ScamAdviser Addressing New Vulnerabilities in Agentic AI

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

World premiere in Montreux

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

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

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

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

Tasting notes

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

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

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

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

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

Smoking time: Approximately 50 minutes

*PDO (Protected Designation of Origin)

Recommended retail price

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

*Prices may vary by market

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

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

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

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

How AI Storyboard Photobooth works

Rewriting the AI Photo Booth Experience

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

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

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

From large-scale investment to sustained economic contribution

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

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

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

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

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

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

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

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

Impact beyond the refinery fence line

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

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

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

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

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

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

Investing in long-term competitiveness

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

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

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

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

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

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

From mega project to growth platform

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Image courtesy of VIFC-HCMC

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

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

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

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

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

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

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

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

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

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

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

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

Photo: The Ministry of Construction

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

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

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

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

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

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

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

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

Photo: The Ministry of Construction

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

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

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

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

Photo: The Ministry of Construction

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Photo: SBV

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The forum discussed two areas closely linked to the development of an international financial centre: the institutional and legal conditions for attracting international investors, and the market infrastructure needed to support green finance and carbon markets.

It also marked the signing of an MoU between the Executive Agency of VIFC-DN and ACCA, covering cooperation in finance and accounting, professional development, international experience-sharing, and access to international expert networks.

The agreement was signed by Ren Varma, head of ACCA Mainland Southeast Asia, and Le Son Phong, vice chairman of the Executive Agency of VIFC-DN.

ACCA and VIFC-DN sign an MoU to strengthen cooperation. Photo: ACCA Vietnam

The focus then moved to the conditions that shape investor confidence in international financial centres.

Kevin Iwanaga, senior advisor on Strategy and Coordination at the Executive Agency of VIFC-DN, said international financial centres are built on more than physical infrastructure and investment incentives. Trust, transparency, regulatory certainty, and institutional capacity are key considerations when investors decide where to establish a presence or commit capital over the longer term.

Those issues framed the first panel, “From Institutions to Capital Flows: Governance Framework and Legal Mechanisms to Attract International Investors”, which brought together Helen Brand, chief executive of ACCA, Truong Hanh Linh, deputy general director of KPMG Vietnam, Samir Safar-Aly, director and head of FinTech & Financial Services at PwC Legal Middle East, and Dr lawyer Nguyen Trung Nam, deputy director of the Vietnam Mediation Centre and founding lawyer of EPLegal.

The panel examined the role of international standards in attracting capital, the legal and governance foundations required by VIFC-DN, and the factors considered by international investors when choosing a financial centre. Financial crime, cyber threats, operational disruption, climate risks, and changing regulatory requirements were among the risk-management issues considered.

Regulatory certainty was discussed alongside the need to accommodate new financial activities and innovation. Effective implementation and enforcement were also highlighted as part of the institutional framework supporting investor confidence.

The discussion extended beyond regulation to the people and professional services required to support a financial centre. Finance, accounting, auditing, risk management, legal services, and fintech were among the areas covered in relation to professional capacity, alongside mechanisms for attracting international specialists and service providers.

Experience from established financial centres in Asia and the Middle East also featured in the discussion, particularly in considering how VIFC-DN can develop within a regional financial landscape where international investors have established alternatives.

The VIFC-ACCA Forum 2026 in Danang focuses on international capital and sustainable finance. Photo: ACCA Vietnam

The second panel shifted the focus to green capital and the market infrastructure required to support sustainable investment.

“Mobilising International Green Capital through VIFC: From Carbon Markets to Sustainable Investment Platforms” brought together Pham Nam Hung from the Ministry of Agriculture and Environment, Pham Thi Thanh Huyen of the International Finance Corporation, Chang Hung Chun of KPMG Vietnam, and Jeffrey Lee of Moody’s Ratings, with Iwanaga as moderator.

The availability and quality of nformation on environmental, social, and governance standards was among the key issues raised. Comparable data, independent verification and assurance, and mechanisms for monitoring performance were discussed in relation to how investors assess sustainable-finance opportunities.

The discussion also turned to Vietnam's emerging carbon market, including the policy and market infrastructure needed to support transparency, credibility, and compatibility with international expectations.

The integrity of carbon credits was considered alongside the development of common data standards, verification and assurance, credible assessments, and performance monitoring. These issues were discussed as part of the infrastructure needed to support sustainable and sustainability-linked finance.

Taken together, the two panels placed the development of VIFC-DN within a broader set of requirements, spanning regulation and governance on one side and financial-market infrastructure, professional capacity, and green-finance mechanisms on the other.

KPMG Vietnam and ACCA partner to support development of IFC KPMG in Vietnam and the Association of Chartered Certified Accountants have joined forces to support the development of Vietnam’s international financial centre.

Trust and transparency take centre stage at VIFC forum Policy predictability, the reliability of financial information, and a green standards framework aligned with international practices are emerging as key foundations for Vietnam’s International Financial Centre to build investor confidence and expand its ability to attract international capital flows.

The MoF delegation has held direct meetings with financial institutions and investors in the US. The investor engagement programme comes as a series of diplomatic activities in the US has delivered strong messages about Vietnam’s commitment to reform and deeper international integration.

