive investment support ecosystem covering business matchmaking, research and development, talent attraction, workforce training, as well as project implementation and expansion.

Looking ahead, he said the government will continue improving the investment climate, developing integrated infrastructure, strengthening human capital, and ensuring policy stability and transparency to create new advantages for long-term investment.

Dutch business leaders welcomed the discussions, saying the dialogue had reinforced their confidence in Vietnam's investment environment and long-term development strategy.

They reaffirmed plans to expand existing projects and explore new investment opportunities in sectors prioritised by the Vietnamese government. Both sides expressed confidence that the increasingly close partnership and complementary strengths of the two economies would create new opportunities for cooperation in the years ahead.

Photo: Anh Hien (VNA)

Also on July 30, DPM Thang met with Olaf Gelhausen, global CEO of APM Terminals, and the company's senior leadership at the Port of Rotterdam, one of the world's leading maritime and logistics hubs.

He praised APM Terminals' contributions to Vietnam's port sector through its participation in several major infrastructure projects that have helped modernise the country's maritime network and improve operational capacity.

Among the key projects is Hateco Haiphong International Container Terminal at Lach Huyen Port, designed to handle approximately two million TEUs annually. Another flagship investment is Lien Chieu Container Terminal in Danang, jointly developed by Hateco and APM Terminals, with total investment exceeding $2 billion. The project is expected to become a modern container port and a major transhipment hub for central Vietnam.

The DPM said these projects expand Vietnam's port capacity while introducing international standards in governance, operations, automation, and sustainable development, supporting the global maritime industry's green transition.

Vietnam has identified the maritime economy, port development, and logistics as key drivers of rapid and sustainable growth during the next stage of development. The country expects substantial investment demand in port infrastructure between 2026 and 2030, aiming to increase annual cargo throughput to around 1.4-1.6 billion tonnes by 2030 while developing a modern, smart, and environmentally focussed logistics ecosystem.

Vietnam is also prioritising investment in strategic infrastructure, particularly transport, ports, and logistics, alongside digital and green transformation and the development of its VIFC to mobilise capital, technology, and management expertise for economic development.

Gelhausen described Vietnam as one of APM Terminals' most important markets in Southeast Asia and said the company was proud to contribute to the country's next phase of development through modern port infrastructure, stronger logistics capabilities, and enhanced supply chain connectivity.

Sharing the company's international experience, APM Terminals highlighted public-private partnerships as a critical model for mobilising investment into port infrastructure, digital infrastructure, and logistics connectivity.

Under this approach, governments provide leadership through planning, regulatory frameworks, and core infrastructure, while the private sector invests in technology, operational innovation, and modern logistics solutions.

The company also expressed interest in expanding its investment footprint in Vietnam, particularly in multimodal logistics infrastructure and rail-port connectivity.

APM Terminals believes port cities such as Haiphong and Danang have strong potential to develop integrated logistics models that efficiently connect seaports, railways, and industrial parks, enhancing Vietnam's competitiveness and strengthening its role as a regional logistics and transhipment hub.

The discussions reflected APM Terminals' strong confidence in Vietnam's long-term development potential, particularly in the ports and logistics sectors, and laid the groundwork for exploring further cooperation on modern logistics infrastructure and deeper integration into global supply chains.

Dutch agree on expansion of initiatives Vietnam and the Netherlands will further facilitate enterprises of both sides to invest in their respective territories, with bilateral trade continuing its growing trend backed by a trade deal with the EU.

Dutch businesses keen to invest in Hung Yen CTP Netherlands intends to develop industrial parks offering comprehensive services in diverse localities across Vietnam, including Hung Yen province.

Dutch semiconductor giant to build $1 billion production facility in Vietnam Dutch chipmaking equipment supplier BE Semiconductor Industries NV (Besi) has revealed its plan to construct a new production facility in Vietnam.

“We have just received instructions from the Ministry of Construction (MoC) to study the implementation of Party General Secretary and State President To Lam’s conclusion on the development of the national maritime industry. This can be regarded as a turning point, opening a new phase of development for Vietnam’s maritime industry,” said Le Do Muoi, director general of the Vietnam Maritime and Waterway Administration.

In addition to overseeing the maritime sector, Muoi has spent many years researching transport development strategies, having previously served as director of the Institute of Transport Strategy and Development.

