Vietnam-US bilateral trade turnover reached nearly $150 billion in 2024.

Minister of Industry and Trade Nguyen Hong Dien has emphasized the complementary nature of the economies and trade structures of Vietnam and the United States, which has driven rapid and stable growth in bilateral trade turnover over the years.

Speaking during a meeting with US Trade Representative Jamieson L. Greer in Washington, D.C., on March 13, Mr. Dien highlighted that bilateral trade turnover reached nearly $150 billion in 2024. This milestone solidifies the US as Vietnam's second-largest trading partner and one of its most critical export markets.

“Vietnam's consistent policy is to build a harmonious, sustainable, stable, and mutually beneficial economic and trade relationship with the United States, with no intention of creating obstacles that could harm American workers or economic and national security,” Mr. Dien affirmed.

During the meeting, the Vietnamese minister outlined specific measures being implemented by the Vietnamese Government to enhance economic, trade, and investment relations with the US in a comprehensive and sustainable manner.

He also urged technical teams from both nations to continue exchanging information, paving the way for the US to recognize Vietnam's market economy status. Such recognition, he noted, would reflect the current scale of the comprehensive strategic partnership between the two countries.

Mr. Greer acknowledged Vietnam's sincerity and proactive approach in addressing the US's concerns and collaborating to find mutually beneficial solutions.

He elaborated on the US's new trade policy, stating that the new trade policy is designed purely to further promote trade and investment, protect economic security, national security, and American workers; not to harm partner countries.

However, he emphasized the need for balanced economic benefits in trade exchanges, urging Vietnam to adopt stronger measures to open its market and improve the trade balance in the future.

Both sides agreed on the importance of working closely to create a fair and sustainable business environment. This includes reviewing and eliminating trade barriers that hinder investment and business activities, as well as establishing effective mechanisms to combat trade fraud, origin fraud, and illegal transshipment.

-Nguyệt Hà

At a policy forum on March 14, PM Pham Minh Chinh laid stress on Vietnam’s commitment to rapid and sustainable growth driven by science, technology, innovation, and digital transformation.

Addressing the policy forum “Taking the Lead: Vietnam’s Proactive Strategy for Semiconductor AI Advancement in the New Era” held on March 14 within the framework of the AI-Semiconductor Conference (AISC 2025), Prime Minister Pham Minh Chinh has called on international partners to help Vietnam advance its technological capabilities and transform its development trajectory, particularly in emerging fields like artificial intelligence (AI) and semiconductor.

PM Chinh was quoted by the Vietnam News Agency as reiterating Vietnam’s commitment to rapid and sustainable growth driven by science, technology, innovation, and digital transformation.

According to the Government leader, as Vietnam set a target of becoming a high-income developed country by 2045, despite having a modest economic scale and undergoing transformation with high openness and limited resilience to external shocks, the country must create resources to turn its vision to fruition. “Resources originate from thinking, motivation stems from innovation, and strengths come from the people and businesses,” the PM stated.

He went on to say that Vietnam has set a goal of achieving at least 8% growth in 2025, creating momentum for double-digit growth in subsequent years. Though challenging, the PM  expressed his confidence that with international cooperation and support, Vietnam can achieve this target.

Seeing institutional frameworks as both "bottleneck of bottlenecks" and "breakthrough of breakthroughs,” Vietnam is mapping out policies to develop the AI and semiconductor industries. The Government has pledged to slash at least 30% of cumbersome administrative procedures, step up decentralization, enhance implementation capacity, and promote self-resilience and creativity among stakeholders, he said.

The PM also outlined plans to develop strategic infrastructure supporting AI and semiconductor production, including transport infrastructure to reduce logistics costs, information technology, telecommunications, digital infrastructure, and energy systems to ensure reliable power supply even in remote areas. Human resources development remains a key priority, with plans to train 100,000 engineers in the fields in the coming years.

Vietnam is seeking international partners’ assistance in institutional perfection, streamlining of administrative procedures, shifting from management thinking to development promotion, increasing decentralization, and reduction of compliance costs for people and businesses.