Party General Secretary and State President To Lam stated Vietnam’s determination to accelerate reforms, improve its institutional framework, and create the most transparent and favourable investment environment possible for international financial institutions and investors.

The consistent direction from the Party and State leadership to boost economic interests and strengthen the country’s financial standing serves as a guiding principle for the MoF’s efforts to manage public finance and public debt.

The delegation held direct discussions with leading global institutional investors, including globally scaled asset management and hedge funds, as part of its programme in the US.

Representatives of the MoF provided an overview of Vietnam’s macroeconomic outlook and growth prospects, as well as the government’s strategy to diversify its capital mobilisation channels.

The delegation also engaged in dialogue with investors and gathered their assessments of the Vietnamese market, as well as their level of interest in debt instruments issued by the Vietnamese government.

Members of international investment community expressed appreciation for Vietnam’s macroeconomic stability and long-term development potential, while recognising the MoF’s efforts to improve transparency and strengthen information sharing.

Feedback from the non-deal roadshow will provide an important basis for the MoF to closely monitor developments in international capital markets and study options for securing cost-efficient funding for the government.

MoF delegation and leadership of Moody’s Sovereign Risk Group. Photo: Thanh Binh

The Vietnamese MoF delegation met with Elisa Parisi-Capone, vice president and senior analyst in Moody’s Sovereign Risk Group, in New York as part of its regular engagement with Moody’s under the sovereign credit rating assessment arrangement established in 2010.

In May, Moody’s announced the results of its sovereign credit rating assessment for Vietnam, maintaining the country’s rating at Ba2 while upgrading the outlook from “Stable” to “Positive”.

The result reflected Moody’s assessment of Vietnam’s long-term growth prospects, dynamic trade performance, ability to attract foreign investment, fiscal position supported by relatively low and stable government debt, strong debt-servicing capacity, and improvements in institutional quality and governance.

At the meeting, the delegation updated Moody’s on economic, financial, budgetary, and public debt developments, as well as institutional reform efforts and the government’s policy measures to maintain macroeconomic stability and pursue its target of double-digit economic growth.

Moody’s also shared experience from countries that have achieved investment-grade ratings, noting that Vietnam’s continued focus on institutional reform and management of risks in the banking sector and state-owned enterprise debt would contribute positively to the country’s sovereign credit rating upgrade path in the coming period.

Minister of Finance Ngo Van Tuan and senior executives of J.P. Morgan in the US. Photo: Thanh Binh

Alongside meetings with investors and credit rating agencies, Minister of Finance Ngo Van Tuan held an important bilateral meeting with senior executives of J.P. Morgan in the US. The two sides held extensive and substantive discussions on the potential for strategic cooperation in the future.

The non-deal roadshow is a regular strategic activity of the MoF aimed at maintaining and strengthening dialogue with the international financial community.

Vietnam congratulated as an emerging market Vietnam’s elevation to FTSE Russell’s Secondary Emerging Market marks a hard-earned recognition of the country’s economic progress and the growing maturity of its capital market.

Vietnam-US trade talks near final outcome Vietnam and the United States are nearing an outcome in reciprocal trade negotiations, as both sides deepen economic cooperation and work towards a more balanced trade relationship.

VinSpeed will be responsible for project development, track construction and civil works, whereas Siemens Mobility – a global leader in high-speed rail technology and solutions – will serve as the technology partner, providing advanced rail systems and the necessary technical expertise.

The Velaro Novo train model for deployment in Vietnam. Image courtesy of Siemens

Siemens Mobility will deliver 10 Velaro Novo trains for two rail lines, including the 121-km Hanoi-Quang Ninh line with four stations and the 54-km Ben Thanh-Can Gio line with two stations, together with communications and electrification.

Velaro Novo is Siemens Mobility’s next-generation distributed-power electric multiple unit, with speeds of up to 350 km/h.

Each 200-m-long train set comprises seven cars with 760 seats and is designed to optimise energy efficiency and passenger capacity.

With its wide body and ‘empty tube’ structural design, Velaro Novo offers at least 10 per cent more passenger capacity than previous generations, enhancing operational efficiency for operators.

The train sets will feature Automatic Train Operation (ATO) technology integrated with a European Train Control System (ETCS) Level 2 signalling platform, enabling automatic optimisation of train spacing while improving precision and energy efficiency through intelligent control of speed, acceleration and braking.

This will mark the world’s first deployment of ATO over ETCS in a national high-speed rail network, marking a new step towards a safer, more efficient and environmentally friendly future for the rail sector.

Pham Thieu Hoa, CEO of VinSpeed, said, “The signing of the contract with Siemens Mobility marks an important step in realising VinSpeed’s high-speed rail lines in Vietnam. The combination of VinSpeed’s project implementation capabilities with Siemens Mobility’s advanced rail technology and global experience will provide a foundation for bringing modern, efficient and sustainable operating solutions to the new rail lines, while laying the groundwork for the development of an integrated high-speed transport system in Vietnam.”

