This is a brief rundown of what is being reported today in Vietnam’s state-approved media.
It compiles coverage from official outlets such as Dan Tri, Tuoi Tre, and VN Express, highlighting the narratives currently shaping the country’s economic, financial, and business news landscape.
See yesterday’s news headline →
3.30pm update | 9am update
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New airport transit connections
The Investor is reporting that Ho Chi Minh City is urging early investment in the Thu Thiem–Long Thanh railway to ensure readiness before Long Thanh International Airport begins operations in mid-2026.
Several investors have expressed interest under public–private partnership models, though coordination between HCMC and Dong Nai remains a key challenge.
Officials emphasise that HCMC should lead project implementation to avoid bureaucratic delays and align with national infrastructure priorities→source.
Eds note: The last metro line in HCMC took more than a decade to complete.
Foreign trading reforms
The Investor is reporting that Vietnam’s State Securities Commission plans to let foreign investors trade directly through global brokers, following the country’s upgrade to secondary emerging market status.
The framework, developed with the Ministry of Finance, also addresses English disclosures, settlement systems, and restricted broker access→source.
Central Vietnam wind power
The Investor is reporting that Gia Lai province has approved three major wind power projects with total investment of VND 19.35 trillion or US$734.9 million following its merger with Binh Dinh.
The 146MW Vinh Thuan project by Germany’s WPD Vietnam is valued at VND 4.68 trillion or US$177.7 million and will generate 239.9 million kWh annually.
Nam Hai Technology will develop the 160MW Van Canh 1 and 180MW Van Canh 2 plants, totalling VND 14.67 trillion or US$557 million, producing over one billion kWh each year.
Investor selection begins in Q2 2026 with completion in 2028→source.
HSBC Exec on private sector development
The Investor is carrying corporate commentary from HSBC Vietnam CEO Tim Evans that argues that Vietnam’s economic future depends on developing a stronger domestic private sector to reduce reliance on state and foreign investment.
Evans calls for policy consistency, R&D incentives, better infrastructure, and capital market development to help firms scale sustainably.
He claims Vietnam’s FTSE Russell upgrade and new IFC legislation will attract billions in foreign capital and unlock new global funding channels for private businesses.→source.
Eds note: Fairly standard corporate communications. Follows standard talking points on the subject, in line with government objectives. Feels more for local audience.
LNG reforms
The Investor is reporting that investors in Vietnam’s gas-fired power sector have petitioned the National Assembly to address legal and contractual gaps slowing progress on LNG and domestic gas projects worth billions of US dollars.
The group proposed a two-part tariff structure, state-backed “take-or-pay” guarantees, and government buyout clauses for terminated projects.
They also sought foreign exchange protection and USD-linked pricing to mitigate currency risk.→source.
Eds note: The group of investors are not identified. Incidentally, a review of a Japan ODA LNG project earlier this week found it was not performing as expected, using oil instead of LNG on account of no upstream supply.
Novaland bonds delayed
An Ninh Tien Te is reporting that Novaland has delayed payment of VND 112.8 billion or US$4.28 million in principal for bond lot NVLH2123007 due on October 23, 2025.
The developer cited insufficient funds, having paid only VND 629 million or US$23,860 so far, and is negotiating with investors for debt settlement.
The bond, valued at VND 137.6 billion or US$5.22 million, was issued in July 2021 to finance real estate projects in Dong Nai.
Novaland also recently missed another bond repayment of nearly VND 95.6 billion or US$3.63 million.
Meanwhile, chairwoman Cao Thi Ngoc Suong plans to sell 17.3 million NVL shares, reducing her stake to 1.62 percent.→source.
Eds note: It’s interesting that the author is drawing a connection between the delayed bonds and the sale of shares by the chairwoman. It would also be interesting to know who is buying Novaland shares given its ongoing financial woes.
Maturing bonds
The Market Times is reporting that about VND 6.8 trillion or US$258 million in real estate corporate bonds are set to mature in October 2025, according to FiinRatings, with the largest issuers being Vinhomes (VND 3.5 trillion or US$133 million), Phu My Hung (VND 1.9 trillion or US$72 million), and Cen Land (VND 650 billion or US$25 million).
The non-bank sector faces total bond maturities of around VND 12.6 trillion or US$478 million this month, up 32 percent from September.
Bond interest payments are expected to reach VND 3.3 trillion or US$125 million, with real estate accounting for 34 percent.
FiinRatings noted ongoing repayment pressure despite slower issuance.→source.