PM Chinh expressed his hope for financial support through concessional loans to establish investment funds, build financial centers, upgrade the stock market, transfer technology through RD centers, and create favorable conditions for Vietnamese firms to engage in global supply and production chains.

 

He requested corporations to create conditions for Vietnamese nationals to participate in leadership and management roles, priorities accepting Vietnamese employees in leading global companies, and help Vietnam train high-quality human resources in the emerging industries like semiconductors, AI, quantum optics, cloud computing, and biomedical sciences.

The Vietnamese Government pledges to support foreign enterprises’ faster and more effective development in Vietnam, ensuring their legitimate rights through rational institutions and policies in the spirit of “harmonizing benefits and sharing risks,” he underscored.

On the occasion, PM Chinh, Deputy PM Nguyen Chi Dung and delegates witnessed the announcement of initiatives on semiconductor human resources development, semiconductor startup incubation and development, and support for Vietnamese enterprises to participate in the AI Alliance.

AISC 2025, organized from March 12-16 in Hanoi and Da Nang by the National Innovation Centre (NIC) in collaboration with Aitomatic (USA), attracted over 1,000 domestic leaders and experts alongside representatives from investment funds, banks, and international organizations. The event, themed "Creating the Future: Connecting Global AI and Semiconductor Technology," featured key workshops on the semiconductor and AI technology revolution, exhibitions, investment and business networking, and a policy forum on Vietnam’s AI and semiconductor development in the new era.

-Vân Nguyễn

The annual event aims to advance Al development in Vietnam.

The Vietnam National Innovation Center (NIC) (under the Ministry of Finance) in collaboration with Meta, launched the third annual Vietnam Innovation Challenge 2025 on March 14.

This initiative aims to advance Al development in Vietnam.

The Vietnam Innovation Challenge attracts more than 750 solutions from more than 20 countries and territories each year. It was featured in the Whitehouse Factsheet during U.S. President Biden's visit to Vietnam in 2023, as a flagship partnership in technology between Vietnam and the United States. 

This year’s theme focuses on the ViGen Project, an endeavor to create high-quality, open-source, Vietnamese datasets for the training and enhancement of large language models (LLMs) so Al models can better understand Vietnamese culture, context and idiom. This will enhance Vietnamese language representation in Al, while also fueling rapid and sustainable economic growth in Vietnam.

According to Deputy Prime Minister Nguyen Chi Dung, the Vietnam Innovation Challenge is a strategic initiative to seek global innovative solutions to address Vietnam’s national challenges, contributing to Vietnam's journey of prosperity and sustainability. 

“This initiative requires close partnership in public and private sectors among national and international stakeholders. Together, we experiment and implement innovative solutions for a prosperous Vietnam,” Deputy Prime Minister Nguyen Chi Dung said.

To support the project, Meta is contributing a range of open source datasets from its Al and Data for Good program, ranging from insights on mobility and social connections, as well as training data from its own Al-powered population maps.

At the press conference announcing the launch of Vietnam Innovation Challenge 2025, Mr. Sarim Aziz, Director of Public Policy at Meta, stated that this is a defining year for Al in Vietnam. Meta is honored to partner with the National Innovation Center and the Al for Vietnam Foundation on ViGen Project . 

“By empowering Vietnamese researchers, developers, and businesses with open source Al models like LLMs and resources that understand their unique context, we're making it easier for them to unlock their full potential and drive meaningful innovation in Al that's uniquely suited to Vietnam's needs”, he said.

Press conference announcing the launch of Vietnam Innovation Challenge 2025.

Similarly, Mr. Vo Xuan Hoai, Deputy Director General of the National Innovation Center (NIC), also shared that Al is transforming the world. Therefore, developing large-scale, high-quality and open-source Vietnamese datasets for Al training and evaluation has become an urgent priority. 

“Moreover, ViGen Project requires a collective effort from policy makers, think tanks, researchers, developers, experts and users alike. Together, we will transform Al into a powerful tool for every Vietnamese and make Vietnam a global Al powerhouse”, Mr. Hoai emphasized.

-Phuong Hoa

The investment capital for the projected metro line is estimated at around $2.6 billion.