Michael Peter, CEO of Siemens Mobility, said, “Vietnam is entering an exciting new era of mobility, and we are proud to contribute to this transformation. With our Velaro Novo trains, which consume 30 per cent less energy than previous models and offers more than 10 per cent additional passenger capacity, combined with state-of-the-art ETCS Level 2 signalling and advanced electrification systems, we are providing Vietnam with a truly sustainable and efficient transport solution.”

VinSpeed was established with the mission to pioneer the development of high-speed rail and modern transport infrastructure projects in Vietnam, applying leading standards of technology, efficiency, and sustainability. It is aiming to become a driving force in the transformation of transport infrastructure, shaping the future of Vietnam’s rail industry in line with international benchmarks.

Siemens Mobility is a separately managed company of global tech giant Siemens AG. In fiscal year 2025, which ended on September 30, 2025, Siemens Mobility posted revenue of $14.2 billion and employed around 43,400 people worldwide.

Siemens Mobility finalises contract for 2,000km high-speed rail system in Egypt Siemens Mobility and its consortium partners Orascom Construction and The Arab Contractors have signed a contract with the Egyptian National Authority for Tunnels, a governmental authority under the jurisdiction of the Ministry of Transport of Egypt, to create the sixth-largest high-speed rail system in the world, according to a statement released by Siemens AG on May 28.

VinSpeed and Siemens strengthen cooperation for high-speed rail development VinSpeed ​​High-Speed ​​Railway Investment and Development JSC (a member of Vietnam's leading conglomerate Vingroup) and Siemens Mobility signed a deal on December 17 in Hanoi, launching a broad cooperation for high-speed rail in Vietnam.

How Siemens supports the green and digital transitions Anchored in the EU-Vietnam Comprehensive Strategic Partnership and Global Gateway, Siemens leverages its expertise in electrification, automation and digitalisation to support Vietnam’s greener, digital economy, CEO Pham Thai Lai told VIR’s Khoi Nguyen about how the company is partnering for impacts.

Siemens and Infineon advance with silicon carbide technology Infineon Technologies AG and Siemens AG are partnering to advance electrical protection and ensure reliable operations in data centres, production facilities and battery storage systems, according to a joint statement released on June 8.

Vietnamese Minister of Finance Ngo Van Tuan received three Country Programme Documents from the United Nations Development Programme, the United Nations Children’s Fund, and the United Nations Population Fund.

The handover ceremony took place in New York on the afternoon of September 22 on the sidelines of the 81^st session of the United Nations General Assembly. The event was witnessed by Party General Secretary and State President To Lam and UN Deputy Secretary-General Amina Mohammed.

The three programmes were approved by the executive boards of the respective organisations in September 2026.

The three country programmes have a combined expected resource envelope of approximately $221.2 million, including about $115.5 million for the UNDP programme, $85 million for UNICEF, and $20.7 million for UNFPA.

The documents were handed over by UNDP administrator Alexander De Croo, UNICEF executive director Catherine Russell, and UNFPA executive director Diene Keita.

The handover marked a positive outcome following preparations that began in late 2025 between Vietnam’s Ministry of Finance and its UN partners.

The Ministry of Finance, together with Vietnamese agencies, proposed development priorities and identified areas where support from UNDP, UNICEF, and UNFPA would be needed over the next five years.

Minister of Finance Ngo Van Tuan receives a document from UNICEF. Photo: VNA

The main contents of the three documents were endorsed by the Vietnamese prime minister in May 2026, allowing the three organisations to submit the programmes to their respective executive boards at the earliest opportunity during their September 2026 sessions.

The three country programme documents cover a range of development priorities. The UNDP programme focuses on inclusive human development, economic and digital transformation, climate change response and environmentally sustainable development, as well as public governance and the rule of law.

The UNICEF programme focuses on human development, child protection, governance for children, and strengthening resilience to climate change, natural disasters, and environmental risks. Meanwhile, the UNFPA programme prioritises population issues and ageing, gender equality, reproductive health, and the prevention of and response to gender-based violence.

Minister of Finance Ngo Van Tuan receives a document from UNFPA. Photo: VNA

The receipt of the three documents establishes an important framework for cooperation between Vietnam and the three UN development organisations. It is expected to help mobilise international resources, support the implementation of Vietnam’s development priorities and Sustainable Development Goals, and contribute to joint efforts for peace, stability, and sustainable development in the region and globally.

The Ministry of Finance will work to ensure that mobilised resources are effectively managed and used in line with Vietnam’s development priorities.

Promoting cooperation between the United Nations and Vietnam Deputy Minister of Finance Tran Quoc Phuong received Kanni Wignaraja, assistant secretary-general of the United Nations, on September 4 to discuss further cooperation.

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

Vietnam, UN strengthen cooperation in digital technology, AI Vietnam is stepping up cooperation with the United Nations in digital technology and AI as it seeks to develop practical and scalable innovation models.

The event in Ho Chi Minh City focused on professional standards, financial reporting, governance, sustainability, and access to international capital, while the Danang edition examined the legal framework, priority sectors, financial products, and investment opportunities at the centre.

The discussions came as VIFC-HCMC prepares to develop four strategic product and market segments: investment funds and asset management, international bond markets, fintech, and commodity derivatives. For both centres, the availability of professionals with international expertise will be an important part of that development.

