Vietnam News
Groundbreaking ceremony for a $34 mln FDI project in Thanh Hoa province
Outdoor Gear Vietnam Co., Ltd. hosted a groundbreaking ceremony for its Sports Equipment Manufacturing Plant project in Nga Truong commune, Nga Son district, Thanh Hoa province, on March 17.
The project, with a total investment capital of nearly VND868.5 billion (approximately $34 million), is expected to boost the socio-economic development of the central province and create thousands of new jobs.
The project spans over 10.3 ha and is designed to create stable employment for approximately 5,000 workers upon completion, with a focus on recruiting local labor.
The project will be implemented over a 50-year period, with construction scheduled to be completed within 24 months from the date of land handover.
Outdoor Gear Vietnam Co., Ltd. is a subsidiary of the Outdoor Gear Singapore Group, a renowned global manufacturer of sports and travel equipment.
-Thiên Anh
National land use plan revised to boost economy, protect environment
Under the Government's Resolution No 52/NQ-CP, issued on March 18, the National Land Use Master Plan for 2021-2030, with a vision toward 2050, will be revised.
The revised plan aims to allocate land resources reasonably, efficiently, and sustainably, supporting continuous double-digit growth while serving national defense and security, environmental protection, and climate change adaptation. This initiative lays the foundation for Vietnam to achieve its goal of becoming a developed, high-income country by 2045.
The plan prioritizes sustainable development, emphasizing the establishment of modern infrastructure, industrial growth, service expansion, and urban development. It also ensures the preservation of sufficient rice-growing areas for national food security and advocates the flexible conversion of low-efficiency land. Furthermore, it commits to maintaining forested areas, natural ecosystems, and disaster prevention efforts.
In addition, the plan will drive land reclamation, restoration, and sea encroachment to make unused land viable, combat land degradation, and rehabilitate damaged areas in harmony with environmental protection and sustainability.
The adjustment process involves comprehensive research and data collection, analyzing natural resources, external factors, and current land use patterns across various industries and fields. It will assess land quality, potential, pollution levels, and degradation on a national and regional scale.
-Nhĩ Anh
Domestic gold prices keep soaring following global trend
Gold prices in the domestic market keep soaring as global rates remain on an upwards trajectory.
The Saigon Jewelry and Germ Stone Co. (SJC) and the State-owned commercial banks - Vietinbank - sold SJC-branded gold bars at VND98.2 million ($3,822) per tael on March 18, up by VND2.1 million ($81.7) per tael compared to the previous day.
One tael equals 37.5 grams, or 1.2 ounces.
Meanwhile, the three State-owned commercial banks - Agribank, BIDV, and Vietcombank - offered gold bars at a lower price at VND96.9 million ($3,771) per tael, rising by VND800,000 ($31.1) per tael against the previous day.
The selling price of gold rings surged by between VND1.8 million ($70.7)- VND2.1 million ($81.7) per tael on March 18 compared to the previous day, hitting from VND98.1 million ($3,818) to VND99.1 million ($3,857) per tael, depending on each company.
Prices in the global market skyrocketed March 18 to $3,028 an ounce, or nearly VND94.83 million per tael.
At this level, gold prices in Vietnam stand at around VND3.27 million ($127.2) a tael higher than the global price.
-Phương Linh
Vietnam Economic Times March 17, 2025
-Vietnam Economic Times - VnEconomy
PM encourages Trump organization to expand investment in Vietnam
Prime Minister Pham Minh Chinh urged increased US investments in Vietnam during a reception in Hanoi on March 18 for Charles James Boyd Bowman, General Director of the Trump Organisation’s Vietnam project, according to a report from the Vietnam News Agency.
The $1.5 billion project in the northern province of Hung Yen aims to deliver a hi-end urban, eco-tourism, sport, and premium golf complex, meeting the Trump Organisation’s top standards. The proposed investor is a joint venture between Hung Yen Investment and Development Group JSC and IDG Capital, representing the Trump Organisation.
PM Chinh called on the Trump Organisation to position Vietnam as a business base and expand its investment footprint to other localities in the country as well as potential areas in which the company excels and Vietnam prioritises. He asked the corporation to strengthen partnerships with Vietnamese enterprises, helping them engage in its global supply chain and business ecosystem.
Bowman expressed appreciation for the strong support from Vietnamese ministries, sectors, and Hung Yen province. He highlighted the company’s close collaboration with local authorities to fast-track its project, targeting completion by March 2027, to serve APEC 2027, with the ambition of developing Vietnam’s premier golf course and a world-class golfing destination.
-Vân Nguyễn
UK-Vietnam cooperation in technology and finance to be strengthened
Standing Deputy Prime Minister Nguyen Hoa Binh visited the United Kingdom from March 16-19, aiming to strengthen economic ties and explore new opportunities for further cooperation between the two countries.
During his trip, the Deputy Prime Minister met with key British leaders, including government officials, ministry representatives, local authorities, and financial organizations. Discussions between the two sides focused on development of Vietnam’s international financial centers (IFCs) and strategies to attract more investment into the country.
In a statement, British Consul General in Ho Chi Minh City Alexandra Smith emphasized the importance of multiple events held during Mr. Binh's visit that would further deepen business collaboration between the two countries. She noted the UK government’s commitment to supporting Vietnam’s growth in both the technology and finance sectors.
The UK’s Southeast Asia Tech Week will be launched in Ho Chi Minh City at the end of March, bringing a delegation of leading UK technology companies to explore new opportunities in Vietnam’s rapidly growing digital and tech sectors. This event promises to be a key platform for both nations to forge new connections and foster deeper collaboration in these vital industries.
Moreover, in June 2025, the UK will host London Tech Week, providing an additional opportunity for Vietnamese tech and fintech companies to engage with UK businesses. This event will also mark the 15th anniversary of the UK-Vietnam Strategic Partnership (2010 - 2025). Looking ahead, the UK is committed to enhancing its partnership with Vietnam, with several significant events planned in the near future.
