Cargo and passenger transport increasing 14.6% and 22.2%, respectively.

The transport sector continued to be one of the key drivers of economic growth in 2025, recording year-on-year increases of 14.6% in cargo transport and 22.2% in passenger transport, according to the National Statistics Office (NSO).

Freight transport volume reached nearly 3 billion tons, with strong growth across all modes of transport. Road transport rose 14.1% year on year; inland waterways, 12.8%; maritime transport, 16.6%; rail transport, 7.1%; and aviation, 4.4%.

Meanwhile, the total number of passengers transported was estimated at more than 6.18 billion. Road transport dominated, with passenger turnover reaching 312 billion persons-km, a 13.6% increase from the previous year. Notably, railway transport posted a strong recovery, surging 100% year on year to 39.9 million passenger trips.

VnEconomy-Minh Kiệt

The nuclear power plants are expected to meet the country’s development requirements in the new era.

Prime Minister Pham Minh Chinh has called for stronger efforts to accelerate Ninh Thuan nuclear power plants to serve the country’s development requirements in the new era.

Chairing the 4th meeting of the Steering Committee for Nuclear Power Plant Construction in Hanoi on January 7, PM Chinh asked relevant ministries and agencies to soon develop negotiation plans on unresolved issues to discuss with Russia partners for the construction of the Ninh Thuan 1 nuclear power plant. Any arising difficulties should be promptly reported to competent authorities in January.

For the Ninh Thuan 2 plant, the PM required the Vietnam National Industry - Energy Group (PetroVietnam), the Ministry of Industry and Trade, and the Ministry of Foreign Affairs to collaborate to research and propose plans for selecting a partner with suitable advanced source technology, and report to the competent authorities for consideration and decision.

The Ministry of Finance is tasked with urgently coordinating with relevant ministries and agencies to proactively organize negotiations with partners regarding credit agreement for the Ninh Thuan 1 and Ninh Thuan 2 power plants, ensuring synchronization with the investment cooperation agreement for the construction of the plants.

Other relevant ministries, agencies, and localities were instructed to concentrate on resettlement, site clearance, negotiate credit agreements for the Ninh Thuan 1 and 2 nuclear power plants, finalise the nuclear workforce training plan, and develop a strategy for selecting partners with advanced reactor technology.

VnEconomy-Huyền Vy

Risk management criteria, particularly the requirements for "collateral" and "minimum credit rating," are expected to be slightly tightened.

The State Bank of Vietnam's Department of Forecasting, Statistics, and Monetary-Financial Stability has recently released key findings from a comprehensive survey on the credit trends across the banking system.

Contrary to the slight decline observed in the first half of the year, credit institutions have noted a slight increase in credit risk levels during the latter half of 2025. However, this increase is significantly lower compared to the period from 2023 to 2024.

Notably, the highest credit risk continues to be concentrated in loans for real estate investment and business.

The slight upward trend in credit risk is expected to persist into 2026, with real estate investment and business remaining the sector with the highest perceived risk, followed by securities and import-export activities.

According to credit institutions, the overall credit demand of customers in the latter half of 2025 and throughout the year has improved compared to the first half of 2025 and 2024; however, it still falls short of expectations recorded in previous surveys. Credit institutions have observed a broad-based increase in credit demand, encompassing most customer groups, currencies, terms, and sectors.

In the first half and throughout 2026, corporate customers' credit demand is expected to rise more significantly than that of individual customers. Short-term loans are projected to grow more robustly than medium and long-term loans, and the demand for loans in Vietnamese dong is anticipated to increase more than foreign currency loans.

Regarding the readiness to meet the economy's capital needs, in the latter half of 2025, 87% of credit institutions reported meeting at least 75% of customer loan demands. Among them, 100% of key commercial banks stated they met at least 75% of customer loan demands.

In the six main sectors surveyed, similar to 2025, the industrial and construction development sector is expected to lead in credit demand growth in 2026. This is followed by trade and services, personal and household consumption, green sectors, agriculture, forestry, fisheries, and high-tech investment.

Tightening collateral requirements expected 

To encourage businesses and individuals to access credit for economic development, in the latter half of 2025, most credit institutions have tended to "maintain" or "slightly loosen" credit standards. The "slight loosening" trend mainly applies to corporate customers, including small and medium-sized enterprises. For individual customers, most credit institutions have maintained their credit standards.

Key commercial banks have shown a trend of "slightly loosening" credit standards in the latter half of 2025, with a higher degree of loosening for most customer groups and sectors, except for "securities investment" and "financial, banking, and insurance business," which continue to be "slightly tightened."

The "slight loosening" trend in credit standards is expected to continue in the first half and throughout 2026, applying to corporate customers and most priority sectors, including "green credit," "high-tech investment loans," "supporting industry investment," and "agriculture, forestry, and fisheries development," among others.

By credit institution group, joint-stock commercial banks and one-member limited liability banks are expected to "slightly loosen" credit standards in the first half of 2026. Meanwhile, other groups, including state-owned commercial banks, foreign banks, and financial companies, are expected to maintain their credit standards. Key commercial banks are expected to continue "slightly loosening" credit standards.

"Overall lending terms and conditions" for corporate customers are expected to continue to be slightly loosened in the first half of 2026 compared to the latter half of 2025. However, risk management criteria, particularly the requirements for "collateral" and "minimum credit rating," are expected to be slightly tightened.

For individual customers, credit institutions have noted that in the latter half of 2025, lending conditions and terms for consumer loans and home purchase loans have shifted from "slightly loosened" to "slightly tightened." Additionally, credit card lending continues to be "slightly tightened."