The VIFC-ACCA Forum brought together experts in finance, law, and professional services. Photo: ACCA Vietnam

Around 300 delegates attended the Ho Chi Minh City forum, representing government regulatory bodies, financial institutions, investment funds, businesses, professional associations, and specialised service providers.

Helen Brand, chief executive of ACCA, placed regulatory alignment and talent development at the centre of Vietnam's immediate priorities.

“The recent steps taken by Vietnam have probably been among the most urgent priorities because parity provides confidence,” she said. "Technology and sustainability are similarly becoming embedded in the core competencies expected of finance and accounting professionals."

Brand said the two areas could no longer be treated as separate domains, with strong sustainability strategies and rigorous assurance standards increasingly important to long-term market confidence.

For Vietnam, this will require systematic knowledge transfer to local professionals rather than prolonged reliance on external expertise. Brand highlighted the openness of Vietnamese universities to innovation and international partnerships, including the integration of professional qualifications into academic programmes.

She also pointed to the country's strong entrepreneurial aspirations. ACCA research shows that 74 per cent of Gen Z and Alpha in Vietnam aspire to become entrepreneurs, compared with 50 per cent globally.

“This entrepreneurial spirit will be a powerful asset for the country's economic development,” Brand said.

For the IFC, she called for an ethical and technology-enabled professional ecosystem capable of supporting the wider financial infrastructure of the centre.

Alexandra Smith, British consul general in Ho Chi Minh City, put legal certainty at the heart of efforts to build an international financial centre, with common law offering a framework familiar to international businesses.

“Common law is one of the primary principles I would name, which underscores the importance of a strong legal system,” she said. "For businesses entering a new market, knowing what they can and cannot do is fundamental. Common law provides a familiar basis for contracts and is used by major international financial centres, including those operating within civil law jurisdictions."

For investors, this can reduce legal risk and make transactions more efficient and cost-effective, she added.

Talent is another essential pillar. Vietnam’s ambition to attract sustained finance will require international firms to establish local operations and employ professionals.

Smith highlighted the value of professionals who understand Vietnamese regulations and are fluent in international business practices. Government investment in professional skills and universities provides a strong foundation for developing such talent.

She also pointed to the role of professional qualifications in bridging local expertise with international practice. “Embedding professional qualifications through bodies like ACCA can help finance graduates apply their expertise effectively in a global professional environment,” she said.

International Financial Reporting Standards (IFRS) was another area addressed as Vietnam looks to strengthen the financial foundations of its international financial centre. Luong Thi Anh Tuyet, assurance partner at PwC Vietnam, said adoption could improve the transparency and comparability of financial information, supporting greater investor confidence.

“Adopting IFRS significantly enhances investor confidence by delivering high transparency and comparability,” she said.

The standards require companies to present financial information that more closely reflects economic reality, particularly in areas involving complex estimates, judgement, capital, and impairment, where local Generally Accepted Accounting Principles has more limited application. Standardised disclosures can also give investors a common financial language, making cross-border investment decisions more straightforward.

Against this context, Tuyet sees the IFC as an opportunity to develop practical experience in applying IFRS and build a centre of expertise for the wider economy.

“The IFC can serve as a pioneer and a centre of excellence for IFRS implementation,” she said. "Experience gained through the IFC could support wider adoption while helping develop a stronger pool of financial professionals nationwide. Maintaining consistent standards aligned with global frameworks will be important to building international confidence over the longer term."

On the sidelines of the forum, the Executive Authority of VIFC-HCMC and ACCA signed a new MoU covering workforce development, professional training, international knowledge-sharing, and capacity-building for the financial services ecosystem.

The agreement coincides with ACCA's 25^th anniversary in Vietnam. The organisation opened its representative office in Ho Chi Minh City in 2001 and now has more than 1,300 members and over 7,000 students nationwide.

The forum in Danang also witnessed the signing of an MoU between the Executive Agency of VIFC-Danang and ACCA, covering cooperation in finance and accounting, professional development, international experience-sharing, and access to international expert networks.

Kevin Iwanaga, senior advisor for Strategy and Coordination at the Executive Agency of VIFC-Danang, said investor confidence would depend on more than physical infrastructure and investment incentives, with trust, transparency, regulatory certainty, and institutional capacity also shaping decisions on where to establish a presence or commit capital.

“Investors need confidence that the rules are clear, institutions are reliable, and the market can support their activities over the long term. These factors are just as important as infrastructure and incentives,” Iwanaga said.

Discussions in Danang examined the legal and governance framework needed to attract international investors, with international standards, regulatory certainty, effective implementation, and enforcement among the issues raised.

Financial crime, cyber threats, operational disruption, climate risks, and changing regulatory requirements were considered alongside the professional capacity required across finance, accounting, auditing, risk management, legal services, and fintech.

The integrity of carbon credits, common data standards, credible assessments, and performance monitoring were also raised as important elements in developing transparent and credible sustainable finance markets.

