The selling price of SJC-branded gold bars hitting VND106.4 million ($4,111) per tael.

Gold prices in the domestic market skyrocketed to a historic high on April 11 in line with the global trend.

The selling price of SJC-branded gold bars hit VND106.4 million ($4,111) per tael, up VND1 million ($38) compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

The selling prices of gold rings also jumped remarkably, reaching VND105.4 million ($4,072) per tael, soaring VND2.6 million ($100.4) per tael compared to the previous day.

In the global market, the gold price also increased to a record high of $3,218 per tael.

At this level, gold prices in Vietnam stand at around VND5 million ($193) a tael higher than the global price.

 

-Hoàng Lan

Ho Chi Minh City must address its shortcomings and build upon its existing strengths if it hopes to become a prosperous international financial center.

As Vietnam’s economic powerhouse and a key driver of the country’s rapid growth, Ho Chi Minh City has all the ingredients to become an International Financial Center (IFC). With a young and tech-savvy population, a strong manufacturing base, and a trade-driven economy, it seems like a natural step forward. Despite its potential, however, the southern city has yet to establish itself as a major financial hub in the region.

Across Asia, cities like Singapore and Hong Kong (China) have long dominated the financial landscape, offering deep capital markets, strong regulatory frameworks, and seamless global connectivity. Meanwhile, emerging players such as Bangkok and Jakarta are making significant moves to attract international financial activity. If Ho Chi Minh City hopes to compete, it must act now.

Industry leaders and financial experts agree that Vietnam has a real opportunity to develop an IFC, but also recognize the challenges that stand in the way. As Mr. William Lawrenson, British Deputy Consul General and Head of Trade and Investment for Ho Chi Minh City, noted, Vietnam is one of the fastest-growing economies in the world, with a heavily trade-dependent market. “Developing an IFC is almost an inevitable next step,” he believes. However, while the vision is clear, the path forward is complex.

Possibilities in place

According to Mr. Lawrenson, Vietnam’s stable government provides a foundation for long-term economic planning. Compared to other countries in the region, political stability is a strong advantage that gives investors confidence. This stability is complemented by strong GDP growth, making Vietnam one of the fastest-growing economies in the world. With a young, digitally-literate, and highly-educated workforce, the country is becoming an increasingly attractive destination for global businesses looking to relocate or expand their financial operations.

Historically, major financial centers have developed in countries with strong trade sectors, as financial services evolve alongside trade activities. Vietnam is no exception. The country’s trade volume is 130 per cent of GDP; one of the highest ratios globally. According to Mr. Lawrenson, developing an IFC is almost a natural next step. IFCs historically grow around trade hubs, and Ho Chi Minh City is already the commercial and financial heart of Vietnam.

The city offers a cost-effective alternative for international financial institutions looking to establish a presence in Asia. With the right policies, it could attract capital, fintech companies, and global banking players seeking expansion opportunities. Ms. Nguyen Thuy Hanh, General Director and Head of Corporate and Investment Banking at Standard Chartered Vietnam, underlined that Vietnam can take advantage of existing global IFCs, studying their successes and failures to leapfrog into a competitive position. By adopting best practices in financial regulation, infrastructure, and investment policies, Ho Chi Minh City could establish itself as a major financial hub in the region, bridging international capital and Vietnam’s fast-growing economy.

Holding it back

Despite Ho Chi Minh City’s potential to become an IFC, key challenges must be addressed before it can compete globally. While Vietnam’s economic stability and trade strength provide a solid foundation, regulatory barriers, financial infrastructure gaps, and investor confidence remain major hurdles.

One of the biggest concerns is Vietnam’s restrictive regulatory environment. Ms. Hanh emphasized that strict compliance requirements could deter global investors. “Only large multinational corporations and financial institutions have the capacity to invest in Vietnam, due to the complexities of market research and regulatory compliance,” she explained. However, if Vietnam’s IFC followed standardized policies and regulations, it would open the door for a wider range of investors, including UK-based small and medium-sized enterprises (SMEs) and fintech startups. “For example, the Dubai International Financial Center (DIFC) has become a hub for thousands of fintech firms, and we expect Vietnam to replicate that success,” she said.

Meanwhile, Mr. Dominic Scriven, Chairman of Dragon Capital, pointed out that while Vietnam has made progress in capital market reforms, slow implementation and legal uncertainties still pose challenges, particularly regarding profit repatriation and foreign exchange controls. “Most observers agree that there is still room for further development,” Mr. Scriven believes.

He added that the low-hanging fruit for enhancing Ho Chi Minh City’s position as a financial hub includes adopting International Financial Reporting Standards (IFRS), foreign exchange (FX) portability, and a structured private placement regime, which are currently gaps in Vietnam’s financial sector and would fit well within an IFC in Ho Chi Minh City. “These are all achievable within Vietnam’s current financial landscape and could significantly contribute to the development of Ho Chi Minh City as a major financial center,” he said.

Financial infrastructure is another obstacle. While the banking sector has modernized, the capital market remains shallow, limiting access to a broad range of financial instruments. Mr. Andrew Oldland, Head of TheCityUK’s IFC Working Group, highlighted the need for greater market depth and liquidity to attract global capital. Without a well-functioning financial ecosystem, it will be difficult for Ho Chi Minh City to establish itself as a premier financial hub.

