Total investment capital estimated at $247 million.

The Ministry of Construction has approved the investment policy to expand the Cam Lo – La Son expressway, a section of the eastern North-South expressway, from two lanes to a fully developed four-lane highway.

The total investment for the project is approximately VND6.46 trillion (nearly $247 million).

The expressway section has a total length of nearly 99 km, including 36 km running through central Quang Tri province and nearly 63 km through its neighboring Hue city. The section starts in Cam Hieu Commune, Cam Lo District, Quang Tri Province, and ends in Loc Bon Commune, Phu Loc District, Hue City.

The project investment capital will be sourced from the Central budget's general contingency fund for the medium-term public investment plan for the 2021-2025 period, and from the medium-term public investment plan for the 2026-2030 period.

 

 

 

-Nguyễn Thuấn

The Portal offers essential features such as legal information searches; responses to public and business queries on legal issues; and digital reception and handling of feedback and petitions related to legal documents.

The National Legal Portal was launched in Hanoi on May 31 in the presence of Prime Minister Pham Minh Chinh and many other senior officials.

The portal (available at https://phapluat.gov.vn) has been developed by the Ministry of Justice as a centralized, official gateway for the public and businesses to access legal information and advice, ensuring transparency, accessibility, and efficiency.

By integrating the national legal database with the VNeID platform for digital identification, the portal enables two-way access to official information and supports public feedback, while also enhancing legal awareness and capacity for enterprises.

Built with modern technologies, including artificial intelligence and multilingual functionality, the Portal offers essential features such as legal information searches; responses to public and business queries on legal issues; and digital reception and handling of feedback and petitions related to legal documents.

Prime Minister Pham Minh Chinh was quoted by the Vietnam News Agency as stating at the launching ceremony that the portal must serve as an official destination, a reliable address, an intelligent interaction platform, and an indispensable companion for both citizens and businesses.

He  expressed his long-standing aspiration for a comprehensive digital legal tool. The launch marked a significant step forward in building a socialist rule-of-law state in Vietnam and accelerating the development of a digital government, moving towards a modern, transparent, efficient administration that puts people and businesses at its heart, he said.

The portal is expected to help remove legal bottlenecks, which the PM described as both a breakthrough of breakthroughs and the bottleneck of all bottlenecks, while serving as a catalyst and resource for development.

It will shift the Government's legal services from passive provision to proactive engagement, contributing to developing digital government, society, citizens, economy, while reducing compliance costs and saving time and effort for users, according to the PM.

He commended the Ministry of Justice for its determination, swift coordination, and timely completion of the portal, fulfilling its assigned mandate.

To ensure the portal operates smoothly and effectively, PM Chinh instructed the Ministry of Justice to continue enhancing its features and database fields, and to regularly update content to maintain a rich, accurate, real-time legal information repository. He stressed the need for intelligent and user-friendly interfaces, secure and seamless functioning, and high-quality data that is “accurate, sufficient, clean, and live.”

He asked for a focus on processing and monitoring public feedback on legal documents and recommended applying advanced technologies such as AI and big data to improve service quality and performance, particularly within the legal database.

Relevant ministries, agencies, and provincial authorities were requested to actively contribute and update their data on the portal, assign focal points to cooperate with the Ministry of Justice, and respond to legal queries and public feedback within their jurisdiction.

The media was urged to step up efforts in publicizing the portal’s purpose, features, and benefits so that it is widely known, accessed, and effectively utilized.

For the portal to become “a truly useful tool for all”, the PM urged all public officials and civil servants to engage with and make use of the system. He also called on the business community and the wider public to actively explore and use the services it provides. He highlighted the need for multilingual development and a results-based monitoring system to assess its impact.

Calling for feedback from authorities, the private sector, for the improvement of the portal, PM Chinh pledged that the Government remains committed to listening and ensuring the system evolves continuously.

He concluded by affirming the ambition for the National Legal Portal to become a symbol of a dynamic, modern judicial system dedicated to the nation and people.

-Như Nguyệt

During a dialogue with the business community in Hanoi on May 31, PM Pham Minh Chinh stated that all proposals and concerns from enterprises must be answered and resolved within two weeks.

Prime Minister Pham Minh Chinh chaired a dialogue with the business community in Hanoi on May 31, during which he asked State management bodies at all levels  to answer and resolve all proposals and concerns from enterprises within two weeks.

The dialogue was held to promote the effective implementation of the Politburo’s Resolution No. 68-NQ/TW, the National Assembly’s Resolution No. 198/2025/QH15, and the Government’s Resolutions 138 and 139/NQ-CP, on development of private economy.

The private sector now contributes around 50% of GDP, 56% of total investment capital, more than 30% of the State budget revenue, and nearly 30% of import-export turnover.

At the dialogue, government leaders and localities discussed concrete steps to implement key resolutions. Experts and businesses welcomed the supportive tone and broad scope, calling them a rare opportunity for private sector growth. They were confident the targets could be met ahead of schedule with unified efforts.

The business community urged the Government to streamline laws, cut red tape, coordinate inspections, and ensure fair access to land, capital, labor, and resources. They also called for greater delegation to private firms, especially in emerging sectors.

They also suggested more tax and fee incentives, stronger protection of legal rights and interests, streamlined complaint-handling mechanisms, and prompt resolution of issues arising during implementation.

PM Chinh hailed the candid and constructive input from entrepreneurs, and thanked them for their optimism and willingness to partner with the Government in advancing the country's two centennial goals. He affirmed the target of 8% economic growth in 2025 and double-digit growth in subsequent years.