Assoc. Prof. Nguyen Huu Huan Vice chairman, VIFC-HCMC Ho Chi Minh City’s ambition to become an international financial centre is increasingly tied to the quality of the market it can build around global capital. This means creating an environment in which international investors can assess opportunities with greater certainty and Vietnamese businesses can access longer-term sources of funding. A credible regulatory framework will be central to that process. Consistent application of clear rules, dependable sustainability reporting, and stronger governance can help reduce uncertainty for investors, particularly as Vietnamese projects seek to meet international investment requirements. Digital infrastructure and dispute resolution mechanisms will add another layer to the market’s ability to serve cross-border participants. Building that market also means developing people who can operate to international standards. The partnership between VIFC-HCMC and ACCA will support professional development through practical training and access to an international network, helping bridge the gap between domestic expertise and the requirements of global financial markets. The test for the centre will ultimately be how these elements work together in practice.

Ho Ky Minh Standing Vice Chairman, Danang People's Committee The competitiveness of an international financial centre depends on investor confidence in the legal framework, the transparency of the market, the quality of governance, and the ability of the financial centre to respond to investors’ practical needs. The legal framework can therefore be regarded as the most important invisible infrastructure of an international financial centre. The international financial centre in Danang is expected to focus on a range of areas, including fund and asset management, green finance and the carbon market, commodity exchanges, fintech, and innovative financial platforms and products. The development strategy extends beyond attracting individual businesses to the city. The longer-term objective is to gradually establish a broader financial ecosystem in which different market participants can operate and interact more effectively. Such an ecosystem would provide the supporting infrastructure needed for the development of a more diverse range of financial activities and services in Danang.

Vietnam’s finance professionals redefine career expectations Vietnam’s finance and accountancy workforce is increasingly driven by social purpose, entrepreneurial ambition, and demands for greater career flexibility, according to new research from the Association of Chartered Certified Accountants.

Future-ready finance talent supports growth goals The country’s finance profession is evolving as digitalisation and changing workforce expectations reshape their roles. Speaking with VIR’s Khanh Linh, Sharath Martin, senior policy and insights consultant at the Association of Chartered Certified Accountants, discusses how this is influencing talent development and employer strategies

ACCA marks 25 years in Vietnam Marking 25 years in Vietnam, ACCA is looking beyond a quarter-century of building the professional community to help shape the finance and accounting workforce needed for the country’s next phase of economic development.

The partnership, announced on September 22, brings together Fundiin’s technology and data capabilities with the digital financial infrastructure and resources of TNEX, part of the MSB ecosystem, to improve how customers discover, select, and use financial products.

The move comes as Vietnam’s digital finance market evolves beyond simply expanding access. Consumers increasingly expect financial services not only to be convenient and accessible, but also to reflect their individual needs, financial capacity, credit history, and circumstances.

This shift is creating a new challenge for financial service providers. A wider range of products does not necessarily translate into better choices for consumers, as products suited to one customer may not meet the needs or financial circumstances of another.

For digital finance providers, the competitive focus is therefore moving from making products available towards helping customers identify solutions that better match their needs, including in terms of costs, conditions, and user experience.

Founded in 2019, Fundiin has built and operated a buy-now-pay-later platform in Vietnam, developing capabilities in data, AI, predictive models, and customer assessment, alongside a network of consumers, merchants, banks, and financial institutions.

The fintech company is seeking to extend these capabilities beyond credit risk assessment towards a more profound understanding of customer needs and the suitability of different financial products.

This could allow the financial journey to become increasingly personalised, from product discovery and assessment to selection, usage, and management.

Nguyen Anh Cuong, CEO of Fundiin JSC, said the partnership represented an important step in the company's development of personalised digital finance.

“Our partnership with TNEX marks a major step in building personalised digital financial solutions and bringing financial services closer to customers’ real needs,” Cuong said.

The cooperation is expected to expand Fundiin’s ability to connect users with digital financial solutions while strengthening personalisation throughout the customer journey.

TNEX, meanwhile, has been developed as a digital financial platform using technology and data to simplify access to financial services. It has progressively strengthened its technology and data capabilities while expanding its ecosystem through partnerships with other providers.

Nguyen The Minh, CEO of TNEX, said cooperation with fintech platforms remained part of the company’s strategy to develop a broader digital financial ecosystem.

According to Minh, TNEX aims through such partnerships to strengthen its position in digital banking in Vietnam and internationally.

Under the partnership, TNEX will contribute its technology capabilities, digital finance expertise, and financial resources, complementing Fundiin’s technology platform, data capabilities, and customer and merchant network.

The combination is intended to broaden the range of financial solutions that can be matched with different customer needs while creating a more seamless, transparent, and personalised user experience.

More broadly, the partnership reflects a shift in Vietnam’s digital finance sector towards greater use of data and AI to improve product matching rather than focusing solely on digital distribution.

As financial products proliferate and consumers face more choices, the ability to understand individual requirements and connect customers with appropriate products could become an increasingly important part of competition among digital financial platforms.

After the adoption of the proposed resolutions, (i) the Company's authorized share capital is increased to US$4,000,000, divided into 2,000,000,000 shares comprising 250,000,000 Class A ordinary shares and 1,750,000,000 Class B ordinary shares, par value US$0.002 per share, and (ii) the sixth amended and restated memorandum and articles of association are adopted.

