This is a brief rundown of what is being reported today in Vietnam and about Vietnam in the international press.
It endeavours to highlight the narratives currently shaping the country’s economic, financial, and business news landscape.
Ed’s note: I’m always looking for new sources with unique insights. If you have anything to share, reach out: mark.barnes@the-shiv.com
SCommerce liabilities jump
Dan Tri is reporting that SCommerce, owner of delivery platforms Giao Hang Nhanh and Ahamove, reported first-half net profit fell 94 percent year-on-year to VND 92.4 billion (US$3.5 million).
Total liabilities rose 85% to VND 4.18 trillion (US$158.6 million) at the end of June, pushing its liabilities-to-equity ratio from 0.73 to 1.21. View source→
*This article doesn’t offer any explanation for the change.
Former GSM CEO new EV bike firm
VnExpress is reporting that Former Green SM CEO Nguyen Van Thanh has founded electric mobility startup Aves, three months after leaving the ride-hailing company.
The plan for the company is to develop and manufacture electric bicycles, motorcycles and three-wheelers, alongside renewable energy and smart technology products, with its first products due in mid-2027. View source→
*Running a taxi company is not the same as building electric bikes. On an interesting side note, Tuoi Tre’s coverage of this doesn’t mention the GSM connection.
Novaland guarantor
Znews is reporting that Novaland chairman Bui Cao Nhat Quan, the son of Novaland founder Bui Thanh Nhon, has personally guaranteed VND 360 billion (US$13.7 million) in loans taken out by the property developer.
Novaland will pay no fee for the guarantee, which covers repayment obligations and other amounts arising from the loan agreements. View source→
Fake news fines over Grab driver strike news
Thanh Nien is reporting that Hanoi police have fined a YouTuber after admitting he posted content about the widely reported Grab driver industrial action over the weekend for attention.
The police said posts claiming Grab was paralysed or all drivers had stopped working were unverified, while Grab said its services continued operating normally, according to Thanh Nien’s reporting. View source→
*I’ve checked other sources, and they are all very ambiguous about what the incorrect information was — that Grab drivers were considering industrial action over the weekend was widely reported, including in state media. The Vietnamese is running an article where it suggests it was the use of the word ‘strike’ that was the problem, though, again, none of the local reporting I’ve seen is clear on this.
I’d also point out that the defendant is referred to only by his initials, and his face has been blurred. If he has an audience of a size that what he says can create problems, then you would think, for the purposes of gaining reach in the public sphere to deter similar behaviour, it would be better to make his identity public. This whole thing is confusing.
Tesla market entry
Reuters is reporting that Tesla has established a Vietnam subsidiary, formally entering one of Southeast Asia’s fastest-growing electric vehicle markets.
Tesla Motors Vietnam was registered in Ho Chi Minh City on September 11 with charter capital of VND 77.67 billion (US$3 million), with the company authorised to import, distribute and sell vehicles, parts, machinery, and equipment in Vietnam. View source→
*This article frames the move around Vietnam’s growing EV market, but I’d argue it’s probably more about the premium vehicle sector. You buy a Tesla for the performance / prestige, whereas Vietnam’s most widely sold EVs from VinFast are more about affordability and, to some extent, national pride. That is to say, I think Tesla would be looking to take market share from brands like Range Rover or Mercedes-Benz, not so much the key EV brands.
Thai gas power project revived
Bloomberg is reporting that Thailand’s Gulf Development is reviving plans for a major gas-fired power project in Vietnam as rising electricity demand drives its overseas expansion. View source→
Garment worker shortage HCMC
The Vietnam General Confederation of Labour has said in a post on its website that Ho Chi Minh City garment and textile companies are struggling to recruit workers despite offering average monthly incomes above VND 13 million (US$493).
Employers sought 3,558 garment, textile, leather, and footwear workers in August, while just 1,420 people were seeking jobs in the sector. View source→
Semiconductor plans Hung Yen
The Investor is reporting that Vietnamese conglomerate Geleximco plans to begin construction of a semiconductor plant in Hung Yen province in November, targeting commercial production in early 2028.
The facility will test and integrate Vietnamese-designed control chips, sensors and power chips into electric vehicles and Geleximco’s broader industrial operations. View source→
*This follows on from reports yesterday that the government was putting together a list of firms it would prioritize for procurement of high-tech goods.
Wistron to expand
The Investor is reporting that Taiwanese electronics manufacturer Wistron has approved an additional US$59.1 million investment in its Vietnam subsidiary to expand its server business.
The funds will finance facility upgrades and equipment purchases at Wistron InfoComm Vietnam in northern Ninh Binh province. View source→
China biofuel import deal
Petrovietnam Refining and Petrochemical Corporation (BSR) is in talks with China’s SDIC Biotech to secure long-term ethanol supplies following Vietnam’s switch to ethanol-blended petrol, according to Reuters reporting published by Market Screener.
The companies are discussing ethanol shipments of 5,000–5,500 cubic metres each. View source→
Thai retailer expansion plans
Inside Retail is reporting that Thailand’s Central Retail plans to open up to 37 new food stores in Vietnam by 2028 as it expands in major and secondary cities.
The retailer plans 10–12 new Go! Hypermarkets and 23–25 Mini Go! Supermarkets over the next two years. View source→
Exchange rates
As of 7.30am today, the black market US dollar buy rate was VND 25,760, and the sell rate was VND 25,810, a change of 10 and 30, respectively, for a mid-market rate of VND 25,785 (up 0.08 percent), according to prices quoted by Ty Gia USD.
Meanwhile, the State Bank of Vietnam’s central exchange rate was set at VND 25,607, while the Google Finance mid-market rate stood at VND 25,988.
Stock market Monday
The VN-Index closed at 1,788.23, down 6.98 points or 0.39 percent, with a total trading value of VND 19,538.14 billion or US$741.49 million, and foreign traders net-buying US$31.16 million worth of equities, Tuesday, according to the latest data from the Ho Chi Minh City Stock Exchange.
Yesterday’s news
In today’s news: Grab on stop-work, Proptech Nasdaq listing, Culture Day public holiday, Semiconductor gov’t procurement plans, Vietravel Airbus deal, Construction needs Hanoi Olympic Sports Urban Area, Vietnam Airlines Airbus MoU, NCC review Grab pricing, VinFast to fight NC lawsuit, Exchange rates, Stock market Friday, Friday’s news roundup, and more. View source→