A key highlight of the UK-SEA Tech Week 2025 will be an Open Banking workshop, which is particularly timely given Vietnam’s recent developments in this area. The State Bank of Vietnam recently released a draft circular on Open Banking, setting the stage for further progress in the sector. The workshop, featuring experts from the UK such as Henk van Hulle, CEO of Open Banking Ltd, Jamie Leach, Open Data Strategist at Raidiam, and Huw Davies, CEO and Co-Founder of Ozone API, will offer valuable insights into the evolving global open banking landscape.
“They will present and discuss the current global open banking landscape, including technical implementations, regulatory frameworks, and governance, as well as how developments and technologies can be used to advance open banking in Vietnam,” Ms. Alexandra Smith said.
These initiatives reflect the UK’s ongoing commitment to fostering deeper collaboration with Vietnam, particularly in the technology and finance sectors. The visit comes on the heels of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024, a milestone that has prompted a series of workshops aimed at helping businesses in both countries understand and leverage the opportunities presented by the agreement.
-Như Quỳnh
Vietnam Airlines increases flight frequency to the Philippines
The national flag carrier Vietnam Airlines will increase the frequency of its flights between Vietnam and the Philippines from April 1 this year to meet growing travel and trade demand between the two countries.
Accordingly, its flights on the Hanoi-Manila route will be increased from 3 per week to daily.
Meanwhile, its flights on the Ho Chi Minh City-Manila route will be adjusted to four flights per week on Mondays, Thursdays, Fridays and Sundays.
As a result, Vietnam Airlines will operate 11 direct flights per week connecting the two countries.
In 2024, the number of Philippines tourists to Vietnam rose 73.6% year-on-year, while there were nearly 60,000 Vietnamese holidaymakers visited the Philippines.
-Tuấn Khang
More than 60 U.S. companies come to Vietnam to seek investment cooperation opportunities
From March 18 to 20, 2025, the US-ASEAN Business Council (USABC) spearheaded a delegation comprising of representatives from 64 U.S. companies, including senior executives of 58 leading groups, to Hanoi for its 2025 Vietnam Business Mission, followed by the Health Life Sciences Industry Mission from March 20 to 21.
This marked the largest U.S. business delegation to Vietnam to date.
According to the Council’s President and CEO Ted Osius, who is former U.S. Ambassador to Vietnam, the record number of US businesses visiting Vietnam this time reflects the strong confidence of US businesses in Vietnam's future; the commitment of businesses to expand trade and investment in Vietnam. The US is currently the second largest trading partner of Vietnam, and Vietnam is the 8th largest partner of the US. Therefore, the opportunities ahead of businesses from the two countries are still very large.
"Amidst the uncertainty of global trade, including the risk of tariffs on Vietnam, the U.S. business community remains steadfast and committed to promoting a stable, mutually beneficial trade relationship," Mr. Osius affirmed. "We recognize the challenges ahead, but also recognize the enormous potential for deeper cooperation between our two countries."
At a press conference held in Hanoi on this occasion, Ms. Mary Tarnowka, Strategic Advisor of Pacifico Energy Group, shared the group's investment plans in Vietnam in the coming time.
Pacifico Group expressed its excitement at the opportunity to expand its energy investments in Vietnam to support Vietnam’s ambitious growth and sustainable development goals, while promoting turbine exports from the United States. Pacifico wishes to become a reliable partner and companion of Vietnam, especially in the field of offshore wind power. "Pacifico hopes to be able to pioneer cooperation to exploit this huge natural resource, while enhancing energy security and paving the way for future investors," Ms. Tarnowka said.
Ms. Nguyen Thu Thao, Director of Public Policy, in charge of Vietnam, Laos, and Cambodia of Meta in Singapore also shared Meta's upcoming plans and affirmed its commitment to long-term investment in Vietnam.
Especially, in 2025, Meta plans to promote cooperation with partners to create the largest database ever to ensure training, fine-tuning, and evaluation of AI models and big data so that in the future, AI tools deployed in the Vietnamese market will be in Vietnamese and serve Vietnamese consumers.
The businesses that join the delegation include Apple, Intel, Nike and Coca-Cola, along with businesses looking to expand investment such as Boeing, Amazon and Bell Textron.
Also present were Excelerate Energy, a supplier of floating liquefied natural gas stations, and GE Vernova, both of which have just signed preliminary agreements with Vietnamese partners to supply gas equipment. Boeing, the world’s leading commercial aircraft manufacturer with a deal for up to 250 aircraft for two Vietnamese airlines, and major U.S. financial groups such as JPMorgan, Visa, Mastercard and Warburg Pincus also joined the delegation.
This year’s mission held particular significance as the US and Vietnam celebrate celebrate 30 years since the normalization of relations. Over the past three decades, the partnership has grown from a developing trade relationship to a thriving, multi-dimensional collaboration spanning diplomacy, security, education, and—most notably—business and
investment.
The mission brings together a diverse group of industry leaders eager to support Vietnam’s transition to a new phase of economic growth, including companies from sectors where the U.S. plays a global leadership role, such as information technology, financial services, logistics, manufacturing, energy, aerospace and defense, healthcare, consumer products, and food and agriculture.
Throughout the three-day mission, the USABC delegation will hold key meetings with senior leaders from both the Communist Party of Vietnam (CPV) and the Government.
“As Vietnam embarks on a new chapter with a fundamentally reformed and streamlined political system, the U.S. business community looks forward to the positive impact of these changes and to exploring the opportunities ahead,” said Mr. Osius. “I am honored to lead the largest-ever delegation of American executives on this mission. Their contributions have been instrumental in strengthening and expanding the US-Vietnam economic relationship. The mission provided an opportunity for industry to demonstrate long-term commitment, emphasize the breadth of U.S. business interests in Vietnam, and reinforce the importance of close cooperation between the Vietnamese government and U.S. businesses.”
-Ngoc Lan
Central Thanh Hoa province posts export revenue of $1.46 bln in Q1
Central Thanh Hoa province posted export revenue of $1.461 billion in the first quarter of the year, surging 17.2% compared to the same period last year, according to the provincial Department of Industry and Trade.