The PM acknowledged their proposals on simplified procedures, fair access to resources, and clear policy mechanisms to support business development.

He emphasized that State agencies must act as facilitators, focusing on strategy, policy-making, supervision, and post-check.

The Government will continue pursuing the three strategic breakthroughs in institutional reform, infrastructure development, and human resources. It will also ensure sovereignty, political stability, and public order while facilitating business access to land, capital, resources, technology, and skilled labor, and safeguarding property and business rights, according to the Government leader.

He instructed all ministries, agencies, and local authorities to establish mechanisms for regular engagement with businesses, including prompt handling of their requests, ensuring that they are responded within two weeks.

He urged stronger connections among public agencies and the private sector, both through direct engagement and digital platforms. He also asked ministries to continuously review and adjust policies in a timely, flexible, and effective manner to better support businesses.

PM Chinh encouraged the business community to uphold ethical standards, comply with the law, innovate continuously, and invest in smart management and technology.

He called for closer collaboration among private firms, foreign investors, and State-owned enterprises to build domestic and global production, supply, and service chains. He expressed his hope that household businesses will evolve into formal enterprises, small firms into large ones, and large enterprises into multinational corporations.

-Vy Vy

Government and business leaders from Vietnam and Thailand attending a recent forum in Hanoi emphasized the need to strengthen economic ties through digital transformation, sustainable development, and deeper regional integration.

Addressing the “Vietnam - Thailand Business Forum 2025”, which he co-chaired with his Thai counterpart Paetongtarn Shinawatra on May 15 in Hanoi, Prime Minister Pham Minh Chinh stressed that, in the current global economic context, while Vietnam, Thailand, and other ASEAN countries have established solid cooperation there remains a pressing need to strengthen this collaboration further, making it more effective, more impactful, and more inclusive. The ultimate goal is to deliver tangible benefits to the people of both countries, ensuring that no one is left behind in the process of regional development and integration.

Leaders and business representatives from both countries agreed that to progress towards becoming developed economies, Vietnam and Thailand must boost cooperation in three key areas: strengthening supply chain links in mutually-beneficial sectors, fostering closer collaboration between businesses and localities, and aligning strategies for sustainable, long-term growth.

Unquestionable truth

In the process of building cooperative relations between the two countries, the need to adopt innovations and technologies, such as smart infrastructure that incorporates digitalization, to develop the three strategic connections has become indisputable.

Today, innovations and technologies are driving forces behind every corporate success. As such, both countries and their businesses alike face a clear choice: either embrace innovation and technology or be disrupted by them, according to Mr. Krailuck Asawachatroj, Chief Strategic Officer at logistics provider the WHA Corporation PCL.

As a logistics company with 85 per cent of its clientele being foreign businesses, WHA has clearly recognized the benefits of integrating digital applications into logistics operations to enhance customer service. With 40 digital transformation projects, including 12 initiatives leveraging AI models implemented across its facilities in both Vietnam and Thailand, Mr. Asawachatroj affirmed that the effectiveness of digital innovation is indisputable, especially as many clients consistently demand maximum efficiency while maintaining sustainability.

Thanks to the large-scale adoption of smart infrastructure through smart industrial real estate projects powered by renewable energy in Thailand, the company has successfully attracted a growing number of foreign investors. These models are also set to be implemented at WHA’s facilities in Vietnam, promising to attract additional foreign capital in the near future.

Mr. Ton Chirathivat, Chief Digital Officer at Central Retail Vietnam, told the gathering that smart infrastructure should not only be applied at an industrial scale or by large corporations but also serve as a powerful driver of cross-border trade between small businesses in both countries. From providing online trading platforms to optimizing warehouse management and goods transportation, smart infrastructure is helping small and medium-sized enterprises (SMEs) in both Vietnam and Thailand expand their reach, not just within the two countries but also into international markets.

Smart infrastructure also plays an essential role in supporting outsourced production, including software development. This has become increasingly common in recent years, especially as Vietnam boasts a highly-skilled pool of IT engineers capable of handling complex projects for foreign enterprises.

Chokehold on future investments

Despite the seamless flow of goods, services, and even people on a large scale between the two countries, Mr. Chat Luangapra, Executive Vice President of KBank, noted that data exchange remains a largely untapped channel. In a context where a significant volume of domestic transactions in Vietnam and Thailand are now conducted on digital platforms, establishing data-sharing infrastructure between the two has become essential to unlocking the full potential of bilateral financial activities.

He emphasized that shared digital platforms, particularly for financial data, would serve as a catalyst for elevating cross-border trade, tourism, and broader economic cooperation between Thailand and Vietnam to a new level of integration and efficiency.

In addition to the absence of cross-border financial data and payment exchange channels, Thai businesses have pointed out that Vietnam’s energy shortage could become a critical barrier to bilateral cooperation and may undermine the country’s appeal among foreign investors in the future.

Mr. Jormsup Lochaya, CEO of the Super Energy Corporation, noted that after investing $1.3 billion in Vietnam’s renewable energy sector over the past eight years, his company has recently encountered challenges due to unclear regulations and administrative procedures in the energy sector. “For FDI to continue flowing into Vietnam, the most essential factor is a stable and abundant supply of renewable energy,” he stressed. He also reaffirmed his strong confidence in Vietnam’s energy market, revealing that the company is preparing to shortly launch two new renewable energy projects worth a combined $300 million.