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In its public debut, Viva-Thera also reported functional vaccine results in rhesus macaques and progress in targeted gene delivery. The company is pursuing HIV prevention and cure through four modalities—vaccines, long-acting small molecules, gene therapy and cell therapy—with XtalPi providing computational design, predictive modeling and experimental automation across the portfolio.

MPER forms part of the membrane-fusion machinery that HIV uses to enter cells. Together with the adjacent transmembrane domain, it retains approximately 90% sequence identity across viral strains, making it an attractive target for broad-spectrum intervention. Its position against the viral membrane and changing conformation have made precise targeting a persistent challenge.

Building on founder and Chief Scientific Officer Dr. Qingshan Fu's extensive MPER research, Viva-Thera's team obtained the first atomic-resolution structure of the HIV-1 Env MPER–transmembrane domain–cytoplasmic tail (MPER-TMD-CT) region using solution nuclear magnetic resonance (NMR). The team then reconstituted MPER-TMD in membrane structures on nanoparticle surfaces, grounding screening in both the target's structure and its membrane environment.

Deploying generative AI from the outset, XtalPi navigated a chemical space of approximately 10 million compounds to quickly isolate five validated hits with desirable drug properties and strong antiviral activity. By continuously leveraging its generative models to engineer and optimize the leads, the partners drove the program to preclinical candidate (PCC) nomination in just seven months.

The AI-accelerated asset targets gp41-mediated membrane fusion at MPER, opening a path toward a broad-spectrum antiviral with a binding site distinct from those addressed by reverse-transcriptase, integrase, and protease inhibitors. Ultimately, the differentiated approach could broaden the range of effective HIV drug combinations and help restore treatment options for patients facing resistance to existing therapies.

The company's vaccine program draws on the same structural foundation. Its MPER immunogens elicited antibody levels in rhesus macaques approximately five times those of the conventional HIV immunogen comparator. Antisera retained substantial inhibition of HIV pseudovirus infection at a 1:1,000 dilution—functional evidence that the immune response could interfere with viral entry.

Viva-Thera's gene-therapy program addresses integrated HIV proviral DNA, which can persist despite antiviral treatment and cause rebound after treatment stops. The company is developing a non-replicating, HIV-derived vector to deliver CRISPR-Cas9 tools to CD4+ T cells. It has completed vector construction, cell-infection experiments and CD4+ T-cell introduction in humanized mice, and is preparing live-virus infection and treatment studies.

Drawing on its extensive track record in drug discovery, XtalPi equips Viva-Thera with an AI and automation platform that scales across multiple therapeutic modalities. Within this collaboration, XtalPi's AI engine actively drives small-molecule generative design, analyzes immunogen conformations and binding affinities, models gene-therapy dosing, and computationally optimizes in vivo immunotherapies. This computational heavy lifting is seamlessly integrated with XtalPi's robotic automation, enabling high-throughput testing and rapid, iterative refinement.

Viva-Thera drives the overarching biological strategy, deploying its structural insights, virological expertise, and targeted delivery systems to direct experimental validation and define the core clinical challenges. Empowered by these integrated capabilities, Viva-Thera is uniquely positioned to advance complementary vaccine, gene, and cell therapies in parallel—simultaneously pursuing broad-spectrum protection against infection and strategies to eradicate the viral reservoir.

"Our vision is to bring together the interventions needed to prevent HIV and ultimately cure it—from blocking infection to addressing the viral reservoir," said Dr. Qingshan Fu, Founder and Chief Scientific Officer of Viva-Thera. "XtalPi's AI and automation platform allows us to pursue that ambition across multiple therapeutic modalities, at a pace and breadth that would be difficult to achieve through conventional R&D. By combining our understanding of HIV biology with these capabilities, we can explore more possibilities in parallel and move promising discoveries toward medicines faster."

"AI's value in science must ultimately be measured by what it makes possible for people," said Dr. Shuhao Wen, Chairman of XtalPi. "Through investment, incubation and partnership, we are committed to giving exceptional scientists the capabilities to tackle difficult diseases where progress could change patients' lives. Viva-Thera embodies that ambition: deep scientific expertise directed at a challenge that has resisted decades of research. Our role is to help teams like this translate their discoveries into medicines that expand treatment options and bring lasting improvements in health within reach."

IRAP is an initiative that provides independent assessment of an organization's security controls against the Australian Government's Information Security Manual (ISM). It has become a mandate for cloud service providers and a critical requirement for companies pursuing government and municipal contracts in Australia, one of the most tightly regulated markets in the Asia-Pacific region. As more organizations expand into Australia, demand for IRAP has grown quickly, and A-LIGN customers have increasingly asked for support navigating the framework as part of their international growth.

"Australia has become one of the most important expansion markets for our customers, and IRAP is often the gate they have to get through to do business there," said Scott Price, CEO of A-LIGN. "This acquisition means we can accomplish our client's objectives under the same roof as their SOC 2 and ISO 27001 work, instead of sending them to a separate vendor for a framework that overlaps with audits we're already executing. It's a direct response to where our customers are growing, and we intend to grow with them."

The move builds on A-LIGN's continued global expansion and its strategy of broadening its portfolio to meet the evolving needs of a growing customer base. This is A-LIGN's second acquisition this month, following the announcement of Pathfynder by A-LIGN, an offensive security firm providing advanced penetration testing services. Earlier this year, the company opened a new office in London to support surging demand for AI and regulatory compliance services across Europe, the Middle East and Africa.

