In case you missed it…
Vietnam’s Aviation Industry: State of Play 2025
Vietnam’s airline industry has been struggling to find its footing since COVID-19. Whereas some of the problems facing the industry last year have been alleviated, it still faces a number of challenges, many of its own making, and a full recovery may still be a long way away. This article breaks down those challenges and the outlook for the industry moving forward. Read More »
Banking and finance News
Vietnam’s corporate bond market records zero issuances in February
There were no corporate bonds issued in Vietnam in February 2025, according to a report from the Vietnam Bond Market Association. The association doesn’t offer any explanation for this, however, the start of the year is typically slower for bond issuances so it does not appear to be that unusual.
That said, over the past few years there has been a significant rejigging of the corporate bond market. Once dominated by real estate firms, their share of outstanding corporate bonds has diminished with the share of corporate bonds belonging to Vietnam banks rising.
As a key source of capital for Vietnam’s banks, that no bonds were issued last month might suggest lower demand for loans or that banks are sourcing capital elsewhere. That said, it would not be surprising if banks are becoming weary of taking on more debt with lending well outpacing GDP growth last year.
See also: It’s Time to Talk About Vietnam’s Credit Growth Policy…
State Bank continues open market operations
The State Bank of Vietnam has continued to carry out open market operations. Specifically, there were US$3.38 billion worth of reverse repos outstanding as of the close of business March 6. There were, however, no outstanding treasury bills.
Of note, the dong has continued to depreciate this week. Whereas this time last week it was down by 1.63 percent over the start of the year, as of close of business March 13 it was down by 1.71 percent.
See also: Right Now, a Weak Dong Could be Good for Vietnam. Here’s Why.
Economy news
5,459 Vietnamese worth more than US$10 million: Report
The Frank Knight Wealth Report 2025 has found that Vietnam has 5,459 individuals worth more than US$10 million. Compared to the other ASEAN states in the report, this has Vietnam ranked last, however, per 100,000 of population it would rank fourth above Indonesia and the Philippines.
Frank Knight Wealth Report, ASEAN states comparison
| US$10m+ population | Share of global US$10m+ population | Per 100,000 population | |
| Singapore | 9,674 | 0.40% | 163.47 |
| Thailand | 9,192 | 0.40% | 12.82 |
| Malaysia | 7,490 | 0.30% | 21.32 |
| Vietnam | 5,459 | 0.20% | 5.44 |
| Philippines | 5,748 | 0.20% | 5.00 |
| Indonesia | 8,120 | 0.30% | 2.89 |
World Bank report forecasts 2025 Vietnam GDP growth of 6.8 percent
In its March, Taking Stock report, the World Bank has said it foresees GDP growth for Vietnam of 6.8 percent in 2025 falling to just 6.5 percent growth in 2026. This, the report suggests, will be in line with economic slowdowns in major trading partners (China and the US) and uncertain global trade policies.
It also comes after Vietnam’s government set a GDP growth target for the year of 8 percent, looking to reach double-digit growth in subsequent years. (See also: Vietnam’s 8 Percent GDP Growth Target: Unpacked).
Other key takeaways from the report:
- Inflation expected to remain stable at around 3.5 percent over 2025–26, below the target range of 4.5–5 percent.
- Minimal inflationary impact expected from public sector downsizing due to the small public sector workforce (3.8 percent of total employment).
- Fiscal deficit expected to return (1.4 percent of GDP in 2025, narrowing to 1.0 percent in 2026) from increased government expenditure on infrastructure projects and public sector wages.
- Key downside risks include slower-than-expected global growth, trade disruptions affecting exports, delayed recovery in real estate, weakened bank asset quality, and vulnerability to climate-related events.
- Potential upside includes stronger export demand from higher-than-expected growth in the US and EU, easing pressure on the US/VND exchange rate, increased public investments, and faster real estate market recovery.