Many key export products recorded strong growth year-on-year, including garments and textiles 17.9%, cement 16.1%, benzene 58.9% and sulfur 88%.
With rapid development of industrial parks, particularly the Nghi Son Economic Zone, Thanh Hoa has become one of localities with highest export turnover in the north-central region in recent years.
Meanwhile, the province’s import value stood at $2.575 billion, up 1% year-on-year.
The local market also recorded impressive growth with the total retail sales of consumer goods and products, reaching VND50 trillion ($1.94 billion), soaring 9% year-on-year.
-Thiên Anh
Hue invests in 16ha Huong Phu Industrial Cluster
The People's Committee of the centrally-run city of Hue has approved the investment policy for the "Technical Infrastructure Investment for the Huong Phu Industrial Cluster" project, located in Phu Loc district.
The project will cover an area of 16.35ha, with a total investment capital exceeding VND176 billion (nearly $6.9 million). The construction and operational timeline is set at a maximum of 42 months.
The initiative aims to develop, operate, and manage technical infrastructure, paving the way for investors and contributing to the locality's socio-economic growth.
As part of its broader development strategy, the central city plans to establish and expand 20 industrial clusters by 2030 to meet growing land demand for investment, support the relocation of production facilities, ensure efficient land use, and enhance feasibility. A key objective is to equip 100% of these industrial clusters with centralized wastewater treatment systems that comply with legal standards.
The city estimates that the total capital required for the construction of technical infrastructure for industrial clusters during the 2021-2030 period will exceed VND6 trillion ($234.6 million).
-Nguyễn Thuấn
US-ASEAN Business Council highlights trade concerns during Vietnam visit
Ted Osius, President and CEO of the US-ASEAN Business Council (USABC), and former US Ambassador to Vietnam, has raised concerns about the potential for new tariffs on Vietnamese goods under the administration of President Donald Trump.
Speaking at a press conference during a US business delegation's visit to Vietnam from March 18-20, Mr. Osius emphasized that the risk of tariffs remains a genuine issue, as Vietnam currently holds the third-largest trade surplus with the United States globally.
Mr. Osius urged the Vietnamese Government to increase imports from the US, specifically highlighting liquefied natural gas (LNG), civil and military aircraft, and agricultural products such as soybeans, fruits, and value-added nuts.
He also recommended that Vietnam tighten controls on goods transiting through the country to prevent fraudulent origin labeling and called for enhanced cooperation with US agencies in trade-related activities.
The USABC-organized visit coincided with Vietnam’s re-evaluation of taxes on US goods, including LNG and high-tech products, and followed President Trump’s threats to impose additional tariffs on trade partners.
The delegation, comprising senior executives from 58 leading American companies, aimed to support Vietnam’s transition to a new phase of economic growth.
The delegation represented sectors where the US holds global leadership, including information technology, financial services, logistics, manufacturing, energy, aerospace and defense, healthcare, consumer products, food, and agriculture. Notable participants included major corporations such as Apple, Intel, Coca-Cola, Nike, Boeing, Amazon, Exxon Mobil, JPMorgan, Visa, and Meta.
-Anh Nhi
Party chief highlights development of private economic sector as lever for building prosperous Vietnam
General Secretary of the Communist Party of Vietnam Central Committee To Lam has written an article about the development of the private economic sector, considering it as a lever for building a prosperous Vietnam.
Following is the full text of the article through a translation by the Vietnam News Agency:
DEVELOPING PRIVATE ECONOMIC SECTOR – A LEVER FOR A PROSPEROUS VIETNAM
To Lam
General Secretary of the Communist Party of Vietnam Central Committee
The nearly-40-year journey of Doi moi (Renewal) has been marked with a resilient and breakthrough-making Vietnam aspiring to develop. From an inefficient and centrally-planned economy with per capita income of only 96 USD in 1989, Vietnam has risen strongly and is expected to advance to the group of countries with upper-middle income, equivalent to over 5,000 USD per person each year, by the end of 2025. This miracle comes as a result of not only the correct development path under the Party’s leadership with bold and decisive institutional, policy and integration reforms, but also the hard work, creativity, determination, and unceasing efforts by our entire nation.
What is even more proud is that Vietnam's economic growth rate is always twice as high as the average of developing countries despite global economic fluctuations. From a poor economy relying on international aid, Vietnam has continuously made strong breakthroughs to become the 24th largest economy in the world in terms of purchasing power parity (PPP). Achievements are not only recorded in the economic field but also include great social progress, contributing to an increasingly prosperous and happy life for the people.
This success is considerably attributable to the private economic sector's contributions. In the early stage of Doi moi, the private economic sector only played a minor role, and the economy mainly relied on the state sector and the foreign direct investment (FDI) sector. Over the past two decades, especially since the Politburo issued Resolution 09 in 2011 and the Party Central Committee issued Resolution 10 in 2017 on the development of the private economic sector, this sector has risen strongly, becoming one of the most critical pillars of the economy and increasingly establishing itself as the most important driving force of the national economic growth. With nearly 1 million enterprises and about 5 million individual business households, the private economic sector currently contributes to about 51% of GDP and more than 30% of the state budget, creates more than 40 million jobs, accounts for over 82% of the total workforce in the economy, and makes up nearly 60% of total investment across the entire society.
The private sector has not only helped expand production, trade, and services but also made an important contribution to improving labour productivity, promoting innovation, and increasing national competitiveness. The strong rise of many Vietnamese private enterprises has not only enabled them to dominate the domestic market but also gained a foothold in international markets. This proves that if there is a favourable environment for development, Vietnamese enterprises are completely able to stretch their far and compete fairly with global companies.