At its 86th meeting on March 13, the People’s Committee of the southern Binh Duong province  approved the pre-feasibility study report for Metro Line 1, connecting the new Binh Duong city with Suoi Tien in Ho Chi Minh City.

As one of the province's key infrastructure projects, Metro Line 1 aims to enhance regional connectivity, alleviate traffic congestion, and stimulate socio-economic development. The proposed line will span a total length of 32.43 km, comprising a 29.01 km main line and a 3.42 km depot connector.

According to the Binh Duong authorities, the project is slated for investment approval with the starting point at Station S1 in the heart of the new Binh Duong city (Hoa Phu ward, Thu Dau Mot city) and the endpoint at Suoi Tien Terminal (Binh Thang ward, Di An city, Binh Duong province), which is the endpoint of Ho Chi Minh City's Metro line 1. 

Binh Duong's projected metro line will traverse four cities within the province —Thu Dau Mot, Tan Uyen, Thuan An, and Di An—and feature a total of 19 stations, with a depot to be located in Phu Chanh ward, Tan Uyen city.

The design proposes a standard gauge double-track system (1,435 mm) with a maximum speed of 120 km/h. The total investment capital for the project is estimated at VND64.37 trillion (approximately $2.6 billion). If implemented as scheduled, construction is expected to commence in 2027 and conclude by 2031, marking Binh Duong's first metro line.

The establishment of the Metro Line 1 holds significant importance for Binh Duong’s transportation infrastructure. As commuting demand between Binh Duong and Ho Chi Minh City continues to rise—especially given Binh Duong's status as one of Vietnam's largest industrial hubs, attracting millions of workers and experts—the metro line will offer a vital transit solution.

Additionally, the metro is anticipated to spur urban development along its corridor, paving the way for modern residential areas, commercial centers, and service hubs. This transformation will generate new employment opportunities, stimulate local economic growth, and enhance the quality of life through a safer, more convenient, and eco-friendly public transportation system.

Speaking at the meeting, Chairman of Binh Duong People’s Committee Vo Van Minh emphasized the strategic importance of the province’s key transport projects, particularly in establishing vital connections with Ho Chi Minh City. These initiatives are expected to alleviate traffic congestion and drive socio-economic development.

He stressed the need for feasible and efficient investment and construction approaches for all major infrastructure projects. Regarding the pre-feasibility study for Metro Line 1, Mr. Minh highlighted that this is Binh Duong's inaugural metro line. Therefore, it is crucial to finalize the study and submit it to the National Assembly for investment approval by May 2025.

-Việt An

The project helping to deal with traffic congestion at the southern city’s eastern gateway.

The expansion of An Phu Intersection, one of the most congested site in Ho Chi Minh City, is scheduled for completion in December this year.

The construction started in December 2022 with an estimated investment capital of over VND3.4 trillion ($133.5 million), according to the Transportation Works Construction Investment Project Management Authority of Ho Chi Minh City (TCIP). 

The project is designed to have three layers, comprising roads, a four-lane two-way tunnel, and two two-lane overpasses.

The project has so far completed 65% of construction work.

Its tunnel is scheduled to open to traffic on April 30 this year, helping to ease traffic congestion.

 

 

-Thanh Thủy

The move aimed at boosting economic growth.

The Hanoi People’s Committee has requested the elimination of at least 30% of unnecessary business conditions and the reduction of administrative processing time by the same margin in a move to boost economic growth, according to a report from the Vietnam News Agency.

In a document issued on March 11, the committee stressed the need to mobilize all economic sectors, businesses and citizens to engage in socio-economic development, contributing to national growth. All institutional frameworks, mechanisms, and policies must be aligned with the objective.

The city will focus on reforms that stimulate both supply and demand in accordance with the country’s economic conditions, making contributions to positioning Vietnam among the top three ASEAN countries regarding investment environment within the next two-three years.

In the meantime, the city will pen realty policies to attract investment while transforming urban areas into growth engines through high-quality and harmonious infrastructure development. Local authorities are considering the establishment of a housing fund to build affordable houses in major urban areas.

-Vân Nguyễn

Under a proposal from the Government, about one-third of the responsibilities currently handled by district-level administrations will be transferred to provincial authorities, while decentralizing the remaining two-thirds to the commune-level administrations.