Final assembly of an export tugboat at Song Cam Shipyard

The Vietnam Maritime and Waterway Administration has also been assigned by the MoC to lead the preparation of a scheme to strengthen the capacity of domestic shipbuilding enterprises through 2030, with a vision to 2050.

The implementation of Notice 125 is expected to provide the basis to review and update the scheme in line with the new direction for developing the national maritime industry.

Under Official Letter No.11299/BXD-QLDN, issued on July 21, the MoC assigned the Vietnam Maritime and Waterway Administration to coordinate with relevant agencies in conducting a comprehensive review of Notice 125, developing an implementation plan, and advising the MoC on directives to put the conclusion into practice.

According to Muoi, the most significant aspect of Notice 125 is that, for the first time, the maritime industry has been elevated to the level of a national strategic mission.

Accordingly, the development of the maritime industry, with shipbuilding as one of its core pillars, is intended to support economic growth while strengthening national defence, security, logistics, and supply chain resilience.

Another fundamental shift is the requirement to develop the shipbuilding industry as part of an integrated maritime ecosystem, linking oceangoing vessels, inland waterway craft, seaports, logistics, supporting industries, technical services, training, research, ship registration, finance, and insurance.

“The conclusion emphasises that development should not focus on individual shipyards, localities or products in isolation. Instead, it calls for an integrated value chain that creates a stable market and enhances the overall efficiency of the entire industry. Based on this direction, we will review and update the scheme on strengthening the capacity of domestic shipbuilding enterprises through 2030, with a vision to 2050, to ensure it fully reflects the new policy orientation,” Muoi said.

In the draft scheme submitted to the MoC in mid-July, the drafting agency identified the development of the shipbuilding industry as an essential requirement for implementing Vietnam’s Strategy for the Sustainable Development of the Marine Economy, safeguarding national defense and security, and enhancing the competitiveness of the country’s marine economy.

Under the draft, Vietnam aims to account for 0.8–0.9 per cent of global shipbuilding output by 2030, meeting domestic demand for the construction and replacement of merchant vessels with a total capacity of around 4–5 million tonnes, while gradually enhancing the industry's production capacity.

Looking ahead to 2050, the scheme targets raising Vietnam’s share of global shipbuilding output to around 2 per cent, while increasing the localisation rate to more than 50 per cent.

However, the current draft remains largely focused on enhancing the capacity of the shipbuilding sector, whereas Notice No.125 envisions the creation of a comprehensive national maritime industrial ecosystem, in which shipbuilding forms one component of a broader value chain linked with seaports, shipping fleets, logistics, supporting industries, and emerging marine economic sectors.

This requires the scheme to be reviewed and updated to support the development of a complete maritime industrial ecosystem, aligning demand for oceangoing vessels, inland waterway craft, public service vessels, offshore technical services, and defence and security with domestic industrial capabilities based on the principles of competitiveness, quality and efficiency.

“This is no longer solely a matter for the shipbuilding industry. It is a national maritime industry development agenda that requires the participation of ministries, sectors, local authorities and the business community,” Muoi stressed.

Another key feature of Notice No.125 is its requirement for a comprehensive review of the shipbuilding industry's capabilities.

Party General Secretary and State President To Lam called for a full assessment and classification of the industry's capabilities based on a unified data system, clearly identifying capacities that should be preserved, upgraded, integrated, transformed, or restructured.

The review should also identify strategically valuable enterprises, assets, technologies, data, and skilled technical workforces to ensure they are utilised and developed effectively.

The findings of the review shall provide an important basis for policymaking, resource allocation, and evaluating implementation outcomes.

Marintec Innovation conference 2024: setting sail towards a greener future The Marintec Innovation 2024 (MINO 2024) was a resounding success, marking a significant milestone in the maritime industry's journey towards sustainability.

VIMC celebrates three-decade proud journey of development Shipping giant Vietnam Maritime Corporation (VIMC) held a ceremony on May 10 in Hanoi to celebrate its 30th anniversary, and received the second-class Labour Medal.

New strategy promotes agricultural products on e-commerce platforms The recently-approved National Postal Development Strategy to 2025 with a vision to 2030 targets 100 percent of agricultural households using e-commerce platforms to move their products.