Deputy Minister of Finance Nguyen Thi Bich Ngoc, meanwhile, said that in order to further promote two-way investment cooperation between Vietnam and Thailand, the Ministry will propose the consistent implementation of new strategies and commitments agreed upon by both countries. A key priority will be the early establishment of a joint working group to coordinate infrastructure connectivity and supply chain integration. Strategic and sustainable development links must also be emphasized, especially through the promotion of bio, circular, and green economic models.

She emphasized that the Vietnamese Government remains committed to standing alongside the Thai business community and is ready to listen and engage in timely dialogue. For issues that fall beyond the Ministry’s authority, reports will be submitted to the Prime Minister for further consideration and resolution.

 

After 12 years of a Strategic Partnership, the relationship between Vietnam and Thailand has officially been elevated to a Comprehensive Strategic Partnership, emphasizing several key pillars: sustainable stability, sustainable development, and a sustainable future. This upgraded partnership is not bound by limits but driven by the shared goals of peace, cooperation, development, independence, freedom, and the well-being of both peoples.

In the current context of increasing global complexity, unpredictability, and challenges that no single country can address alone, collaboration has never been more essential. Previously, no individual country was able to contain the Covid-19 pandemic on its own. Similarly, no single nation can resolve the global issues of today, such as climate change, dwindling natural resources, and aging populations by itself. Vietnam, Thailand, and other ASEAN members must strengthen unity in diversity and deepen cooperation. While Vietnam and Thailand have already built a solid foundation of collaboration, now is the time to make that partnership stronger, more efficient, and more impactful.

Thai businesses are currently facing several challenges in Vietnam. The first relates to taxation, which the Vietnamese Government is actively addressing. The second involves projects in the energy sector, and the third concerns administrative procedures.

Vietnam is undertaking transformative efforts, notably in administrative reform and the restructuring of administrative boundaries. These initiatives aim to streamline bureaucratic processes, reduce intermediaries, and directly tackle the longstanding concerns of investors and businesses. The government is determined to cut 30 per cent of administrative procedures and associated costs this year.

Furthermore, Vietnam is shifting from a reactive to a proactive approach, moving from passively receiving and handling issues to actively resolving them for businesses and the public. The country remains firmly committed to protecting the legitimate rights and interests of enterprises and ensuring optimal conditions for their operations. Vietnam is ready to listen to, share, and collaborate with the business community in a spirit of joint effort, shared benefits, and mutual success."

                                                                   Prime Minister Pham Minh Chinh

 

 

 A key focus moving forward is the swift promotion of value chain connectivity between the two economies, aiming to fully leverage each country’s strengths and strategic priorities. As the two largest economies in the Greater Mekong Subregion, Thailand and Vietnam play a pivotal role in driving ASEAN’s economic growth.

The two economies are closely interlinked, with many enterprises participating in the same value chains. More than 50 per cent of Vietnam - Thailand trade involves the import and export of raw materials and components that support domestic manufacturing and export activities. As such, economic growth in one country presents a valuable opportunity for the other.

To promote mutual economic growth, it is essential to establish stronger supply chain links between the two countries, particularly in key sectors such as petrochemicals, electronic components, and logistics. These connections should also involve developing human resources for future industries like AI and semiconductors. Local economic integration should also be further advanced, especially between Thailand’s northeastern region and Vietnam’s central provinces, through collaboration between more than 20 partner cities. This would help expand investment, trade, and tourism opportunities for local entrepreneurs.

The two countries must also prioritize cooperation in sustainable development and digital transformation. Currently, more than two-thirds of Thailand’s investment in Vietnam is directed towards renewable energy projects. The Comprehensive Strategic Partnership goes beyond government-level cooperation and includes the private sectors of both countries. In fact, the private sector is the key driver in realizing the full potential of all areas of cooperation identified by both governments."

                                                   Prime Minister Paetongtarn Shinawatra

 

 

Thailand is currently Vietnam’s largest trading partner within ASEAN, with bilateral trade reaching over $20 billion in 2024. Thai investors have launched 767 projects in Vietnam, totaling nearly $15 billion in registered capital, ranking it ninth among 150 countries and territories. Vietnam, meanwhile, has invested in 22 projects in Thailand, with total capital of nearly $35 million.

 

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-Việt An

The project is designed as a high-end resort and entertainment complex with gaming in northern Quang Ninh province.

The Ministry of Finance has submitted a proposal to the Prime Minister seeking approval for an investment policy to build Van Don casino in northern Quang Ninh province, according to a report from the Vietnam News Agency.

According to documents submitted to the State Appraisal Council, the total investment capital for the project is VND51.5 trillion ($2.16 billion). Of this, VND7.7 trillion ($295 million) will be contributed by the investor, with the remainder financed through bank loans.

Covering some 244 hectares in Van Don district, the project is designed as a high-end resort and entertainment complex with gaming, aiming to host international events and become a leading regional and global destination. Its core objective is to operate a casino and provide related services in compliance with Vietnamese legal regulations.

The project will have a maximum operational period of 70 years and a construction timeline not exceeding nine years from the date of land allocation.

 

-Vân Nguyễn

Concurrently, the transport distance is also reduced from approximately 367 km to 200 km.

VIMC Lines (VIMC Container Transport Joint Stock Company), in collaboration with DP World Group, officially launched a new inland sea-river transport route named Mekong Express, connecting Cai Cui Port (in the Mekong Delta city of Can Tho) and Cai Mep Port (in the southern province of Ba Ria -Vung Tau) on May 30.