Making it happen

For Ho Chi Minh City to establish itself as a competitive IFC, Vietnam must take decisive steps to reform regulations, enhance financial infrastructure, and build global investor confidence. While the city has strong economic fundamentals, unlocking its full potential will require a clear, coordinated strategy that addresses its key limitations and positions it as a regional leader.

Regulatory reform is the most urgent priority. Vietnam needs to create a legal framework that aligns with international financial standards while ensuring transparency and efficiency in financial transactions. Ms. Hanh emphasized the importance of simplifying compliance processes, arguing that excessive regulatory restrictions could deter global investors. “For an IFC, capital must move freely and efficiently,” she noted. This means modernizing foreign exchange regulations, easing capital controls, and ensuring that financial institutions can operate with clear, predictable legal guidelines.

Mr. Oldland proposed a set of policies aimed at accelerating Ho Chi Minh City’s development into an IFC, dividing them into measures that can be implemented immediately and those requiring a phased or pilot approach.

Among the immediate priorities is a streamlined registration system based on predefined criteria, allowing businesses to establish operations with greater ease. English would serve as the preferred language within the financial center, carrying the same legal validity as Vietnamese, reducing regulatory hurdles for international firms. Simplified procedures would be introduced for key sectors such as capital markets, banking, insurance, fintech, and the digital economy to attract investment and foster innovation.

For the capital market, specialized regulations would be enacted to promote growth, including incentives for green finance, reforms in securities registration, trading, and clearing processes, and the adoption of international accounting standards like IFRS. Improved market information systems would also be developed to enhance risk management across the operational, market, and credit sectors. Funding for infrastructure development would come from multiple sources, including the State budget, city authorities, and private sector partnerships, with strategic investors playing a key role. Additionally, visa and work permit procedures for foreign professionals and their families would be streamlined, complemented by tax incentives and other support measures for financial center participants.

Looking ahead, longer-term policy considerations include more complex regulatory adjustments, particularly regarding currency regulations. A key proposal under discussion is allowing financial center participants to conduct transactions in foreign currencies rather than being restricted to the Vietnam dong (VND). While details are still being refined, this step would align Ho Chi Minh City more closely with established IFCs, facilitating cross-border investment and trade.

-Linh Tong

Total labor force aged 15 and above estimated at 52.9 million people in Quarter 1

The total labor force aged 15 and above estimated at 52.9 million people in Q1 2025,  a decrease of 230,700 people compared to the previous quarter, but a year-on-year increase of 532,000 .

The Vietnam News Agency quoted the latest report from the National Statistics Office (NSO) as reporting that Vietnam continues to benefit from its golden demographic structure with some 500,000 people joining the labor force every year.

Meanwhile, the percentage of trained workers continued rising, with 28.8% of the workforce holding diplomas and certificates in the period, up by 0.2 percentage point from the previous quarter and 1 percentage point from the same period last year.

Employment figures during January – March improved from the previous year, with a positive shift in industry structure. The agro-forestry-fishery sector saw decreasing proportions while industry, construction and service sectors witnessed an increase.

Total employment in the period reached 51.9 million people, dropping by 0.4% quarter-to-quarter but rising by 1.04% year-on-year. The agro-forestry-fishery sector employed 13.5 million people, a decrease of 305,000 compared to the same period last year. Meanwhile, the industry and construction sectors recruited 17.2 million people and the services sector 21.2 million people, an increase of 262,000 and 575,000 compared to the previous year, respectively.

Average monthly income in Quarter 1 was VND8.3 million (323 USD), up by VND131,000 from the previous quarter and VND720,000 VND from the same period last year.

The NSO said that the unemployment rate among the working-age population stood at 2.2%, down 0.02 percentage point from the previous quarter and 0.04 percentage point year-over-year.

According to Deputy Director of the NSO’s Population and Labor Statistics Department Nguyen Huy Minh, the labor market continues to recover, but the quality of labor supply still faces many limitations and has not met the demands of a modern, flexible, sustainable, and integrated labor market. Despite employment growth, the market lacks sustainability, with 64.3% of workers informally getting unstable, low-income employment, a 0.7 percentage point increase from the previous quarter.

The formal sector faces its own challenges, he said, elaborating while over 72,900 enterprises were established or resumed operations in the three-month period, 78,800 enterprises withdrew from the market. Against the backdrop, he recommended institutional reforms, administrative procedure reductions, and breakthrough support policies for private enterprises.

Besides, the implementation of the Party Central Committee’s Resolution No.18 on streamlining the political apparatus along with the plan to merge provinces and eliminate districts will shift hundreds of thousands of public servants to the private sector, requiring support policies and retraining to help them adapt to new environments.

-Phạm Long

The bank lowering forcast for Vietnam's growth following risks of tariff measures imposed by the US.

Singapore-based United Overseas Bank (UOB) has lowered its forecast for Vietnam’s GDP growth in 2025 to 6% from its previous 7% projection due to the significant downside risks of tariff measures imposed by the US, according to the bank’s latest report.

Under its current scenario, the bank projected that Vietnam’s exports to the US will decline 20% in 2025 while exports to other markets will remain the same as last year, resulting in a year-on-year drop of 6% in total export revenue this year.

UOB also forecast Vietnam’s GDP growth in the second and third quarter of this year at 6.1% and 5.8%, respectively.