In the first half of 2026, credit institutions are expected to loosen overall lending conditions and terms for individual customers again. The loosening trend mainly focuses on price-related factors and credit limits, while safety criteria such as "collateral requirements" and "debt-to-income ratio" continue to be strictly controlled.

Vneconomy-Kỳ Phong

The Vietnam–Israel Free Trade Agreement took effect on November 17, 2024, becoming Israel's first FTA with a Southeast Asian country and Vietnam's first trade pact with a partner in the Middle East.

The Government of Vietnam has approved a plan to implement the Vietnam–Israel Free Trade Agreement (VIFTA),  the Government News has reported.

VIFTA was signed on July 25, 2023 and took effect on November 17, 2024, becoming Israel's first FTA with a Southeast Asian country and Vietnam's first trade pact with a partner in the Middle East.

Under the agreement, Israel eliminates 66.3 percent of tariff lines immediately, while the remaining duties are being phased out over the following years. Vietnam has also committed to removing the majority of its tariff lines, enhancing competitiveness for traded goods.

Under the plan, the Government assigned the Ministry of Industry and Trade (MoIT) as the host of a dedicated VIFTA information focal point, tasked with guiding businesses, clarifying market access commitments, and addressing issues arising during the agreement's implementation.

To help Vietnamese enterprises adapt faster to the Israeli market, the Government targets to reinforce information networks, strengthen institutional capacity, and enhance market intelligence, forecasting, and regulatory updates. These efforts aim to keep exporters informed of technical requirements and import–export regulations applied in Israel.

The implementation roadmap also prioritizes boosting trade and investment promotion activities in Israel, promoting Vietnam's investment climate and strategic advantages to Israeli firms. The initiatives are expected to expand bilateral trade, attract foreign investment into priority sectors, and bring Vietnamese goods closer to Israeli consumers and importers.

In parallel with market promotion, ministries and agencies will review and update the legal framework to ensure alignment with VIFTA commitments according to the agreed timeline.

A core pillar of the plan is industry and enterprise competitiveness support, with programs tailored to micro, small, and medium-sized enterprises (MSMEs), start-ups, and sectors directly affected by the FTA. The Government also calls for response measures for vulnerable industries, while encouraging stronger linkages between domestic firms and Israeli-invested enterprises to deepen integration into production networks and supply chains.

VGP-Vân Nguyễn

To achieve a GRDP growth target of over 10% in 2026, the southern city will continue to focus on three traditional growth drivers: production, consumption, and exports.

Ho Chi Minh City’s Gross Regional Domestic Product (GRDP) in 2025 is estimated to increase by 8.03%, reported Acting Director of the city Department of Finance, Mr. Hoang Vu Thanh, at a conference reviewing socio-economic development in 2025 and deploying tasks for 2026 on January 6.

The city's new GRDP per capita is estimated to reach $8,755.

In 2025, total retail sales of goods and consumer service revenue are estimated at over VND2.149 quadrillion ($81.6 billion), a 13.5% increase compared to the previous year.

Import-export activities continued to record positive signals. Export turnover is estimated at $95.8 billion, up 7%, while import turnover is expected to reach $98.2 billion, a 6.7% increase compared to 2024.

“The city's 2025 Industrial Production Index is estimated to increase by 8.9%, reflecting a trend of recovery and stable growth, driven primarily by rising domestic consumption in the early months of the year,”  Mr. Thanh explained.

In 2025, taking into account both newly registered investment capital and capital contributions/share purchases in domestic enterprises, the city attracted approximately $8.166 billion in foreign investment. This represents a 15.8% increase in the number of projects and a 21.1% increase in total investment capital compared to the same period in 2024.

To achieve a GRDP growth target of over 10% in 2026, Chairman of the City People's Committee Nguyen Van Duoc stated that the city will continue to focus on three traditional growth drivers: production, consumption, and exports.

Additionally, the city will concentrate on developing three new drivers: an international financial center, a logistics seaport system, and innovation, including green and digital transformation.

Alongside these efforts, the city will undergo comprehensive replanning following its merger with former Ba Ria-Vung Tau and Binh Duong provinces, strictly adhering to the development orientation of “3 regions - 1 special zone - 3 corridors - 5 growth drivers.” 

The city aims to increase budget revenue in 2026 by 10% compared to 2025, accelerate the disbursement of public investment, and prioritize site clearance as a top task.

Furthermore, all remaining stagnant projects must be fully resolved by the first quarter of 2026 (noting that 80% were addressed in 2025), with a particular focus on completing site clearance for the Thu Thiem New Urban Area to ensure its development as a world-class modern city center.

Mr. Duoc called for the focused implementation of key projects to transform the urban landscape and eliminate bottlenecks related to flooding, traffic congestion, and environmental pollution. Strategic infrastructure projects, including National Highway 22, National Highway 13, Ring Road 4, Can Gio Bridge, Thu Thiem Bridge, and various metro lines, must be executed on schedule while ensuring high-quality standards.

Vneconomy-Thanh Thủy

The exhibition serves as a premier business platform to connect solutions and partners within the industrial infrastructure, construction, and utilities ecosystem.

Viet Industry 2026—an international exhibition dedicated to Industrial Infrastructure, Construction, and Utilities was officially launched at the INTECH TIC Technology and Innovation Hub (VSIP Bac Ninh) on January 6.

The main event is scheduled to take place from September 16 to 18, 2026, at the Vietnam Exposition Center (VEC) in Dong Anh, Hanoi. Spanning 10,000 sq.m, the exhibition will host 500 booths from over 20 countries and is expected to attract approximately 15,000 trade visitors.