However, despite its increasing contributions, the private economic sector has still faced many barriers that hinder its development, making them unable to make breakthroughs in terms of scale and competitiveness. Many individual business households have still followed old business practices, lacked the motivation to develop into enterprises, and even "have not want to grow". The majority of private businesses in Vietnam are small- and micro-sized enterprises which have limited financial potential and management skills, lack connectivity with one another as well as with the foreign direct investment sector, have yet to make full use of opportunities generated by the Fourth Industrial Revolution, and remained slow in digital transformation. Very few enterprises have invested in research and development (RD) while they also pay little attention to business model reform, technological innovation or new product creation. Therefore, it is very difficult for them to increase added value, promote competitiveness, enhance corporate value, and reach international levels.
In addition to their own limitations, private enterprises have also faced many barriers in accessing resources, especially credit, land, natural resources and high-quality human resources, especially in the fields of technology, engineering and finance. Meanwhile, some state-owned enterprises hold many resources, land, capital and high-quality human resources but have not leveraged them effectively, or even wasted them. Besides, there remain many shortcomings and overlaps in the legal system, the business environment still has many obstacles, while administrative procedures are complicated, time-consuming, costly and pose latent risks. In many cases, the right to freedom of business and property rights are still violated due to the weakness or abuse of power by some civil servants while performing their duties.
On the other hand, the Government's preferential and support policies have not proved really effective or fair among economic sectors, or accessible for the private economic sector. In many cases, state-owned and foreign enterprises have still received more incentives than the private sector. State-owned enterprises often gain more favourable access to land, capital, and credit; while foreign firms often receive better support in terms of taxes, customs procedures, and access to land. In addition, corruption and informal costs still exist, causing an invisible burden on private enterprises, reducing production and business efficiency, and causing hesitation when they consider investment expansion.
Obviously, the development limitations of private enterprises stem partly from the shortcomings of the institutional system, economic policies, and the business environment. These bottlenecks not only restrain the growth rate of the private economic sector, making its contribution to GDP almost unchanged for more than a decade, but also preventing the economy from increasing added value and escaping from the middle-income trap, and slowing down the process of turning Vietnam into a developed and high-income country by 2045 as targeted in the Party’s resolution and aspired by the people.
Looking towards the common vision of the country, the private economic sector also needs to define more clearly its mission and vision. It must be a pioneering force in the new era, thus successfully implementing the industrialisation and modernisation of the economy, enhancing national competitiveness, exercising social responsibility, helping to improve people's life quality, participating in the building of a civilised and modern society, and contributing to a dynamic and internationally integrated Vietnam. The private sector should to strive to become the main and leading force in technology application and innovation so as to achieve the goal of contributing to about 70% of GDP by 2030; more and more private enterprises having the capacity to compete globally, mastering technology and deeply integrating into international value chains and supply chains; joining the whole country in building a dynamic, independent, self-reliant, resilient, and prosperous Vietnam.
In order for the private economic sector to fulfil its mission and realise that aspirational vision, the most important factor is to continue to make breakthrough reforms in the institution framework, policies, and the business environment so that the sector can maximise its potential and become the driving force leading the economy to reach the international market. A prosperous economy cannot rely solely on the state sector or foreign investment, but must rely on its internal strength, which is a strong private sector playing a pioneering role in national renewal and development. The national economy can be truly prosperous only when all people engage in working to create material wealth, a society where everyone, every household, and every person is enthusiastic about working.
Facing that requirement, we need to thoroughly re-orient the viewpoints and perceptions throughout the entire political system about the role of the private economic sector as the country's leading growth engine. This requires a fundamental change in policy making, the settlement of limitations, and the promotion of the market mechanism’s superiority to support the private sector in improving labour productivity and innovation. The State must adopt a management method appropriate to the market mechanism, ensure the right to freedom of business, the right to property ownership, and the right to fair competition for the private sector; remove all barriers, make policies transparent, eliminate group interests in policy making and resource allocation, and not discriminate among the private economic sector, state-owned enterprises, and foreign-invested enterprises in all policies. At the same time, the State must stay consistent with the viewpoint that "everyone has the right to freely do business in the industries that are not prohibited by law", build policies that reassure investors, businesses, and entrepreneurs, and create stronger trust between the State and the private economic sector, thereby encouraging businesses to boldly invest, innovate, and participate in strategic economic sectors.
The Politburo’s upcoming resolution on the private economic sector needs to encourage, support, and orient the development of the private sector, create a breakthrough impulse, open up an era of growth for Vietnamese private enterprises. It is necessary to identify the development of the private economic sector as a long-term strategy and policy of the country. The private sector, the state sector, and the collective sector form the core for building an independent, self-reliant, and resilient economy. In particular, focus must be placed on implementing the following key solutions:
First, it is essential to continue accelerating the completion of fully-fledged market economy institutions in the direction of socialism, modernity, dynamism and integration. This is a prerequisite for the private sector to grow rapidly and sustainably. To achieve this, the State must focus on macro-economic stability and institutional improvement, ensuring that the economy operates according to market principles, minimising intervention, eliminating administrative barriers and the asking-giving mechanism, truly managing the economy based on market principles and using market tools to regulate it. In particular, strict control must be exercised over monopolistic enterprises and policy manipulation to protect healthy competition and ensure equal opportunities for private businesses to thrive. The core of perfecting the market economy institutions lies in clearly defining the role of the State in the economy, with the State focusing on macro-economic regulation, creating a favourable business environment, ensuring the effective functioning of market mechanisms, and upholding social equity. Promoting the development of the private sector must be regarded as a central task at present.
Second, it is crucial to effectively protect property rights, ownership rights, business freedom, and the enforcement of contracts for private enterprises. As one of the key functions of the State in a modern market economy is to safeguard investors' property rights, it must establish and enforce a robust legal framework for the rights to ownership of intellectual property and intangible assets, while minimising legal risks and avoiding abrupt policy changes that could harm businesses. A support and protection mechanism should be in place for private investors, particularly startups and innovative enterprises, to help them operate with confidence and grow smoothly. Moreover, a modern socialist-oriented market economy requires a transparent, efficient, and effective contract enforcement system, giving businesses confidence in their commercial transactions and investments. To achieve this, the State should reform the commercial judicial system, shorten the time needed to settle contract disputes, reduce business costs and risks, address cases of contract violations without effective sanctions, enhancing the transparency and efficiency of economic courts and commercial arbitration to ensure fair and impartial rulings, helping businesses protect their legitimate interests. Enhancing the monitoring of law enforcement is also crucial to address inconsistencies between central and local authorities, strictly penalise misuse of inspections and audits that harass businesses, and increase investment and support for the development of the private economy. At the same time, violations of the law by enterprises must be firmly addressed, requiring them to uphold legal compliance and ethical business values, thereby promoting the healthy development of the private sector.
