The resolution aiming to improve investment and business environment and facilitate private sector access to resources.

The National Assembly  on May 17 dopted a Resolution on several special mechanisms and policies aimed at promoting development of the private economy in Vietnam.

The Resolution aims to improve the investment and business environment; facilitate private sector access to resources; promote science, technology, innovation, digital and green transformation; develop human resources; and expand the participation of private enterprises in national key projects.

The resolution stipulates corporate income tax exemption for small and medium-sized enterprises for three years from the date of issuance of the first business registration certificate.

It also stipulates corporate income tax exemption for two years and a 50% reduction in the amount of tax payable for the next four years for income from innovative start-up activities of innovative start-up enterprises, innovative start-up investment fund management companies, and intermediary organizations supporting innovative start-up.

The determination of tax exemption and reduction periods shall be implemented in accordance with the provisions of the law on corporate income tax.

Individuals and organizations now can enjoy exemption of personal income tax and corporate income tax for income from the transfer of shares, capital contributions, capital contribution rights, rights to purchase shares, and rights to purchase capital contributions in innovative start-up enterprises.

Personal income tax is exempted for two years and tax payable is reduced half for the next four years for income from salaries and wages paid to experts and scientists by innovative startups, research and development centers, innovation centers, and intermediary organizations supporting innovative startups.

Regarding financial and credit support, the resolution clearly states that private enterprises, household businesses, and individual businesses will receive a 2% annual interest subsidy from the State on loans used for green and circular projects and for adopting the environmental, social, and governance (ESG) standards framework.

Lump-sum tax for household businesses will be removed from January 1, 2026 instead of July 1, 2026. To reduce burdens and costs, and encourage them to engage in digital transformation, the resolution stipulates that the State allocates funds to provide free digital platforms and accounting software for the group.

-Đỗ Phong

Minister of Science and Technology Nguyen Manh Hung leads the working group.

Prime Minister Pham Minh Chinh has signed a decision, officially approving the list of members, functions, and tasks of a Working Group on Science, Technology Development, Innovation, and Digital Transformation.

The decision took effect on May 15, 2025.

Under the decision, Minister of Science and Technology Nguyen Manh Hung serves as Head of the Working Group.

The deputy heads of the Group include: Deputy Minister of Science and Technology Pham Duc Long, Deputy Minister of Public Security Lieutenant General Nguyen Van Long, Deputy Chairman of the Government Office Pham Manh Cuong, and Deputy Minister of Home Affairs Truong Hai Long.

The Working Group is responsible for researching and proposing initiatives to the Government, the Prime Minister, and the Government’s Steering Committee for Science, Technology Development, Innovation, and Digital Transformation. It will guide the nationwide implementation of tasks related to these fields, excluding monitoring duties linked to digital transformation under Project 06 (on developing application of population data, identification, and e-authentication data, as well as administrative reforms).

-Hạ Chi

The negotiation took place in a spirit of openness, frankness, flexibility, and mutual constructiveness.

Immediately following the conclusion of the 31st APEC Ministers Responsible for Trade Meeting (MRT 31) on May 16 in Jeju, South Korea, Vietnam and the United States held their first direct ministerial-level talks on the Vietnam-US Reciprocal Trade Agreement, as previously planned by both sides.

Minister of Industry and Trade Nguyen Hong Dien, Head of the Vietnamese Government's Negotiating Delegation,  and US Trade Representative (USTR) Jamieson Greer.led a direct negotiation session. 

This marked the first in-person ministerial-level negotiation between Vietnam and the US, following the online session on April 12, 2025, held under the guidance of high-level leaders from both nations.

The negotiation took place in a spirit of effectiveness, frankness, equality, mutual respect, and mutual benefit, flecting the strong commitment of both parties to building stable, balanced economic, trade, and investment relations that align with the Vietnam-US Comprehensive Strategic Partnership.,

Discussions were guided by principles of sovereignty, autonomy, political institution respect, harmonization of interests, and adherence to customary international law, while considering each country’s development level.

Building on this foundation, the two sides reached broad consensus on principles, negotiation approaches, content orientation, and future plans, laying a groundwork for subsequent negotiation sessions to achieve effective and mutually beneficial outcomes.

-Bình Minh

While much has been done globally, ministerial discussions at the recent 4th P4G Summit heard that the pace of change towards sustainability needs to be quickened.

Sustainable, green-driven growth is no longer merely a choice, it has become a global imperative. As climate change continues to reshape our world in increasingly tangible ways, nations across the globe are embracing the shift towards sustainability. While many have already taken the first steps and achieved early results, the pace of green transition needs to accelerate significantly to truly meet the demands of inclusive and long-term development.

At the ministerial-level discussions during the 4th Partnering for Green Growth and the Global Goals 2023 Summit (4th P4G Summit), hosted recently by Vietnam, leaders and experts came together to explore bold ideas and actionable solutions. Their focus was on unlocking key drivers that will enable both the global economy, and Vietnam in particular, to grow in a way that is not only robust but also resilient and sustainable for generations to come.

Unlocking green finance

To accelerate the construction of a sustainable global economy, the role of mobilizing sufficient and sustainable green investment capital is indispensable. In this context, the coordination in implementing a financial mobilization strategy for green growth, aligned with the structure of the global financial system, is crucial.

Speaking at the ministerial session entitled “Revitalizing and Unleashing Finance Strategy for Global Green Growth”, Ms. Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), said the global economy is undergoing a period of contradictions. While global assets have reached nearly $500 trillion, countries and territories are struggling to mobilize the $4 trillion needed to diversify economies towards sustainability. Every day, the global financial market handles over $10 trillion in funds, but only a very small proportion of this capital is directed to or derived from green projects.