Zebra Technologies announces new strategy for 2025 in Vietnam Zebra Technologies Corporation, a global leader in digitising and automating frontline workers, is looking to expand in Vietnam by anchoring on an extensive network of partners, continued investment, and a comprehensive portfolio of solutions.

The performances will feature the Ho Chi Minh City Ballet Symphony Orchestra and Opera (HBSO) under the baton of Dr. Le Ha My, music director and conductor of the HBSO, and will take place on August 15–16 and August 22–23, at the Saigon Opera House.

More than a musical masterpiece, Swan Lake is a timeless cultural icon. From its original tragic storyline to contemporary reinterpretations, each production offers a fresh artistic perspective while preserving the enduring themes of love, hope, and resilience.

Since its premiere in August 2025, the production has become one of HBSO Ballet's most acclaimed performances, continuing to captivate audiences with Tchaikovsky's romantic score, the legendary story, and its exquisite choreography.

The enduring success of Swan Lake over the centuries is inseparable from the music of Pyotr Ilyich Tchaikovsky.

His score opens a gateway into the ballet's emotional world, from the melancholy opening Scène, foreshadowing the lovers' tragic fate, to the magnificent palace waltz and the sharp, electrifying rhythms accompanying the Black Swan. Tchaikovsky's music is filled with soaring melodies that are at once lyrical and profoundly tinged with tragedy.

For this production of Swan Lake, Norwegian choreographer Johanne Jakhelln Constant once again brings her passion and artistic vision to the stage. Through her interpretation, she aims to bring the timeless beauty of classical ballet closer to contemporary audiences while offering a fresh perspective that contributes to the continued development of ballet in Vietnam.

Since beginning her collaboration with HBSO, she has staged three classical ballet masterpieces: The Nutcracker, Cinderella, and Coppélia.

This production of Swan Lake promises to be an unforgettable experience for ballet enthusiasts in Ho Chi Minh City, featuring special guest artist Chika Tatsumi in the role of Odile (the Black Swan), alongside the talented dancers of the HBSO.

Under the baton of Dr. Le Ha My, the seamless collaboration between the orchestra and the ballet dancers will deliver a performance of extraordinary artistic and emotional depth. Audiences will experience the timeless beauty of Swan Lake as one of the world's most iconic ballet masterpieces while witnessing how Vietnamese artists embrace, reinterpret, and bring fresh creativity to the enduring legacy of classical ballet.

HBSO hosts concert to mark Beethoven’s birthday The Ho Chi Minh City Ballet Symphony Orchestra and Opera (HBSO) will host a concert celebrating the 250th birthday of Beethoven at the Opera House on June 13.

Night of French operas to be held in Ho Chi Minh City The Ho Chi Minh City Ballet Symphony Orchestra and Opera will organise a concert named French operas’ night at 20:00 on March 28 at the city’s Opera House.

At moments like these, Vietnam's student loan programme takes on renewed significance. More than a source of concessional financing, it has become a critical safety net that enables countless young people to continue their education and pursue their career aspirations.

Addressing the 13th National Congress of the Ho Chi Minh Communist Youth Union for the 2026-2031 term, General Secretary and State President To Lam underscored this commitment, saying: "No legitimate aspirations of young people should be left behind because of a lack of information, opportunity, support, or confidence."

His message reaffirmed the Party and state's long-standing development philosophy of placing people at the centre of national development, while recognising education and training as key drivers of human capital development and equal opportunity.

Launched in 2007 under Decision No.157/2007/QD-TTg and subsequently refined through a series of policy amendments, the student loan programme has become one of Vietnam's most impactful social welfare initiatives.

According to the Ministry of Finance, as of May 31, the programme had provided loans to more than four million students, with cumulative disbursements reaching $3.7 billion. Outstanding loans stood at $979 million, benefiting 355,805 households. Notably, overdue loans accounted for just 0.27 per cent of the total outstanding balance, reflecting both the programme's effectiveness and borrowers' strong repayment discipline.

These figures demonstrate that every concessional loan extends beyond immediate financial assistance. By helping students remain in school, the programme has contributed to widening access to education, reducing school dropout rates, promoting equal educational opportunities, supporting sustainable poverty reduction, and strengthening Vietnam's future workforce.

