Vietnam has coordinated closely and proactively with the U.S. to negotiate for fair tariff solutions and promote the two-way trade in a mutually beneficial manner, according to Deputy Prime Minister Ho Duc Phoc.

The Government suggests the U.S. Administration postpone the implementation of 46 per cent reciprocal tariff on imports from Vietnam for one to three months, Deputy Prime Minister Ho Duc Phoc stated  during his meeting with leaders of several ministries and business associations in Hanoi on April 4.

The meeting aims to seek measures  in response to the new tariff policy that US President Trump has announced to impose on goods exported to the US from 180 trade partners of the United States, including Vietnam. Accordingly, a 46% reciprocal tariff rate will be applied to imports from Vietnam.

The U.S. Administration's decision to impose a 46-percent tariff on Vietnamese goods places Vietnam among the nations facing the highest tariff rates, surpassing those imposed on Viet Nam's competitors in the U.S. market like Thailand (36 per cent), Pakistan (29 per cent), and the Philippines (17 per cent).

Vietnam  is also subject to a much higher rate than that of Bangladesh (37 per cent), China (34 per cent), Indonesia (32 per cent), India (26 per cent), Malaysia and Japan (both 24 per cent), and the EU (20 per cent).

The Deputy Prime Minister was quoted by the Government News as affirming at the meeting that Vietnam  has coordinated closely and proactively with the U.S. to negotiate for fair tariff solutions and promote the two-way trade in a mutually beneficial manner.

The Government has recently promulgated Decree No. 73/2025/ND-CP, reducing many tax lines on goods imported from the U.S., he added.

Vietnam has also promoted contracts to purchase goods from the U.S., such as aircraft and liquefied natural gas while creating favorable conditions for American investors to do business in the country.

In the time to come, Vietnam will continue solutions to enhance import of materials and equipment from the U.S., and expects to boost cooperation with the U.S. in the fields like science, technology, and digital transformation, according to Deputy Prime Minister Phoc.

He took the occasion to urge the Amcham Vietnam and the U.S.-ASEAN Business Council to convey the goodwill from the Vietnamese Government and the business community to President Donald Trump's Administration for effective tax negotiations.

Vietnam's exports to the U.S. mainly compete with goods from third countries, not with U.S.-made products, thereby benefiting American consumers with more affordable options, according to the Ministry of Industry and Trade.

-Vân Nguyễn

Border trade between Vietnam and China keeps increasing in the first quarter of the year.

Cross-border trade activities between Vietnam and China continue to flourish in the first quarter of the year.

According to the Statistics Office of northern Lang Son province, the total import and export revenue via the province’s border gates reached over $13.51 million as of mid-March this year, up 23% year-on-year.

There are six border gates in Lang Son with some 1,300 trucks transporting goods through daily. Of which, the Huu Nghi International Border Gate witnessed the largest number of vehicles with over 700.

In northern Lao Cai province, the total import and export value is estimated at over $91.4 million, surging 13.3% compared to the same period last year.

In northern Quang Ninh province, over 513,100 tons of goods were transported via the Mong Cai International Border Gate as of March 15, up 66.1% year-on-year. The total value of import and export goods was estimated at $922.15 million, rising 4.42% year-on-year.

 

-Trương Quốc Cường

Cyberattacks are becoming more advanced, with escalating data breach risks and new threats targeting sensitive information and systems.

Vietnam faced a dramatic rise in cyber threats in 2024, with millions of accounts exposed and critical systems targeted by increasingly sophisticated attacks. From deepfake impersonations to massive data breaches and fileless attacks, the country’s cyberspace has become a "battleground" for cybercriminals.

According to the latest report from Viettel Cyber Security (VCS), these threats have grown in both scale and complexity, leading to a surge in warnings and urgent calls for action from both the government and businesses to protect sensitive information and vital infrastructure.

In Directive No. 29/CD-TTg, dated April 3, 2025, Prime Minister Pham Minh Chinh urged ministries, sectors, and localities to intensify efforts in preventing and addressing fraud in cyberspace aimed at fraudulent asset appropriation.

Rising complexity

According to the report from the VCS, which is based on the data from Viettel Threat Intelligence, cybersecurity risks in Vietnam continued to expand in 2024, reflected by the increasing number of cyberattacks, with growing sophistication and scale of attack methods.

Data breaches in Vietnam are growing more significant. Specifically, in 2024, up to 10 terabytes of encrypted data were targeted in cyberattacks, causing a total damage  estimated at about $11 million. Moreover, 14.5 million accounts were leaked, including a vast amount of personal information and corporate documents being widely sold on online platforms, accounting for 12 per cent of the total leaked accounts globally.

Financial fraud and brand impersonation also increased in a complex manner. Although the number of fraudulent domains dropped by 30 per cent compared to 2023 (with 4,000 domains recorded), counterfeit websites using unauthorized brand identities were recorded three times as much, reaching nearly 1,200 websites. Cybercriminals are now leveraging artificial intelligence (AI) to mass-produce phishing emails and sophisticated fake websites, which mainly target the financial and banking sectors, accounting for 71 per cent of total cyberattacks.

Additionally, Distributed Denial-of-Service (DDoS) attacks surged to over 924,000 recorded incidents, increasing by 34 per cent compared to 2023. Notably, some cyberattacks on financial institutions, public services, and technology firms exceeded 1 Tbps, causing severe disruptions to operational systems.