At the first meeting of Steering committee for restructuring, re-organizing administrative units and developing a two-level local administration model, held on March 13,  Permanent Deputy Prime Minister Nguyen Hoa Binh, who is also Head of the Steering Committee, provided further details on the Government’s proposal, which involves transferring about one-third of the responsibilities currently handled by district-level administrations to provincial authorities, while decentralizing the remaining two-thirds to the commune-level administrations, according to a report from the Vietnam News Agency.

Speaking at the meeting, Minister of Justice Nguyen Hai Ninh said that amendments to the Law on Organization of Local Governments will be made soon to enable a two-level administrative system, more clearly defining the roles and responsibilities of provincial administrations and their subordinate levels, while addressing the transition of duties, powers, and organizational structures as part of the reorganization.

According to Minister Ninh, his ministry will discuss with National Assembly (NA) agencies to determine whether a resolution is necessary to resolve certain issues arising from the reorganization of administrative units.

Meanwhile, Minister of Agriculture and Environment Do Duc Duy said that there is currently no official timeline for the conclusion of the district-level administration model. If this is to occur by June 30, a NA resolution will be required to address pressing issues affecting both people and businesses.

He proposed that a NA resolution be passed in May, with amendments to relevant laws expected in October.

Ms. Nguyen Phuong Thuy, Vice Chairwoman of the NA’s Committee for Legal and Judicial Affairs, held that as the tasks of communal administrations will increase following the re-organization, amendments to the State Budget Law will be a priority to adjust financial allocations for local administrations.

Minister of Home Affairs Pham Thi Thanh Tra said that the steering committee is scheduled to submit a report on restructuring and re-organizing administrative units to the Party Central Committee in mid-April, which means the workload ahead is huge.

Noting that there are currently 10,035 commune-level administrative units, which will be reorganized into around 2,000, Minister Tra underlined that once the necessary legal frameworks such as the amended Constitution and the revised Law on Organization of Local Governments are in place, the committee will focus on the reorganization of provincial-level administration units before other related processes.

Concluding the meeting, Permanent Deputy Prime Minister Nguyen Hoa Binh highlighted the significance and the complication of the restructuring and re-organizing administrative units, asking for a high sense of responsibility and strong efforts from ministries, sectors and members of the steering committee in the work.

According to the Permanent Deputy Prime Minister, the Politburo will decide on the names of communes and implementation timelines, with consultations scheduled for the following week with party organizations, ministries, and localities.

The Deputy PM assigned specific tasks to various ministries and agencies, encouraging them to proactively propose measures related to legal procedures and jurisdiction in the context of the restructuring process.

-Vân Nguyễn

It is the highest peak in Dong Nai province and the second tallest in the Southeast region, following Ba Den Mountain in Tay Ninh province.

Southern Dong Nai province has announced plans to invest approximately VND18.2 trillion ($715 million) in the development of three cable car lines and four mountain railway lines connecting various areas on the summit of Chua Chan Mountain by 2030.

The People's Committee of the province recently approved adjustments to the overall plan for preserving, repairing, restoring, and enhancing the Chua Chan Mountain scenic relic site through 2030.

Chua Chan Mountain, classified as a national-level scenic relic in 2012, is located in Xuan Loc district. Standing at 837 m above sea level and situated about 100 km from Ho Chi Minh City, it is the highest peak in Dong Nai province and the second tallest in the Southeast region, following Ba Den Mountain in Tay Ninh province.

Under the adjusted planning decision, in addition to the existing cable car line connecting the mountain's base to Buu Quang Pagoda, three new cable car lines are planned. These will link the southeastern foot of the mountain to its summit, including key locations like the former French Governor-General's rest house and late King Bao Dai's tea garden. Another cable car line will serve internal connectivity on the mountaintop.

Furthermore, four new mountain railway lines will be developed to enhance transportation between various areas on the summit.

The scope of the study for the adjusted planning covers over 1,700 ha, encompassing the communes of Xuan Tho, Xuan Truong, Xuan Hiep, Suoi Cat, and Gia Ray town in Xuan Loc district.