As Vietnam's socioeconomic conditions continue to evolve, the programme has also been progressively expanded to cover more beneficiaries while making access to financing easier. Students are currently eligible to borrow up to $160 per month at a preferential annual interest rate of 6.6 per cent.

Borrowers are not required to repay either principal or interest while studying, with repayment commencing only 12 months after graduation. Administrative procedures have also been streamlined through the nationwide network of the Vietnam Bank for Social Policies and entrusted mass organisations, making loans more accessible, particularly in rural and disadvantaged areas.

However, as universities gain greater financial autonomy and tuition fees and living costs continue to rise, the current borrowing limit is increasingly falling short of students' actual financial needs. Recognising this challenge, the Ministry of Finance has proposed doubling the maximum monthly loan ceiling to $320 under a draft decision submitted to the Prime Minister. The proposal also seeks to expand eligibility to ensure the programme better reflects today's education costs.

Viewed narrowly, the proposal represents an increase in financial assistance for students. Viewed strategically, however, it signals a broader development philosophy: investment in education should not be regarded as public expenditure, but as investment in human capital - the most valuable asset of any economy.

As Vietnam pursues its ambition of becoming a high-income economy by 2045, the country will require a highly skilled, innovative and competitive workforce. In that context, the student loan programme serves as a social welfare policy, but also as a long-term investment in national development.

The concessional loans extended today are opening university doors for a new generation of students, while laying the foundation for a stronger talent pool and higher quality economic growth in the decades ahead.

VBSP highlights strong credit performance amid administrative restructuring VBSP disbursed over $4.2 billion in loans, supporting millions of poor households and policy beneficiaries across Vietnam in the first nine months of 2025.

VBSP lends to 1.1 million poor households in first five months of 2026 In the first five months of 2026, over 1.1 million poor households and policy beneficiaries have gained access to Vietnam Bank for Social Policies’ capital.

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

The wins span the breadth of MM Century's ESG transformation. Its chemical-free, dry-process e-waste recovery facility achieved a 96.21% landfill diversion rate across 4,423 tonnes handled in 2025, cutting absolute emissions by 14.3% even as volumes grew 28.7%.

An Integrated Digital Governance Framework spanning four ISO certifications lifted its EcoVadis score to 72/100; a ten-point year-on-year rise placing it in the 84th percentile worldwide. TRACE, its End-of-Life Asset Environmental Impact Calculator, converts IT disposals into item-level carbon data across 40+ asset types, giving clients audit-ready Scope 3 figures.

Underpinning these results was an RM598,000 investment that turned a 40-year-old traditional recycler into a digital-first, circular operation with blockchain-backed destruction certificates.

"Environmental stewardship and real-world impact are deeply interconnected," said Ashok Kumar Rangayah, Director of MM Century. "These wins reflect a team that has turned ESG policy into measurable outcomes."

MM Century said it will expand plant capacity in Perak and Selangor and deepen research into carbon efficient solutions, supporting Malaysia's transition to a circular economy.

Building on more than a decade of experience in EV charging and energy services, StarCharge has developed an integrated platform connecting smart charging, scenario-based microgrid and virtual power plants. The platform coordinates energy generation, storage, dispatch, consumption and electricity trading.

StarCharge offers microgrid solutions for more than 300 application scenarios, including factories, industrial parks, solar-storage-charging sites, mining operations, communities, islands and off-grid locations. Its portfolio includes grid-connected, off-grid and grid-forming systems supported by proprietary control algorithms and energy management software.

A key technology behind the award is StarCharge's photovoltaic and energy storage microgrid system, which enables seamless transitions between grid-connected and off-grid operation. The system integrates a static transfer switch, a proprietary power conversion system and a microgrid central controller.

This architecture enables switching in sub-20-millisecond, compared with a typical industry switching time of approximately 50 milliseconds. It is designed to maintain power continuity in weak or unstable grid environments and reduce production losses caused by outages.

StarCharge has deployed over 300 microgrid projects worldwide and has been included in BloombergNEF's Tier 1 energy storage manufacturer list for multiple consecutive quarters.

In China, the company has delivered integrated solar-storage-charging projects, low-carbon industrial parks and vehicle-to-grid applications. Internationally, it has signed strategic energy storage agreements with energy companies in markets including Latvia and Moldova, with a combined planned capacity of nearly 3.5 GWh.