Despite receiving limited investment resources, Ms. Grynspan expressed her admiration for the achievements of the global economic transformation toward sustainability. Notably, the global renewable energy market surpassed the $1 trillion mark in 2024, with projections to exceed $7 trillion by 2030. The electric vehicle and clean energy vehicle markets are also growing at double the rate every 18-24 months. Other sectors, such as sustainable technology, climate change adaptation, and the circular economy, have also seen significant growth in recent times. These figures highlight the potential profits, reaching trillions of dollars, from investing in green projects.

While the sustainable economy sectors have the potential for substantial returns, opportunities for green projects are mostly concentrated in developed countries. In contrast, despite being the most affected by climate change, developing nations, including China, only received 50 per cent of the total green energy investment in 2024. In Africa, home to 60 per cent of the world’s potential solar energy capacity, less than 2 per cent of total renewable energy investments are being directed there.

Even countries that supply the raw materials essential for global green growth have only received a small share of the profits from this investment wave. The Democratic Republic of the Congo, which supplies 70 per cent of the world’s cobalt demand, receives less than 3 per cent of the profits from the industry.

To ensure that capital reaches the right places at the right time, UNCTAD called for improvements in financial equity, particularly in developing nations.

Mr. Do Thanh Chung, Deputy Minister of Finance of Vietnam, reported positive results in the Vietnam’s green credit growth. Specifically, the country’s outstanding green credit balance grew eight-fold between 2015 and 2023, from VND71 trillion ($2.84 billion) to around VND564 trillion ($22.56 billion), representing 4.4 per cent of the total outstanding loans in the economy. These figures reflect the Vietnamese Government’s commitment and the entire political system’s determination to achieve green growth goals. However, there is still significant room for growth in Vietnam’s green finance sector.

Mr. Thomas Jacobs, Country Director of the International Finance Corporation (IFC) for Vietnam, Cambodia, and Laos, noted that Vietnam’s financial needs to achieve its net-zero emissions by 2050 roadmap are estimated at $368 billion. Despite rapid growth in green credit over recent years, it still accounts for less than 5 per cent of total loans, and the climate bond market has not yet fully developed, creating significant limitations in the current financial system. Vietnam needs to improve its legal regulations, enhance banking capacity, and promote innovative financial instruments such as blue bonds.

According to Mr. Chung, as part of the sustainable development process, it is essential to reposition the mission and role of national financial institutions globally. National financial institutions, in addition to strengthening their role in policy coordination, should be given a leading role in creating and driving legal frameworks that foster green project investments.

He also called on governments to empower their State financial institutions to develop and implement strong measures for the green finance market, including promoting green finance sectors, sustainable financial tools, and developing practical products. Policies supporting businesses involved in green projects, such as direct financial incentives, should be implemented to make these projects more attractive to both domestic and foreign investors. Additionally, delegates agreed that financial policy reforms should include a clear green finance classification system and the improvement of ESG (environmental, social, and governance) standards.

Speakers emphasized that a transparent and closely-monitored system would build investor trust. According to H.E Kees van Baar, Ambassador of the Netherlands to Vietnam, financial policy reforms, including tax incentives, adjusting credit limits, and exempting mandatory reserves for green credit, are vital measures to strengthen the green finance market.

Regarding the structure of the global financial system, countries agreed that strengthening discussions and close cooperation is essential. In this context, the needs and desires of developing countries must be heard.

Driving green innovation

Once the necessary capital is secured, the wave of sustainable development will open up a world of opportunity to transform and modernize global technological foundations. It will drive smarter, more innovative solutions that meet the needs of humanity while ensuring we do not deplete our precious natural resources.

During the ministerial session entitled “Game-Changing Technology for Green Transition and Sustainable Development in the Intelligent Age”, Minister of Science and Technology Nguyen Manh Hung highlighted that green development is a monumental step for humanity, especially as rising resource consumption continues to strain the environment. While this presents a significant challenge, the Minister is confident that human ingenuity will prevail in overcoming it.

“Green and sustainable development hinges on science, technology, innovation, and digital transformation,” he emphasized. “Vietnam views this as a strategic priority, evident in our decision to bring science, technology, innovation, and digital transformation under the same management body.” He explained further that green and digital are inseparable - green must be digital, and digital must be green. The digital world reduces material consumption, while digital transformation demands energy efficiency, especially as it consumes significant electricity.

Meanwhile, a representative from the Global Green Growth Institute (GGGI) said the rise of AI offers a powerful tool for policymakers, businesses, and organizations to gather and analyze data and predict future trends. According to Boston Consulting Group (BCG) research, AI-driven green solutions could reduce global greenhouse gas emissions by 5-10 per cent by 2030.

Mr. Katsume Yasushi, Japanese Parliamentary Vice-Minister of the Environment, revealed that Japan is leveraging AI to monitor pollution, climate change, and biodiversity loss.

In the Middle East, the United Arab Emirates (UAE) has embraced AI and digital transformation to tackle domestic energy security and build a circular economy. H.E. Bader Al Matrooshi, Ambassador of the UAE to Vietnam, explained that the country has created smart agricultural models suited to its environment, boosting agricultural productivity. A prime example is Bustanica, the world’s largest vertical hydroponic farm, which uses AI and machine learning to manage agriculture and carefully control water resources.

Delegates at the session agreed that for a developing country like Vietnam, harnessing AI could lead to a major breakthrough in optimizing resource use and reducing emissions. Additionally, attracting investment in green technology and fostering international collaboration will help create industries that promote sustainable growth in Vietnam, offering high-quality jobs and better incomes for workers.