Speaking at the ceremony, Mr. Glen Hilton, CEO Managing Director, Asia Pacific of DP World, affirmed the Group's commitment to building a seamless and integrated supply chain ecosystem in Vietnam.

According to Mr. Hilton, Vietnam is a crucial market for trade within the Asia-Pacific region and globally.

"Therefore, Mekong Express was launched to meet the growing demand for efficient and reliable transport services, thereby promoting economic development not only in Southern Vietnam but also across the entire country. This is also an important step in our strategy to expand our presence in Vietnam, alongside our current operations at Saigon Premier Container Terminal (SPCT)," he said.

The Mekong Express route will operate twice a week, utilizing barge transport services. This approach shortens transit time from 48 hours for the traditional river route to just 15 hours by combining river and sea routes, representing a 70% improvement in time.

Concurrently, the transport distance is also reduced from approximately 367 km to 200 km, contributing to optimizing efficiency and providing greater cost savings for shippers nationwide.

Notably, the transport route is designed to handle both dry and refrigerated cargo, with a carrying capacity of up to hundreds of TEUs per trip, including the capability to accommodate a large volume of reefer containers.

-Tuấn Khang

The province has been granted 198 export-growing area codes to Australia, China, Japan, Thailand and the US.

Northern Hai Duong province officially kicked off  the "Hai Duong Lychee Harvest Season 2025" event and the "Thanh Ha Lychee Garden Opening Ceremony" on May 30.

Hai Duong's Thanh Ha district has been widely regarded as the "capital" of lychee.

This initiative is a key part of ongoing trade promotion efforts aimed at strengthening the brand, increasing value, and expanding market reach for Hai Duong’s specialty lychee, one of the province’s eight key agricultural products.

Speaking at the event, Vice Chairman of the Provincial People's Committee, Tran Van Quan, reaffirmed the local government’s commitment to streamlining administrative procedures, ensuring security, optimizing transportation, and providing comprehensive support for lychee distribution. He emphasized that these efforts will help Thanh Ha lychee not only thrive in the domestic market but also gain a stronger foothold in international markets.

In 2025, the  province has a total lychee cultivation area of approximately 8,800 ha, with expected output reaching 60,000 tons, including 3,300 ha and estimated 40,000 tons from Thanh Ha district.

Mr. Quan said that Hai Duong currently has 68 lychee growing areas certified under VietGAP and GlobalGAP, covering 721 ha. The province has been granted 198 export-growing area codes, including: 66 codes for China; 38 codes for Japan; 41 codes for the US; 45 codes for Australia; and 8 codes for Thailand.

As part of the event, the Thanh Ha District People's Committee, in partnership with businesses, hosted a ribbon-cutting ceremony for the first lychee export shipment of 2025, with Amei Vietnam Joint Stock Company exporting to Japan,  Rong Do Manufacturing-Trading-Service Co., Ltd. to Australia; and Fusa Organic Agriculture Joint Stock Company to Europe.

To further boost trade, the province also held the 2025 Thanh Ha Lychee Consumption Promotion Conference, connecting online with the Vietnam Trade Offices in the US, Japan, Singapore, the Czech Republic, and other key markets. The conference also linked to 26 domestic connection points and numerous business hubs, facilitating wider market access and deeper collaboration.

-Chương Phượng

The expo will showcase advanced technology and technical solutions in the industrial sector.

The international industry exhibition VIET INDUSTRY 2025 is scheduled to take place in Hanoi on September 11-13, showcasing advanced technology and technical solutions in the industrial sector.

It will spotlight advanced technological solutions across core industrial sectors, reflecting the trend towards modernized production. These consist of industrial building materials, electrical and energy systems, industrial automation, metalworking and welding, pharmaceutical manufacturing technologies, and industrial investment.

The event will also provide a destination for businesses seeking optimal production solutions and market expansion. It is expected to feature more than 500 booths representing 300 international brands from over 10 countries and territories.

It will serve as a venue for connecting enterprises, policies, and technology, aiming to promote domestic production localization, enhance supply chain linkages, and gradually build a high-tech, self-reliant, and sustainable industrial sector.- VNA

 

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Tax reform plays a critical role in fostering a favorable investment and business environment, while also supporting economic recovery and sustainable growth.

The General Department of Taxation, under the Ministry of Finance, has proposed cutting and simplifying 127 tax administrative procedures related to production and business activities for the 2025-2026 period.

In line with the National Assembly’s Resolution No 198/2025/QH15, the department is conducting a comprehensive review of records, forms, and documents across tax administrative processes.

As part of this effort, the tax authority plans to eliminate or replace unnecessary paperwork, including documents, appendices, and declarations, by utilizing digitized information and data to streamline procedures.

Resolution 198 sets ambitious targets, including: reducing processing times for administrative procedures by at least 30%, cutting legal compliance costs by at least 30%, and minimizing business conditions by at least 30%.

Deputy Director of the General Department of Taxation, Mr. Dang Ngoc Minh, emphasized that administrative procedure reform is both an inevitable trend and an urgent necessity, particularly as the state administrative apparatus continues to be streamlined for greater efficiency.

He noted that tax reform plays a critical role in fostering a favorable investment and business environment, while also supporting economic recovery and sustainable growth.

Under the Government’s directive for administrative procedure reform, the department has conducted a thorough review of 219 tax administrative procedures.