Vietnam's real GDP growth in the first quarter of the year stood at 6.93% year-on- year, lower than the bank’s forecast of 7.1%. The slower pace is blamed for festive season of the Lunar New Year holiday, which resulted in moderate operation of factories.  

 

-Vân Nguyễn

With total investment capital of over $1 billion, this is LEGO's sixth factory worldwide and second in Asia.

 LEGO Manufacturing Vietnam, the first carbon neutral factory  in the country, was inaugurated  in the southern province of Binh Duong on April 9.

In a story on the event, the Government News reported that with the total investment capital of over $1 billion, this is LEGO’s sixth factory worldwide and second in Asia.

The project is expected to create over 4,000 jobs, particularly providing opportunities for young workers to acquire modern skills and participate in the global value chain.

With an initial production capacity of 30,000 tons per year, this project serves as a new driving force for industrialization, modernization, and international integration. It also contributes to Vietnam's commitment to achieving net-zero emissions by 2050, as pledged at the COP26.

It will run on 100 per cent renewable energy by early 2026. In addition to the factory's own 12,400 rooftop solar panels, the company on April 10  announced a landmark agreement with Vietnam-Singapore Industrial Park (VSIP) for an energy center on adjacent land.

The energy center will house the first battery storage solution of its scale in Vietnam and will be operational by the end of 2025. Remaining renewable energy needs will be met through power purchase agreements.

The use of battery storage solutions and power purchase agreements to increase renewable energy is not just a first for the LEGO Group but among the first for any company in Vietnam.

The factory is also home to the LEGO Group's first LEED Platinum certified buildings.

LEGO Manufacturing Vietnam is also the first LEGO factory to exclusively produce paper-based pre-pack bags.

-

Though considered entirely feasible, Vietnam’s relatively small railway market presents difficulties in localizing its equipment and rolling stock supply chain and satisfying infrastructure requirements.

Vietnamese enterprises are beginning to carve out a role in the railway supply chain, but their contributions remain fragmented and largely limited to smaller components. The journey towards self-sufficiency therefore remains in its early stages.

A report from the Ministry of Transport (now part of the Ministry of Construction) highlights the industry’s current standing. Vietnam Railways - the State-owned operator of the country’s railway network - manages 258 locomotives, of which a striking 96 per cent run on the 1,000 mm narrow-gauge while just 4 per cent are designed for the 1,435 mm standard-gauge, limiting compatibility with international rail standards.

Vietnam’s railway stock consists of 5,298 railcars, including 980 passenger cars and 4,318 freight cars. Aging infrastructure, however, remains a major concern. While 40 per cent of these railcars have been in use for less than 20 years, a staggering 55 per cent have been operating for over three decades. Passenger comfort is another issue, with only 24 per cent of cars equipped with air conditioning as most are older models that have been refurbished rather than fully modernized.

As Vietnam pushes forward with modernizing its transportation infrastructure, the railway industry stands at a pivotal moment in its transformation.

Untapped core capabilities

Since 2005, Vietnam Railways has placed domestic orders for 240 new passenger cars and 773 freight cars. However, actual demand continues to outstrip supply, particularly for specialized freight cars such as container wagons and covered freight cars, forcing transport companies to lease equipment from abroad.

Beyond the shortage of rolling stock, the railway industry also faces significant challenges in infrastructure materials. Vietnam can currently only produce pre-stressed concrete sleepers, while key components such as P43 and P50 rails, high-grade materials for urban rail and high-speed rail, and railway switches still rely entirely on imports. The inability to manufacture these domestically remains a significant constraint.

Though Vietnam’s steel industry has achieved notable success in international markets, the Vietnam Steel Association has noted that the country has yet to develop a specialized steel sector. Domestic manufacturers primarily focus on standard construction steel, while high-performance steel for railways requires advanced technology and substantial capital investment. The small market size further reduces economic viability, discouraging local production.

The reliance on imports extends beyond materials to railway signaling and information technology. While Vietnamese companies can manufacture basic components such as cables and batteries, high-tech systems remain entirely dependent on foreign suppliers. The only exception is the Viettel Group, which has developed some modern telecommunications equipment but has yet to make significant investments in railway signaling technology.

One of the key reasons behind this technological gap is the railway industry’s stringent safety, stability, and reliability requirements. Limited market demand also discourages businesses from investing, while most railway projects have focused on upgrading existing systems rather than adopting new technologies. Major initiatives such as the high-speed railway are only set to begin after 2030, reducing the immediate need for cutting-edge railway technology.

Another major hurdle is the lack of a comprehensive technical standards system for railway equipment in Vietnam. Without certified domestic testing and compliance agencies, high-tech railway products remain commercially unviable, reinforcing the sector’s dependence on imported technology.

Looking at the broader picture, despite its vast potential, Vietnam’s railway industry has yet to establish full control over its supply chain. As a result, most railway projects continue to rely on foreign contractors for design, construction, and equipment supply. This dependence not only increases costs but also presents long-term challenges in maintenance and operations. Unlocking the full potential of the railway sector will require bold investments, policy reforms, and a stronger role for domestic enterprises in the supply chain.

Lessons from elsewhere

According to Associate Professor Nguyen Chi Sang, Chairman of the Vietnam Association of Mechanical Enterprises (VAMI), mastering technology not only reduces investment costs but also strengthens domestic production, minimizes foreign dependence, and drives sustainable railway development.