-Việt An

The event seen as part of Thai Prime Minister Paetongtarn Shinawatra’s official visit to Vietnam from May 15-16.

Prime Minister Pham Minh Chinh and his Thai counterpart Paetongtarn Shinawatra co-chaired a business forum in Hanoi on May 16, as part of the Thai leader’s trip to Vietnam, according to a report from the Vietnam News Agency.

Speaking at the forum, themed “One plus one on three connects,” PM Chinh stressed that Thailand is the only country to have a joint Cabinet meeting mechanism with Vietnam, initiated in 2004.

Thailand was also among the first ASEAN countries to establish a Strategic Partnership with Vietnam in 2013, he continued.

During PM Paetongtarn’s visit to Vietnam from May 15-16, the two countries have upgraded their relationship to a Comprehensive Strategic Partnership.

PM Chinh held that given the current complex, unpredictable, and uncertain situation in the world, with many issues that no single country can resolve alone, Vietnam, Thailand, and ASEAN countries must strengthen unity, embrace diversity, and enhance cooperation.

“While the two countries have already collaborated well, they must now work even better and more effectively, and deliver more tangible results,” the Vietnamese leader said.

Briefing the Thai leader on Vietnam’s situation, PM Chinh noted that Vietnam aims for a GDP growth rate of at least 8% in 2025 and strives to achieve double-digit growth during the 2026–2030 period.

He also highlighted Vietnam’s determination to streamline its organizational apparatus; re-organize administrative units; further improve its investment and business environment; achieve breakthroughs in science and technology development, innovation, and national digital transformation; promote the private sector as the most important driver of the national economy; accelerate international integration; and ensure seamless infrastructure connectivity between provinces and regions, as well as national and international connections.

The Vietnamese PM thanked Thai businesses for their practical and effective contributions to Vietnam’s development and the friendly relations between the two countries.

He affirmed that Vietnam is actively addressing obstacles faced by Thai enterprises related to taxes, electricity, digital payments, administrative procedures, and capital access.

PM Chinh urged Thai businesses to continue trusting and staying committed to Vietnam throughout its development process, and to make more contributions to prosperity of both nations as well as the Vietnam-Thailand Comprehensive Strategic Partnership.

The Vietnamese government guarantees the legitimate and lawful rights and interests of investors, ensuring political stability, social order and safety, along with robust institutions, mechanisms, and policies to attract investment, he stated.

In her remarks, PM Paetongtarn emphasized that Vietnam and Thailand need to deepen cooperation to respond to global economic and political instability.

The establishment of the Comprehensive Strategic Partnership between the two countries marks a new era in their relationship, focusing on promoting economic value chains and maximizing the strengths, potential, and advantages of each side, she said.

Thailand and Vietnam are the largest economies in the Greater Mekong Subregion and serve as key drivers of ASEAN’s economic growth, she remarked.

The two economies are closely interconnected, with many businesses participating in the same value chains. Over 50% of Thailand-Vietnam trade consists of importing and exporting raw materials and components that support manufacturing industries serving both domestic consumption and exports.

Therefore, the Thai PM said, the economic growth of one country presents opportunities for the other.

Noting that the two governments have agreed to promote economic cooperation under the “Three Connections” strategy, PM Paetongtarn stressed the need to connect supply chains in mutually beneficial industries such as petrochemicals, food, electronics components, and logistics.

She also highlighted the importance of developing human resources in future industries like AI and semiconductors.

Through cooperation among more than 20 partner cities, opportunities for local entrepreneurs in trade, investment, and tourism will be expanded, the Thai leader said.

Expressing delight at the prospect of new air routes opening between Vietnam and Northeastern Thailand, the Thai PM noted that this will be the first international flight from an airport in Northeastern Thailand, which is expected to boost people-to-people exchanges and tourism between the two countries.

The Thai leader emphasized sustainable development connectivity as a key pillar, and stated that the two countries will foster cooperation in renewable energy and digital economic transformation.

She said the Comprehensive Strategic Partnership goes beyond government ties to include partnerships between their private sectors. Notably, the private sectors of both countries are the most important partners in driving concrete cooperation, meeting mutual needs, and advancing the partnership in a practical direction.

Thailand is currently Vietnam’s largest trading partner within ASEAN, with bilateral trade reaching over $20 billion  in 2024. Thai investors have launched 767 projects in Vietnam, totaling nearly $15 billion  in registered capital, ranking 9th among 150 countries and territories.

Meanwhile, Vietnam has invested in 22 projects in Thailand with a total capital of nearly $35 million.

Participants at the forum believed that there remains significant room and potential for further economic, trade, and investment cooperation between the two countries.

Also at the forum, businesses from both countries exchanged cooperation documents.

Vietnam’s FPT Corporation and Thailand’s Sunline Technology signed a Memorandum of Understanding on a strategic partnership in digital banking.

Vietnam Rubber Group and Thailand’s Amata Group reached an MoU on the development of the Dong Nai Industrial Park.

Under another agreement inked on this occasion, Vietjet and Boeing will transfer 50 Boeing 737 aircraft to Vietjet Thailand.

-Vân Nguyễn

The 125km expressway project will connect south-central Binh Dinh province and Central Highlands Gia Lai province.

The Ministry of Construction has submitted a proposal to the National Assembly for approving the investment policy of the Quy Nhon – Pleiku expressway project.

The proposed expressway, connecting south-central Binh Dinh province with the Central Highlands province of Gia Lai, has a total length of 125 km, according to the feasibility study report.