Based on this assessment, the department has outlined a plan to: eliminate 97 tax procedures, and simplify 30 others.

-Phương Linh

Total outstanding loans reach nearly VND4.1 quadrillion (over $157 billion).

Ho Chi Minh City’s total outstanding credit reached nearly VND4.1 quadrillion (over $157 billion) by the end of the first five months of 2025, a 3.6% increase compared to the end of 2024, according to data from the State Bank of Vietnam, Region 2 Branch in Ho Chi Minh City.

The figure also represents a year-on-year growth of 13.2%.

The city continued to give credit priority to sectors that are growth drivers, particularly export activities, according to the branch’s Deputy Director Nguyen Duc Lenh.

Low interest rate has resulted in the positive credit growth of banks while encouraging businesses to make new investment and expand operation, he said.

The city has regularly held activities to connect local banks and businesses to help tackle capital difficulties facing enterprises, creating conditions for them to get better access to preferential loans.

 

-Minh Huy

Vietnam’s banking sector is largely in a learning phase when it comes to applying AI and Agile methodologies, and while some institutions have only just begun preparing and strategizing, others are making rapid progress, with Agile seen as the “superglue” for transformation in banking’s AI era.

The first and largest international Agile conference dedicated to Agile organizations in Vietnam, with the theme “Agile in the Age of AI”, was held recently. It focused on discussing Agile and digital transformation stories within Vietnamese enterprises, offering diverse perspectives from consulting experts and leaders of banks and multi-industry corporations.

On the sidelines of the conference, Mr. Vu Tung Lam, Head of Agile, Corporate Strategy Transformation, at Techcombank, held an exclusive interview with Vietnam Economic Times / VnEconomy.

Digital transformation is no longer an option but a necessity for organizations and businesses. As a major bank in Vietnam, what solutions is Techcombank implementing to accelerate digital transformation?

Thank you for the questions. Techcombank has been utilizing many different platforms and centralized data and investing heavily in talent. These are the three pillars of the bank’s transformation, with the customer at the center. In the spirit of today’s conference, where we’re discussing Agile, Techcombank sees it as the “superglue” that brings all components together: platforms, digital, data, and talent. Techcombank has its own Agile way of working, called the “Techcomway”, and we are very proud of it. We view it as a superpower - the bank’s secret superpower - to unlock the potential of all of our investments.

Could you touch on the difficulties Techcombank has encountered during the digital transformation process?

Any large organization adopting Agile at scale will likely face a few significant questions, and we are no exception. We started our journey with extensive exploration and very broad options in terms of how to bring diverse ideas from the field and different Agile practices together. I believe the first two years of our transformation were marked by a lot of exploration, bringing in various ideas that we tried out. At the end of the two years, we realized one crucial thing: to truly move fast and scale, we needed to find a way to converge all those ideas, to combine them. This gave birth to the need for our own unique way of doing things, one that is highly tailored and optimized for Techcombank’s organizational context. The “Techcomway” was born of this necessity.

I think the second challenge, among many, would be the workforce - the people doing the work. The Vietnamese market has experienced about 20 to 30 years of robust outsourcing. So, the talent we have is very proficient in certain areas. However, for digital transformations and Agile transformation, there is a gap between what the market offers and what different organizations truly need. We realized we couldn’t rely solely on local talent to meet and supply that need. So, one of the important things for Techcombank is to build our own talent around Agile. We have different programs, but one key aspect is that once we created a very specific way of working - the “Techcomway” - the next step was to educate and train a large pool of specialists and Agile professionals. These individuals would be the champions to help the organization navigate the next phases and overcome the challenges we encounter along the way.

What competitive advantages do the application of AI and Agile bring to Vietnam’s banking and finance sector?

I just had a chat with an expert about Agile and AI, and interestingly, the challenges we see in adopting Agile are very similar to the challenges we encounter in Agile and digital transformation. AI is a new technology with a lot of promise, and what truly matters in this equation is an organization’s ability to, again, understand the customer’s needs and pinpoint them. From there, we need to consider what we can offer the customer. AI is probably a game-changing tool, but the fundamental question remains the same: what does it offer the customer?

The second question is about whether we can bring together ideas for new products, new services, and new innovations that are AI-powered to better serve the customer. That fundamental question is the same. How we do it might change and be completely different with AI, but the core business question remains. And the third part is: Is this commercially viable? Can we make money from it? Can we grow a market with it?

So again, it’s not about big data or AI; it’s about empathizing with customers. From that empathy, we understand them and bring them offerings that are far more advanced than what they experience today. Then, we craft a business model around that, making it both economically viable and customer-satisfying. That’s how you get a good formula.

From your observation, how does the pace of technology adoption in Vietnam’s banking and finance sector compare to other countries worldwide?

I think Vietnam is very much on par in terms of awareness of new technologies. As a culture, I believe we are very eager to learn, especially from other people, other countries, and other organizations. So that’s positive. The topics we discuss in Vietnam are probably the same as those discussed elsewhere. However, in terms of readiness, infrastructure, and capability, we are probably not yet fully prepared; there’s likely a gap. That is a very difficult gap to overcome, but I believe that once we focus on it, we can overcome these challenges.