China leads the world in high-speed rail, thanks to a strategic approach to technology acquisition. Over the past two decades, it has collaborated with major companies such as Kawasaki from Japan, Bombardier from Canada, Siemens from Germany, and Alstom from France. The government mandated technology transfer for foreign companies involved in domestic projects, enabling the country to achieve a localization rate of 90 per cent and become a global leader in railway exports.

In Europe, Poland pursued a similar approach through international partnerships. In 2011, the Warsaw Metro Company signed a €272 million ($297 million) contract with a Siemens-Newag joint venture for 35 trains. Malaysia also prioritized localization by requiring railway assembly within the country. In 2012, a €350 million ($378.3 million) contract for 58 metro trains stipulated local assembly.

Drawing from these lessons, Associate Professor Sang emphasized that Vietnam must develop a structured roadmap for the railway industry and remain committed to the goal of localization. First of all, it is essential to establish a standardized system for the railway sector as a foundation for modular domestic production. At the same time, Vietnam must clearly define which products and services should be localized at each stage and incorporate these requirements as prerequisites in bidding documents.

Additionally, the government should assign specific domestic enterprises to handle key components and apply a direct contracting mechanism for at least the first three projects. With a well-planned strategy, Vietnam can fully master railway technology and gradually advance in the field, following the successful paths of other countries.

Advancing technological independence

Forecasts indicate that rail infrastructure development by 2035, with a vision towards 2050, including both national and urban rail, will create a large-scale construction market valued at an estimated $76 billion, alongside a $34 billion equipment market. This demand for locomotives, railcars, signaling systems, and other essential equipment will drive domestic industry growth through localization.

As Vietnam’s private sector continues to expand, many domestic enterprises are now capable of integrating into global supply chains and providing industrial products and services. The scale of the rail sector presents a strategic opportunity for Vietnamese businesses to acquire and master modern technologies, ultimately achieving self-sufficiency in production.

According to research by the Transport Development Strategy Institute, Vietnam can achieve full self-reliance in rail infrastructure construction, reaching approximately 41 per cent of total investment, similar to its success in bridge, tunnel, and expressway projects.

Beyond construction, with the right policy support, Vietnam could gradually localize key segments such as railcar manufacturing, traction power systems, and signaling technology, while ensuring autonomy in operations, maintenance, and high-speed rail component production. This progress is not only critical for modernizing transportation but also serves as a catalyst for the domestic rail and support industries.

To realize this goal, the government issued Resolution No. 178/NQ-CP on October 31, 2023, designating the rail industry as a priority sector for industrial development.

Lessons from developed countries show that mastering rail technology requires a structured roadmap alongside advancements in support industries such as metallurgy, mechanical engineering, and automation. However, the most crucial factor remains a sufficiently large market to sustain technology transfer and development.

Experts largely agree that with favorable market conditions and strong policy backing, Vietnam would be able to establish a self-sufficient rail infrastructure industry, localize production, and elevate the rail sector as a key pillar of the national economy.

-Đan Tiên

FDI capital contributing $111.9 million.

The central province of Nghe An attracted investment capital worth over VND6.7 trillion ($258 million) in the first quarter of this year, according to local authorities.

Of the total, FDI capital contributed $111.9 million.

In the three-month period, the provincial authorities granted investment licenses for 10 new projects with total registered investment capital of more than VND2.22 trillion ($85.7 million). Meanwhile, 38 projects were approved to increase investment capital.

Nghe An recorded remarkable economic growth in the first quarter with a GRDP growth of 8.0%, the province's highest first-quarter growth over the past five years.

Total disbursement of public investment capital reached 14.85% of the plan assigned by the Prime Minister.

There were 573 newly-established enterprises in the province in the three-month period with total registered capital of over VND2.61 trillion (over $100 million).

The province set a growth target of 10.5% in 2025.

 

-Nguyễn Thuấn

Credit concentrated on production, business, trade, services, tourism and export-import activities.

Ho Chi Minh City’s total outstanding credit reached nearly VND4 quadrillion (over $154 billion) in the first quarter of 2025, a year-on-year increase of 11.82%, according to data from the State Bank of Vietnam, Regional Office No.2.

Deputy Director of the office Nguyen Duc Lenh said local banks’ lending concentrated on production, business, trade, services, tourism and export-import activities.

Housing credit in the first two months of the year showed signs of recovery with a growth rate of 0.51% in January and 0.16% in February, contributing to supporting the recovery of the real estate market, he said.

By the end of February, loans to the real estate sector reached over 1 quadrillion ($42.4 billion), accounting for 28% of the total outstanding credits in the southern city and growing 1.15% compared to the end of 2024.

 

-Minh Huy

Deputy Prime Minister Ho Duc Phoc, Special Envoy of General Secretary To Lam, met with US Secretary of the Treasury Scott Bessent on April 10 as part of the former's working visit to the US.

As part of his on-going working visit to the US, Deputy Prime Minister Ho Duc Phoc, Special Envoy of General Secretary To Lam, on April 10 met with US Secretary of the Treasury Scott Bessent, who has been appointed as the head negotiator for trade talks with Vietnam.  