A 85-km section of the project will run through Gia Lai province and the remainder (40 km) through Binh Dinh province.

Total investment capital is estimated at over VND43.7 trillion ($1.67 billion), which will be sourced from the State budget.

The expressway is designed to have four lanes with a roadbed width of 24.75m, allowing a maximum speed of 100 kph.

The project is expected to help boost socio-economic development for the Central Highlands region and the south-central coastal area.

-Thanh Thủy

The policy recommended for selected goods and services currently taxed at 10%.

The Government has proposed to cut 2% of the value-added tax (VAT) for goods and services currently taxed at 10% from July 1, 2025 to December 31,2026.

The proposal was presented by Minister of Finance Nguyen Van Thang during the ongoing National Assembly (NA) session.

The VAT reduction will not apply to sectors including telecommunications, financial services, banking, insurance, securities, real estate, metal products, mining (excluding coal) and items subject to special consumption tax (except for gasoline), according to the proposal.

Additionally, the State has proposed adding gasoline, washing machines, and microwave ovens to the list of goods eligible for the VAT reduction.

The Ministry of Finance has projected that the reduction will lead to a decrease in state revenue by approximately VND121.74 trillion ($4.69 billion) over the proposed period.

-Kỳ Phong

Despite its strong potential for developing smart agriculture, Vietnam still faces numerous challenges that must be addressed to achieve more robust and sustainable growth in the sector.

At the “Smart Agriculture Focus Group” event held on May 15 by the Australian Trade and Investment Commission (Austrade) in collaboration with the Startup Vietnam Foundation (SVF), experts gathered to discuss and identify barriers, opportunities, and emerging challenges in the development of smart agriculture in Vietnam.

GREAT OPPORTUNITIES FOR SMART AGRICULTURE IN VIETNAM

At the event, Mr. Le Minh Nhut, Co-founder and CEO of Demeter, emphasized the crucial role of agriculture in Vietnam’s economy, accounting for 12–14 per cent of GDP. Vietnam has set an ambitious goal to become one of the world’s leading agricultural nations by 2050 and to be among the top 10 global agricultural processing hubs by 2030.

According to Mr. Nhut, the Vietnamese Government is strongly promoting the model of an “agricultural economy”. In which, the modernization of production processes and the enhancement of added value in agriculture are being actively pursued, thereby creating many potentials for developing smart agriculture.

Mr. Nhut shared that there are currently over 300 AgriTech enterprises in Vietnam operating in various fields such as climate change adaptation, environmental monitoring, automation, and traceability , all of which are critical to improving production efficiency and agricultural product quality.

In addition, green capital is increasingly flowing into the sustainable agriculture sector, especially investments in agricultural technology (AgriTech). A notable example is Techcoop - a Vietnamese agricultural technology startup, has recently successfully raised $70 million - a positive signal reflecting the growing momentum of innovation investment in Vietnam’s smart agricultural sector.

Vietnam also enjoys many advantages, such as its strategic location in Southeast Asia, the potential to become a global agricultural processing hub, and the capacity to develop high value-added agricultural products for export. Therefore, accelerating the development of smart agriculture is essential to boost productivity in this sector.

Experts at the event also noted that Vietnam is emerging as an attractive destination for agricultural technology investors thanks to its impressive growth rate. With the advancement of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data analytics, Vietnam holds great potential for transforming its agricultural production model towards smart farming, thereby increasing productivity and product quality.

OVERCOMING CHALLENGES TOWARD A PROMISING FUTURE

However, alongside potential and opportunities, experts also pointed out several major challenges that Vietnam must address in developing smart agriculture.

One of the biggest barriers is the fragmented and small-scale landholding of most farming households, which hinders the synchronized implementation of technological solutions and increases the complexity of managing and operating smart production systems.

There is also a severe shortage of high-quality human resources for the agricultural sector. The proportion of workers with formal education and technical skills remains low. Meanwhile, many farmers have limited awareness of quality standards and limited access to technology. Recruiting technical experts or personnel specialized in digital agriculture remains a significant challenge.

Financial constraints are another major barrier. Small-scale farmers and businesses often find it difficult to access loans due to a lack of credit history or collateral. AgriTech and aquaculture startups also face significant difficulties in raising capital to scale their operations.

Moreover, the lack of policy consistency and a legal framework for the development of smart agriculture continues to impede the large-scale application of technology.

The high initial investment cost of smart agricultural models remains a hurdle for small-scale farmers, who may struggle to access or see immediate results. Meanwhile, many micro and small enterprises (MSMEs) still lack a proper digital transformation strategy.

In response to these challenges, Mr. Nguyen Hong Hiep, Director of Corporate Affair of PAN Group, suggested that Vietnam should intensify the use of digital tools to effectively manage the entire agricultural production chain.

“Although farmers may find it difficult to use management software, it is entirely feasible to deploy technical support teams on-site. This will help effectively monitor the use of crop varieties and pesticides, thereby improving pest control and reducing the need for frequent field inspections,” Mr. Hiep suggested.

Additionally, Ms. Le Hong Minh, CEO of i.Value Corporation and Executive Committee Member of SVF, emphasized that for the smart agriculture model in Vietnam to develop sustainably, there must be close cooperation among all stakeholders, from the Government and large enterprises to social organizations.

“Each party must clearly define its role and specific responsibilities in promoting the innovation ecosystem in agriculture in the near future,” she stressed.

-Phương Nhi

Leaders of Thailand's seven leading corporations and major enterprises in Vietnam meeting with Prime Minister Pham Minh Chinh in Hanoi on May 16.