Speaking at the launch, Mr. Dinh Huu Vinh, a representative of the Organizing Committee, emphasized that Viet Industry 2026 is being held as Vietnam aggressively pursues a green and sustainable industrial strategy while upgrading factory technical infrastructure. Against this backdrop, the exhibition serves as a premier business platform to connect solutions and partners within the industrial infrastructure, construction, and utilities ecosystem.

To kick off a series of pre-exhibition activities, the organizers have implemented two key programs: a business matching session for industrial supply chains and a seminar titled "Core Competencies for Vietnamese Enterprises to Join the FDI Supply Chain."

Structured around 12 core technical solution groups, Viet Industry 2026 covers the essential pillars of modern industrial infrastructure, including: Construction solutions and materials; Power and sustainable energy; Automation and building management; MEP (Mechanical, Electrical, and Plumbing) and fire safety; Environmental treatment for industrial works; Industrial gases, water, and compressed air; Warehousing, lifting, and logistics infrastructure; Security, access control, and industrial lighting; Data center infrastructure Industrial services; HVAC (Heating, Ventilation, Air Conditioning), and dust filtration; Cleanrooms and high-tech manufacturing.

A highlight of Viet Industry 2026 is its series of specialized business networking activities designed to optimize trade efficiency. The focal point will be the "Buyer Zone," a dedicated area where major corporations and buyers can meet to evaluate the technical and supply capabilities of domestic enterprises through intensive business matching sessions.

Vneconomy-Thu Ngân

The Prime Minister’s directive was detailed in Notice No. 8/TB-VPCP, issued by the Government Office on January 6, conveying his conclusions following a meeting on the implementation of major projects in the Delta’s three localities.

Prime Minister Pham Minh Chinh has directed ministries, sectors, and local authorities to mobilize maximum resources to definitively resolve bottlenecks in land clearance, construction materials, and project implementation. The goal is to ensure the progress of key transport projects in the Mekong Delta's Can Tho city and An Giang and Ca Mau provinces, which the PM identified as a "particularly important political task" for the development of the Delta.

The directive was detailed in Notice No. 8/TB-VPCP, issued by the Government Office on January 6, conveying the Prime Minister’s conclusions following a meeting on the implementation of major projects in these three localities.

Regarding the Ca Mau – Cai Nuoc – Dat Mui Expressway, the road to Hon Khoai Island, and the Tho Chu Island infrastructure renovation project, the Prime Minister requested the Ca Mau Provincial People’s Committee to continue excelling in compensation, support, and resettlement efforts. He emphasized ensuring the livelihoods and well-being of affected residents, stating that their new living conditions must be at least equal to, and ideally better than, their previous ones.

For the Chau Doc – Can Tho – Soc Trang Expressway, a vital horizontal axis for the Mekong Delta passing through Can Tho and An Giang, the Prime Minister noted a disparity in progress. While the section through An Giang Province met its schedule and opened to technical traffic on December 19, 2025, the section through Can Tho remains slow and has not yet met requirements.

The Prime Minister ordered Can Tho City to review all potential construction material sources to ensure no recurrence of the shortages experienced recently. He urged the city to take advantage of favorable weather, maximize labor and equipment, and increase shifts and crews to accelerate construction. This must be done while ensuring quality, labor safety, and environmental hygiene, with the target of opening the section to technical traffic before June 30, 2026.

Regarding the Hau Giang – Ca Mau section of the Eastern North-South Expressway, the Prime Minister tasked the Ministry of Construction with directing investors, project management boards, and contractors to mobilize all available forces. By increasing construction intensity across all fronts, they must ensure the entire project is completed and put into synchronous operation before January 31, 2026.

Vneconomy-Minh Kiệt

The economic census aiming to fully, comprehensively and objectively assess the current situation of economic establishments nationwide.

The National Statistics Office (NSO) held a ceremony in northern Hai Phong port city on January 7 to launch  the 2026 Economic Census.

It is one of the three large-scale national statistical surveys with strategic significance for the completion of the national economic information system, according to Ms. Nguyen Thi Huong, NSO Director General.

The economic census aims to fully, comprehensively and objectively assess the current situation of economic establishments nationwide, in the context of the country accelerating digital transformation, innovating growth models, and enhancing the competitiveness of the economy, she said.

This year’s census features several new elements, notably the wider application of digital technology in information gathering and greater use of administrative databases, aiming to improve the efficiency of census management and move towards a modern, transparent and internationally integrated statistical system.

The results of the 2026 Economic Census will be the foundation for the Government and local authorities to make data-driven decisions. This will help the economy operate efficiently and sustainably.

VnEconomy-Khánh Vy

Vietnam Economic Times Issue 438 | Monday, January, 05 2026

Dear readers,

The year 2025 has come to an end, with many memorable milestones reached during Vietnam’s continued journey towards national development and defense, under the leadership of the Communist Party of Vietnam. Alongside the achievements, however, remain numerous difficulties, challenges, limitations, and even negative aspects.

Based on information Vietnam Economic Times has monitored, collected, processed, and published throughout the year, and from the unique perspective of a magazine specializing in economic information, we have selected the Top 10 socio-economic events considered the most prominent in Vietnam in 2025. This aims to help readers reflect on the significant achievements as well as the difficulties and challenges faced by the country’s economy, which has demonstrated strong resilience against unfavorable external impacts and natural disasters (floods and landslides) that hit historic levels in many localities.