To learn more about A-LIGN's global offerings, visit https://www.a-lign.com/service/international-compliance-services.

To learn more, visit: https://www.a-lign.com.

One cloud-native platform, built entirely in-house, live at more than 100 airports and deployed in weeks rather than years. The company works with major hubs across Europe, the Middle East and the Americas, and with some of the world's most influential airport groups, including VINCI Airports and OMA Airports.

What Makes AirportLabs Different

Every product is built in-house, on one platform. AirportLabs has never acquired a product or assembled its suite from other companies' software. That means no seams between systems, no separate codebases, and no integration project standing between an airport and the data it already owns.

The same software runs at every size of airport. There is no lite edition and no legacy fork. The platform running Chicago O'Hare is the platform running a two-million-passenger regional airport, which is what makes it viable for groups operating airports of very different scale.

"Small airports need to run the same code as our largest customers. Not a lite edition, not a legacy fork," said Ligiu Uiorean, Director of AirportLabs. "Fair pricing is not a discount. It is an architectural outcome."

It is cloud-native from the first line of code. Not a migrated legacy product. That removes the on-site hardware and local servers that tie airport IT teams to maintenance rather than to strategy, and it is the reason deployments are measured in weeks.

Built for Airport Groups

Much of Asia's new capacity is being delivered by operators running portfolios of airports rather than single sites, and AirportLabs has repeatedly delivered at that scale. VINCI Airports, the world's leading private airport operator, runs AirportLabs software across its network, including a deployment at Nantes Atlantique Airport in France and at Guanacaste Airport in Costa Rica. Within the same group, AERODOM operates six airports in the Dominican Republic, and OMA Airports runs a 13-airport programme in Mexico.

Separately, Fraport Greece brought the Airport Community App onto all 14 of its regional airports in under four months, a network-wide rollout across an entire country's regional airport system.

For a group, the value is not in any single installation. It is in every airport in the portfolio working to the same standard, on the same data, visible from headquarters in real time.

Deployed in Weeks, Not Years

VisionAir FIDS went live at Chihuahua Airport in 40 days. The 14-airport Fraport Greece rollout was complete within months of contract. At Chicago O'Hare, SkyCore AODB and Allegra RMS replaced legacy infrastructure at one of the busiest airfields in the world in seven months.

Start With One System, or the Whole Platform

Few airports adopt an entire suite at once, and AirportLabs does not require them to. Most begin with one core system and add capability over time. The suite is built on three areas that stand alone or work together:

"Most of the features airports are paying to have built today already exist in our products. Ten years of R&D has gone into covering what a modern airport actually needs, and we keep investing, so our customers are buying capability, not funding its development." - Andrei Diminescu - Business Development Manager - AirportLabs

• SkyCore AODB — one source of truth for the entire airport, unifying every data stream and running on the airport's own rules.
• Allegra RMS — a dynamic resource management system for all airport resources like stands, gates, baggage belts, check-in counters. It is completely automated, with manual intervention by exception.
• VisionAir FIDS — the unified passenger communication platform, the main channel through which an airport reaches its passengers.
• AirportLabs Billing — aeronautical and commercial billing, fully automating core financial operations.
• GCAM — the effortless, total ground handling solution for airport operations.
• RealTime Airport — a monitoring and decision platform for airport operations control centres, giving teams a live picture of the next operational hours with alerts and actions routed to the right stakeholders.
• Airport Community App — The mobile hub for all airport teams to stay connected, resolve issues, and keep operations running smoothly 24/7.
• Laminar Queue Management — queue management built to optimise passenger flow.
• AirportLabs Data Router (ADR) — a scalable, redundant and fault-tolerant data integration and API platform for aviation.
• Pocket Flights — a digital travel assistant, always at passengers' fingertips.
• AirTalk — a secure web and mobile chat for operational coordination.

For all media and marketing enquiries, please contact the marketing team at marketing@airportlabs.com.

Website — https://www.airportlabs.com

Announced during Green Markets Day at New York Climate Week, the expansion marks GFF's shift from building market awareness and procurement readiness to facilitating greater corporate action and participation in SAF and SAF certificates (SAFc) transactions across Asia.

GFF welcomed the Center for Green Market Activation (GMA) and the Singapore Sustainable Aviation Fuel Company (SAFCo) to its Steering Committee (SteerCo), alongside founding SteerCo member GenZero. The expanded SteerCo combines investment, demand-aggregation, procurement and market-development expertise as GFF works to translate growing corporate interest in SAF into credible and scalable demand.

Building this demand is particularly important for aviation decarbonisation in Asia, where much of the sector's future growth is expected. SAF supply remains constrained by its premium over conventional jet fuel and production capacity that is still developing. Stronger and clearer demand signals can encourage investment in new supply and help lower the cost of SAF adoption.

SAFc can provide these demand signals at scale by enabling companies to support the use of SAF and claim the associated emission reductions towards their climate targets, even where direct access to physical SAF is limited or impossible. To support the development of a robust SAFc market in Asia-Pacific, GFF will work with industry, policymakers and standards bodies to establish a trusted framework for corporate engagement.