Leaders of Thailand's seven leading corporations and major enterprises investing in Vietnam reaffirmed their long-term commitment to doing business in Vietnam and their intentions to expand operations, during a reception by Prime Minister Pham Minh Chinh in Hanoi on May 16.

They included President and CEO of Siam Cement Group (SCG) Thammasak Sethaudom, Chairman of Charoen Pokphand Group Soopakij Chearavanont, CEO of AMATA Group Somhatai Panichewa, Chairwoman of the Executive Committee and CEO of WHA Corporation Jareeporn Jarukornsakul, Chief Digital Officer and member of the founding family of Central Retail Group Ton Chirathivat, President of Kasikornbank Chongrak Rattanapian, and Chairman of Super Energy Corporation Jormsup Lochaya.

PM Chinh encouraged Thai corporations and banks to continue expanding their operations and investing in areas of strength and new spheres such as digital economy, green economy, circular economy, emerging industries, and high technology, according to a report from the Vietnam News Agency.

He asked these firms, with their experience and network of partners, to continue to support Vietnam in attracting reputable Thai and foreign enterprises to learn about and implement effective investment projects in Vietnam; strengthen cooperation with Vietnamese enterprises to help improve technological capacity, engineering, management skills, develop human resources, especially high-quality human resources, and join deeply regional and global value chains.

PM Chinh stressed that the Vietnamese Government will always accompany and create a favourable investment environment for Thai businesses to operate successfully in Vietnam.

-Vân Nguyễn

Cooperation in sectors such as green maritime industries and renewable energy ... should be further boosted between Vietnam and Norway in the coming time.

The Norwegian Embassy in Vietnam celebrated the 211th anniversary of Norwegian Constitution Day (May 17, 1814 - May 17, 2025) in Hanoi on May 16.

On this occasion, Norwegian Ambassador to Vietnam H.E Hilde Solbakken and Vietnam's Deputy Minister of Foreign Affairs Le Thi Thu Hang shared their insights into the Vietnam - Norway relationship and the potential for bilateral cooperation, especially in areas related to the green economy and circular economy.

Specifically, H.E Hilde Solbakken emphasized that Norway highly values the close cooperation between the two countries in jointly seeking solutions to overcome global challenges, including climate change and ocean protection.

In particular, Vietnam and Norway are working together to accelerate the green energy transition and enhance cooperation in green maritime.

Vietnam is currently Norway’s second-largest trading partner in ASEAN (after Singapore), with two-way trade turnover reaching over $450 million in 2024. In which, Norwegian seafood exports to Vietnam alone exceeded $250 million, up 16 per cent compared to 2023.

Currently, Norway has 60 FDI projects in Vietnam with total registered capital exceeding $200 million, ranking 40th among countries and territories investing in Vietnam. 

According to the Ambassador, cooperation to promote a green and circular economy between the two countries are yielding positive signs, particularly in improving waste management, sustainable marine aquaculture, renewable energy. Therefore, the two countries should further cooperation in these sector in the coming times.

H.E Hilde Solbakken also stressed that both Norway and Vietnam are open economies that rely heavily on trade.

Therefore, she expressed hope that negotiations on the Free Trade Agreement (FTA) between Vietnam and the European Free Trade Association (EFTA) (including Switzerland, Norway, Iceland, and Liechtenstein) would make significant progress this year to further boost trade between the two countries.

“In a world facing many challenges, it is more important than ever to cherish and uphold strong and growing relationships like the one between Norway and Vietnam. We place special importance on our close and long-standing ties with Vietnam and remain optimistic about the future of our cooperation,” H.E Hilde Solbakken emphasized.

On the similar mind, Deputy Minister of Foreign Affairs Le Thi Thu Hang also affirmed that the relationship between Vietnam and Norway has been developing very well and has achieved many positive results, especially in green economy.

Deputy Minister of Foreign Affairs Le Thi Thu Hang speaks at the celebration of the 211th anniversary of Norwegian Constitution Day. (Photo: Phuong Hoa)

Many Norwegian companies have played an active role in bilateral cooperation, particularly in the fields of renewable and green marine.

 In order to promote the great potential, the Deputy Minister said that the two countries are actively coordinating to build a new framework for cooperation in the field of sustainable marine economy and renewable energy, supporting Vietnam in implementing the Joint Energy Transition Partnership (JETP) with the group of international partners, including Norway.

The Deputy Minister also expressed hope that more Vietnamese businesses would boost their investment in Norway in the coming time.

-Phuong Hoa

The event marked the first collaboration of its kind between a domestic switching network and an international card scheme in the Vietnamese market.

Vietnam's first co-badged card, combining domestic and international payment capabilities, has been jointly launched by the National Payment Corporation of Vietnam (NAPAS) and global payment technology company Mastercard

The Vietnam News Agency reported that the announcement of the co-badged card was made on May 15 in Hanoi, with the participation of six commercial banks Agribank, BIDV, TPBank, Nam A Bank, PVcomBank, and Vikki Bank.

This marked the first collaboration of its kind between a domestic switching network and an international card scheme in the Vietnamese market, the news agency remarked, adding that the new card is expected to be rolled out across other commercial banks in the near future, as part of wider efforts to promote cashless transactions and greater financial integration into global systems.

The card combines the functionalities of both NAPAS and Mastercard within a single physical card, allowing users to perform both domestic and international transactions seamlessly. In Vietnam, it is accepted at over 650,000 merchants and 20,000 ATMs within the NAPAS network. Internationally, its holders gain access to over 150 million Mastercard acceptance points and more than one million ATMs worldwide.