According to the report, nearly 40,000 new security vulnerabilities were recorded, increasing by 46 per cent compared to 2023, of which 47 per cent were classified as high or critical severity, primarily focusing on products and services such as Virtual Private Network (VPN) systems, web servers, and management software. Numerous unpatched vulnerabilities pose a risk to organizations in Vietnam, with 143 being flagged as high risks.

Emerging threats and strategic recommendations

According to the report, some cyberattack trends are predicted to evolve in 2025, including the increased exploitation of AI to create more elusive malware, and the leveraging of deepfake technology for sophisticated identity fraud in voice, image, or video.

Moreover, Internet of Things (IoT) devices and blockchain platforms will become targets for hackers, especially those with weak security protocols and cryptocurrency transaction platforms. The Ransomware-as-a-Service (RaaS) model is also being targeted, allowing anyone to carry out cyberattacks. Fileless malware attacks are another concerning trend, exploiting memory (RAM) and administrative tools like PowerShell to avoid detection by traditional security software.

Due to the evolving nature of cyberattacks, Viettel Cyber Security provided five key recommendations for businesses to proactively implement protective measures and minimize risks:

Firstly, businesses should establish a 24/7 cybersecurity monitoring system to detect and address attacks immediately. Next, a modern governance model should be adopted to tightly control access to systems and prevent unauthorized intrusions. Businesses can consider investing in advanced security technologies such as External Attack Surface Management (EASM), Security Operations Centers (SOC), and Anti-DDoS solutions to protect critical information assets.

Additionally, companies must review and implement patching vulnerabilities, conduct periodic audits, prioritize fixing critical errors, and assess security in the supply chain to avoid attacks through partners. Lastly, companies should foster a strong cybersecurity culture through regular training and incident response drills to minimize human-related risks.

 

 

-Cap Mai

Most exports from the US  to Vietnam are subject to an average tariff rate of around 15 per cent.

Deputy Minister of Finance Nguyen Duc Chi was quoted by the Government News on April 4 as stating that  Vietnam commits to working with U.S. partners to achieve a trade balance that benefits both Vietnamese and U.S. consumers.

The deputy minister made the statement in response to the U.S. recent decision to impose a 46 per cent reciprocal tariff on imports from Vietnam.

Vietnam has been proactively reviewing and adjusting its imports to increase trade turnover and work toward balancing trade with key partners, including the U.S., the deputy minister said, adding that Vietnam hopes the U.S. would consider ongoing discussions and make appropriate adjustments.

Meanwhile, Mr.Truong Ba Tuan, Deputy Head of the Tax Policy Department under the Ministry of Finance, as quoted by the Government News, reported that the US’s  new tariff rate is substantially higher than the current rate and will negatively  impacts Vietnam's production—particularly in key export sectors such as electronic components, agriculture, garments and textiles, and footwear.

The Ministry of Finance has recently conducted a comprehensive review of import tariffs.

According to the latest report from the Office of the U.S. Trade Representative (USTR), Vietnam's average tariff rate stands at just 9.4 per cent. Most U.S. exports to Vietnam are subject to an average tariff rate of around 15 per cent, with only a few exceptions.

These levels are still significantly below the newly imposed 46 per cent tariff.

"It is essential to clarify the factors beyond tariffs that led the U.S. to impose this 46 per cent reciprocal tariff in order to develop an appropriate response," Mr. Tuan said.

Earlier, the Government of Vietnam promulgated Decree No. 73, which reduces import tariffs on 16 product groups, effective from March 31, to help improve market access and demonstrate a commitment to fair trade practices.

-Phạm Long

The move made following the US Administration’s recent announcement of imposing reciprocal tariffs on imported goods from 180 trade partners.

Prime Minister Pham Minh Chinh on April 3 signed a decision on the establishment of a special task force to strengthen cooperation and proactively adapt to changes in US economic and trade policies.

The move is made following the US Administration’s recent announcement of imposing reciprocal tariffs on imported goods from 180 trade partners of the US, including a 46% tariff rate on Vietnamese exports to the US.

Deputy Prime Minister Bui Thanh Son will lead the task force, while Minister of Industry and Trade Nguyen Hong Dien will serve as its deputy head.

The task force has been assigned with assisting the PM in closely monitoring global and regional developments, particularly the adjustments in the US’s economic and trade policies.

Its mandate includes advising the Government on flexible, timely, and effective responses to international developments and US policy changes to overcome challenges and seize opportunities while maintaining a peaceful, stable environment for national growth and development.

The task force will uphold individual responsibility and function according to the Government’s working regulations and legal frameworks.

The task force will disband once its mission is completed.

-Quang Thanh

During the talks, the Party Chief affirmed that Vietnam is ready to negotiate with the US on reduction of tariff rate to 0% on imported goods between the two countries.

General Secretary of the Communist Party of Vietnam Central Committee To Lam affirmed that Vietnam is ready to negotiate with the US to reduce tariff rates to 0% on imported goods between Vietnam and the US, during phone talks with US President Donald Trump on April 4 night (Hanoi time) to discuss bilateral relations.

Party Chief Lam said Vietnam will continue to import more goods from the US that Vietnam needs, and encourage and create favorable conditions for US companies to expand investment in Vietnam.