Another point is that, given all these challenges, Vietnam probably has an advantage because most organizations here face the skill problem. Usually, for example, banks typically operate within Vietnam and not in multiple markets. Therefore, the problem we need to solve is simplified, it’s a lot simpler. We also need a robust legal corridor. So, the government plays a strong role in paving the way, informing different organizations and enterprises what they can and cannot do, drawing clear lines, and avoiding too many grey areas. I believe that by combining all of this with good collaboration between the government and the private sector, along with some large enterprises leading the way, we can tackle these challenges. These challenges aren’t entirely new; every country faces them. And we have proven in our history that we can overcome any challenges.

If you were to “score” the level of AI application and agility in the Vietnam’s banking and finance sector on a scale of 1 to 10, what score would you give it?

I don’t know for sure, but I think it’s somewhere in the middle. If you consider advanced economies to be around 9 or 10, and more developed countries around 7 to 8, my personal opinion is that we are in the learning phase. Some organizations are taking steps to prepare and strategize, but we’re not too far behind the latest trends, perhaps six months to a year.

With Vietnam not yet leading but making rapid progress, and considering its current “score”, how do you envision the future of technology application, especially AI, in its banking and finance sector over the next 2-3 years?

I speak from my own experience and will not claim to be an expert on the entire industry. However, from Techcombank’s perspective, we have always been preparing ourselves for disruptive technologies. I mentioned the bank’s three pillars: digital platforms, data, and talent. If you think about AI, it requires very organized, centralized data from which you can draw insights about business operations, customer behavior, and so on. AI will thrive when there’s a ready-to-go digital platform and people who know how to use it. Techcombank has spent many years, especially the last five, investing in these three pillars. I believe we are ready, and we have strategies in place to explore and integrate what AI can unlock into the bank’s operations. So, I am very excited to see what will unfold.

-Hoàng An

This is part of the new cooperation program between the two countries in the 2025-2028 period.

The Swiss State Secretariat for Economic Affairs (SECO) will allocate $50 million to support Vietnam in the 2025-2028 period, according to Swiss Ambassador to Vietnam, H.E. Thomas Gass.

Addressing an event held in Hanoi on May 29 to celebrate 35 years of impactful development cooperation between Vietnam and Switzerland, and present the Cooperation Program for 2025-2028, the ambassador said the four-year program will prioritize three key areas of cooperation, including promoting sustainable trade and innovation, fostering sustainable public and private finance, and advancing climate-smart industrial and urban development.

Over the last 35 years, Switzerland committed CHF650 million ($800 million) to support Vietnam.

The cooperation program in the 2021-2024 period generated positive results, including enhancements to the legal and regulatory framework to help improve financial service safety, increase of sustainable exports, improved urban planning, and better business and investment climate.

-Vũ Khuê

With this growth, Thanh Hoa now ranks 8th nationwide and leads the North Central Coast region in the number of newly established enterprises.

The business development landscape in the north central province of Thanh Hoa has continued to show positive momentum in the first five months of 2025, according to provincial authorities.

The province recorded 1,242 newly established enterprises in the period, achieving 41.4% of the annual target and reflecting a 16.3% increase compared to the same period last year.

With this growth, Thanh Hoa now ranks 8th nationwide and leads the North Central Coastal region in the number of newly established enterprises.

The total registered capital of these businesses reached over VND8.95 trillion (nearly $344 million), with an average charter capital per enterprise standing at VND7.2 billion (nearly $277,000).

New businesses span all 17 major sectors, with notable concentrations in: wholesale, retail, and automobile/motorcycle repair (331 enterprises or 26.7% of the total); education and training (256 enterprises or 20.6%); processing and manufacturing (186 enterprises or 14.9%; and construction  (171 enterprises or 13.8%.

In terms of capital scale, the majority of new enterprises (94%) registered under VND10 billion ($384,000). Meanwhile, 59 enterprises (4.7%) registered between VND10 billion and under VND50 billion ($1.92 million), and only 16 enterprises (1.3%) registered over VND50 billion.

These newly established enterprises are expected to generate employment for 9,318 workers, marking a 16% increase compared to the same period in 2024.

-Nguyễn Thuấn

Vietnam has an opportunity to break through in the fintech sector if certain challenges can be overcome...

Fintech has grown strongly over recent years and become an important part of the global financial industry. In Vietnam, with its rapid development, fintech has played an important role in promoting financial inclusion by providing financial services at low cost, offering many convenient experiences to users. However, the development of fintech in Vietnam still faces certain challenges.

Opportunity to break out

With the potential of a young, tech-savvy population, support from strategic international partners, the potential of an increasingly complete legal framework, and the strong acceptance of digital payment trends and advanced digital assets, Vietnam’s fintech sector has a huge opportunity to break through.

These were the important issues discussed during a workshop with theme “Innovation in FinTech - Trends and Opportunities”, organized by the U.S. Embassy in Hanoi on May 28.

Speaking at the event, Mr. Cameron Thomas Shah, Spokesperson from the U.S. Embassy in Hanoi, affirmed that fintech is a priority in U.S. economic policy. “The Vietnam - U.S. relationship is built on support for Vietnam’s prosperity, security, and peace,” he added. “This year marks the 30th anniversary of bilateral relations and economic cooperation, especially in the field of fintech, which is a testament to this strong development.”

In addition, he quoted U.S. President Donald Trump on the U.S. continuing to be a global leader in fintech, especially through improving the legal environment, cooperating with allies and partners to enhance financial services, especially cryptocurrencies and digital payments, not only for Americans but also for people around the world.

“Fintech is truly changing the way people and businesses manage and move money,” he noted. “Vietnam has a rapidly-growing fintech industry and ecosystem that drives innovation, digital transformation, and entrepreneurship.”