StarCharge provides end-to-end services covering site assessment, system design, hardware and software integration, commissioning and operational optimization. The company will continue to invest in microgrid and virtual power plant technologies while expanding its global project and service network.

Dr. Jasem Ibrahim Mansour Al-Mansory

Under the banner of "Building Intelligent Industries," Alif Holding is intended to operate two integrated platforms — intelligent software and intelligent equipment — and, upon establishment, to develop, integrate and manufacture AI systems in the UAE across sectors including energy, oil and gas, ports, public safety, utilities, mining, transportation, smart cities and critical infrastructure. As Chief Executive Officer, Dr. Al-Mansory will direct the Group's day-to-day operations and management.

In terms of governance, the Group's Board of Directors will be chaired by H.E. Dr. Ahmed Naser Al-Raisi, former President of INTERPOL, who will oversee strategic direction and top-level security and compliance governance. The Chief Executive Officer will be accountable to the Board. Building a local senior management team is a core principle for the Group, with both its Chairman and Chief Executive Officer senior UAE nationals; the Group intends to ground its decision-making and operations locally and to develop national talent and domestic industrial capability.

With more than three decades of service in the UAE Ministry of Interior, Dr. Al-Mansory retired at the rank of Brigadier. He most recently served as Deputy Inspector General and Acting Director General, and earlier as Director of the Inspection Department in the Office of the General Inspector and as Head of Administrative and Financial Affairs. He holds a PhD in Human Resource Management from the University of Southampton, United Kingdom, along with a Master's in Police Sciences and a Bachelor's in Business Administration from Ajman University, as well as professional qualifications in digital transformation and the application of artificial intelligence.

"My immediate priorities are to build a management team rooted in the UAE, to establish sound operating and governance systems, and to translate the Group's technology and manufacturing capabilities into deliverable outcomes — based in the UAE, serving the GCC and reaching global markets," said Dr. Al-Mansory.

"Building the Group calls for leadership that combines sound governance with the ability to execute," said H.E. Dr. Ahmed Naser Al-Raisi, Chairman of Alif Holding. "I look forward to working with Dr. Al-Mansory and the management team."

Alif Holding

Alif Holding is a proposed Abu Dhabi-based AI industrial group under Robo.ai Inc. (NASDAQ: AIIO), focused on intelligent software and intelligent equipment. Upon establishment, it intends to develop, integrate and manufacture AI systems in the UAE for deployment across energy, ports, public safety, utilities, smart cities and other sectors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, and actual results may differ materially; further information is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and reports on Form 6-K. Except as required by law, the Company undertakes no obligation to update these statements.

Through the momentum of a grand product launch and the signing of a Memorandum of Understanding (MoU) held in Jakarta on Saturday (July 25, 2026), ZF strategically appointed PT Mitra Kencana Nusantara (MKN) as the sole distributor for its premium product line, TRW.

This step is a continuation of following the integration of TRW's ASEAN operations. The tactical partnership with MKN—a leading domestic spare parts distribution company—is part of targeting Indonesia's Independent Aftermarket (PC IAM), whose value is estimated to be significant in future.

Teoh Chee How, Vice President of ZF Aftermarket and Head of Asia Pacific, emphasized that Indonesia is a key growth engine for Southeast Asia's economy. With 27.3 million vehicles in operation, including 20.9 million passenger cars, Indonesia ranks among ZF Aftermarket's highest-priority markets globally.

Benny Liem, Country Head of ZF Aftermarket Indonesia, said: "This partnership combines ZF Aftermarket's product strength with MKN's extensive nationwide distribution network. With distribution centers across Indonesia and a well-integrated supply chain, MKN will help ensure faster deliveries and reliable availability of TRW products nationwide."

With extensive experience in automotive parts distribution, MKN has built a nationwide network across Indonesia, supported by branches and distributor partners. Through this partnership, ZF aims to leverage MKN's strong supply chain and logistics capabilities to ensure reliable nationwide availability of TRW products.

Freddy Thamrin, Head of Brand at MKN, said: "Our focus is on three key pillars: Availability, Service, and Aftersales. Through our nationwide distribution network, dedicated TRW team, and comprehensive warranty support, we are committed to delivering a seamless and reliable customer experience across Indonesia."