The two leaders reiterated their wish to further bolster bilateral cooperation for the benefits of both countries, and contribute to peace, stability, and development in the region and the world.

The two leaders also shared the view that the relationship between Vietnam and the US has been thriving in many areas.

On bilateral trade ties, they deliberated measures to further promote trade. 

They agreed to maintain discussions to soon sign an agreement between the two countries to realize the aforementioned commitments.

-Hà Lê

This proposal gives businesses of both countries time to adapt, avoiding disruption and risks to trade relations...

The administration of U.S. President Donald Trump announced on April 2  (local time) reciprocal tariffs on goods to be imported to the US from more than 180 trade partners, including Vietnam, on which a tariff rate of 46 per cent will be imposed.

On April 4, the American Chamber of Commerce in Vietnam (AmCham Vietnam) has given its opinion on the multi-dimensional impacts of the US's new tariff policy on Vietnamese exports, as well as on the overall trade relationship between the two countries.

According to AmCham Vietnam, the size and immediacy of the 46 per cent reciprocal tariffs are wholly inconsistent with these goals.

The suddenness of their implementation and the substantial scale of the tariffs has created significant uncertainty and potential disruption for businesses operating in Vietnam,  Amcham noted.

While AmCham acknowledges the need to address the growing trade deficit between the two nations, it strongly urges the US administration to consider implementing a grace period. Such a period would allow businesses on both sides to adapt to the new regulations, mitigating unnecessary disruption and financial harm.

Currently, the immediate implementation negates the opportunity for businesses to adjust to the new conditions, as commercial decisions have already been made based on prior trade agreements, AmCham remarked.

It believes that the U.S. and Vietnam are aligned on the fact that the growth in the trade deficit is simply not sustainable. 

The U.S. is the largest export market for Vietnamese goods, yet it is also assessed some of the highest duties of Vietnam’s leading trading partners, AmCham noted.

AmCham is hopeful that both countries can quickly reach an agreement on appropriate tariffs to continue the trade relationship that has benefited all participants.

Ultimately, AmCham members require certainty and stability to operate effectively. "We ask both governments to expedite negotiations aimed at reducing these duties to the lowest possible levels," said Mr. Mark Gillin, Chairman of AmCham Vietnam. "In this spirit, AmCham stands ready to provide constructive input and facilitate dialogue between the U.S. and Vietnamese governments to improve the trade relationship."

-Ngoc Lan

The event, running from March 31 to April 4 in Lower Saxony, Germany. Is one of the world’s largest industrial and technology trade fairs.

At Hannover Messe 2025, one of the world’s largest industrial and technology trade fairs, running from March 31 to April 4 in Lower Saxony, Germany, 12 Vietnamese enterprises have made their marks.

With over 4,000 exhibitors from 150 countries, the event provides a vital platform for Vietnam to explore global markets and expand partnerships, especially in Europe, according to a report from the Vietnam News Agency.

This year’s edition spotlights advancements in artificial intelligence (AI), robotics, mechanical engineering, and fluid energy production.

The Vietnamese delegation to the event, organized by the Vietnam Software and IT Services Association (VINASA) for the sixth time, aims to boost the presence of the country’s IT and tech firms in strategic markets like Germany. The Vietnam pavilion features leading companies such as FPT, TMT, Luvina, GMO-Z.com, Meey Group, VEDAX, SphinX, Bac Ha, Deha, Fabbi, DBIZ, and Vconnex.

Beyond traditional IT outsourcing (ITO) and digital transformation services, Vietnamese firms also present innovative solutions in AI, manufacturing, green transition, and semiconductor technologies, sectors that are drawing increasing global interest.

During the first two days, VINASA held key meetings with industry leaders, including the Asia-Pacific Business Association (OEV), the German Electrical and Digital Industry Association (ZVEI), and the German Chamber of Commerce and Industry. Vietnamese firms also connected with the German Small and Medium Business Association, the Berlin-Brandenburg Automotive Association, and companies from Germany, Belgium, the Czech Republic, and the Netherlands, opening doors for future collaborations.

-Phạm Long

Online fraud has recently grown increasingly complex, often involving organized, transnational operations with sophisticated methods.

Prime Minister Pham Minh Chinh has signed Directive No. 29/CD-TTg, dated April 3, 2025, urging ministries, sectors, and localities to intensify efforts in preventing and addressing fraud in cyberspace aimed at fraudulent asset appropriation.

Recently, online fraud has grown increasingly complex, often involving organized, transnational operations with sophisticated methods. These activities have resulted in significant losses for individuals and businesses while undermining security and social order, according to the Prime Ministerial Directive.

Under the Directive, the Ministry of Public Security has been instructed to direct police units and local forces to implement a high-intensity campaign to combat crimes utilizing high technology and exploiting cyberspace for asset appropriation fraud.

This directive is especially critical during the restructuring of the local police apparatus, which excluded district-level police organizations.

Additionally, the Ministry of Public Security must regularly review, identify, block, and remove fraudulent content, websites, links, applications, groups, and accounts in cyberspace. This includes monitoring and obstructing suspicious calls and messages, particularly those originating from foreign sources or using VoIP technology or OTT applications.