Ms. Winnie Wong, Mastercard Country Manager for Vietnam, Laos and Cambodia, was quoted by the news agency as saying that the launch offers a secure and flexible payment solution, aligned with evolving market needs and contributing to sustainable economic growth in the digital age.

-Vân Nguyễn

The new Vespa models launched at the Piaggio Vinh Phuc Factory demonstrate Piaggio's strong commitment to the Vietnamese market...

At the launch event of the Vespa 2025 models held on May 15 at the Piaggio Vietnam Factory in Vinh Phuc province, Mr. Gianluca Fiume, President of Piaggio Asia Pacifc and General Director of Piaggio Vietnam shared that Piaggio Group identifies Vietnam as not only Piaggio's second home in Asia but also in the world because of its great potential.

Mr. Gianluca Fiume said that since 2008, when the world faced a global economic crisis, Piaggio Group started investing in Vietnam for many reasons including population, large and potential 2-wheeler market, production capacity. "Until now, Vietnam is still potential for all these reasons," Mr. Gianluca Fiume emphasized. "Vietnam is the second home for Piaggio in APAC."

In the APAC region, Piaggio has its presence in many markets, including Vietnam, South Korea, Malaysia, Taiwan, Thailand, Indonesia, the Philippines, Japan, Singapore, Hong Kong (China), Australia and New Zealand.

However, its factory in Vietnam, according to Mr. Gianluca Fiume, has helped Piaggio get closer to the Asian market, from which the Group has absorbed Asia's own experiences to change its perspective and create new development strategies for this extremely dynamic market.

With a team of more than 1,000 skilled employees, the factory includes a large-scale assembly line complex, an advanced engine factory, and Piaggio's only research and development (RD) center in Southeast Asia. Throughout its development journey, Piaggio Vinh Phuc Factory has produced a variety of vehicle lines from popular, mainstream to high-end segments - including the iconic Vespa LX, the sporty Aprilia SR GT, and the Vespa GTS

Mr. Adriano Vignoli, Head Of Research Development and Quality, Asia Pacific, Piaggio Group, added that engines assembled in Vietnam are also present in Europe, and vehicles manufactured at Piaggio Vinh Phuc Factory are not only exported to Asia but also worldwide.

Recently, Piaggio Vietnam has officially launched in the Vietnamese market the latest versions of two iconic vehicle lines: Vespa Primavera and Vespa Sprint 2025, manufactured at Piaggio Vinh Phuc Factory.

The launch event of the Vespa Primavera and Vespa Sprint 2025 versions was held right at the Piaggio Vietnam Factory in Vinh Phuc province, within the framework of a unique art exhibition called Galleria D'Arte.

Since its inception in 1946, the Vespa brand has continuously inspired the new generation to pursue a lifestyle that expresses its own personality and distinct aesthetic taste. Still possessing a compact and elegant design that is popular worldwide, the Vespa 2025 versions are now upgraded with sharp design lines, high-quality materials and inspiring new colors, in addition to technological improvements that bring a different experience.

Mr. Gianluca Fiume shared that the launch of the Vespa 2025 models is not only a new step in Piaggio's product development journey, but also demonstrates Piaggio's strong commitment to the Vietnamese market, where Vespa has become a symbol of elegant and sophisticated lifestyle full of aesthetics.

"Organizing the event right at the "home of Vespa in Vietnam" for more than 16 years has a very special meaning," Mr. Fiume emphasized. "This is not only the strategic production center of the Piaggio Group in the Asia-Pacific region, but also the place associated with the journey of creating the Vespa brand heritage in Vietnam."

-Ngoc Lan

The comprehensive strategic partnership was announced during the ongoing trip to Vietnam by Thai Prime Minister Paetongtarn Shinawatra.

Vietnam and Thailand have officially upgraded their relations to a comprehensive strategic partnership, heard a press conference co-chaired by Prime Minister Pham Minh Chinh and his Thai counterpart Paetongtarn Shinawatra in Hanoi on May 16, according to a report from the Vietnam News Agency.

PM Chinh told the press following the 4th Vietnam-Thailand Joint Cabinet Retreat the same day that the meeting took place successfully, stressing the two sides reached consensus on many key strategic orientations.

He noted that Thailand was one of the first ASEAN countries to establish diplomatic ties with Vietnam after Vietnam's national reunification. It is also the only nation with which Vietnam has established a joint cabinet meeting mechanism, initiated by Thai PM Thaksin Shinawatra in 2004.

Thailand was also the first ASEAN country to set up a strategic partnership with Vietnam in 2013, the leader continued.

The establishment of the comprehensive strategic partnership helps foster a peaceful and stable environment in terms of security and defence across ASEAN, Asia, and the world at large, the PM emphasized.

It also contributes to fast and sustainable socio-economic development in both Vietnam and Thailand, bringing greater prosperity and well-being to their people, he said.

The two sides agreed to promptly develop an action program to implement the comprehensive strategic partnership for 2025–2030, built on three key pillars.

Under the first pillar - partnership for sustainable peace - they consented to deepen political, defense, and security cooperation to help maintain a peaceful, secure, and stable environment in both countries and across the region.

Accordingly, they will enhance high-level exchanges, firstly preparations for a visit to Vietnam by the King and Queen of Thailand and a visit to Thailand by Party General Secretary To Lam at an appropriate time.

At the same time, the two countries will strengthen bilateral cooperation mechanisms, particularly the Joint Cabinet Retreat and the Joint Commission on Bilateral Cooperation. Notably, they will hold annual meetings between the two Prime Ministers in both bilateral and multilateral settings, and explore upgrading the defense policy dialogue and the high-level dialogue on crime prevention, suppression and security issues to the ministerial level.