Third, along with the strong consolidation of state-owned enterprises, particularly major state economic groups, priority should be given to building large-scale private economic conglomerates with global and regional scales, extending active support to small and medium-sized enterprises (SMEs) while also fostering economic development of households and cooperatives, and encouraging private firms’ involvement in the country’s strategic areas by recognising their crucial role in the structure of a socialist-oriented market economy. The outdated mindset of prioritising state-owned enterprises over private businesses and the monopoly of state enterprises in certain sectors must be eliminated. The development of large, strong private economic groups with global competitiveness should be promoted, enabling them to lead and support domestic counterparts in deeper integration into global value chains. At the same time, dedicated policies are needed to support SMEs, family businesses and cooperatives, encouraging business households to transition into formal enterprises and promoting a modern, efficient cooperative model. To ensure that the private economy not only grows in scale but also contributes considerably to the country’s long-term development, private enterprises should be encouraged to engage in strategic sectors such as critical infrastructure, high technology, key industries, and energy security. Opportunities for private enterprises should be expanded in major national projects, allowing them to collaborate with the State in strategic industries and special sectors, thereby enhancing research capabilities and technological innovation. The State should establish mechanisms and policies allowing the private sector to take on key national projects and urgent tasks, such as high-speed rail, urban rail, energy infrastructure, digital infrastructure, defence industry and security projects.
Fourth, it is necessary to drive a wave of entrepreneurship, innovation, digital transformation, and the adoption of new technologies. This is a key factor enabling the private sector to achieve breakthroughs and reach international standards. Strong and effective policies are needed to help private enterprises apply technologies, innovate products, and increase add value. The State should establish regulatory sandboxes for emerging technologies and encourage the private sector's investment in pioneering fields such as artificial intelligence (AI), blockchain, big data, e-commerce, financial technology (fintech), and smart healthcare. Financial support policies and tax incentives should be introduced for enterprises investing in research and development (RD). Additionally, a robust startup ecosystem should be cultivated, creating a fertile ground for Vietnamese startups and "tech unicorns" to expand globally.
Fifth, institutional reform is needed to build a business-friendly and service-oriented administration that truly serves enterprises and the nation. A drastic institutional reform must be carried out, based on a renewed mindset that prioritises a streamlined and business-supportive administration. Bold steps must be taken to reduce administrative procedures and business conditions, accelerate digital transformation, and apply technology in state management to cut compliance costs, informal expenses, and processing times. An effective mechanism for policy dialogue and feedback should be established, making it easier for the private sector to join economic policymaking, ensuring practicality and high feasibility. The goal is for Vietnam’s business environment to rank among the top three in ASEAN within the next three years.
Sixth, it is a must to fully unlock development resources for the private economic sector, ensuring its effective access to critical resources such as capital, land, human resources, and technologies. The private sector must be further integrated into the global economy, enhancing Vietnam’s economic standing on the global stage while protecting businesses from economic risks. More effective policies are needed to ensure private enterprises can access resources in a fair, transparent and efficient manner, thus optimising their use. Capital mobilisation channels for private businesses should be expanded, including the securities market, corporate bonds, venture capital funds, credit guarantee funds, and modern financial instruments such as fintech and capital mobilised from the community. A stable and transparent land policy must be developed to facilitate private enterprises' access to land at reasonable costs.
The State should provide strategic guidance and effective support for Vietnamese private enterprises to join the global supply chain, attract investment and advanced technologies, and shape a globally-minded entrepreneurial community. Special incentives should be introduced to encourage private investment in manufacturing and supporting industries, agricultural industrialisation, and hi-tech rather than an overconcentration on real estate and short-term speculative sectors. Mechanisms and policies should be established to protect private enterprises from economic shocks, especially amid global uncertainties, economic downturns, and market fluctuations.
Seventh, the private economic sector must be developed on a sustainable foundation, with ethical business practices and social responsibility. The State should promote the private sector's growth based on macro-economic stability, closely aligned with green development strategies, circular economy, resource efficiency, emission reduction, and environmental protection. Private enterprises must take the initiative in fulfilling their social responsibilities, not just through financial donations or charity but also by adopting responsible business practices, improving workers' welfare, supporting community development, and practising transparent and efficient corporate governance. A strong business culture rooted in ethics, fairness, and integrity should be cultivated, preventing fraud and ensuring equitable treatment of customers, partners, and employees. Additionally, private enterprises should actively join social welfare programmes along with the State, contributing to social equity, poverty reduction, and the creation of a civilised, humane and prosperous society where businesses' success is closely tied to the nation's shared prosperity.
The private economic sector plays a vital role in shaping the future of Vietnam’s economy. We all believe that if the State establishes appropriate institutions, sound policies, and a favourable business environment, the private economic sector will thrive and grow robustly, not only driving high economic growth but also helping our country achieve high-income status within the next two decades. Now is the time to act, to build a prosperous, dynamic Vietnam that increasingly advances on the global stage.
We are living in a historic moment, witnessing unprecedented technological advancements and a rapidly changing international landscape filled with both cooperation and competition where opportunities and challenges go hand in hand. Yet, with unwavering resilience, determination, and a burning ambition, Vietnam is fully capable of achieving new miracles in socio-economic development! A strong economy is taking shape, led by a generation of bold, innovative, and passionate Vietnamese entrepreneurs filled with the business acumen and patriotism, writing new chapters of success. A bright future - a socialist Vietnam standing shoulder to shoulder with global powers, as envisioned by President Ho Chi Minh - is gradually becoming a reality in the near future.