The Prime Minister has assigned the Ministry of National Defence to lead efforts in reconnaissance, monitoring, information gathering, and analysis to ensure situational awareness in cyberspace. It must implement countermeasures promptly against activities threatening national defense and security. Collaboration with the Ministry of Public Security and the Ministry of Science and Technology is essential to detect, identify, block, and manage malicious websites, IP addresses, applications, and software used for fraudulent asset appropriation.

The Ministry of National Defence is also tasked with enhancing patrols and tightening control over border areas, including trails, unofficial crossings, mountainous forests, and riverine regions. Coordination with Police forces, customs, and local authorities is vital to exchanging information, sharing expertise, and addressing violations of exit and entry regulations. Special focus is placed on combating illegal emigration activities organized or brokered by individuals or groups.

Modern technologies such as surveillance cameras, unmanned aerial vehicles (drones), and GPS positioning systems will be applied to strengthen surveillance and detection capabilities regarding illegal border crossings. Furthermore, an information database on high-risk individuals attempting illegal border crossings will be established to proactively prevent and intercept such activities.

-Nam Anh

The figure being equivalent to 22.09% of the annual plan.

The State Treasury raised Government bonds valued at over VND110 trillion (more than $4.25 billion) in the first quarter of 2025, fulfilling 22.09% of the annual plan.

In March alone, the Hanoi Stock Exchange held 15 auctions for Government bonds issued by the State Treasury, raising over VND65.32 trillion ($2.5 billion), up 124% compared to the previous month.

The bonds issued in March spanned four maturities: 5 years, 10 years, 15 years, and 30 years, with 10-year bonds dominating the market, accounting for 92.6% of the total, equivalent to VND60.523 trillion ($2.33 billion).

By the end of March, bond yields for 5-year, 10-year, 15-year, and 30-year terms stood at 2.15%, 2.96%, 3.05%, and 3.28%, respectively.

On the secondary market, the total value of listed government bonds reached some VND2.3 quadrillion ($88.6 billion) as of March 31.

-Hà Anh

Investment in education and infrastructure is crucial for driving long-term sustainable economic growth, fostering innovation, and improving workforce capabilities.

Asia is changing. Supply chains are moving across the region. Apple, for example, is setting up new facilities in Indonesia. Samsung is investing big in Vietnam. It is generally assumed that this offers good job opportunities for locals. The question is whether they have the right skill set to be employed in these advanced facilities. In this context, education is an important part of moving away from the low-quality, low-paying manufacturing of yesteryear.

Mr. Herald van der Linde, Head of Equity Strategy, Asia Pacific, HSBC

We found that there are very significant benefits to growth if the majority of students finish higher secondary education. That is where the number of startups rises, productivity flourishes and GDP per capita increases significantly. At present, many Asian nations have not reached these education levels. A few, however, stand out: China, The Philippines and Vietnam. They score well and this is where small improvements in education attainment could result in large economic benefits.

It is not just getting more students to finish secondary education. There should also be a focus on the quality of education. A measurement of this – the so-called PISA score from the OECD – shows that ASEAN and South Asia in particular need to bridge the gap in terms of quality of education. Doing so will enable them to capitalise on the opportunities that comes from shifts in supply chains.

In this regard, Vietnam performs exceptionally well, nearly matching the educational standards of developed nations. The latest PISA results are comparable to those of France.

Across Asia, prospective students are very much aware of the education gap. To gain a better education, they look across borders. The number of international students in countries like mainland China, Japan and Korea are growing fast. And many come from other parts of Asia. This is, however, only possible for those that have parents that can finance expensive overseas studies.

The issue remains that the majority of Asia’s workforce do not possess advanced or tertiary education, while there is a huge demand for highly skilled talent who are well-equipped to deal with complexities involved with industries that are more advanced. Here, Vietnam has tremendous opportunities to invest in better education before others do so. It is already well under way to do so, and explains why it is gaining foreign direct investments.

This is all very positive for Vietnam. In the long run, excellent in education is one of the best ways to ensure sustainable economic growth.

-Herald van der Linde, Head of Equity Strategy, Asia Pacific, HSBC

The project requires a total investment capital exceeding VND1.863 trillion (approximately $72.3 million).

The People's Committee of the north-central province of Quang Binh has approved a finalized plan, allowing the Airports Corporation of Vietnam (ACV) to lease nearly 3ha of land at Dong Hoi Airport to build Passenger Terminal T2 and expand the aircraft apron (the project).

The project requires a total investment capital estimated at over VND1.863 trillion (approximately $72.3 million).

Once completed, Passenger Terminal T2 will have a capacity to serve three million passengers annually. Simultaneously, the expansion of the aircraft apron will involve the construction of four  more parking positions, increasing the total to eight.

The construction of Terminal 2 is slated to begin in the second quarter of 2025 and is expected to be completed and operational by the fourth quarter of 2026. Meanwhile, work on the aircraft apron expansion had commenced on August 15, 2024, with completion anticipated by May 2025.

-Phương Nhi

Vietnam Economic Times / VnEconomy sought insights from educators and businesses on the need for institutional reforms and a more favorable business environment to help domestic enterprises drive breakthrough growth to ensure the country meets its GDP growth target of 8 per cent or higher in 2025 and double-digit growth beyond.

