In this week’s Vietnam News Roundup: Vietnam’s Government Inspectorate found that five major banks misused VND 255.1 trillion or US$9.8 billion from corporate bond issuances, while the dong weakened on the black market, Japan’s O Mon power project underperformed, an Australian businessman was detained for fraud, Poland ratified EVIPA, and foreign investors net-sold US$172 million on the VN-Index, and more.
In case you missed it…
Vietnam’s Gold Market: The Problem Isn’t Policy, It’s Populism
The gap between Vietnam’s gold price and the world gold price is largely the result of a failure to fully accept one fundamental concept in market economics: that not everyone can win all of the time.
Until this is acknowledged, any long-term, sustainable reform is likely to remain elusive, writes Mark Barnes. Read More »
Banking & finance news
Government Inspectorate report finds billions of funds raised through bonds misused
Vietnam’s Government Inspectorate found that several banks misused proceeds from corporate bond issuances, amounting to thousands of billions of dong, Dan Tri has reported → view source.
From 2015 to mid-2023, five commercial banks—MB, ACB, VPBank, VIB, and OCB—issued VND 255.1 trillion or US$9.8 billion in corporate bonds, mostly unsecured, to fund customer lending.
Three of these banks, including ACB and MB, used funds for purposes other than those stated in their issuance plans and disclosures.
At ACB, for example, some bonds were used for medium- and short-term loans, despite the stated goal of supporting medium- and long-term credit.
At MB, proceeds from 11 bond codes worth VND 1.92 trillion or US$73.8 million issued in 2022 were used for lending rather than investment.
VIB and MB were also cited for not clearly disclosing disbursement schedules in pre-issuance documents between 2021 and mid-2023.
Read more about banking and finance in Vietnam→
Black market VND sell rate reaches 27,570
The State Bank of Vietnam (SBV) allowed the local currency to strengthen this week, with the central exchange rate ending Thursday at VND 25,098, down 11 dong since last Thursday.
The black market mid-market rate, however, jumped from VND 27,144 to VND 27,570, with unofficial traders selling at 27,620 and buying at 27,520.
The spread between the central exchange rate and the black market mid-market rate, as of last night, was sitting at 9.85 percent, up from 8.1 percent last Thursday.
This would suggest the dong is still under considerable strain.
The SBV continued to pump money into the economy with just over US$8.42 billion worth of reverse repos outstanding as of the close of business on October 23.
This was up from US$5.88 billion at the same time last week.
There were no new treasury bills issued.
See also: How Low Can the Vietnamese Dong Go?
Energy news
Japan review finds ODA power project in Vietnam falls far short of output goals
A Japan-funded power plant in southern Vietnam, has drastically underperformed—operating at only 3 to 5 percent of its generation targets—after delays in gas supply forced it to burn costly heavy oil, a Board of Audit of Japan (BAJ) report has found, The Asahi Shimbun has reported → view source.
The BAJ found that the O Mon Thermal Power Plant feasibility assumptions were not properly verified, and gas field development remains incomplete 16 years after the first unit’s completion.
The project was intended to use natural gas from nearby fields, but delays in gas field development forced the plant to rely on heavy oil, which was more expensive and unsustainable.
Learn more about Vietnam’s crude oil industry→
Legal news
Australian business man detained in Vietnam on fraud allegations
Ranjit Prithviraj Thambyrajah, an Australian national and General Director of Nam Song Hau Oil and Gas (NSH Petro), was detained by Vietnam’s Ministry of Public Security on Saturday, for alleged fraud under Article 174 of the Penal Code, VN Express has reported → view source.
He is alleged to have provided false information about his ability to arrange loans worth hundreds of millions to billions of US dollars, defrauding companies of about US$5 million in fees.
Investment news
Poland ratifies Vietnam–EU investment agreement: 19 member states down, 8 to go
The Polish House of Representatives has unanimously approved the bill to ratify the EU–Vietnam Investment Protection Agreement (EVIPA) with 422 votes in favour, Tuoi Tre has reported → view source.
Poland is the 19th country to ratify the agreement with 8 EU member states remaining.
See also: Vietnam exports to Poland in September 2025 [REPORT]
Resources news
South Korea’s SK Earthon selling stake in Vietnam oil project value at US$140 million
SK Earthon, a subsidiary of SK Innovation, is selling its stake in three oil blocks in Vietnam valued at about 200 billion won (US$140 million) as part of efforts to strengthen its balance sheet, The Korean Economic Daily (KED) has reported → view source.
The company has been involved in four blocks with Murphy Oil of the United States and PetroVietnam Exploration Production (PVEP) since 1998, holding a 25 percent interest.
SK Earthon has reportedly put its share in the project up for sale to “enhance its financial health”, according to KED.
Overhaul of Vietnam’s rare earths management system tabled
Vietnamese authorities have tables plans to overhaul its rare earths management system by classifying the minerals as “special strategic resources” and placing full control under the central government, VN Express has reported → view source.
The proposed amendment to the Law on Geology and Minerals would remove local authority oversight, allowing only state-approved entities to explore, mine, and process rare earths.
Exports of unprocessed ore would be banned, and the state would directly fund geological surveys to ensure efficiency and environmental protection.
The reform also includes creating a central agency with the expertise to manage all stages of the supply chain, reflecting Vietnam’s shift toward treating rare earths as critical to national security, high-tech manufacturing, and energy transition.
Read more about rare earths in Vietnam→
Stock market news
VN-Index falls, foreign traders continue to net-sell US$172 million
Over the last five trading sessions to the close of business on October 23, foreign investors net-sold US$130.2 million worth of HCMC Stock Exchange stocks.
This brings the total net sold by foreign traders for the year-to-date to just under US$4.41 billion.
The VN-Index closed Thursday at 1,687.06 points, down 29.41 points since last Thursday.
Foreign trader activity, last five trading days
| Buy | Sell | Change | ||||
| Date | VND | US$ | VND | US$ | VND | US$ |
| 17/10 | 3,771 | $143.21 | 5,673 | $215.44 | -1,902 | -$72.23 |
| 20/10 | 4,557 | $173.06 | 6,616 | $251.25 | -2,059 | -$78.19 |
| 21/10 | 7,346 | $278.98 | 4,978 | $189.05 | 2,368 | $89.93 |
| 22/10 | 3,437 | $130.53 | 5,074 | $192.69 | -1,637 | -$62.17 |
| 23/10 | 2,575 | $97.79 | 3,875 | $147.16 | -1,300 | -$49.37 |
| Total | 21,686 | $823.56 | 26,216 | $995.60 | -4,530 | -$172.03 |
VND = billions; US$ = millions; source: HSX
See also: Explainer: What’s Driving Vietnam’s Stock Market Rally?
The week ahead
There are a handful of events coming up this week.
For more information, see: Doing Business in Vietnam: Events Directory 2025.