They concurred to promote and expand cooperation in maritime security and safety, defense industry, logistics, military medicine, search and rescue, border management, and exchanges between military services and branches.

 

Both sides committed to enhancing joint efforts in combating transnational crimes, particularly drug trafficking, human trafficking, and cybercrime. They pledged not to allow any individual or organization to use their territory to undermine the other.

The sides agreed to step up coordination and exchanges on regional and international issues of mutual concern, emphasizing the importance of maintaining ASEAN’s solidarity, resilience, and unity in diversity, while upholding its centrality.

They also shared the view on the significance of preserving peace, stability, security, safety, and freedom of navigation in the East Sea, in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS). Both sides also pledged to push for the early adoption of an effective and substantive Code of Conduct (COC) consistent with international law.

For the second pillar—partnership for sustainable development—the two sides agreed to strengthen economic connectivity through the “Three-Connections Strategy,” which focuses on linking supply chains, businesses and localities, and sustainable and green growth strategies between the two countries.

Building on that foundation, the two sides will further facilitate each other’s import and export activities, aiming to raise bilateral trade to $25 billion in a balanced and sustainable manner.

They will also create more favorable conditions for businesses to access each other’s markets and expand investment, particularly in high-potential sectors such as clean energy, digital economy, green economy, innovation, and high-tech agriculture.

In addition, the sides will reinforce connectivity in transport infrastructure and logistics, particularly along the East–West Economic Corridor, to facilitate the movement of goods, services, and people between the two countries and across the region.

They will enhance cooperation in science and technology, innovation, and digital and green transformation across sectors, toward a low-carbon, net-zero economy.

Labor, employment, and social welfare cooperation will also be expanded, with both sides pushing forward the implementation of the agreement on recruiting Vietnamese workers to Thailand.

-

PM proposed that the WB focus on providing financial support in large scale projects in Vietnam, especially the North - South high-speed railway project.

Prime Minister Pham Minh Chinh has a meeting with Ms. Mariam J. Sherman, World Bank (WB)’s Country Director for Vietnam, Cambodia, and Laos, in Hanoi on May 15.

During the meeting, the Prime Minister emphasized that the Vietnamese government always considers the WB a close, important, and trusted partner. He expressed his appreciation for the WB’s significant and effective support for and contributions to Vietnam’s socio-economic development, particularly in poverty reduction.

Specially, the Prime Minister highly valued the WB’s proposal to provide Vietnam with over $11 billion in loans over the next five years and suggested that this funding should be prioritized for major projects in Vietnam.

In addition, the Prime Minister also proposed that the WB allocate support and funding to both the public and private sectors, with more preferential and competitive interest rates, and adopt more flexible and efficient capital management models.

The Prime Minister also proposed that the WB focus on providing financial support for priority areas including large-scale infrastructure  and transportation projects, energy transition and renewable energy development, and agricultural projects that have positive environmental impacts such as the low-emission rice cultivation model that both sides have been jointly implementing, etc.

Notably, the Prime Minister proposed the WB to support funding for Vietnam to implement the North - South high-speed railway project, which is expected to start construction in 2026 with a total investment of around $67 billion.

Ms. Sherman, for her part, highlighted Vietnam’s development strategy and acknowledged the country’s goal of becoming a high-income, developed nation by 2045. She also praised Vietnam’s determined institutional reforms and efforts to streamline its administrative system.

Regarding the Prime Minister’s proposals, Ms. Sherman affirmed that these are also areas of great interest to the WB in its support for Vietnam in the coming period. Ms. Sherman affirmed that the WB stands ready to support Vietnam in this process, including by sending experienced experts to Vietnam to provide policy recommendations, enhance cooperation, and ensure swift and effective implementation of large - scale projects.

During the meeting, Prime Minister Pham Minh Chinh and Ms. Mariam J. Sherman, and leaders of relevant Vietnamese ministries and agencies also discussed solutions to accelerate  several ongoing joint projects between the two sides.

-Phuong Hoa

The list was selected by the Mastercard Economics Institute (MEI).

Nha Trang ranked 11th among summer’s top 15 emerging travel destinations in 2025

The list was selected by the Mastercard Economics Institute (MEI).

Nha Trang City in the south central province of Khanh Hoa was ranked 11th in the summer’s top 15 emerging travel destinations in 2025 by the Mastercard Economics Institute (MEI), according to a report from the Government News.

The south central coastal city is also the only representative from Vietnam to make the list, which was compiled based on comparative data of pre-booked airline tickets for the summer seasons of 2024 and 2025.

The report showed that interest in visiting Asian cities is mainly driven by Asian, European and American travelers.

Asia also tops the summer trip list for Middle Eastern travelers, though bookings rose the most for trips.

The MEI provides insights into global and local economic trends using advanced analytics and Mastercard's proprietary data assets.

Established in 2020, MEI supports businesses, governments, and policymakers with economic monitoring services and timely analysis on economic themes including consumer spending, retail and travel trends, and other local and global barometers of economic performance.

Earlier, Nha Trang was among the top 10 most searched Vietnamese destinations, along with Ho Chi Minh City, Hanoi, Da Nang, Phu Quoc, Hoi An, Vung Tau, Da Lat, Phan Thiet, and Hue, according to data from Google Destination Insights.

The tourism industry in Khanh Hoa province, particularly in Nha Trang, is on a rapid recovery trajectory following the COVID-19 pandemic.

The rapid growth of Nha Trang's tourism can be attributed to the unique value of Nha Trang Bay, one of the most beautiful bays in the world.