Deputy PM Phoc spoke highly of the agreement reached by the two countries to initiate negotiations on a reciprocal trade deal, calling on the two sides to begin negotiations to soon reach the deal.

Secretary Scott Bessent said Vietnam has taken positive measures to address the issues concerned by the US, saying that the US Administration has appointed him as head of the negotiating delegation with Vietnam.

He expressed his belief that the two countries would soon reach proper solutions to advance mutually beneficial economic and trade relations, and promised to coordinate closely with Vietnam in the negotiation process.

The same day, Deputy PM Phoc met US Secretary of Commerce Howard Lutnick. Mr. Phoc suggested the US Department of Commerce work closely with relevant Vietnamese ministries and agencies during the negotiation process.

Secretary Howard Lutnick affirmed that the US attaches great importance to the relationship with Vietnam, saying Vietnam is a highly potential economy and an important partner of the US.

He promised to coordinate closely with Vietnam during the negotiation process to reach a deal conducive to the development in both the US and Vietnam.

 

 

-Tiến Dũng

The province is conducting research to develop a project aimed at fostering private economic development based on innovation and science and technology.

Bac Ninh Provincial Party Secretary Nguyen Anh Tuan has directed relevant bodies in the northern province to review, revise, and supplement documents for the implementation of the Politburo's Resolution No. 57-NQ/TW, which focuses on breakthroughs in science and technology development, innovation, and national digital transformation.

The directive also emphasizes the execution of the Government project on developing resident data, electronic identification and authentication applications to serve national digital transformation in the 2022-2025 period, with a vision to 2030 (Project 06) on applying population, identification, and electronic authentication data to national digital transformation.

Accordingly, the province is prioritizing administrative reform, the deployment of online public services, and the promotion of cashless payments. Efforts are also underway to enhance the effectiveness of the single-level Public Administration Service Center model.

For the provincial Concentrated Information Technology Park, investors will be selected with a focus on high-tech enterprises, while ensuring a minimum proportion is reserved for domestic private enterprises.

Additionally, Bac Ninh is conducting research to develop a project aimed at fostering private economic development based on innovation and science and technology.

The province is exploring the establishment of a Science and Technology Support Fund, which would combine state budget funding with mobilized social resources. Priority will be given to supporting private enterprises in the science and technology sector, alongside plans to establish a Startup Support Center.

Scenarios will be reviewed, and a series of activities will be developed to promote cooperation in science and technology, innovation, and digital transformation, further solidifying the province’s commitment to sustainable development and technological advancement.

-Bạch Dương

Vietnam welcomes over 2.05 million foreign tourists in March, a 29% increase compared to the same period last year,

Prime Minister Pham Minh Chinh has asked relevant ministries, agencies and localities to promote tourism development with the aim of gaining the double-digit economic growth.

In an official dispatch issued on April 10, the PM noted that priorities should be given to accelerating tourism promotion, diversifying and improving tourism products and services, accelerating digital transformation and green transition in tourism development, and enhancing accessibility and convenience for tourists.

He also required for studying and applying flexible and convenient visa policies for tourists.

Vietnam welcomed over 2.05 million foreign tourists in March, a 29% increase compared to the same period last year, thus bringing the total international arrivals in the first quarter of 2025 to a new quarterly record of 6 million.

Revenue from travel and tourism services in Q1 2025 was estimated at VND21.5 trillion ($860 million), marking an 18.3 per cent year-on-year increase. 

-Tiến Dũng

The route spans some 159.31 km, passing through Ba Ria - Vung Tau, Dong Nai, Binh Duong, HCMC, and Long An.

Ho Chi Minh City (HCMC) has mapped out plans for the Ring Road 4 project (phase 1) with a total investment capital estimated at  nearly VND123 trillion (over $4.76 billion).

The project documentation is being finalized for submission to the National Assembly for consideration in May 2025.

The Ring Road 4 project begins at Phu My Commune, Tan Thanh District, Ba Ria - Vung Tau Province, and ends at the North-South arterial road in the Hiep Phuoc Port area, Nha Be District, HCMC.

The route spans approximately 159.31 km, passing through HCMC (16.7 km) and the neighboring provinces of Ba Ria - Vung Tau (18.23 km), Dong Nai (46.08 km), Binh Duong (47.95 km), and Long An (78.3 km).

The 47.95 km section in Binh Duong province will be executed independently as a separate investment, under the investment policy approved by the Binh Duong Provincial People's Council.

The total investment capital for the project (phase 1) is over VND122.77 trillion (over $4.76 billion), excluding the section in Binh Duong Province.

-Thanh Thủy

DualKey apartments at TTC Plaza Da Nang offer flexible living and rental potential, meeting rising demand for multifunctional urban spaces. Dubbed “the shining gem in the heart of the coastal city,” TTC Plaza Da Nang is expected to set a new benchmark in urban living by delivering a full suite of amenities in Vietnam’s most livable city.

TTC Plaza Da Nang is shaping up to be more than just another commercial project. With the introduction of DualKey apartments, it aims to bring a new layer of flexibility and functionality to the city’s real estate landscape - offering both practical living solutions and fresh investment potential.

The smart choice for modern investors

Coastal property markets are evolving. Investors today are not only pursuing profitability but also looking for adaptable spaces that combine functionality, privacy, and long-term value. This shift has paved the way for the growing appeal of DualKey apartments - units designed to serve multiple purposes within a single footprint.