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Hanoi job festival offers over 4,000 job positions
Businesses in Hanoi provided over 4,000 job openings during an annual Job Festival on March 18, creating abundant opportunities for young workers entering the labor market.
The majority of participating companies operated in the trade and service sectors, with additional representation from other industries such as manufacturing, hospitality, and healthcare.
Mr. Vu Quang Thanh, Deputy Director of the Hanoi Employment Service Center, emphasized that the diverse range of industries at the event matched the job search needs of workers and students. This alignment, he noted, allows job seekers to find positions suited to their abilities, paving the way for stable, long-term career development after graduation.
Companies offered competitive salary packages tailored to different roles and industries. High-paying positions with salaries of over VND10 million ($392) per month were predominantly targeted at experienced professionals in areas like business, information technology, management, engineering, and supervisory roles. These positions often demanded specialized skills and the ability to handle high work pressures.
For stable roles such as accountants, office staff, receptionists, and skilled general laborers, monthly salaries ranged from VND7 million to VND10 million ($274-392). Meanwhile, entry-level positions—often requiring minimal skills—such as part-time jobs or roles for fresh graduates and general laborers offered salaries between VND5 million and VND7 million ($196-274).
Additionally, some companies allowed for salary negotiations during interviews, offering flexibility to meet the expectations of potential employees.
-Thu Hằng
Standing Deputy PM, former British PM co-chair seminar on attracting FDI to Vietnam
Standing Deputy Prime Minister Nguyen Hoa Binh and former British Prime Minister Tony Blair co-chaired a roundtable on foreign direct investment in Vietnam, held on March 17 in London, according to a report from the Government News.
The event, with the participation of top 20 British businesses, was held as part of the Vietnamese Deputy Prime Minister's working visit to the UK.
It is a valuable opportunity for the Vietnamese Government to meet and listen to the opinions of FDI investors and enterprises in terms of potential, advantages, as well as opportunities and challenges for investing in Vietnam.
Speaking at the seminar, the former British Prime Minister expressed his strong impression on Vietnam’s remarkable economic growth despite global challenges and uncertainties, which have helped elevate the country's position in the global economy.
The strategy and goals for economic development set by Vietnam are scientifically grounded, highly practical, and highly feasible, noted Mr. Blair.
Given Vietnam's achievements in recent years and its new open strategy, many opportunities and prospects for cooperation will emerge for investors, especially foreign investors, he asserted, adding that Vietnam becomes increasingly attractive and appealing to foreign investors in the future.
Standing Deputy Prime Minister Nguyen Hoa Binh, for his part, said, as an active member of ASEAN, Vietnam is contributing to regional stability and effectively leveraging the advantages of new-generation free trade agreements.
Moreover, the country remains proactive, flexible, and ready to innovate and improve its institutions and resources to seize opportunities from global capital flows, including those from the UK, the Vietnamese official said.
In the future, Vietnam focuses on attracting projects in such areas as high technology and innovation, financial technology and digital economy, as well as green economy and sustainable development.
The Vietnamese Government is committed to creating the most favorable business environment in line with international standards, constantly improving the legal framework, infrastructure, and workforce quality; and developing seamless supply chains while reducing logistics and transaction costs, and establishing a stable and transparent policy environment, the Standing Deputy Prime Minister noted.
The delegates expressed their desire and readiness to work with Vietnamese partners in green infrastructure. Several international financial institutions, such as Standard Chartered Bank, hailed the Vietnamese Government's commitment to energy transition, climate change mitigation, and pledged to support the promotion of sustainable finance in the country.
-Phạm Long
Ninh Binh opens bidding to select contractor for expressway project
The Management Board of Transport Project Investment and Construction of northern Ninh Binh province has issued a tender invitation for contractor selection to build an expressway section through the province.
The section is part of the projected expressway connecting Ninh Binh with northern Hai Phong port city.
The bidding package No.16 will build the whole expressway section, excluding works relating to lighting system and road traffic safety (RTS) management systems. Total investment capital is estimated at over VND4.18 trillion ($162 million).
The section is 25.3km long, including 12 bridges and three intersections.
The implementation of the package is expected to last for 20 months.
The bidding will be closed on March 28, at 3pm.
The section is part of the 109-km Ninh Binh - Hai Phong Expressway project, which was approved by the Prime Minister in September 2021. The expressway will run through Ninh Binh, Thai Binh and Nam Dinh provinces before reaching the port city of Hai Phong.
The expressway project has 17 bidding packages.
-Nguyễn Thuấn
Administrative procedure reform to be accelerated to foster science, technology development
Addressing the first meeting of the Government's steering committee for the development of science, technology, innovation and digital transformation, and Project 06, held in Hanoi on March 18, Prime Minister Pham Minh Chinh ordered speeding up administrative procedure reform with a view to fostering science and technology development in the upcoming time.
The meeting was held in in-person and virtual format, with the participation of Deputy Prime Ministers Ho Duc Phoc and Bui Thanh Son, and leaders of ministries, sectors, and all 63 provinces and centrally-run cities nationwide.
The PM was quoted by the Government News as urging the Ministry of Science and Technology and other relevant agencies to quickly remove institutional bottlenecks with a view to ensure that institutions serve as a driving force, a resource, and an inspiration for development.
The Government leader also asked for allocating at least 3 per cent of the 2025 State budget for science and technology development.
He emphasized the need to pour more investment in infrastructure while diversifying human resource training methods to meet development demands in the current context.
Earlier, on March 13, Prime Minister Pham Minh Chinh signed a decision on establishing the Government's steering committee for the development of science, technology, innovation and digital transformation, and Project 06.
The committee, headed by the PM, is tasked with studying and proposing the Government and the Prime Minister national strategies, policies, and solutions for developing science, technology, innovation and digital transformation.
The committee is in charge of overseeing the implementation of project No. 06 on developing the application of population data, identification, and e-authentication data, as well as administrative reform efforts.