The bay features 19 large and small islands that create a magnificent and picturesque landscape.

It also preserves many unique cultural heritage values closely related to the marine and island environment.

Statistics of the city's Department of Culture, Sports and Tourism showed that more than 3.6 million visitors travelled to the city in the first four months of this year, including 1.8 million foreign arrivals, up 11.6 per cent against the same period last year.

-Phạm Long

Toyota and Honda leading the market in terms of sale volume.

Toyota and Honda led the market in terms of the number of hybrid auto sales in April with the Toyota Innova Cross HEV topped the best-selling list, according to the Vietnam Automobile Manufacturers' Association (VAMA).

Some 228 Toyota Innova Cross HEV vehicles were sold last month.

It was followed by the Suzuki XL7 HYBRID (195 units), the Toyota Corolla Cross (165 units), Honda HR – V E:HEV RS (151 units), the Toyota Camry HEV (148 units), the Honda CR - V E:HEV RS (147 units), the Toyota Yaris Cross HEV (50 units), the Honda Civic E:HEV RS (27 units), the Toyota Alphard HEV (8 units), and the Kia Sorento HEV/PHEV (4 units).

Electric and hybrid vehicles are projected to continue experiencing strong growth in 2025 and the following years.

-Lê Vũ

The total investment for the project is nearly $248 million, with a route length of 98.35 km.

The Ho Chi Minh Road Project Management Board has reported to the Ministry of Construction, requesting the completion of assessment and approval procedures to submit to the Government for approval of the expansion of the Cam Lo – La Son Expressway as an urgent construction work. 

According to the proposal, the project will be implemented as an urgent construction work—an approach that allows administrative procedures to be streamlined, facilitating faster preparation and execution, given that the current expressway has revealed limitations in traffic capacity.

Previously, the Government had approved the investment policy for the project, aiming to upgrade the existing Cam Lo – La Son Expressway, a section of the eastern North - South Expressway, from two lanes to a fully developed four-lane highway.

The total investment for the project is approximately VND6.422 trillion (nearly $248 million), with a route length of 98.35 km, closely following the existing alignment.

The section starts in Cam Hieu Commune, Cam Lo District, Quang Tri Province, and ends in Loc Bon Commune, Phu Loc District, Hue City.

The scope of investment includes the expansion of the roadbed, pavement, and auxiliary structures along the entire route. All components will be designed in accordance with Class A expressway standards, ensuring operability with four lanes and a design speed of 80–100 km/h depending on the terrain.

-Nguyễn Thuấn

Thailand's WHA group licensed to be the investor.

The People’s Committee of central Thanh Hoa province has approved the investment policy for infrastructure construction and trade at WHA Smart Technology 2 in Thieu Hoa district.

At the same time, the provincial authorities licensed WHA Industrial Zone Thanh Hoa JSC of Thailand’s WHA Group as the investor of  the project.

The project covers 174.9ha and has total investment capital of VND1.450 trillion ($55.5 million). Of the total capital, the investor contributed VND225 billion ($8.6 million). The remaining will be mobilized during the implementation process of the project.

This is one of key projects aiming to promoting industrial infrastructure in the province, contributing to attracting high-tech businesses and those operating in the fields of supporting industry.

 

-Thiên Anh

The selling price of SJC-branded gold bar down 0.92% on May 15.

Gold prices in the domestic market dropped 0.92% on May 15 following the global trend.

The SJC-branded gold bars were offered at VND116.6 million ($4,467) for buying and VND118.9 million ($4,555) for selling, down VND1.4 million ($53.6) and VND1.1 million ($42.1) compared to the previous day, respectively.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, in the global market, the gold price plummeted by nearly 1% on May 15 to $3,155.1 per ounce.

At this level, gold prices in Vietnam stand at around VND18.6 million ($712) a tael higher than the global price.

 

-Phương Linh

Vietnam's real estate market has become increasingly "attractive" to foreign investors due to the country’s strategic geographic location at the heart of Southeast Asia.

The Ministry of Construction’s report on housing and the real estate market for Q1/2025 indicates that, by the end of March 2025, total registered foreign direct investment (FDI) in Vietnam reached nearly $10.98 billion, marking a 34.7% increase compared to the same period last year.

Disbursed capital amounted to approximately $4.96 billion, up 7.2% year-on-year. Of this, newly registered capital accounted for $7.11 billion, up 49.2%; adjusted capital reached $1.68 billion, showing a slight increase of 4.2%. Notably, disbursed FDI was estimated at $4.96 billion, a 7.2% increase.

The real estate sector ranked second, after the manufacturing and processing sector, attracting more than $2.39 billion in total investment, accounting for 21.8% of total registered FDI—an increase of 44.1% year-on-year.

The ministry explained that Vietnam's real estate market has become increasingly "attractive" to foreign investors due to the country’s strategic geographic location at the heart of Southeast Asia, its proximity to major markets such as China, Japan, South Korea, and ASEAN, and its young, dynamic workforce with strong learning adaptability and technological proficiency—all at lower labor costs compared to many countries in the region.

Furthermore, investors have positively assessed Vietnam’s consistent efforts to improve the Investment Law and Enterprise Law to support foreign investors. As a result, numerous industrial parks and export processing zones now offer tax incentives, long-term land leases, and increasingly streamlined, digitized administrative procedures.

"The FDI inflows into Vietnam’s real estate sector in Q1/2025 have achieved remarkable results in both growth rate and investment quality. This is a positive signal reflecting international investors' confidence in Vietnam’s market while serving as a crucial driver for the recovery and development of urban, industrial, and tourism infrastructure," the ministry stated.

-Hoàng Bách