First developed in Singapore around 2010, DualKey apartments - also called dual-key units - feature a shared main entrance but divide into two private, self-contained living areas, each with its own kitchen and bathroom. Their flexible design has gained ground in regional markets such as South Korea, Taiwan (China), Hong Kong (China), and across Southeast Asia. This format is well-suited for multigenerational households or owners who want to live in one part while renting out the other. The option to remove the partition wall also means the space can convert into a larger single unit, depending on the owner’s needs.

Though present in major Vietnamese cities like Hanoi and Ho Chi Minh City, DualKey apartments are still relatively limited in supply. TTC Plaza Da Nang is stepping into this gap with 73 such units, creating one of the first significant offerings of its kind in the city. Framed within an “all-in-one” development, these apartments combine residential appeal with commercial potential, pointing to an evolving urban lifestyle in Da Nang.

Location makes a difference

All-in-one living experience at TTC Plaza Da Nang.

Strategically located on the bustling Dien Bien Phu Street, TTC Plaza Da Nang features four premium street-facing facades, directly across from 29/3 Park, known as the “green lung” of the city, and just five minutes from Da Nang International Airport, making it appealing for both residents and tourists. As available land in central Da Nang becomes more scarce, DualKey apartments stand to gain further value, particularly with growing interest in flexible-use properties.

A key value driver of the project is the inclusion of AEON Mall. The well-known Japanese retail brand anchors the development and adds foot traffic and long-term tenant stability—important factors in boosting both residential and rental prospects for the DualKey units.

TTC Plaza Da Nang also includes a four-star hotel operated to TUI SUNEO standards, alongside office space and upscale residences. This integrated approach offers more than just convenience, it creates a lifestyle hub that supports sustainable demand for hybrid-use apartments like DualKey units.

A flexible investment solution in a shifting market

Modern interiors of DualKey apartments at TTC Plaza Da Nang.

Since the pandemic, Vietnam’s property market has moved toward products that serve multiple functions, and DualKey apartments fit that brief. They offer flexibility, dual-use potential, and steady income streams. Among 126 total units at TTC Plaza Da Nang, the 73 DualKey apartments stand out as both practical living spaces and resilient investments.

With solid construction, a central location, and a multi-use development model, these apartments are positioned to meet rising demand for real estate that adapts to changing urban lifestyles and investment preferences.

TTC Plaza Da Nang is currently offering a range of exclusive sales incentives for early buyers. These include a payment discount of up to 9 percent, a complimentary furniture package valued at up to VND300 million ($12,000), and 12-month rental support worth up to VND180 million ($7,200). Early birds can also enjoy a booking bonus of VND20 million ($800), while bulk purchasers are eligible for an additional discount of up to 1.5 percent. Upon handover, buyers will receive a special gift in the form of SJC gold.

TTC Plaza Da Nang is developed by Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land), with Nguyen Kim Da Nang Trading Joint Stock Company as the official investor. For inquiries or further information, interested buyers can contact the project hotline at 0906 379 379.

-Diep Linh

Upon the completion of the Cua Lo Channel Project, large-tonnage vessels would gain access to the deep-water ports.

The People's Committee of the central province of Quang Nam has approved in-principle a proposal from the investor to prepare investment dossiers for the Cua Lo channel project, which encompasses construction of the creek, a bridge connecting the Tam Hiep and Tam Hoa port areas, and a road linking the Viet Han Industrial Park to Vo Chi Cong Road.

Upon completion, the channel can accommodate a vessel up to 50,000 tons to Tam Hiep port in Nui Thanh district.

The project will be executed under a Build-Transfer (BT) contract format with a total investment of VND7.2 trillion (nearly $280 million).

The Provincial People's Committee has assigned Dai Quang Minh Real Estate Investment Joint Stock Company, a subsidiary of THACO Group, to prepare the investment dossier and submit it to the competent authorities for consideration by June 30.

Earlier, during a working session between the Provincial Party Committee and THACO Group in late February, THACO proposed investing in four new projects in Quang Nam, including the Cua Lo channel project.

Nui Thanh District in Quang Nam province is well-suited for the development of a deep-water seaport system. However, siltation in the access channels to Chu Lai International Seaport and Ky Ha Port currently restricts vessels exceeding 20,000 tons from entry.

Mr. Le Van Dung, Chairman of the Quang Nam Provincial People's Committee, expressed optimism that upon the completion of the Cua Lo Channel Project, large-tonnage vessels would gain access to the deep-water ports, facilitating the transport of export goods and accelerating the establishment of a logistics hub in the region.

-Xuân Nghi

Tourism revenue for Q1 was estimated at nearly $182.4 million, a year-on-year increase of 29.3%.

Tourism in Ninh Binh province saw remarkable growth in the first quarter, reported the Provincial Statistics Office.

Visitor arrivals to tourist attractions were estimated at over 4.4 million, marking a 13% increase compared to the first quarter of 2024. Among these, domestic visitors accounted for over 3.8 million arrivals, up 10.1%, while international visitors reached 535.1 thousand, a significant rise of 40.8%.

The total number of guests staying at accommodation establishments in Ninh Binh province was estimated at 801,300, an increase of 27.9%, with total guest nights reaching 852,800, up 21.5%.