These achievements are primarily attributed to the very high political determination of the entire Party, the armed forces, and the people of Vietnam in their great efforts to overcome all difficulties and challenges to achieve the goals set out in the socio-economic development plan for 2025 and the five-year plan for 2021-2025. During this process, a sense of national solidarity has been ignited through noble gestures to assist disadvantaged people nationwide and all others in disaster-affected areas, prominently including the program to eliminate temporary and dilapidated housing, which was completed five years and four months ahead of the schedule set for 2030 under the 13th Party Central Committee’s Resolution No. 42-NQ/TW, dated November 24, 2023, on continuing to innovate and improve the quality of social policies. Following this program was a campaign launched by Prime Minister Pham Minh Chinh on November 30, 2025, aimed at rapidly rebuilding and repairing homes for families whose houses were damaged by floods in central provinces.

In the process of Vietnam’s socio-economic development, our Party and State have consistently maintained a policy that social security, progress, equity, and the environment will not be sacrificed for mere economic growth. Accordingly, developing a green economy and a circular economy is a correct and strategic choice. The “Establishment and Development of the Carbon Market in Vietnam” project, approved under Prime Ministerial Decision No. 232/QD-TTg, dated January 24, 2025, is a strategic step to fulfill the country’s international commitments on climate change, especially the goal of reaching net-zero emissions by 2050. Furthermore, the development of a carbon market is expected to assist the country in controlling emissions and open up new financial opportunities through the carbon credit exchange mechanism, and help businesses adapt to the world’s sustainable development trends.

To provide readers with the latest information on the initial preparations for the formation and development of a carbon market in Vietnam, from the legal framework to policies for building and completing the infrastructure necessary for such as market, as well as unlocking the potential of green carbon sources and seeking solutions to address “bottlenecks” in mobilizing capital for carbon projects, our Cover Story in the first edition of 2026 focuses on how a functional and successful carbon market will be established in Vietnam.

Warmest regards

Dr. CHU VAN LAM
CHAIRMAN OF THE EDITORIAL BOARD

-Vietnam Economic Times - VnEconomy

Looking forward to 2026 and the 2026–2030 period, the southern province plans to accelerate its transition from an "extensive" to an "intensive" growth model.

In 2025, Dong Nai Province in southern Vietnam surpassed the VND100 trillion ($3.8 billion) milestone in State budget revenue, securing its position among the country's top-performing localities in terms of State budget revenue. This achievement creates a critical foundation for the province’s double-digit growth targets in the coming period.

According to estimates from the Ministry of Finance, Vietnam’s total national State budget revenue in 2025 reached approximately VND2.5 quadrillion (over $95 billion), exceeding the initial estimate by 25%.

Ho Chi Minh City maintained its lead as the nation's largest budget contributor. As of December 31, 2025, the southern city’s cumulative State budget revenue exceeded VND800 trillion (around $30.44 billion), a 19.1% increase over the central Government's target and 14.7% higher than the target set by the municipal People’s Council.

Hanoi secured the second-place position with total budget revenue for the year reached over VND704.5 trillion ($26.8 billion), equivalent to 137.1% of its target and a 37.1% increase compared to the same period last year.

Joining the leading group, Hai Phong, Dong Nai, and Hung Yen were the three other localities to record revenues exceeding the VND100 trillion mark.

According to the Dong Nai Department of Finance, the province’s total State budget revenue in 2025 reached VND101.4 trillion (nearly $3.86 billion). 

With this performance, Dong Nai officially ranks 4th nationwide in state budget revenue. This result represents 144% of the target assigned by the Prime Minister and 136% of the estimate approved by the Provincial People’s Council, successfully meeting the milestone set by the Provincial Party Committee.

Looking forward to 2026 and the 2026–2030 period, Dong Nai plans to accelerate its transition from an "extensive" to an "intensive" growth model. The province aims to increase the proportion of industry and services while gradually reducing the share of agriculture and forestry.

Key development priorities include: aviation industry, semiconductors, electronic chip manufacturing, and Artificial Intelligence (AI); and developing large-scale commercial centers and establishing a free trade zone in Long Thanh.

VNeconomy-Thanh Thủy

Under the approved scheme, An Thoi Port will be operated based on market mechanisms and transparency through the leasing of infrastructure operating rights.

The An Giang Provincial People’s Council recently passed a resolution approving the exploitation and operation scheme for An Thoi Port in the Phu Quoc Special Zone (Phu Quoc island).

The project aims to optimize the use of public assets, improve maritime infrastructure, and create a driving force for the marine economy on the island in the coming period.

Located in the southern part of Phu Quoc Island, An Thoi Port is designed to accommodate cargo ships, fishing vessels, and international cruise ships, supporting the development of the marine economy, tourism, and logistics services.

Under the approved scheme, An Thoi Port will be operated based on market mechanisms and transparency through the leasing of infrastructure operating rights. The operator will be selected via a public auction to maximize State budget revenue while ensuring the selection of an entity with sufficient financial capacity and management experience.

According to the regulations, participating organizations must fully meet the requirements for managing, using, and exploiting maritime infrastructure assets as stipulated in the Government's Decree No. 84/2025/ND-CP, dated April 4, 2025.

The Provincial People’s Committee stated that the maritime area surrounding An Thoi port is highly favorable for receiving large vessels of up to 3,000 DWT. This capacity will help lower the cost of goods transported from the mainland to Phu Quoc, reduce expenses for investors, and accelerate the island's overall development.

An Thoi Port is identified as a vital link in the local trade system and a pillar of marine economic development. Once managed by professional operators, cargo handling and port services are expected to be streamlined, providing a solid foundation for the growth of tourism, supporting industries, and logistics.