Mr. Hoang Nam Tien, Vice Chairman of the University Council at FPT University

During the “Doi Moi” (Renovation) period, Vietnam’s economic growth surpassed 9 per cent in 1995 and 1996 before declining. Looking ahead now, however, one critical factor that could drive Vietnam towards double-digit growth is institutional reform, which would unlock the full potential of its private sector.

Relying solely on public investment and FDI could sustain growth at around 8-9 per cent, but surpassing 10 per cent requires unleashing the power of private enterprises.

Exports have long been a key driver of Vietnam’s economic expansion. As the economy has grown, several Vietnamese industries, such as textiles and agriculture, have flourished. In 2024, durian exports alone brought in nearly $3 billion, while FPT earned $1 billion annually from software exports. These successes reflect growing confidence in Vietnam’s economic potential, and many more opportunities remain untapped.

This confidence was not always present. In 2015, when FPT set a goal of reaching $1 billion in annual export revenue, many within the company doubted whether it was achievable. By the end of 2023, however, that milestone had been reached. Today, $1 billion is no longer considered an ambitious target, and the company is aiming for $5 billion in software export revenue by 2030. This is just one example, and in the years ahead thousands of Vietnamese businesses could generate revenues in the hundreds of millions to billions of dollars.

In the future, Vietnam’s trade surplus with the US may no longer be driven mainly by textiles and footwear but by high-tech industries such as software exports. With 2030 approaching, FPT has already committed to its $5 billion export target, and the next generation of entrepreneurs could add tens of billions more to private sector exports.

Achieving such transformative growth requires that businesses evolve. At FPT, we recognized that reaching $5 billion in exports through human labor alone would require 200,000 employees. However, technology has changed the equation, and many companies are adapting to this shift.

AI has advanced rapidly. In this new era, success will depend on individuals who can think creatively and leverage technology for innovation. This presents a unique opportunity for Vietnam’s younger generation, those who have grown up with AI and digital tools, to drive breakthrough growth.

AI is a game-changer, offering countries like Vietnam significant advantages. Vietnam’s young, tech-savvy workforce is poised to thrive. As digital transformation accelerates and AI becomes more deeply integrated into business and industry, Vietnam is in a prime position to capitalize on this shift.

 

Mr. Phan Le Thanh Long, Founder and Director at the AFA Group

The year 2024 was a challenging one for private enterprises. However, stepping into 2025, thanks to the economic growth policies set forth by the Party and the government, alongside institutional reform and supportive policies, private enterprises are now presented with significant opportunities for growth.

Large enterprises have long contributed substantially to Vietnam’s economic expansion. With their competitive advantages, they can leap ahead and capitalize on strategic, high-growth sectors such as semiconductor technology and software development.

For small and medium-sized enterprises (SMEs), 2025 marks a pivotal year in transformation, particularly in how they approach market expansion. With the rise of the internet and AI, geographical boundaries are becoming increasingly blurred, meaning that businesses must now look beyond the domestic market and seize international opportunities.

To achieve this, companies must focus on effective governance and building a solid business model. Only with a robust management structure, spanning from the Board of Directors and the Executive Board to operational oversight and control, can businesses navigate their path to sustainable growth.

With institutional bottlenecks being addressed and the Party and government demonstrating a strong commitment to private sector development, businesses now face both a major opportunity and a turning point. Transparency, public disclosure, and governance quality must be strengthened to align with this new era.

Ultimately, governance plays a critical role in meeting the demands of capital markets, attracting investment, and securing foreign capital. As Vietnam works towards an upgrade in its market classification, governance will be a key trend affecting all enterprises.

Looking at governance reports from 2024 assessing 2023, there remains a gap compared to ASEAN standards. However, the transition year of 2025 is expected to bring significant improvements.

Sustainable development is emerging as a critical criterion for many Vietnamese enterprises. It is now embedded in multiple areas, particularly in credit ratings. Whether raising capital through equity or loans, companies must meet sustainability requirements to access funding.

Moreover, the structure of corporate boards in Vietnam has evolved. Businesses are now placing greater emphasis on governance, yet a key challenge remains: a shortage of qualified personnel, particularly in corporate management. To address this, companies must develop a professional, independent, and specialized governance workforce, moving beyond the past practice of boards and executive teams merely holding capital without actively engaging in management.

As AI continues to advance, businesses can leverage this technology to boost productivity and accelerate decision-making. This is an irreversible trend, and enterprises across all industries must adapt or risk being left behind. When SME owners recognize the opportunities, take bold steps, and invest the necessary resources, they will drive private investment and contribute to GDP growth.

 

Mr. Nguyen Thanh Ha, Managing Partner of SBLaw

In 2025 and beyond, numerous tax law proposals will be presented to the National Assembly for discussion and approval. As the economy faces challenges such as inflation, supply chain disruptions, and weakening global demand, tax policies must be adjusted carefully to support businesses and consumers while ensuring stable State budget revenue. To achieve these goals, three key priorities should be considered.

First, tax policies should serve as a catalyst for investment. Reducing corporate income tax or introducing appropriate tax incentives can provide businesses with additional resources to expand production, adopt new technologies, and create jobs. This becomes even more critical in the post-Covid-19 recovery phase and amid ongoing geopolitical uncertainties. Encouraging investment in strategic sectors such as infrastructure, high technology, and education will not only drive short-term economic growth but also lay a solid foundation for long-term sustainable development.