Tourism revenue for Q1 was estimated at nearly VND4.7 trillion (nearly $182.4 million), a year-on-year increase of 29.3%.

In Q1, accommodation and food services generated an estimated VND2.946 trillion ($114 million), a 29.0% rise. Revenue from travel services was estimated at VND18.1 billion ($702,000), reflecting a 34.9% decline.

-Nguyễn Thuấn

Focus to be made on issues relating to product origins, non-tariff barriers and intellectual property regulations.

Prime Minister Pham Minh Chinh asked relevant ministries, agencies and localities to effectively resolving issues of concern to US businesses, particularly those relating to product origins, non-tariff barriers and intellectual property regulations, while chairing a meeting between standing cabinet members and leaders of ministries, sectors, and localities on April 10.

They were also instructed to consider increasing purchases of US products that Vietnam has demand, such as liquefied natural gas (LNG) and aircraft.

PM Chinh noted that the US has agreed to initiate negotiations with Vietnam for a reciprocal trade agreement.

He directed the immediate formation of a negotiating team led by the Minister of Industry and Trade to engage with the US on a balanced and sustainable reciprocal trade agreement, laying stress on the need to closely monitor developments and propose timely, flexible and effective adaptation solutions.

The negotiations must also be placed in Vietnam’s global trade relations, including the 17 signed free trade pacts, he said, adding this is also an opportunity for Vietnam to restructure its economy for rapid and sustainable growth, reorganize enterprises, and diversify products, markets, and supply chains.

-Tiến Dũng

Accelerated progress in public infrastructure development has attracted social investment resources, boosting the city's socio-economic development.

The central city of Da Nang's total realized investment capital in the first quarter (Q1) of 2025 reached VND9.773 trillion ($379 million), an increase of over 43% compared to the same period last year.

Of the figure, investment from private sector accounted for over 60%.

The Da Nang Statistics Office attributed the sharp rise in private sector investment capital to the effective utilization of public investment in key projects as a driving force.

Accelerated progress in public infrastructure development has attracted social investment resources, boosting the city's socio-economic development.

Several State-funded infrastructure projects have benefitted from decisive action by the city authorities to address challenges related to site clearance, raw material supply, and disbursement procedures, facilitating faster construction progress. Key examples include the Lien Chieu Port shared infrastructure project, the Coastal Road project connecting Lien Chieu Port, and the Hoa Lien-Tuy Loan expressway section project.

In addition to domestic investment, foreign direct investment (FDI) in Da Nang experienced substantial growth in Q1, reaching VND1.544 billion ($59.86 million), an impressive increase of 80.5% year-on-year. This surge in FDI demonstrates the effectiveness of the city's policy solutions and mechanisms in overcoming obstacles for foreign-invested enterprises.

-Ngô Anh Văn

A better approach has emerged in ensuring that railway projects of all types are completed on schedule.

The sluggish construction of urban metro lines in Vietnam, which have been touted as a means of easing traffic congestion in major cities, along with stalled national railway upgrades, has created ripple effects that hinder the country’s growth and infrastructure development. As urban railway projects struggle with delays and mounting challenges, experts point to limitations in the traditional project management (PM) consulting model. In its place, the project delivery partner (PDP) model is emerging as a more effective solution, especially for large-scale and complex railway developments.

Slow projects

In major cities like Hanoi and Ho Chi Minh City, urban railway projects are seen as a key solution to addressing traffic congestion. However, progress has been significantly slower than planned, with project timelines continuously being pushed back.

The Nhon - Hanoi Railway Station Metro Line, despite multiple adjustments, is still under construction, with underground sections yet to be completed. The latest target for full operation is now 2027; nearly a decade behind its original schedule. Similarly, the Nam Thang Long - Tran Hung Dao Metro Line (Line 2) remains on the drawing board 17 years after the city approved its feasibility study in November 2008, with no breaking of ground in sight. In Ho Chi Minh City, the Ben Thanh - Suoi Tien Metro Line has finally begun operations, but only after numerous delays and adjustments saw it repeatedly miss deadlines.

Beyond urban metro systems, national railway projects, including both upgrades and new projects, are also stagnating. Existing railway lines, even with renovations, still fail to meet the rising demand for transport. Outdated infrastructure, slow travel speeds, and limited capacity have weakened the railway sector’s competitiveness, making it increasingly less attractive compared to other transportation options.

The North-South high-speed railway line, a strategic project already approved by the National Assembly, remains stuck in the research and preparation phase. Given the slow progress of past railway projects, experts are skeptical about whether construction can begin by 2027, as planned.

Vietnam’s persistent delays in railway projects stem from a range of complex challenges. These include difficulties in site clearance, the limited capabilities of some contractors, a lack of coordination in planning and execution, cumbersome legal procedures, and financial constraints. Inefficient project management further exacerbates the situation, leading to extended timelines and cost overruns.

To break this cycle, a more decisive and coordinated approach from the entire political system is needed. According to Mr. Nguyen Trong Nghia, CEO of the Invest Global IC JSC, improving PM is key. “The traditional PM consulting model has exhibited limitations,” he emphasized. “The PDP model is seen as a more effective solution, particularly for large-scale and complex railway projects.”