According to data from Visa, Vietnam’s payment ecosystem is vibrant, with the participation of more than 40 banks, payment networks, and the explosion of e-wallets such as MoMo, ZaloPay, and ShopeePay, as well as fintech companies focusing on customer loyalty solutions and digital banking. Fintech development brings many opportunities for businesses.

Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, told Vietnam Economic Times / VnEconomy that Visa has a demonstrated history and track record when it comes to partnering with fintech providers of various size and verticals, from global to regional players, and it invests into programs and partnerships to capture opportunities and works with local fintech players in Vietnam to help scale their business and at the same time enrich the country’s digital payment ecosystem.

 “Globally, we’ve seen success stories like Square in U.S., Revolut in UK, M-Pesa in Africa, and many other examples," Ms. Dung Dang said.  "In Vietnam, our collaboration with fintech companies helps them develop localized solutions that meet the unique needs of the market.”

Furthermore, support and training programs for blockchain developers are gradually taking shape, along with the interest and pro-innovation policies from developed countries such as the U.S., opening up the potential for Vietnam to not only keep up but also to create breakthroughs, even surpassing existing models in the region.

Challenges exist

Experts also pointed out a number of challenges in developing fintech in Vietnam. In particular, the biggest barrier is the incomplete and unclear legal framework, causing difficulties for businesses in orientation and operation.

In addition, attracting and retaining high-tech talent, especially those with international experience, is also a difficult problem, requiring early training cooperation and building trust in the context of competition from global companies.

Ms. Dung Dang pointed out two challenges. First, collaboration across different sectors and agencies remains a challenge. To build a connected and inclusive digital economy, fintech companies, including Visa, need to foster partnerships that enhance service delivery. This involves leveraging data insights and analytics to drive outcomes and improve user experiences.

Second, ensuring seamless user experiences amid digital transformation efforts requires significant investment in user-centered design and innovation. As governments and businesses move towards centralized, digital services, fintech companies must focus on delivering intuitive and efficient customer interactions, using insights from extensive research and user testing.

However, experts also agreed on the potential for fintech development in Vietnam, as it possesses a market with a young, dynamic, and increasingly technology-savvy population. “These challenges, while formidable, also present opportunities for fintechs to innovate and collaborate, ultimately driving the digital transformation journey forward,” Ms. Dung Dang said.

Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain Association and Chairman of iMatrix, hopes that new regulations in Vietnam, such as the draft Law on Digital Technology Industry, and sandbox mechanisms for digital assets will soon be passed, creating conditions for the market to develop strongly. At the same time, he also expects that Vietnam can build a strong blockchain network like the U.S. or China, but with a more open, unique approach.

-Ngoc Lan

Vietnam is emerging as an attractive destination thanks to the effective implementation of its free trade agreements with the EU, the UK, and Asia-Pacific countries.

In 2025, Vietnam climbed one spot from the previous year to rank 55th globally  and maintained its 5th position in Southeast Asia in the Global Startup Ecosystem Index 2025, announced by StartupBlink.

This marks the third consecutive year Vietnam has improved its ranking, demonstrating continuous efforts to enhance its national startup environment.

Mr. Eli David Rokah, Founder and CEO of CEO of StartupBlink , officially announced the Global Startup Ecosystem Index 2025 Report at a recent online seminar dedicated to unveiling Vietnam's 2025 startup innovation results.

Mr. Rokah stated that Vietnam's startup ecosystem holds significant potential due to its market size, rapid growth rate, and global supply chain shifts.

Vietnam is emerging as an attractive destination amidst rising production costs in China and the effective implementation of its free trade agreements with the EU, the UK, and Asia-Pacific countries.

StartupBlink's Global Startup Ecosystem Index 2025 report notes positive and breakthrough developments in Vietnam's three major startup hubs.

Ho Chi Minh City entered the top 5 startup ecosystems in Southeast Asia for the first time, securing the 110th globally– its highest ranking to date. Hanoi climbed 9 places to 148th, while Da Nang made a strong impression by jumping 130 spots to 766th, becoming the fastest-growing locality in the country.

Mr. Pham Hong Quat, Director General of the Department of Technology Entrepreneurship and Enterprise Development (Ministry of Science and Technology), stated that Vietnam's innovative startup ecosystem has made remarkable strides in recent years.

The three major cities—Hanoi, Ho Chi Minh City and Da Nang—have been ranked among the top 1,000 startup cities globally, reflecting joint efforts at both national and local levels. From policy frameworks to grassroots entrepreneurial energy, the ecosystem is rapidly developing.

-Bạch Dương

The production line has annual capacity of 700,000 tons.

Hoa Phat Group signed a contract with SMS Group of Germany on May 29 for the supply of technology and production line to manufacture rail steel and structural steel for high-speed railways with a capacity of 700,000 tons per year.

The production line is a key component of Hoa Phat’s rail and structural steel plant project in Dung Quat in central Quang Ngai Province, which has a total investment of VND14 trillion ($536 million).

The production line is expected to be completed within 20 months, with the first high-speed rail track products scheduled for rollout in the first quarter of 2027.

The plant will produce special-use steel products such as rails for urban railways, overhead cranes, and high-speed rail, as well as structural steel types.

 

-Minh Kiệt

This initiative aims to enhance the value of Vietnamese products, build trust with international partners, and further establish Vietnam’s presence in global trade networks.