The event also showcased TRW's key product offerings, including:

• Brake Pads – Engineered for high heat resistance and reliable braking performance.
• Brake Discs – Manufactured to international standards for enhanced durability and safety.
• Shock Absorbers – Designed to deliver a balance of driving stability and passenger comfort.Targeting a Wallet-Friendly Premium Segment.

ZF remains confident in the long-term growth of Indonesia's automotive aftermarket, driven by increasing vehicle ownership and growing demand for high-quality replacement parts. As consumers become more safety-conscious after vehicle warranties expire, TRW is positioned as a "Global Safety-Certified Premium Alternative", offering OEM-equivalent quality at a competitive price.

TRW's passenger car portfolio includes hydraulic cylinders, braking components, shock absorbers, and linkage systems, with braking products, hydraulic cylinders, and shock absorbers among the strongest-performing categories in Indonesia. Backed by TRW's strong OE heritage and ZF's global engineering expertise, the products are designed to meet strict safety and reliability standards while addressing local market needs.

Together, ZF Aftermarket and MKN are committed to expanding TRW's reach across Indonesia, delivering greater product availability, trusted quality, and enhanced support for customers nationwide.

The company reported consolidated revenue of KRW 2.87 trillion and operating profit of KRW 103.7 billion for the second quarter of 2026. For the first half of the year, cumulative revenue reached KRW 5.62 trillion, representing a 2.7% increase year-on-year. Supported by favorable foreign exchange effects and increased supply of electrification components to European customers, Hanon Systems achieved a first-half operating profit of KRW 200.9 billion. The company also returned to net profitability through improved operational efficiency following global restructuring efforts.

Hanon Systems continued to strengthen its cost competitiveness by reducing its COGS ratio to 89.3% in the first half of 2026. Through company-wide cost optimization initiatives, including material cost management, logistics efficiency improvements, and structural enhancements, the company mitigated the impact of ongoing cost pressures and a challenging operating environment. The company will continue to strengthen its cost competitiveness through ongoing operational improvements and disciplined cost management.

The electrification business represented 31% of total revenue, supported by increased supply to European customers. Leveraging a diversified product portfolio covering internal combustion engine vehicles, hybrids, and battery electric vehicles, Hanon Systems continues to respond effectively to changing market conditions and evolving global demand for electrified mobility solutions.

Soo-Il Lee, Vice Chairman and Chief Executive Officer of Hanon Systems stated, "We have enhanced our operational excellence through company-wide efforts to improve operational efficiency and implement structural improvements despite ongoing global cost pressures. Going forward, we will continue to build long-term competitiveness and pursue sustainable growth, by reinforcing our core capabilities while advancing new growth opportunities based on our automotive thermal management expertise."

To learn more, visit hanonsystems.com.

Frank Zhao, Interim Chief Executive Officer and Chief Financial Officer of Ridgetech, commented, "Fiscal year 2026 marked a transformative year for Ridgetech as we completed our strategic transition to a wholesale-focused business model. Through the acquisition of Allright (Hangzhou) Internet Technology Co. Ltd ("Allright") and the divestiture of our retail drugstore business, we have strengthened our position as an online and offline wholesale distributor of pharmaceutical and healthcare products, establishing a more scalable and efficient operating platform.

"Our revenue increased 10.2% year over year to $132.2 million, driven primarily by the first full year contribution from Allright's online platform business. We also delivered a 23.8% increase in gross profit and improved our overall gross margin to 3.6%, reflecting the benefits of our optimized business mix and continued operational execution.

"Today, our business combines a strong offline wholesale network serving local customers with expanding nationwide online distribution through both our proprietary platform and leading third-party e-commerce platforms. We believe this integrated online and offline model enhances our market reach, broadens our customer base, and positions us to capture long-term opportunities in China's pharmaceutical distribution market.

"Looking ahead, we remain focused on executing our dual-engine growth strategy by expanding our digital distribution capabilities, strengthening our pharmaceutical ecosystem, and pursuing strategic initiatives that enhance operational efficiency and create long-term value for our shareholders."