Second, supporting consumer purchasing power is equally important. Measures such as reducing value added tax (VAT) rates or adjusting personal income tax rates can lower the cost of goods, increase disposable income, and stimulate domestic consumption. A rise in consumer spending will drive production, create a positive economic cycle, and contribute to GDP growth. However, tax adjustments must be carefully balanced to prevent negative impacts on State revenue and ensure fiscal sustainability in the long run.

And third, a comprehensive approach is essential when refining tax policies. Evaluating the impact not only from an economic perspective but also from a social standpoint is crucial to ensuring fairness, transparency, and a stable, competitive business environment. Engaging experts, businesses, and the public in policy discussions will help shape tax policies that not only address immediate challenges but also foster long-term sustainable growth.

In a rapidly-changing and unpredictable economic landscape, tax laws should provide a flexible framework, allowing the government to adjust tax rates in response to real-time economic conditions.

During the Covid-19 pandemic, many countries and territories quickly adjusted tax rates to support businesses and consumers. Vietnam implemented a VAT reduction, from 10 per cent to 8 per cent, to boost consumption. If such adjustments had required a full legislative amendment, the process could have taken months or even years, while businesses needed immediate relief. Similarly, when global fuel prices surged, some countries quickly lowered environmental taxes on fuel to control inflation. Without a flexible mechanism, tax policies risk becoming slow and ineffective in addressing economic realities.

The key concern is the extent of authority granted to the government. Taxation is not just a revenue source but also directly affects businesses and individuals. Allowing the government to adjust tax rates without limitations could create policy instability, making it difficult for businesses to anticipate changes and plan long-term strategies. If, for example, the government had the power to increase corporate income tax rates from 20 per cent to 30 per cent through a decree, it could cause significant disruption in the business environment and deter investment.

A balanced approach would be to set a tax rate range within the law, enabling the government to make adjustments within this predetermined framework. Any changes beyond this range should require National Assembly approval. For instance, corporate income tax could be legislated within a 15-25 per cent range, allowing adjustments within these limits. If a rate increase to 30 per cent or a reduction below 15 per cent become necessary, this would require legislative approval. Such an approach ensures flexibility in policy implementation while maintaining transparency and stability in the business environment.

 

Ms. Dinh Thu Huong, Deputy General Director of the Net Zero Vietnam JSC

The government’s issuance of Decision No. 232/QD-TTg on January 24, 2025, approving a project to develop the country’s carbon market, reflects Vietnam’s responsiveness to investors’ views on the growth potential of the carbon credit market.

Though Vietnam’s carbon credit exchange is operational, it will initially function on a pilot scale from 2025, with this potentially extending until 2027 or 2028 before integrating with the global exchange in 2029-2030. Despite its pilot status, the establishment of this exchange has already drawn attention from both domestic and international businesses to the potential of Vietnam’s carbon credit market.

Moreover, the forthcoming requirement for businesses in Vietnam to comply with government-mandated emissions quotas presents an opportunity for the carbon credit trading market to expand. Beyond achieving the net-zero target by 2050, the development of the carbon credit market is an essential step for Vietnam to align with the global green transition.

Building a domestic carbon credit trading market will also foster the emergence of an ecosystem of businesses operating in this sector, further contributing to economic growth. In the past, many Vietnamese companies seeking to trade carbon credits had to rely on foreign service providers due to the absence of local standards or domestic entities responsible for establishing compliance criteria.

Without domestic standards, Vietnamese businesses will face challenges in participating in the international carbon credit trading market. Over the past year, the World Bank has purchased a number of forest credits from Vietnam, a type of emissions allowance with a lower value than carbon credits, at just $3-4 per credit. Once national standards are established and internationally recognized, Vietnam’s carbon credit prices are expected to rise significantly. However, achieving this goal will require time and substantial investment.

Vietnam has the potential to generate significant economic benefits from carbon credit trading, especially as achieving net-zero is a global priority. However, before engaging in the global exchange, Vietnam must first secure sufficient carbon credits to meet its Nationally Determined Contribution (NDC) emission reduction targets.

Once the NDC target is met, Vietnam can supply carbon credits to major emitting economies such as the US, China, India, and Russia. Some developing countries are now leveraging their vast forest resources to profit from carbon credit trading. Vietnam cannot afford to stay out of this game.

 

Mr. Nguyen Minh Tuan, CEO of AFA Capital

To ensure GDP growth reaches 8 per cent in 2025 while maintaining Vietnam’s long-term economic momentum, capital remains a key factor.

In this context, the non-State sector (or the private sector) plays a crucial role. Currently, the private sector contributes nearly 45 per cent of national GDP and accounts for over 40 per cent of total disbursed social investment capital.

However, private sector investment growth has shown signs of slowing in recent years. From 2015 to now, private investment in Vietnam has maintained an average annual growth rate of approximately 17.08 per cent. But, by 2024, this figure had declined sharply, to 6.85 per cent, with 2023 recording an even lower rate, of just 2.71 per cent. This decline clearly reflects the challenges facing the private sector and indicates a weakening investment drive.

Looking at the broader picture of total social investment growth, private investment appears to be a misaligned cog in the economic engine, unable to function smoothly to generate strong economic momentum. In this context, stimulating private investment is not just an important task but a decisive factor for Vietnam’s overall economic growth targets in the time to come.