To update businesses on the latest market trends and analyze the multidimensional impacts on production, trade, and investment, the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) and Alibaba.com Vietnam co-organized the 'Outstanding Vietnam: Steadfastly Advancing Amidst All Uncertainties – Conquering the Global Market' training conference on May 28.

Speaking at the conference, Ms. Ho Thi Quyen, Deputy Director of ITPC, highlighted the city’s ongoing efforts to promote business development, strengthen production and trade, and enhance export opportunities.

She emphasized that Ho Chi Minh City's authorities have been implementing numerous policies to support enterprises, helping them navigate challenges and boost competitiveness in the global market.

The program seeks to equip businesses with essential market insights, enabling them to align product development strategies with evolving buyer preferences on e-commerce platforms. This initiative aims to enhance the value of Vietnamese products, build trust with international partners, and further establish Vietnam’s presence in global trade networks.

Mr. Steven Selikoff, a US e-commerce expert, underscored the importance of international certifications, noting that buyers often assess suppliers based on accreditation from recognized certifying organizations.

He emphasized that key supplier attributes valued by US buyers include responsiveness to potential customers, business transparency, and swift delivery capabilities.

During the event, Mr. Young Liu, Country Director of Alibaba.com Vietnam, introduced a B2B purchasing solution, designed to help businesses increase visibility to international buyers and optimize cross-border trade efficiency. The solution enables Vietnamese enterprises to access approximately 50 million global B2B buyers on Alibaba, with 70-80% of them based in the US and Europe.

-Phạm Vinh

The package aims to boost infrastructure and digital technology.

Some 21 commercial banks are ready to provide a VND500-trillion ($19.15 billion) credit package to support businesses investing in infrastructure and digital technology, according to Prime Minister Pham Minh Chinh.

Addressing the fourth digital transformation event in the banking sector 2025 themed “Smart digital ecosystem in the new era” in Hanoi on May 29, the PM proposed the sector to further expand this funding and offer lower interest rates to bolster national development.

The PM also called for completing legal and policy frameworks to build a robust digital banking ecosystem, with a focus on electronic payments, end-to-end online public services, and digital access for all, particularly those in remote and disadvantaged areas.

He underscored the need for modern, secure, and interoperable digital infrastructure, pushing for the use of artificial intelligence (AI), big data, cloud computing, and blockchain in banking operations.

-Tùng Thư

Prime Minister Pham Minh Chinh and visiting Hungarian President Sulyok Tamas agreed to expand collaboration to areas where both sides have strengths and needs such as digital transformation, artificial intelligence, agriculture, pharmaceuticals, and labor.

During their meeting in Hanoi on May 29, Prime Minister Pham Minh Chinh and Hungarian President Sulyok Tamas, who was on an official visit to Vietnam from May 27-29, reached an agreement that the two countries will double effort to soon raise the two-way trade to $2 billion.

The Vietnamese PM was quoted by the Government News as underlining the significance of the Hungarian President’s visit, noting that it holds special importance as the two countries are celebrating the 75th founding anniversary of diplomatic relations (1950 – 2025), and Vietnam is marking the 80th anniversary of its National Day.

The two leaders agreed to continue to effectively implement the agreements between the two countries, promote cooperation in traditional areas such as trade - investment, science - technology, education - training, national defense - security, medicine - pharmacy, culture - tourism and people-to-people exchange.

They also pledged to expand collaboration to areas where both sides have strengths and needs such as digital transformation, artificial intelligence, agriculture, pharmaceuticals, and labor.

PM Chinh briefed the guest on Vietnam's socio-economic achievements, noting that the country's GDP hit $473 billion in 2024, with per capita income approaching the world's upper-middle-income threshold, and its happiness index rising by 11 places in 2024 and a further eight places this year.

In reply, President Sulyok said that Vietnam remains one of Hungary's most important partners in ASEAN, voicing his support for PM Chinh’s proposal on key measures to deepen bilateral ties.

The Hungarian President also pledged to call on other European Union (EU) countries to soon ratify the EU-Vietnam Investment Protection Agreement (EVIPA) and urge the European Commission (EC) to soon remove the "yellow card" against Viet Nam's seafood exports.

-Vân Nguyễn

The system must strictly adhere to security standards, ensure data safety, and comply with regulations on protecting State secrets.

The Hanoi People’s Committee has officially invited information technology and database development companies to participate in proposing solutions, and piloting a shared database warehouse derived from the document digitization activities of various government agencies across the city.

This initiative is a key step to accelerate the implementation of the project on "Building a Shared Database from Centralized Document Digitization," approved by the City People’s Committee on April 19, 2025.

According to the Hanoi Public Administration Service Center, the database warehouse will initially incorporate digitized data from critical public administration sectors, including: population management, land management (featuring GIS maps), construction licencing, and online public services.

The system must strictly adhere to security standards, ensure data safety, and comply with regulations on protecting State secrets.

Participating companies must develop software modules for data management, retrieval, and analysis, ensuring compatibility and high performance across integrated sectors; a user-friendly interface supporting real-time analytics and multi-dimensional reporting; and comprehensive technical documentation, user manuals, and an operational transition plan post-pilot phase

Additionally, the system must support big data storage and processing, integrate seamlessly with Hanoi’s existing infrastructure and connect to the National Data Center; and implement advanced security technologies, including data encryption, access control, intrusion detection, and GIS technology for managing geospatial data.

The pilot phase will run from June 1, 2025, to September 1, 2025. The deadline for submitting proposals is 12:00pm on May 30.

-Bảo Bình