Energy news
US pulls out of Vietnam green energy funding agreement
The United States has backed out of the International Partners Group, the bloc of wealthy nations providing funding under Vietnam’s Just Energy Partnership Agreement signed back in 2022. This was not surprising given that the US announced it would be taking a step back from its lead role in implementing Indonesia’s JETP last month.
Notably, as of October last year, no loans to Vietnam had been funded through the agreement.
See: Rethinking Financing Vietnam’s Clean Energy Transition
Media news
Vietnam Ministry suggests no photo ID for social media account verification
The Ministry of Public Security (MPS) has suggested that social networks and communication services should not be allowed to require users to submit photos of their identification or citizen identification cards for account verification. The Ministry has suggested this could breach Vietnam’s Personal Data Protection regulations.
Of note, the passage of Decree 157 late last year, which adds verification requirements for social media accounts in Vietnam, caused a stir amid claims that it would be used to identify distributors of content deemed ‘anti-state’.
If the MPS blocks the use of photo ID, however, social media providers will only be able to verify a user’s identity by their mobile phone number. Notably, it’s relatively easy to acquire a second-hand sim card in Vietnam and therefore this change could significantly water down the effectiveness of the aforementioned decree.
See also: Vietnam’s New Social Media ID Regulations: Unpacked
Mining news
Vietnam rare earth reserves estimate plummets in latest US Geological Survey
The United States Geological Survey’s Mineral Commodity Summaries 2025 report has revised down Vietnam’s estimated rare earth reserves from 22 million tons to 3.5 million tons. The report doesn’t provide specific details as to why its estimate has changed other than to say it was “based on company and Government reports.” This change would make Vietnam’s rare earth reserves the sixth biggest in the world, down from third.
Of note, the report estimates that just 300 tons of rare earths were mined in Vietnam in 2024. This relatively low tonnage is in large part due to legal problems that have plagued Vietnam’s rare earths industry over the last year or so. This includes the arrests of a number of business persons associated with Vietnam’s rare earth mining industry.
See also: Vietnam’s Rare Earth Partnership Contenders: Unpacked
Stock market news
Foreign traders net-sell US$63.58 million of HoSE stocks
Over the last five trading sessions to the close of business on March 13, foreign investors net-sold US$63.58 million worth of HCMC Stock Exchange stocks. This brings the total net-sold since the start of the year to US$718.7 million or US$4.96 billion since January 1, 2024.
See also: Vietnam’s Foreign Investor Stock Sell-Off: Unpacked
Foreign trader activity, last five trading days
| Buy | Sell | Change | ||||
| Date | VND | US$ | VND | US$ | VND | US$ |
| 7/3 | 1,840 | $81.14 | 2,825 | $86.91 | -985 | -$5.76 |
| 10/3 | 2,101 | $72.56 | 2,478 | $95.26 | -377 | -$22.70 |
| 11/3 | 2,119 | $77.03 | 2,444 | $85.46 | -325 | -$8.43 |
| 12/3 | 4,367 | $69.07 | 4,726 | $101.76 | -359 | -$32.69 |
| 13/3 | 2,855 | $99.29 | 2,423 | $93.30 | 432 | $6.00 |
| Total | 13,282 | $399.10 | 14,896 | $462.68 | -1,614 | -$63.58 |
VND = billions; US$ = millions; source: Vietnam Stock Market Tracker
Tourism news
February tourist arrivals reach almost 1.9 million
Vietnam welcomed 1,893,933 international tourists in February, marking an 8.53 percent decline from January, according to Vietnam’s General Department of Tourism. Of the five segments recorded, the most foreign tourists came from Asia, accounting for 78.8 percent of the total, with the biggest source country being South Korea, which accounted for 24.7 percent of Vietnam’s tourist arrivals in February.
See also: Vietnam Tourist Arrivals Tracker: February Update [data set]
The week ahead
There are a handful of events coming up this week. For more information, see: Doing Business in Vietnam: Events Directory 2025.