Vietnam-US Trade
Dau Tu is reporting that Deputy Prime Minister Bui Thanh Son told U.S. Ambassador Marc Knapper, during a meeting Thursday, that Vietnam will expand imports of high-tech goods from the United States, focusing on aircraft and semiconductors to deepen bilateral economic ties→source.
Eds note: Nothing new in this article but reinforces the current buy-more approach to getting a better trade arrangement with the US.
GS in Bulgaria
VnExpress is reporting that Party General Secretary To Lam has called for stronger cooperation between Vietnamese and Bulgarian at the Vietnam–Bulgaria Business Forum in Sofia on October 23.→source.
Eds note: Standard foreign affairs reporting. Vague, lacks noteworthy details.
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Real estate leverage
Real estate developer Sunshine Group’s third-quarter 2025 report shows a balance sheet dominated by internal lending and deposits rather than operating assets, Doanh Nhan Vietnam is reporting→source.
The article notes that about VND 54.5 trillion or US$2.07 billion in short-term receivables make up 70 percent of its total assets, including VND 16 trillion or US$607 million in project deposits and VND 16.5 trillion or US$626 million in unsecured loans.
Most of these funds were channelled to subsidiaries and related firms for M&A and land acquisitions, with many of these loans exceed borrower equity and repeatedly extended, it goes on to say.
Eds note: Speaks to ongoing challenges in Vietnam’s real estate sector.
Hanoi real estate
Real estate investment in northern Vietnam is shifting away from Hanoi toward nearby provinces, according to Batdongsan.com.vn, Doanh Nhan Vietnam is reporting→source.
Interest in Hanoi property, of users of Bat Dong San’s website, fell 22 percent year-on-year in the third quarter of 2025, while searches in surrounding provinces rose 11 percent, led by Hai Phong, Hung Yen, and Bac Ninh.
Hai Phong recorded a 20 percent rise in property searches and average prices up VND 4 million per square metre since early 2025, but remains less overheated than Hanoi, where apartment prices have surged 92 percent in two years.
Bankruptcy law reform
Vietnam’s insolvency process remains slow and costly, prompting calls for special fast-track procedures under the revised Bankruptcy Law, Tuoi Tre is reporting →source.
Deputy Chief Inspector Nguyen Van Quang said bankruptcy cases often take 18–36 months to resolve, leaving assets deteriorating and creditors unpaid.
He urged clearer separation of recovery and liquidation budgets, noting both are now combined despite different goals.
Other lawmakers said only about 500 of 1,500 court-accepted cases reached completion in a decade, urging simplified procedures to cut delays, costs, and administrative burdens on struggling firms.
Eds note: This contrasts with opinions reported yesterday that suggest a mechanism for state intervention in saving failing businesses and allowing debts to fall six months past due before a firm is considered insolvent.
Stock market upgrade
Vietnam’s stock market upgrade has drawn interest from trillion-dollar global funds, but major structural hurdles remain, Tuoi Tre is reporting→source.
It references officials as saying the transition to “emerging market” status demands stronger infrastructure, transparent disclosure, and legal reform and that persistent bottlenecks include foreign ownership limits.
It notes regulators are racing to build a real-time settlement system (STP) and currency-hedging tools before FTSE Russell’s 2026 review, yet technical capacity and policy alignment remain incomplete.
It also flags gaps in product quality, tax incentives, and direct-access mechanisms, warning that without these improvements, foreign interest may not translate into lasting capital inflows.
Eds note: For background, it was announced about two weeks ago that Vietnam’s stock market would be upgraded from frontier to secondary emerging by FTSE Russell if all goes well in its March 2026 review.
Tax reform
Vietnam Tax Consultants Association chair Nguyen Thi Cuc has proposed raising the taxable revenue threshold for household businesses to VND 1 billion or about US$37,950 per year from the current VND 200 million, Tuoi Tre is reporting→source.
She said with that turnover and an average profit margin of 15 percent, monthly income remains below VND 15 million or about US$570, aligning with the new personal income tax exemption level.
The proposal coincides with the shift from flat-rate tax to self-declared tax starting 2026, which many small traders fear could bring backdated penalties.
Coffee chain overseas expansion
Three O’Clock, a 24/7 coffee chain from Ho Chi Minh City, has signed new franchise deals in Indonesia and South Asia, targeting 200 overseas outlets within five years, VN Express is reporting→source.
Vietnamese brands HappiTea and Care With Love have also secured Gulf-region agreements via Al Madini Group, with plans for 50 stores per brand.
Eds note: Three O’Clock joins other local coffee shop chains like Cong Ca Phe and Trung Nguyen Legend in opening stores overseas. This is interesting in that coffee is a product Vietnamese know well, do well, and do there own way. This contrasts with other industries that have tried to expand overseas in which Vietnam has far less experience, electric cars, for example.