Fiscal Year 2026 Financial Summary

• Revenue was $132.16 million for the fiscal year ended March 31, 2026, an increase of 10.2% from $119.97 million for the same period of last year.
• Gross profit was $4.75 million for the fiscal year ended March 31, 2026, an increase of 23.8% from $3.84 million for the same period of last year.
• Gross margin was 3.6% for the fiscal year ended March 31, 2026, an increase from 3.2% for the same period of last year.
• Net loss was $1.25 million, or $17.21 per basic and diluted loss per share, for the fiscal year ended March 31, 2026, compared to net income of $10.20 million, or $275.87 per basic and diluted earnings per share, for the same period of last year.

Fiscal Year 2026 Financial Results

Revenue

Revenue increased by $12.19 million, or 10.2%, to $132.16 million for the fiscal year ended March 31, 2026, from $119.97 million for the same period of last year.

Revenue from offline wholesale decreased by $0.99 million, or 0.8%, to $117.87 million for the fiscal year ended March 31, 2026, from $118.86 million for the same period of last year. The Company previously provided credit terms to certain offline customers. However, the Company experienced delayed repayments from several customers. Despite eventual recovery of the outstanding amounts, the Company decided to discontinue some of its credit sales effective March 2025 as a risk mitigation measure. As a result, the offline wholesale revenue declined.

Revenue from online platform increased by $13.18 million, or 1,190.8%, to $14.29 million for the fiscal year ended March 31, 2026, from $1.11 million for the same period of last year. This increase is primarily attributable to the inclusion of a full twelve months of Allright's online platform revenue in the year ended March 31, 2026, compared to only one month (March 2025) of such revenue in the prior year period. On February 28, 2025, the Company acquired Ridgeline International Limited ("Ridgeline") and its subsidiary, Allright, which is a rapidly growing online and offline wholesale distributor of pharmaceutical and other healthcare products such as health foods, cosmetics and daily necessities in China. Allright actively trades on popular online distribution platforms nationwide. Through these online platforms, the Company sells various medical products to retail pharmacies, clinics and other vendors across the country. Allright also has its own online distribution platform.

Gross profit and gross margin

Total cost of goods sold increased to $127.41 million for the fiscal year ended March 31, 2026, from $116.13 million for the same period of last year. Gross profit increased by $0.92 million, or 23.8%, to $4.75 million for the fiscal year ended March 31, 2026, from $3.84 million for the same period of last year. Overall gross margin increased by 0.4 percentage points to 3.6% for the fiscal year ended March 31, 2026, from 3.2% for the same period of last year.

Gross margins for offline wholesale and online platform were 3.4% and 5.6%, respectively, for the fiscal year ended March 31, 2026, compared to gross margins for offline wholesale and online platform of 3.2% and 7.4%, respectively, for the same period of last year.

Loss from operations

Sales and marketing expenses increased by $1.51 million, or 98.2%, to $3.04 million for the fiscal year ended March 31, 2026, from $1.53 million for the same period of last year. The increase was primarily attributable to the increase in drug distribution service fee resulting from the acquisition of Allright, which was recognized over 12 months this year, compared to just one month as the acquisition took place at the end of the fiscal year 2025. Overall, such expenses as a percentage of the Company's revenue were 2.3% and 1.3%, respectively, for the years ended March 31, 2026 and 2025.

General and administrative expenses increased by $0.24 million, or 7.2%, to $3.58 million for the fiscal year ended March 31, 2026, from $3.34 million for the same period of last year. The increase was primarily due to the increase in employee salary of approximately $0.31 million, offset by the decrease in exchange loss. Such expenses as a percentage of revenue decreased for the year ended March 31, 2026 to 2.7% from 2.8% for the same period a year ago. This increase in employee salary was primarily attributable to the acquisition of Ridgeline and its subsidiary Allright on February 28, 2025, which led to a rise in employee headcount and consequently an increase in employee salaries.

Loss from operations was $1.87 million for the fiscal year ended March 31, 2026, compared to $1.04 million for the same period of last year. Operating margin was (1.4)% and (0.9)% for the fiscal year ended March 31, 2026 and 2025, respectively.

Net loss from continuing operations

Net loss from continuing operations was $1.25 million and $1.45 million in the years ended March 31, 2026 and 2025.