Vneconomy-Thanh Thuy

The projects including the North–South Express Railway and the Lao Cai–Hanoi–Hai Phong railway.

Prime Minister Pham Minh Chinh has called for stronger efforts to ensure progress on key national railway projects, including the North–South Express Railway and the Lao Cai–Hanoi–Hai Phong railway.

The Prime Minister made the request while chairing the fifth meeting of the steering committee for key national railway projects, which was held online with 18 provinces and cities along planned railway routes.

He stressed the need to concentrate leadership, manpower and resources on major railway projects to enable them to be put into operation as soon as possible.

Regarding the North–South Express Railway, the Prime Minister instructed the Ministry of Construction to develop scientific and transparent criteria and procedures for selecting an investment model, ensuring national interests while preventing corruption and other negative practices. The ministry was asked to submit the proposal to the Cabinet before January 10. It was also tasked with coordinating with the Ministry of Finance and the Ministry of Justice to clarify the legal basis and authority related to the proposal, and report to the Prime Minister before January 15.

For the Lao Cai–Hanoi–Hai Phong railway, the Prime Minister requested that the feasibility study for sub-project No.2 be completed and submitted for approval in June this year.

In addition, the Ministry of Education and Training and Vietnam Railways were assigned to effectively implement the scheme for training and developing railway human resources through 2035, with a vision to 2045.

VnEconomy-Minh Kiệt

The development of carbon markets continues apace around the world, with Vietnam now looking to enter the next stage of its journey.

Vietnam is accelerating efforts to build a transparent, ethical, and internationally-linked carbon market as global standards tighten and economies across the Asia-Pacific region race to scale up green carbon solutions.

At the “Navigating the global Vietnam’s carbon market: Post-COP30 insights and the way forward” policy dialogue, hosted by the University of Economics and Business at Vietnam National University, Hanoi (VNU-UEB) on November 25 and 26, policymakers, researchers, and private sector leaders from Canada, Australia, and multiple APEC (Asia-Pacific Economic Cooperation) economies examined the next phase of carbon market development after COP30 and the implications for Vietnam’s transition.

Shift towards quality

Vietnam’s ambition to shape a competitive carbon market comes at a moment of global transition. According to the World Bank’s “State and Trends of Carbon Pricing 2025” report, carbon pricing tools now regulate about 28 per cent of global emissions and generate more than $100 billion each year for climate action. This shift signals a new era in which carbon markets play a central role in national climate strategies, investment flows, and the broader green transition.

Vietnam has set 2029 as the year it will officially operate a domestic carbon market, following a pilot period from 2025 to 2028 under Decree No. 119/2025/ND-CP. During this pilot period, it will test a carbon credit exchange, strengthen technical guidelines, refine compliance tools, and prepare regulatory structures for eventual integration with international mechanisms. These efforts build on the 2020 Law on Environmental Protection, which established the legal foundation for carbon market development and positioned Vietnam to engage more deeply with global carbon governance.

Associate Professor Le Trung Thanh, Rector of VNU-UEB, noted that global carbon governance is undergoing a fundamental shift following  COP30 in Brazil. With new guidance under Article 6.4 of the Paris Agreement and intensified scrutiny of credit quality, countries are being pushed towards stricter rules, more transparent systems, and greater accountability. For Vietnam, this global reset presents both an impetus and an opportunity. Dr. Thanh emphasized that updating knowledge, strengthening capacity, and engaging in policy dialogue have become essential for policymakers, businesses, and academic institutions alike.

Mr. Nguyen Tuan Quang, Deputy Director General of the Department of Climate Change at the Ministry of Agriculture and Environment, said Vietnam must build a carbon market that delivers credible, verifiable emissions reductions. With the world shifting from offsetting towards real contributions, investors and regulators are increasingly focused on environmental integrity, especially in forestry and nature-based credits. He stressed that Vietnam will focus on producing high-quality credits that can compete globally, avoid reputational risk, and ensure long-term benefits for the national interest.

He outlined three areas that Vietnam will prioritize as it prepares for full market operation. First, the country must bring its regulatory framework into line with the stricter global standards expected after COP32. Second, it must enhance the mobilization of private finance. Third, the development of a strong measurement, reporting, and verification (MRV) system will be a central requirement. Technology, financial rules, and transparency mechanisms will form the backbone of market credibility and ensure that Vietnam’s credits meet expectations from international buyers.

Vietnam’s strategic direction is also linked to its broader economic transformation. A well-functioning carbon market can encourage low-emission production models, promote energy efficiency, and draw investment into green sectors. By emphasizing quality and institutional integrity at the outset, Vietnam aims to avoid pitfalls that have weakened markets elsewhere and build a system aligned with both national priorities and global best practice.

Expanding global opportunities

Regional experience, especially from APEC economies, offers some of the most relevant guidance for Vietnam’s carbon market development. Professor Pham Thu Thuy from Flinders University in Australia presented research showing that APEC economies account for 60 per cent of global GDP, 70 per cent of greenhouse gas emissions, and 30 per cent of the world’s nature-based carbon credit supply.

Despite immense potential, the green carbon market in the region remains underdeveloped. Vietnam, Indonesia, and Myanmar host most of the world’s mangrove carbon projects, but only a fraction of these meet international standards. Many other ecosystems, including wetlands, reservoirs, coastal sediments, and marine vegetation have not been fully integrated into credit-generation strategies. According to Professor Thuy, this limited scope reflects uneven technical capacity, inconsistent definitions, and gaps in policy alignment across countries.