Comprehensive and flexible solution

The fundamental difference between the two models, he continued, lies in their approach and scope of responsibility. While the PM model primarily focuses on planning, organizing, coordinating, and monitoring progress, the PDP model is more comprehensive, engaging deeply in strategic consulting, technical design, and risk management.

In the implementation of urban railway projects, the PM model often encounters issues such as delays, shortages of highly-specialized personnel, and a lack of experience in EPC (Engineering, Procurement, and Construction) contracts. While the PM approach is suitable for projects with stable processes, it proves less effective when dealing with the complexities and unpredictable changes inherent in railway infrastructure projects.

Conversely, the PDP model fosters close collaboration between stakeholders from the planning phase through to project completion. Rather than simply overseeing progress, PDP actively participates in design, engineering, and risk management, ensuring the project’s overall efficiency. Its flexibility is evident in its ability to adopt various contract management approaches and optimize cost structures, unlike the rigid adherence to traditional PM models.

“One of the PDP model’s greatest advantages is its high level of integration and collaboration,” Mr. Nghia said. “This model facilitates close coordination between the government, construction contractors, consultants, and experts, optimizing project design, management, and execution, thereby reducing completion times. Establishing partnerships also enables swift resolution of emerging issues, enhances transparency and accountability, and strengthens communication and consensus between stakeholders.”

Moreover, PDP ensures project quality and timely execution through a multidisciplinary team of seasoned experts who can devise optimal solutions and respond swiftly to risks. This model also employs comprehensive risk management strategies, helping to anticipate and control unforeseen factors, ensuring the project stays on schedule and within budget.

Another strength of PDP is its adaptability to change. It can integrate advanced construction technologies such as Building Information Modeling (BIM) to optimize design and execution while assisting investors in selecting suitable suppliers and contractors and ensuring compliance with legal regulations.

Ultimately, PDP plays a crucial role in streamlining the development process of railway projects, seamlessly connecting all phases, from design and construction to operation, to ensure service continuity.

Three-tier governance model

Based on the aforementioned advantages and to effectively implement railway projects, Mr. Nghia proposed a three-tier governance model, comprising the Project Steering Committee, the PDP, and the main contractors.

The Project Steering Committee, under the government’s direct authority and chaired by a Deputy Prime Minister, would be responsible for overall project management, capital allocation, investment mobilization, and the selection of the PDP.

The Committee’s members would include both individuals and organizations, such as the Railway Project Management Board, specialized research institutes, real estate developers involved in Transit-Oriented Development (TOD) urban areas, and railway operation entities.

During implementation, the Project Steering Committee would coordinate domestic funding over medium-term periods, attract investment from international financial institutions, such as the World Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), and auction land in TOD station areas to generate financial resources for the project.

The PDP entity, to be established as an independent legal entity through a joint venture of domestic (40 per cent) and international (60 per cent) consultancy firms, would be responsible for master planning, risk management, design verification, and construction supervision.

The main contractors, including EPC general contractors and domestic technology enterprises such as Viettel and VNPT (handling critical components like information and control systems), would be responsible for designing, constructing, and installing systems under a public-private partnership (PPP) model.

This governance model is expected to enhance transparency and efficiency in project management, ensuring the optimal mobilization of financial, human, and technological resources, thereby contributing to the success of railway projects in Vietnam and driving the development of modern transport infrastructure, Mr. Nghia emphasized.

 

 

-Anh Nhi Huynh Dung

The Foreign Ministry Spokesperson on March 10 highlighted the move announced by President Donald Trump as a positive step.

US President Donald Trump’s decision to temporarily pause reciprocal tariffs on imports from over 75 countries, including Vietnam, is a positive step, Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang was quoted by the Vietnam News Agency as stating  on April 10.

The spokesperson made the statement in response to reporters’ question about the ministry' comment and Vietnam's planned actions following the US President’s announcement of a 90-day pause on reciprocal tariffs on April 9.

In line with the spirit of the Comprehensive Strategic Partnership, Vietnam will negotiate with the US a reciprocal trade agreement based on mutual respect, aiming to achieve proper solutions towards fair and sustainable trade that benefit the people and businesses of both countries, she said.

This reflects the spirit of the Vietnam-US Comprehensive Strategic Partnership, as well as the spirit of 30 years of their diplomatic relations, the spokeswoman said.

She added that 2025 marks three decades of diplomatic relations between Vietnam and the US, during which a wide range of commemorative activities, including high-level delegation exchanges, will be held.

 

-Vân Nguyễn

.Mobile technologies and services contribute over $20 bln to Vietnam’s economy

The GSM Association (GSMA) and the Vietnam  Digital Communications Association (VDCA) on April 9 announced a new collaboration to promote co-operation to accelerate Vietnam’s mobile and digital communications ecosystem.

Through the partnership, GSMA and VDCA will focus on exploiting the potential of the mobile ecosystem to support the Vietnamese Government’s Information and Communication Infrastructure Plan 2021-30.

The plan targets to expand broadband infrastructure to cover 99% of the population with 5G networks by 2030, promote environmentally sustainable digital infrastructure, building innovation zones to accelerate technological development, and position Vietnam as a regional hub for network and data security.

GSMA and VDCA will also share technical expertise, promote industry events and convene stakeholders through thought leadership platforms.

Mobile technologies and services contributed over $20 billion to Vietnam’s economy in 2023, according to GSMA.

 

-Hạ Chi