Frederick Teo, chief Executive Officer, GenZero, said: "Given the growth of aviation in the Asia-Pacific, the region has a critical role in decarbonising aviation globally. There is tremendous potential to develop technologies in SAF, source feedstock, build production capacity and drive adoption. Corporate ambition to address air travel emissions can direct financing into scaling SAF adoption through the purchase of SAF certificates. Green Fuel Forward aggregates corporate participation into credible, collective demand large enough to meaningfully support production growth across the region. The expertise that GMA and SAFCo bring in demand aggregation, procurement, and market development strengthens Green Fuel Forward's broad membership base to translate corporate readiness into concerted market action."

Kim Carnahan, chief Executive Officer, Center for Green Market Activation, said: "We know that book and claim and demand aggregation can drive new investment and grow the supply of high-integrity SAF. We are thrilled to be joining the Green Fuel Forward SteerCo to bring this model to Asia, ensure it complements existing global initiatives like the Sustainable Aviation Buyers Alliance, and steer it toward real-world contracting that scales SAF uptake in one of the fastest growing aviation markets in the world."

Seow Hui Tan, chief Executive Officer, SAFCo, said: "As Asia-Pacific's aviation sector continues to grow, the region has a unique opportunity to lead the next phase of sustainable aviation growth. Singapore's early leadership in advancing SAF policy demonstrates how practical regulations, trusted governance, and market-based mechanisms can accelerate SAF adoption while maintaining environmental integrity. Beyond supporting Singapore's national SAF ambitions, SAFCo's expertise, processes, systems, and market infrastructure being developed through the SAF policy can help lay the foundations for a credible and scalable voluntary SAF and SAF certificate market across Asia-Pacific. Through Green Fuel Forward, we look forward to working with partners to strengthen corporate participation, build market confidence, and accelerate the development of a trusted regional SAF ecosystem."

With added institutional expertise and a broader corporate buyer base, GFF is better positioned to help companies move from learning about SAFc to evaluating and participating in procurement opportunities. By aggregating demand and strengthening connections among buyers, market intermediaries and suppliers, GFF aims to create a stronger commercial foundation for SAF growth in Asia.

As GFF moves from capacity-building towards supporting more pragmatic action, WEF will hand over the secretariat function of the initiative to the SteerCo. WEF played an important role in the initiative's formative year, helping to shape the platform, convene stakeholders, build momentum, and strengthen the understanding of the SAF market.

Pedro Gomez, head, Industry Agenda, Member of the Executive Committee, World Economic Forum, said: "With GenZero and dozens of private sector companies, we launched Green Fuel Forward to spark interest in SAF in the Asia-Pacific region. One and a half years later, this collective effort has shown that the local SAF market is maturing fast, and more corporates are planning to take pragmatic action and invest in the sector. The World Economic Forum looks forward to seeing this momentum transform into credible demand as GenZero and the new SteerCo take over the strategic leadership of the campaign, bringing experience from transactions that can really scale the impact of Green Fuel Forward in the coming years."

New members broaden the alliance

Alongside the expanded SteerCo, GFF has recently welcomed Amazon, Bain & Company, and Temasek Trust as new members, broadening the group of companies seeking to accelerate the shift towards lower-carbon aviation. Temasek Trust also joins as a catalytic contributor, providing funding to offset procurement costs and help SAF adoption. GFF's total membership now stands at 48.

GFF's members span three key groups: companies with significant business-travel footprints; companies with substantial logistics and air-cargo operations; and international corporations looking to decarbonise their value chains in Asia.

Corporate interest in SAF is growing, but buyers continue to face practical barriers to procurement. Questions remain around how SAF certificate purchases can be reported under the Greenhouse Gas Protocol, while buyers may also have limited visibility of credible regional supply and lack dedicated in-house procurement capabilities.

Through GFF, participating companies can better understand the SAF market, explore credible procurement pathways, and stay updated on accounting and reporting for SAFc. Catalytic funding, including cost offsets and co-matching for select first-time buyers, can also help lower cost barriers and support early participation.

Sam Israelit, chief Sustainability Officer, Bain & Company, said: "Business travel is the largest share of Bain's carbon footprint, and sustainable aviation fuel is central to our science-based path to net zero. Having been among the first corporate buyers of SAF certificates through the Sustainable Aviation Buyers Alliance and the First Movers Coalition, joining Green Fuel Forward is a natural next step: it brings that commitment to Asia-Pacific, where aviation's growth - and the opportunity to decarbonise it - is greatest. We look forward to helping build the credible, aggregated demand that will catalyse new SAF supply across the region."

Ryan Tan, head, Planet Collaborative, Temasek Trust, said: "Aviation is a carbon-intensive sector that is an integral part of the carbon footprint of many companies, such as through business travel and value chains. This makes SAF certificates an important entry point for collective action. Through Green Fuel Forward, Temasek Trust is participating as both a member and catalytic funder to lower barriers for other companies and facilitate demand for SAF. This reflects our commitment to catalysing practical, scalable solutions for tangible climate impact."

For more information, visit https://genzero.co/initiatives/green-fuel-forward.

and www.genzero.co.