To achieve the government’s 8 per cent GDP growth target this year, Vietnam must focus not only on accelerating public investment and attracting FDI but also on boosting private investment. According to projections, investment from this sector needs to reach at least VND2,300 trillion ($92 billion), equivalent to 7.7 per cent growth compared to 2024. This goal will require a series of practical support policies to create favorable conditions for the private sector to maximize its potential.

One key solution is to introduce a dedicated resolution aimed at fostering the sustainable development of the private sector. At the same time, the government must continue to significantly improve the investment environment, simplify administrative procedures, enhance transparency, and minimize legal barriers to enable private enterprises to expand and operate more efficiently.

In reality, if Vietnam can establish a solid institutional framework and create a favorable business environment, the private sector will undoubtedly thrive. A clear testament to this is the current generation of young entrepreneurs who are not only active domestically but also engaged in the global economy, present in developed markets, and investing in various sectors in Vietnam. More young entrepreneurs are viewing Vietnam as an ideal destination for wealth accumulation and business ambitions.

Therefore, with a well-structured institutional framework that encourages innovation, promotes private sector development, and ensures sustainable growth, achieving a GDP growth rate of 8-10 per cent is entirely feasible for Vietnam.

-Vietnam Economic Times

Vietnam regrets the US decision to impose a reciprocal tariff of 46% on Vietnamese exports to its market.

Vietnam regrets the US decision to impose a reciprocal tariff of 46% on Vietnamese exports to its market, spokesperson for the Ministry of Foreign Affairs Pham Thu Hang stated on April 4.

The spokesperson made the statement in response to reporters’ question regarding Vietnam’s reaction to the Trump administration’s announcement of the reciprocal tariff on imports from Vietnam.

“We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” stated the spokesperson, as quoted by the Vietnam News Agency, adding that  the decision  fails to reflect the spirit of the Comprehensive Strategic Partnership for peace, stability, cooperation, and development; and if enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries,

According to the spokesperson, Vietnam has actively engaged in discussions with the US in recent times to address concerns, promote bilateral economic and trade cooperation, and work towards fair, sustainable, and mutually beneficial trade.

“Vietnam will continue to coordinate and engage in discussions with the US in a constructive and cooperative spirit to find practical solutions that contribute to the stable and sustainable development of bilateral economic relations, ensuring the interests of businesses and people in both countries,” the spokesperson said.

-Vân Nguyễn

Spanning approximately 34,000 sq.m, SaigonTex - SaigonFabric 2025 is set to host over 1,100 exhibitors—a 6% increase compared to 2024.

The Vietnam Saigon Textile Garment Industry – Fabric Garment Accessories 2025 (SaigonTex - SaigonFabric 2025) will be held at the Saigon Exhibition Convention Center (SECC) from April 9 to 12. 

The exhibition will highlight all facets of the textile and garment industry, serving as a platform to connect manufacturers, suppliers, and buyers from Vietnam and across the globe.

Spanning approximately 34,000 sq.m, SaigonTex - SaigonFabric 2025 is set to host over 1,100 exhibitors—a 6% increase compared to 2024.

Participants include enterprises and brands from 25 countries and territories, such as Belgium, China, Germany, Hong Kong (China), France, Italy, Japan, South Korea, Switzerland, Taiwan, the UK, and the USA, among others.

The event will also showcase fashion shows featuring the latest trends and eco-friendly materials, offering attendees a chance to engage with brands through interactive hashtags.

In addition, a Product Presentation Program will allow Vietnamese businesses to present their latest innovations and high-quality products to potential buyers.

This year’s exhibition introduces a new theme: "Manufacturing Technology," which has garnered significant interest from exhibitors. To further enhance networking opportunities, organizers have established a dedicated business matching zone.

-Phạm Long

The Tu Lien Bridge project will span three districts—Tay Ho, Long Bien, and Dong Anh—covering a land area of approximately 62.71 ha.

The Hanoi People's Committee has officially approved the investment projects for the Tu Lien Bridge and the Ring Road 3 section through Dong Anh District.

Under the People's Committee's Decision No. 1850/QD-UBND, the Tu Lien Bridge project will span three districts—Tay Ho, Long Bien, and Dong Anh—covering a land area of approximately 62.71 ha.

The Hanoi Traffic Construction Investment Project Management Board has been designated as the investor, with the total investment capital surpassing VND15 trillion (over $581.5 million).

Scheduled for implementation between 2025 and 2027, the project aims to enhance transportation infrastructure by connecting the two banks of the Red River, promoting urbanization, alleviating population congestion in central areas, and easing the burden on existing bridges such as Chuong Duong, Long Bien, Nhat Tan, Thang Long, and Vinh Tuy.

Separately, the People's Committee's Decision No. 1880/QD-UBND outlines the Ring Road 3 section project through Dong Anh District, with a total investment capital of VND5.413 trillion ($210 million).

The Dong Anh District People's Committee will oversee the project, which is expected to be executed from 2025 to 2028.

The Ring Road 3 section is designed with a cross-section ranging from 61 to 68 meters, featuring six lanes for motorized vehicles on the main route, complemented by two parallel service roads.

-Gia Huy

PM Pham Minh Chinh stressed the importance of fostering public-private partnerships, mobilizing resources from businesses and the public, and building an advanced financial center.