She emphasized that carbon flows from land to ocean are often overlooked, leading to miscalculations that overvalue terrestrial carbon stocks and undervalue marine systems. This gap represents a major obstacle in planning effective blue-carbon strategies. At the same time, there is significant potential for sectors such as food production, tourism, and transportation to support green carbon financing.

Policy integration remains uneven. Some APEC economies operate full compliance systems, such as Australia, while others rely entirely on voluntary frameworks, like Singapore, Taiwan (China), and Thailand. Countries such as Indonesia have adopted global standards, while others prioritize regional cooperation platforms. Advanced technologies, including AI-supported monitoring and satellite-based systems, are beginning to reduce project costs and increase data accuracy, but further development is needed before they can be used consistently across countries.

Meanwhile, Professor Terry Sunderland from the University of British Columbia in Canada examined market frameworks in his home country as well as Colombia and Tanzania. His analysis showed that institutional design is the determining factor in whether a carbon market earns investor trust. Examples of “paper carbon” in poorly-governed systems demonstrate the consequences of weak oversight. Canada has strong foundations but lacks long-term clarity; Colombia faces challenges with REDD+ risks such as leakage and permanence; and Tanzania has ambitious regulations but struggles with approval delays, high certification expenses, and transparency issues. For Vietnam, these examples highlight the importance of consistent enforcement, predictable rules, and adequate capacity.

Path forward

A successful carbon market will ultimately depend on private sector engagement, especially in nature-based solutions. Mr. Todd Berkinshaw, CEO of NatureCo, spoke of the company’s work supporting large-scale ecosystem-restoration projects across Africa, Asia and Latin America. It bridges investors, non-government organizations (NGOs), communities, and credit purchasers, using models that include blended finance, long-term credit-purchase agreements and multi-stakeholder partnerships. NatureCo’s approach is grounded in community engagement and equitable benefit-sharing; principles that resonate with Vietnam’s own priorities.

Vietnam has multiple avenues to attract investment. First, direct private investment in exchange for high-quality credits can support large restoration programs. Second, blended-finance structures can reduce early-stage risk and make projects more attractive to investors. Third, long-term purchase agreements from corporate buyers become feasible once Vietnam establishes a clear pricing mechanism. And fourth, public climate funds can support cases in which the State retains credits for compliance systems or bilateral climate agreements.

H.E. Jim Nickel, Ambassador of Canada to Vietnam, highlighted ongoing cooperation through the Carbon for Good project, led by CARE, CIFOR, and the University of British Columbia. The initiative supports inclusive forest carbon development in Lai Chau, Son La, and Phu Tho provinces in Vietnam’s north and connects provincial-level efforts with national policy frameworks. Canada’s expertise in sustainable forestry, monitoring technology and academic research is creating new pathways for collaboration with Vietnamese agencies, businesses, and researchers.

As global standards become stricter and expectations for environmental integrity rise, Vietnam faces a pivotal moment, as it is preparing not only to participate in global carbon markets but also to shape them in ways aligned with its national priorities and long-term development goals.

VET-Phuong Hoa Chu Khoi

The framework establishes seven core principles, emphasizing result-based governance and real-time data-driven leadership. A key highlight is the shift toward smart operations with an "AI-First" priority.

The Ho Chi Minh City People’s Committee has issued the Digital Architecture Framework, establishing a unified foundation for comprehensive digital transformation through 2030. The framework is designed to align with the city's two-tier local government model and major national strategic orientations.

The Digital Architecture Framework was developed in strict compliance with resolutions from the Politburo, the National Assembly, and the Government, as well as new legislation regarding electronic transactions, data, and cybersecurity. It also ensures synchronicity with the National Digital Architecture Framework, the National Data Architecture Framework, and the digital interconnectivity model within the political system.

According to the City People’s Committee, the framework serves as a guiding document for development plans and the digital transformation roadmap to 2030. It aims to build a modern, comprehensive, and data-centric management system that serves citizens and businesses while enhancing administrative efficiency.

The framework is now a mandatory basis for the formulation, appraisal, and approval of strategies, programs, projects, investment plans, and the procurement of IT services and digital transformation initiatives funded by the state budget within the city.

The city's Digital Architecture Framework is structured into four distinct layers: Shared digital infrastructure and cybersecurity; Data and core platforms: Shared applications and operations: Interaction channels and performance measurement.

This structure allows local departments, agencies, authorities, and related units to clearly define their roles and responsibilities. It is expected to ensure synchronized digital transformation, prevent duplicate investments, and enhance system integration and interconnectivity.

The framework establishes seven core principles, emphasizing result-based governance and real-time data-driven leadership. A key highlight is the shift toward smart operations with an "AI-First" priority.

Furthermore, the framework promotes decentralization and the delegation of authority via digital platforms, maintains a citizen-and-business-centric approach, and ensures rigorous information security and cybersecurity. It also focuses on fostering open data, transparency, and innovation to drive the city's future growth.

Vneconomy-Mộc Đình

This initiative is part of the city’s broader goal to complete 120,000 social housing units during the 2026–2030 period.

The Hanoi People's Committee has officially announced a list of 39 projects designated for social housing investment (Phase 1), with a total  investment capital estimated at more than VND71.5 trillion (over $2.7 billion).

These projects are distributed across various areas, including Noi Bai, Da Phuc, Soc Son, and Hat Mon, aimed at meeting the housing needs of policy beneficiaries under the 2023 Housing Law.

The People's Committee stated that the announcement aims to develop social housing for those eligible for housing support policies.