It is responsible for coordinating the implementation of the Government's action program to realize the Politburo's Resolution No.57-NQ/TW dated December 22, 2024 on breakthroughs in science and technology development, innovation, and national digital transformation.
Under Resolution No. 57, by 2030, Vietnam targets to be among top three countries in Southeast Asia and top 50 countries in the world in terms of digital competitiveness and e-government development indices, among top three countries in Southeast Asia in terms of artificial intelligence research and development, a development hub for several digital technology sectors and industries that Vietnam has advantages. There will be at least five digital technology enterprises on par with those of developed countries.
By 2050, the digital economy size will reach 50 per cent of the country's GDP, making Vietnam one of the top hubs for digital technology industry in the region and the world, among top 30 countries in the world in terms of innovation and digital transformation.
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Central Thanh Hoa province aims for 1,000 OCOP products by 2027
The central province of Thanh Hoa has set ambitious targets for its One Commune, One Product (OCOP) program in the coming years.
The province aims to develop an additional 160 new OCOP products by 2025, including three meeting the 5-star standard, and at least 1,000 recognized OCOP products by 2027, of which 10 will meet 5-star ratings.
Since the program’s launch in 2019, Thanh Hoa has made significant progress, with 631 products officially recognized as meeting OCOP standards. These include 2 products rated 5-star, 59 rated 4-star, and 570 rated 3-star.
Beyond increasing the number of products, the province has prioritized enhancing their quality, enabling many of its agricultural products and handicrafts to carve out a stronger position in the market.
To further bolster OCOP products, local entities have shifted focus from traditional consumption channels to modern marketing methods. While goods were once primarily sold through conventional outlets, businesses and households have embraced e-commerce platforms like Shopee, Lazada, Tiki, and Sendo. They are also leveraging social networks such as Facebook and Zalo to broaden their reach.
Recognizing the transformative potential of digital tools, Thanh Hoa province has proactively organized training programs for businesses and cooperatives, equipping them with the skills to market and promote their products effectively on digital platforms.
Additionally, OCOP products are showcased at fairs and exhibitions, helping them access broader markets.
-Thiên Anh
Sweden’s effective public administration and digital transformation
Having visited Vietnam many times over the years, what are the most significant changes you have observed in public governance and the administrative system, and how do these reflect the country’s broader development goals?
I grew up in Vietnam as a child and have returned about once every decade for the past 50 years, witnessing a tremendous transition. One of the most noticeable changes is the level of bureaucracy and how much more accessible information is today compared to the past. The country has already undergone significant digitalization, and as I understand it, its ambitions for further digital transformation are quite remarkable.
In your keynote address at the “Advancing Leadership in Public Administration: Innovation, Digitalization, and Effective Governance - Nordic Experiences and Policy Implications for Vietnam” seminar, on March 18, what key message do you hope to leave with participants about the path forward for Vietnam’s governance reforms?
Well, I’m not here to give advice but rather to share experience and insights. Having been part of Sweden’s digital transformation journey for a long time, I have seen the clear benefits that technological advancements bring. I will focus on efficiency, transparency, and the crucial role of accountability in public administration to build a society founded on trust and free from corruption. Transparency, in particular, is essential, as digitalized public administration enables better performance monitoring. This is key to fostering trust, especially between the public and private sectors, something vital for economic growth and business development. This has been a fundamental factor in Sweden’s progress.
Digital transformation is a recurring theme. In your view, how can Vietnam balance its ambitious digitalization goals with practical challenges, particularly in fostering inclusivity and trust in public services?
I believe education is key. It is crucial for Vietnam to continue investing in future generations, something the country has long prioritized. This has also been our experience in Sweden; education forms the foundation. With a strong educational system and widespread adoption of digital technology, innovation follows. Over the past 25 years, Sweden has undergone extensive digitalization, boasting the highest broadband penetration in Europe. This environment has fostered the growth of globally successful companies like Skype and Spotify. Sweden embraced digital education early on, encouraging people to adopt new technologies, which in turn drove innovation and economic growth.
From your experience working with Nordic models, what are the methods to foster a culture of innovation within public administration?
In one word: “trust”. Trust has been a fundamental pillar in all Nordic countries, characterized by the absence of widespread corruption and a strong belief from the private sector that the State operates fairly and prioritizes business interests. Much of Sweden’s success has stemmed from a close partnership between the public and private sectors. Many globally-recognized Swedish companies would not have thrived without active support from the State in areas such as investment and technological advancement.
This foundation of trust extends beyond government-business relations, it permeates society, fostering an environment where people feel secure enough to take risks. Knowing there is a reliable social safety net encourages entrepreneurship, innovation, and economic growth. This culture of trust, collaboration, and risk-taking has been instrumental in driving Sweden’s development.
Collaboration is at the heart of the Nordic spirit. How can the partnership between Sweden, other Nordic countries, and Vietnam be further leveraged to pioneer governance reforms and set an example for other countries?
I believe Sweden has valuable experience to share as Vietnam pursues its ambitious development goals for the next 10 to 15 years. We are more than happy to offer insights that may support Vietnam’s efforts. However, we also face significant challenges at our current stage of development, and I believe the experience Vietnam is gaining now will be highly relevant for us as we advance our own reforms.
This collaboration is very much a two-way exchange. While Sweden’s history may offer inspiration, we also have much to learn from Vietnam’s dynamic progress. Vietnam is undertaking some fascinating initiatives, and I see great potential for mutual learning and shared innovation.
Mr. Nils Öberg, Director General of the Swedish Social Insurance Agency and High-Level Expert at the Swedish AI Commission.Compared to other countries in the region, Vietnam’s insurance participation rate remains low, at only some 2 per cent of GDP, while the Asian average is 4 per cent and the global average is 9 per cent. Consequently, protection from risks is still quite limited in the country. What policies and solutions should Vietnam adopt to enhance this protection in the new era?
It depends somewhat on the type of insurance, but overall, insurance plays a crucial role in fostering a society where people are willing to take risks. In Sweden, the public social security system, which includes pensions, healthcare, and parental benefits, is extensive. This State involvement has been instrumental in enabling individuals to focus on innovation and entrepreneurship without excessive financial insecurity.