-Thiên Ân

A report reveals that over 90% of domestic flights is concentrated in just 10 of Vietnam’s 22 airports, leaving many local airports underutilized.

Regional aviation is emerging as a crucial complement to Vietnam’s transportation network, optimizing airport utilization and driving economic growth.

This was the key message shared at the seminar "Unlocking the Potential of Regional Air Transport in Vietnam," held on March 12 in Hanoi.

Speaking at the seminar, Mr. Jean-Daniel Kosowski, ATR Sales Director, emphasized Vietnam’s significant potential for growth in the regional air transport market.

He noted that regional aviation complements road transport by improving mobility, strengthening the connectivity of smaller cities, and ensuring that more localities benefit from Vietnam's robust economic growth. Moreover, regional aviation helps optimize the utilization of existing airports.

The report “Propelling Vietnam's Regional Aviation"  released at the event revealed that over 90% of domestic flights is concentrated in just 10 of Vietnam’s 22 airports, leaving many local airports underutilized. Additionally, 25% of domestic flights currently operate on routes under 555 km using large aircraft, which results in higher operating costs and inefficient flight frequencies.

Statistics further highlight the untapped potential of regional aviation in Vietnam. Aircraft operating regional routes account for only 2% of the total fleet in Vietnam, compared to 17% in Japan and a global average of 25%. This gap underscores the substantial room for growth in Vietnam’s regional aviation sector.

The report identified 149 routes in Vietnam that meet the criteria for regional aviation, including 87 routes with strong passenger demand. To capitalize on this potential, the addition of 25 new ATR aircraft would provide a practical solution to efficiently service these routes.

Beyond improved connectivity, the development of regional aviation offers significant socio-economic benefits. Recent studies suggest that a 10% increase in regional flights could boost local tourism by 5%, increase local GDP by 6%, and attract up to 8% more foreign direct investment (FDI).

-Huỳnh Dũng

Growth momentum expected to slow this year.

Vietnam’s GDP is forecast to grow 6.8% in 2025 and 6.5% in 2026, according to the biannual economic report "Taking Stock" released by the World Bank on March 12.

The report said the country’s economic growth in 2024 was promoted by many factors, including a rebound in exports, powered by the global demand for technology products. However, the momentum is expected to slow this year. The main uncertainties to the growth outlook stem from slower-than-expected global growth and trade disruptions, particularly among Vietnam’s major trading partners.

Export growth is expected at 12.1% this year and 5.5% in 2026. Meanwhile, import is predicted to increase 12.7% in 2025 and 6.3% next year.

To navigate growing uncertainties, the report recommended strategies to sustain growth, including ramping up public investment, addressing financial sector vulnerabilities, strengthening energy resilience, and pushing forward with structural reforms.

Regarding investment, Vietnam is forecast to attract $25 billion worth of FDI, reflecting the country’s continued appeal to global investors.

 

-Phương Hoa

There are currently 12 ASEAN Heritage Parks in the country.

 Vietnam currently tops Southeast Asia in the number of ASEAN Heritage Parks, totaling 12, according to a report from the Government News.

They are Hoang Lien National Park  (in the northern mountainous provinces of Lao Cai and Lai Chau), Ba Be National Park (in the northern mountainous province of Bac Kan), Vu Quang National Park (in the central province of Ha Tinh), Bai Tu Long National Park (in the northern province of Quang Ninh, which is home to Ha Long Bay), Ngoc Linh Nature Reserve (in the Central Highlands province of Kon Tum), Chu Mom Ray National Park (Kon Tum), Kon Ka Kinh National Park (in the Central Highlands province of Gia Lai), U Minh Thuong National Park (in the Mekong Delta province of Kien Giang, which is home to Phu Quoc island), Bidoup-Nui Ba National Park (in the Central Highlands province of Lam Dong), Lo Go-Xa Mat National Park (in the southern province of Tay Ninh), Con Dao National Park (in the southern province of Ba Ria-Vung Tau), and Bach Ma National Park (in the centrally-run city of Hue).

Vietnam targets to increase the number of ASEAN Heritage Parks to 15 by the end of this year.

ASEAN Heritage Parks are defined as "protected areas of high conservation importance, preserving in total a complete spectrum of representative ecosystems of the ASEAN region."