Net income (loss)

Net loss was $1.25 million, or $17.21 per basic and diluted loss per share for the fiscal year ended March 31, 2026, compared to net income of $10.20 million, or $275.87 per basic and diluted earnings per share for the same period of last year.

Financial Condition

As of March 31, 2026, the Company had cash and cash equivalents of $17.91 million, compared to $12.78 million as of March 31, 2025. Net cash used in operating activities was $1.39 million for the fiscal year ended March 31, 2026, compared to net cash provided by operating activities of $1.25 million for the same period of last year. The change was primarily attributable to net loss of approximately $1.25 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $0.36 million and changes in operating assets and liabilities including: (i) an increase of approximately $3.46 million in accounts receivable, (ii) an increase of approximately $2.04 million in other receivable, (iii) an increase of approximately $2.01 million in accounts payable, and (ⅳ) a decrease of approximately $1.95 million in inventories.

Net cash used in investing activities was $449 for the fiscal year ended March 31, 2026, compared to $18.14 million for the same period of last year. The change was primarily attributable to $449 used for purchases of long-term assets.

Net cash used in financing activities was $0.03 million for the fiscal year ended March 31, 2026, compared to net cash provided by financing activities of $1.51 million for the same period of last year. The change was primarily due to approximately $24.94 million in repayment of notes payable offset by approximately $10.88 million proceeds from equity and debt financing and approximately $14.35 million in proceeds from notes payable.

This milestone follows the IND approval received from China's National Medical Products Administration (NMPA/CDE) in March 2025, making RAG-1C the first saRNA therapy in ocular diseases to enter global clinical development in both the United States and China.

PVR is a severe, sight-threatening complication that occurs following rhegmatogenous retinal detachment (RRD) or ocular trauma, driven by the abnormal proliferation and migration of retinal pigment epithelium (RPE) cells and fibroblasts. Currently, there are no FDA-approved pharmacological therapies for PVR, leaving surgical intervention as the only option, which often suffers from high rates of failure and recurrent retinal detachment.

RAG-1C utilizes Ractigen's proprietary LiCO™ (Lipid-Conjugated Oligonucleotide) platform to deliver a highly specific saRNA that reactivates the endogenous p21 (CDKN1A) gene. By upregulating p21 protein expression in target ocular cells, RAG-1C induces cell cycle arrest, effectively inhibiting cellular proliferation and myofibroblast transformation without cellular toxicity. Administered as an intravitreal injection (IVT), RAG-1C offers the potential for long-lasting anti-fibrotic protection through a single intraoperative administration ("One-and-Done").

"Securing FDA IND clearance for RAG-1C marks a pivotal achievement for Ractigen and reinforces our leadership in RNA activation technology," said Dr. Long-Cheng Li, Founder, CEO of Ractigen Therapeutics. "Following our China CDE clearance last year, this global approval validates the safety and therapeutic potential of both RAG-1C and our proprietary LiCO™ platform. PVR represents a critical unmet clinical need with zero approved drug options. We look forward to initiating our clinical studies to bring this transformative therapy to patients worldwide."

The upcoming Phase I clinical trial will evaluate the safety, tolerability, pharmacokinetics, and preliminary efficacy of RAG-1C in patients undergoing surgery for retinal detachment who are at high risk of developing PVR.

RAG-1C and the LiCO™ Platform

RAG-1C is a first-in-class saRNA therapeutic candidate targeting the human p21 gene. Delivered using Ractigen's proprietary LiCO™ platform, RAG-1C is designed to achieve sustained, localized gene activation in ocular tissues following intravitreal injection. The LiCO™ platform is a non-LNP, conjugated delivery technology optimized for tissue-targeted delivery, and has been extensively validated across multiple clinical and preclinical programs, demonstrating exceptional ocular tolerability and minimal systemic exposure in extensive GLP toxicology studies.

Proliferative Vitreoretinopathy (PVR)

Proliferative Vitreoretinopathy (PVR) is the leading cause of surgical failure in rhegmatogenous retinal detachment (RRD) repair, affecting 5~10% of all RRD cases and up to 40% of severe ocular trauma cases. Characterized by excessive cellular proliferation and membrane formation on the retinal surface, PVR leads to tractional retinal detachment and permanent vision loss. There are currently no FDA-approved drugs for PVR.

For more information, visit www.ractigen.com.