Another key aspect is that public insurance helps free up capital. When the State takes responsibility for fundamental social protections, individuals are less likely to over-insure themselves in the private market. This, in turn, allows more capital to flow into consumption and investment, driving economic growth. A well-balanced system that combines both public and private insurance can provide individuals with security while encouraging them to take initiative, innovate, and contribute to a dynamic economy.
For Vietnam, policies that strengthen public social security while fostering a robust private insurance market could help create a more resilient and growth-oriented society. Educating the public on the benefits of insurance, offering incentives for participation, and ensuring transparency and trust in the system will also be essential in expanding coverage.
Digital transformation has brought many positive impacts on the development of various economic sectors. Vietnam’s insurance market is also actively undergoing digital transformation to make services more accessible to users. However, it still faces significant challenges related to technological infrastructure and customer habits. What have been the notable changes in Sweden’s insurance market due to digital transformation? What can Vietnam learn from that?
The insurance industry is fundamentally about risk assessment, and digital transformation has significantly changed how this process works. In Sweden, digitalization has allowed insurers to rethink their approach. Traditionally, every insurance claim was individually investigated to determine whether it met the terms of the policy before a payout was made. Today, with advanced data analytics and automation, private insurance companies rely more on customers’ historical data to streamline decision-making.
For example, if a customer reports damage to their car or home or files a lost item claim, and they have a history of making infrequent claims, perhaps once every ten years, the insurer often processes the payment without a lengthy investigation. This shift has made the system far more efficient, reducing administrative burdens and improving the customer experience. Insurers can now use digital tools to assess risks more accurately, making decisions faster and more cost-effectively.
For Vietnam, the key takeaway is that digital transformation in insurance is not just about offering online services, it’s about leveraging data to enhance efficiency, trust, and accessibility. Developing robust digital infrastructure, improving data collection and analysis, and gradually shifting customer habits toward digital interactions will be crucial steps in modernizing the insurance market. Investing in AI-driven risk assessment models and automation could help Vietnam’s insurers provide faster, more reliable services while maintaining financial sustainability.
Could you provide some insights into how Sweden’s social insurance system is managed?
Sweden’s social insurance system is managed by two main administrative bodies. I oversee approximately 50 different types of insurance and benefits, while a separate authority is responsible for managing the pension system. These two agencies handle the largest share of Sweden’s social insurance operations.
Each type of insurance follows its own management logic and is administered differently based on its specific purpose. Currently, we are undergoing a digital transformation, increasingly adopting approaches similar to those used by private insurance companies. This shift places greater emphasis on risk assessment in case management. By doing so, we achieve several benefits: improved efficiency, more accurate processing, and significantly enhanced service quality for the public. Digitalization allows cases to be handled much faster, ensuring that individuals receive the support they need without unnecessary delays.
What do you think about the potential for cooperation between Sweden and Vietnam in the insurance market in the near future?
I believe there are many opportunities for both countries to learn from each other. With a population ten times larger than Sweden’s, Vietnam has a vastly different demographic profile. These differences create valuable opportunities for knowledge exchange. Vietnam is in the process of developing a more modern insurance system, which presents an excellent foundation for collaboration and shared learning.
-Tú Anh - Phuong Hoa
Vietnam's commodity derivatives market eyes expansion
The Vietnam Mercantile Exchange (MXV) will hold a training program titled "Market Analysis Methods and Trading Idea Development" for business members and brokerage members in the commodity derivatives trading sector.
Under the program, training sessions will take place on March 19 in Hanoi and March 21 in Ho Chi Minh City.
For the first time, the event will feature the participation of representatives from the Indonesian Commodity Futures Trading Regulatory Agency, alongside three leading commodity exchanges in the ASEAN region: the Singapore Exchange (SGX), Bursa Malaysia Derivatives Exchange, and the Asia Commodity Marketplace (ACM) of Indonesia.
This training program holds particular significance for MXV and its members, as it coincides with Vietnam’s broader efforts to strengthen its comprehensive partnerships within the region. The initiative comes on the heels of Party General Secretary To Lam's recent visit to Indonesia, the ASEAN Secretariat, and Singapore.
Mr. Nguyen Duc Dung, Deputy General Director of MXV, said this year’s program aims to equip traders with essential tools to manage unexpected market fluctuations effectively.
"From risk management at both macro and micro levels, we hope that MXV members can identify and mitigate unfavorable fluctuations while optimizing profits," he said.
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New Directive aims to unlock resources, drive growth through waste prevention
Prime Minister Pham Minh Chinh signed Directive No. 08/CT-TTg on March 17, emphasizing the importance of waste prevention and control as a means to unlock resources and boost economic growth, according to the Government News.
The directive calls on ministries, central agencies, and localities to treat waste prevention and control as a shared responsibility across the entire political system. It requires active participation and collaboration from all ministries, sectors, and localities. Efforts must be clearly outlined in commitments and plans, with specific timelines and measurable targets, focusing on addressing the root causes of waste. These initiatives are to be implemented consistently and regularly.
The directive links the outcomes of waste prevention and control to Vietnam’s ambitious economic growth target of 8% or more in 2025 and double-digit growth during the 2026–2030 period. It highlights waste prevention as a critical resource for driving growth, complementing traditional economic drivers.
To establish a robust legal framework, the Prime Minister has tasked the Ministry of Finance with drafting the Law on Thrift and Anti-Waste. This draft law will be submitted to the National Assembly for review and approval during the 10th Session of the 15th National Assembly in October 2025. The law aims to provide a comprehensive basis for monitoring, inspecting, and addressing wasteful practices with strong deterrent measures. At the same time, it seeks to encourage innovation and accountability among officials who act in the public interest without self-serving motives.
Additionally, the directive calls for the urgent compilation of feedback from ministries and sectors to finalize the National Strategy on Waste Prevention and Control. This strategy is to be submitted to the Prime Minister for approval by March 2025.
-Phạm Long