Agriculture carbon emissions
Vietnam’s new low-emission crop plan targets at least 15 pilot models for carbon-credit farming by 2035, focusing on rice, sugarcane, cassava, and coffee, the Ministry of Agriculture announced Wednesday, VN Express is reporting→source.
It said it aims to cut emissions by 15 percent from 2020 levels.
Eds note: Reference to piloting 15 farming models ambiguous. More details needed.
Novaland bond challenges
Government inspectors have started to identify key intermediaries in Novaland’s corporate bond money flows, which are currently being investigated (see eds notes below)→source.
Vo Thi Kim Khoa, for example, who controls about 30 companies, several of which issued or defaulted on bonds, has been named.
In December 2024, she secured a loan worth VND 2.29 trillion or around US$86.9 million by pledging nearly all shares in Saigon Safe Foods, a company with VND 500 billion or US$19 million in charter capital.
Authorities are scrutinising the links between her network and Novaland’s bond operations and how proceeds of bond issuances have been moved around between the two.
Eds note: Last week Novaland was single out by the Government Inspectorate as part of an investigation in bond issuances that were used for purposes other than for what they had told investors they were for. This story is growing increasingly complex and looks set to be in the news for some time to come.
Chinese FDI
China’s Xiamen Solex High-Tech Industries has inaugurated an US$80 million or about VND 1.93 trillion high-tech assembly plant in Bac Tien Phong Industrial Park, Quang Ninh, Kien Thuc Dau Tu is reporting→source.
The 67,000-square-metre facility will produce smart sanitary equipment, electronic components, and personal care devices.
Phase 1, with annual capacity of 6,300 tonnes, will begin operations in the fourth quarter of 2025, followed by Phase 2 in late 2026.
The publication says that Solex’s decision to invest confirms Quang Ninh’s appeal as a transparent, business-friendly destination for high-tech manufacturing (this is not sourced, presumably the view of the author).
SBV Hanoi branch inspection
The State Bank of Vietnam (SBV) recently inspected its own Area 1 Branch, which oversees monetary and banking activities in Hanoi, Kien Thuc Dau Tu is reporting→source.
The publications says that the inspection found that the branch generally performed its duties well, however, there were some weaknesses.
These included inspection plans that were not thorough, delays in reporting, and some complaints from the public not being processed on time.
The SBV’s Inspectorate blamed these issues on certain department heads and staff not strictly following official procedures.
Eds note: It’s not clear why department heads didn’t strictly follow guidelines. Noteworthy, however, in that it speaks to the inner machinations of how the SBV operates.
Hanoi office market
Hanoi’s office market has remained stable over the past five years, with consistent occupancy and rental levels across segments, according to Savills Property Price Index, the Market Times is reporting→source.
The central business district continued to anchor the market, with occupancy at 96 percent and average rents up 3 percent year-on-year to VND 860,000 or about US$32.64 per square metre per month.
Non-CBD rents averaged VND 529,000 or US$20.07, up 2 percent, showing price resilience despite new supply.
Eds note: Here is the original Savills report→
Real estate bonds
Vietnam’s property developers must repay VND 141 trillion or about US$5.35 billion in bonds maturing in 2026, an 81 percent increase from 2025, the Market Times is reporting→source.
The articles references S&I Ratings as saying the real estate sector faces significant refinancing pressure despite lower coupon rates and renewed issuance activity.
It notes bond yields have eased by 50–150 basis points with firms like Vingroup, Vinhomes and Van Phu Invest refinancing at cheaper costs.
It also says there is an expectation that 2026 will bring both active refinancing and ongoing stress.
Exports to the UK
Vietnam’s exports to the United Kingdom fell 6.92 percent month-on-month to US$745.44 million in September 2025→source.
Electronics and machinery shipments remained strong, rising 4.22 and 20.86 percent respectively, showing stable demand for industrial and consumer technology.
Exports of bags, headgear and umbrellas
Vietnam’s exports of bags, headgear and umbrellas fell 11.93 percent month-on-month to US$342.22 million in September 2025→source.
The United States remained the dominant buyer, though shipments dropped 16.83 percent to US$156.70 million, reflecting softer retail demand.
Imports from the Netherlands
Vietnam’s imports from the Netherlands climbed 8.46 percent month-on-month to US$64.12 million in September 2025
Machinery and equipment suppliers benefited from a 9.84 percent rise to US$12 million, reflecting steady demand from Vietnam’s manufacturing sector.