This initiative is part of the city’s broader goal to complete 120,000 social housing units during the 2026–2030 period. Additionally, the plan serves to realize the adjustments to Hanoi's General Planning, zoning and detailed planning, as well as the city’s Housing Development Program for 2021–2030 and the Housing Development Plan for 2021–2025 previously approved by the municipal government.

Regarding the application process, the Hanoi Public Administration Service Center (located at 258 Vo Chi Cong road, Tay Ho Ward) has been designated as the focal point for receiving investor proposals. These applications will then be forwarded to the Department of Construction for appraisal.

The deadline for submitting proposals is 30 days from the date the project information was publicly posted on the city’s official e-portal.

The estimated timeline for project completion is approximately three years for land that has already undergone site clearance, and roughly four years for sites where clearance remains unfinished.

Vneconomy-Anh Khoa

"The passing of the SHANTI Bill by both Houses of Parliament marks a transformational moment for our technology landscape. My gratitude to MPs who have supported its passage. From safely powering AI to enabling green manufacturing, it delivers a decisive boost to a clean-energy future for the country and the world. It also opens numerous opportunities for the private sector and our youth. This is the ideal time to invest, innovate and build in India," Indian Prime Minister Modi stated.

The Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Act, 2025 is a landmark moment. It replaces The Atomic Energy Act, 1962, Amendments in 1986, 1987, and 2015 in the Atomic Energy Act of 1962, and the Civil Liability for Nuclear Damage Act, 2010. This is a bold forward-looking vision to address current concerns, embrace the requirements of tomorrow and shape India’s long-term energy pathway.tnCURRENT NUCLEAR ENERGY BACKDROP

Nuclear energy has maintained a steady role in India’s energy mix. It accounts for around 3% of total electricity generation. India currently has 24 operable nuclear reactors with a total installed capacity of 8.78 GW. The capacity is projected to rise to 22.38 GW by 2031-32. The objective of the Nuclear Energy Mission is to achieve 100 GW by 2047, aligning with India’s clean energy goals for meeting the 2070 net-zero target.

The Government of India has been pushing the design, development and deployment of indigenous Small Modular Reactors (SMR)s. The target is to design and operationalise five indigenous Small Modular Reactors (SMRs) by 2033.  

India and Vietnam have a bilateral cooperation mechanism for the use of nuclear energy for peaceful purposes. The Joint Bilateral Committee on Atomic Energy Cooperation is currently in operation and has been functioning very effectively, according to Ambassador Tshering Wangchuk Sherpa. (Photo: Embassy of India).

THE NEED FOR SHANTI ACT

India’s growing energy demands and clean energy commitments make a strong case for expanding nuclear capacity. It is also a step towards realisation of 100 GW nuclear capacity by 2047.  The strategic aim is to mark India as a leader in advanced nuclear technologies while ensuring sustainable energy security. The Act encourages innovation, reiterates highest safety, security and standards, provides flexibility and reliability. It is a recognition of the progress of India’s rapidly advancing nuclear industry and confidence in the journey ahead.  The Act consolidates and modernises India’s nuclear legal framework.

Some Key Features of the SHANTI Act:

(i) Embrace of the private stake-holders in the nuclear energy sector

(ii) Unified legislation leading to activities under exclusive Central/Federal Government or wholly owned institutions purview

(iii) Enhanced Licensing and Safety Oversight

(iv) Graded Liability Framework

(v) Regulatory Framework for use of nuclear and radiation technologies, like health, agriculture, research, etc.

(vi) Practical and Balanced Civil Liability Regime

(vii) Allows Exemption for certain Activities

(viii) Formal Statutory Recognition to Atomic Energy Regulatory Board

(ix) Establishes an Atomic Energy Redressal Advisory Council

(x) Appellate Tribunal Provision

(xi) Empowers the Central Government to appoint Claims Commissioners for adjudicating compensation claims related to nuclear damage

(xii) Enhanced safeguards and monitoring systems ensure consistent compliance across all nuclear activities

OPPORTUNITY FOR VIET NAM

India and Vietnam have bilateral institutional cooperation for utilisation of nuclear energy for peaceful purposes. There is a robust ongoing bilateral Joint Committee mechanism on Atomic Energy Cooperation. India has been working closely with Vietnam on capacity building and technical cooperation. India with its indigenous capabilities in civil nuclear energy generation is an ideal partner as Vietnam gravitates towards nuclear energy. India is committed to continuing our close cooperation in this domain with a strategic friend Vietnam.

The Government of India set up the Bhabhatron-II system at the Can Tho Oncology Hospital in 2008. This state-of-the-art nuclear medicine cancer therapy machine is functional and treating patients.

The SHANTI Act has opened the doors of innovation, entrepreneurship and clean reliable energy with a futuristic horizon. The Act marks India’s leap to expand nuclear power, reduce dependence on fossil fuels and ensure round-the-clock clean energy in line with Viksit Bharat (Developed India) by 2047. It is the march of a confident nation towards the future keeping in mind its domestic and the global need for clean energy, secure nuclear ecosystem, steadfastly reaffirming India’s impeccable non-proliferation commitments and global responsibility for climate change.  

Embassy of India-H.E. Tshering Wangchuk Sherpa, Indian Ambassador to Vietnam

China remained Vietnam's top trading partner with a 22.3% market share. The United States ranked second at 20.6%, followed by Japan at 7.1%.

Vietnam’s agro-forestry-fishery export turnover in December 2025 reached an estimated $6.21 billion, up 9.7% from the previous month and 7.9% year-on-year. This brought the total export value for the full year of 2025 to a record-breaking $70.09 billion, representing a 12% increase compared to 2024.