Prime Minister Pham Minh Chinh has requested proposals for building an international financial center suitable to Vietnam's conditions.

During the inaugural meeting of the Steering Committee on the Regional and International Financial Centers in Vietnam on April 3, the PM  emphasized that establishing regional and international financial centers is both a challenging and novel endeavor for the country.

The PM urged the Steering Committee, relevant ministries, agencies, and localities to closely adhere to the conclusions of the Politburo and the directives of Party General Secretary To Lam on the matter. He called for the refinement of relevant documents and proposals, with further clarification on key points.

"Develop independent, specific, special, superior, modern, and competitive mechanisms and policies," the PM emphasized, suggesting that "the administrative boundaries of the center should be relatively flexible, ensuring convenience and the most optimal and effective implementation."

He also stressed the importance of fostering public-private partnerships, mobilizing resources from businesses and the public, and building an advanced financial center. This would be achieved by enhancing digitalization, employing scientific and technological solutions for smart operations and management, ensuring security and safety, establishing effective supervision and dispute resolution mechanisms, and attracting high-quality human resources from both the public and private sectors domestically and internationally.

PM Chinh further highlighted the need for proposed regulations to clearly delineate authority for implementation, particularly in addressing emerging issues not yet covered by legal frameworks or where existing regulations have been overtaken by practical developments.

Alongside the finalization of documents for submission to the Politburo and the National Assembly, relevant ministries and agencies were tasked with drafting implementing decrees based on their functions, responsibilities, and authority.

-Tiến Dũng

The global gold prices forecast to keep increasing, following reciprocal tariff plans announced by US President Trump.

The gold bar prices in the domestic market exceeded the VND102 million ($3,929) per tael mark on April 4 in line with the global moves.

The Saigon Jewelry and Germ Stone Co. (SJC) sold SJC-branded gold bars at VND102.4 million ($3,944) per tael on the day, up by VND600,000 ($23.1) per tael compared to the previous day.

One tael equals 37.5 grams, or 1.2 ounces.

Meanwhile, the State-owned commercial banks - Vietcombank and VietinBank - offered the gold bars at VND102.8 million ($3,959) per tael and the BIDV sold the gold bars at VND102.5 million ($3,948) per tael.

In the global market, the gold prices jumped by 0.37% on April 3 to reach $3,145 per ounce.

At this level, gold prices in Vietnam stand at around VND3.3 million ($127.1) a tael higher than the global price.

The global gold prices are forecast to keep increasing, following reciprocal tariff plans announced by US President Trump.

 

-Phương Linh

Provided by the Korea Exchange, the system can handle 3-5 million orders a day.

Vietnam’s long-anticipated KRX trading system is finally set to go live on May 5, marking a breakthrough in market infrastructure and a major step toward modernizing the country’s stock exchange operations, according to a report from the Vietnam News Agency. 

Provided by the operator of South Korea’s bourse, the Korea Exchange (KRX), the system can handle 3-5 million orders a day and avoid overloads.

The KRX system is currently in its final testing phase before full implementation. During this period, securities firms are conducting simulated trading sessions as if on a normal trading day. However, the Ho Chi Minh Stock Exchange (HOSE) has instructed market participants to refrain from testing unrealistic or unusual scenarios.

To ensure smooth adoption, HOSE has published comprehensive guidelines on new trading regulations that will take effect along with the system launch. These updates aim to help investors navigate the evolving market landscape with confidence.

 

-Vân Nguyễn

The US Administration freshly announced a 46% tariff on goods to be imported from Vietnam, effective from April 9.

As soon as the US announced a 46% tariff on goods to be imported from Vietnam, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note requesting US authorities delay the imposition of the tariff  to allow for a constructive dialogue to seek a reasonable solution for both sides, according to Director of the Ministry of Industry and Trade (MoIT)’s Department of Foreign Market Development Ta Hoang Linh.

Speaking to the press in Hanoi on April 3, Mr. Linh said the MoIT would arrange a ministerial phone call and technical talks with the Office of the US Trade Representative (USTR) as soon as possible.

Highlighting the complementarity of the two economies, including their export and foreign trade structures, he noted that Vietnam’s exports to the US primarily compete with third-country goods, not US products, while providing US consumers with affordable, quality options.

The most-favored-nation (MFN) tariff rates Vietnam is imposing on imports from the US average 9.4%, so the reciprocal tariff of up to 46% that the US plans to levy on goods to be imported from Vietnam lack scientific basis and unfair, not reflecting Vietnam's goodwill and efforts in addressing trade imbalance between the two countries over the recent past, he said.

The Vietnamese Government, ministries, and sectors have recently taken proactive steps to address many problems facing US companies operating in Vietnam, including a decree reducing the MFN tax rates which benefits 13 categories of US goods. Besides, a large number of US investment projects have had their difficulties tackled, he said.

According to the White House, the reciprocal tariffs on trade partners of the US aim to address the injustices of global trade, reshore manufacturing, strengthen national security, and boost economic growth, with the tariffs remaining in place until trade deficits and perceived unfair practices are resolved. Therefore, the MoIT holds that the two sides still have room to negotiate to achieve a mutually beneficial outcome, according to Mr. Linh.

-Nguyệt Hà