Speaking at a regular press conference held by the Ministry of Agriculture and Environment on January 6, Deputy Minister Phung Duc Tien highlighted that 2025 was a landmark year for the industry. Not only did export turnover surpass the $70 billion milestone for the first time, but the sector also achieved a record trade surplus of over $20 billion.

Asia maintained its position as the largest destination for Vietnamese agro-forestry-fishery products, accounting for 45.2% of the total market share. The Americas and Europe followed with shares of 22.8% and 13.2%, respectively. Meanwhile, Africa and Oceania represented smaller portions of the export market, at 2.7% and 1.4%, respectively.

On a country-specific level, China remained Vietnam's top trading partner with a 22.3% market share. The United States ranked second at 20.6%, followed by Japan at 7.1%. Together, these three markets remain the largest importers of Vietnam's agricultural, forestry, and aquatic goods.

For 2026, Deputy Minister Tien stated that the entire sector is striving to reach a total export turnover of $73–74 billion.

The specific targets for key commodity groups are as follows: agricultural products (approximately $40 billion or a 7.2% increase); seafood (approximately $12 billion or a 7.6% increase); and forestry and wood products (approximately $18.8 billion or a 3.6% increase).

To achieve a breakthrough in export value for 2026, Deputy Minister Tien stated that the ministry will focus on a strategic chain of solutions of "Raw material areas - Standards - Processing - Logistics - Market."

First, standardizing raw material areas based on "market orders." This involves expanding the issuance of growing area and farming pond codes, strictly managing input quality, ensuring food safety, and enhancing traceability. Production will be organized according to international standards (GAP, organic, sustainable) to minimize the risk of technical warnings and product returns.

Second, promoting deep processing and product diversification. Priority will be given to investing in processing, preservation, and packaging technologies. The sector aims to develop refined, convenient, and "ready-to-eat" products while utilizing by-products to create new value chains (such as animal feed, biomaterials, and extracts).

Third, reducing "logistics costs" to increase value margins. The strategy includes developing cold storage, cold chains, and regional logistics centers; optimizing transportation and operations at border gates and ports; and standardizing digital processes to shorten customs clearance times and reduce compliance costs.

Fourth, upgrading market access capacity and national branding. The ministry will step up negotiations to open new markets and address SPS (Sanitary and Phytosanitary) and TBT (Technical Barriers to Trade) barriers. Efforts will also focus on building sector-specific brands, promoting geographical indications, and implementing segmented marketing—shifting strongly from selling "raw materials" to selling "standardized products with a story."

Fifth, pursuing a "green transition" to enter high-value segments. This involves measuring and reducing carbon footprints and obtaining sustainability certifications. Promoting circular economy models and low-emission production will serve as the "passport" for Vietnamese products to enter premium markets and high-end retail chains.

Vneconomy-Chu Khôi

Banks continue to be the major players, accounting for 67.7% of the total issuance value.

Vietnam’s corporate bond market continued its recovery in 2025 with total issuance value estimated at VND575.4 trillion ($21.8 billion), up 11.3% over 2024, according to a report from the Vietnam News Agency.

Private placements accounted for 90.6% with 486 issuances, according to the Vietnam Bond Market Association.

Banks continued to be the major players, accounting for 67.7% of the total issuance value, followed by real estate firms (22.9%) and securities companies (2.9%).

2025 saw major regulatory changes aimed at improving transparency, strengthening risk control and protecting investors, including tightening conditions for both private and public bond offerings.

Vietnam’s stock market development strategy by 2030 targets to develop corporate bond market into a key source of medium- and long-term capital raising with a total outstanding bonds equivalent to at least 25% of GDP by 2030.

VnEconomy-Vân Nguyễn

The sector recording an added value of $72 billion in 2025.

The digital economy in Vietnam is estimated to contribute 14.02% to the country's GDP by 2025, with an estimated increase of $72 billion, according to the National Statistics Office.

The added value of the digital economy as a percentage of GDP has been steadily increasing, from 12.87% in 2021 to an anticipated 14.02% in 2025, averaging around 13.2% annually over the period.

The core digital economy sectors are expected to contribute 8.13%, while the digitalization of other sectors will account for 5.05%.

In 2025, the core digital economy sectors continued to play a leading role. These sectors include the production of electronic products, computers, telecommunications, computer programming, and data processing. The growth of domestic technology corporations and high-quality foreign direct investment (FDI) in semiconductors and electronic components is expected to elevate the core sectors' value to $43.3 billion in 2025.

E-commerce remains a standout in the digitalized sectors, accounting for approximately 11.8% of the digital economy's added value.

 

VnEconomy-Anh Nhi

Selling prices of SJC-branded gold bars hitting a record high of VND158 million (around $6,000) per tael.

Selling prices of SJC-branded gold bars in Vietnam continued to rise during the first two trading sessions of the new year, reaching a record high of VND158 million (around $6,000) per tael on January 6.

One tael is equivalent to 37.5 grams, or approximately 1.2 ounces.

Gold bar prices increased by a combined VND5 million ($190) per tael over the trading sessions on January 5 and 6, compared with the last trading session of 2025 on December 31.

Prices of gold rings also followed the upward trend, climbing VND1.5 million per tael on January 6 from the previous session to VND155 million (about $5,893) per tael.

On the global market, gold prices continued to edge higher, rising 0.5% to $4,468 per ounce. At this level, domestic gold prices remain about VND14.46 million (approximately $549) per tael higher than international prices.

VnEconomy-Mai Nhi