These areas are established to generate greater awareness, pride, appreciation, enjoyment and conservation of ASEAN's rich natural heritage, through a regional network of representative protected areas, and to generate greater collaboration among ASEAN Member States in preserving their shared natural heritage.

The ASEAN Heritage Parks play a crucial role in preserving genetic resources, ensuring the sustainable use of ecosystems, maintaining natural areas of cultural and educational value, and raising awareness about biodiversity conservation among the people of ASEAN countries.

-Phạm Long

The proposed routes are aligned with a Government resolution which introduces visa exemptions under the 2025 tourism development stimulus program for citizens of these three European countries.

The Civil Aviation Authority of Vietnam (CAAV) has urged domestic airlines to explore the possibility of opening direct routes to Poland, the Czech Republic, and Switzerland.

This initiative aims to promote tourism, strengthen international connectivity, and implement the 2025 stimulus policy.

In a document sent to Vietnam Airlines, Vietjet Air, Pacific Airlines, Bamboo Airways, and Vietstar Airlines, the CAAV requested a feasibility study for launching direct flights to these destinations.

The proposed routes are aligned with Government Resolution No 11/NQ-CP, issued on January 15, 2025, which introduced visa exemptions under the 2025 tourism development stimulus program for citizens of these three European countries.

The CAAV has encouraged airlines to collaborate with the Vietnam National Authority of Tourism, engage in tourism promotion programs, and design package tours aimed at attracting tourists from Poland, the Czech Republic, and Switzerland.

These efforts are intended to boost the competitiveness of Vietnam’s tourism industry in the global market by leveraging preferential policies, simplifying entry procedures, and enhancing visitor experiences.

The leadership of the CAAV emphasized that the launch of these air routes will contribute to the fulfillment of the Government’s economic growth targets for 2025. By facilitating international travel and tourism, Vietnam aims to achieve a national GDP growth rate of 8% or higher and attract 22-23 million international tourist arrivals by year-end.

-Minh Kiệt

The development of technical infrastructure for the three industrial clusters prioritizes green and clean industries, with a focus on energy efficiency.

The Hanoi People's Committee has approved the establishment of three new craft village industrial clusters, namely  the Hien Giang Craft Village Industrial Cluster (Phase 1), the Huong Ngai Craft Village Industrial Cluster (Phase 1), and the Hoa Binh Craft Village Industrial Cluster (Phase 1).

The total investment capital for the three projects is estimated at nearly VND700 billion ($27.5 million).

Located in Hien Giang commune, Thuong Tin district, the Hien Giang Craft Village Industrial Cluster spans an area of 9.62 ha and focuses on industries such as woodworking, wood carving, and stone carving. The estimated total investment capital for this cluster is approximately VND240.85 billion ($9.45 million).

Situated in Hoa Binh commune, Thuong Tin district, the Hoa Binh Craft Village Industrial Cluster covers 7.04 ha. Its primary industries include horn comb production, bone and horn product manufacturing, civil carpentry, mechanics, textiles, and building materials. The project has an estimated investment of over VND206.13 billion ($8 million).

Located in Huong Ngai commune, Thach That district, Huong Ngai Craft Village Industrial Cluster spans 10 ha with an estimated investment capital of VND249.84 billion ($9.8 million). Key industries in this cluster include forestry product processing, production and trading of wood products, high-end handicrafts, and other sectors aligned with legal requirements.

The development of technical infrastructure for the three industrial clusters prioritizes green and clean industries, with a focus on energy efficiency, minimizing environmental pollution (including air and noise), and the application of high technology.

-Hoàng Bách

The bank emphasizing that Vietnam’s GDP growth goal of at least 8 per cent is feasible.

The Government News has quoted a newly-released economic report from Singapore-based United Overseas Bank (UOB) as reporting that UOB experts maintain their forecast for Vietnam's GDP growth at 7 per cent this year, emphasizing that the country’s GDP growth goal of at least 8 per cent is feasible.

The UOB report stated that Vietnam's trade surplus in 2024 was estimated to hit $23.9 billion, the second-highest level in history, only behind the record of $28.4 billion in 2023.

This also marks the ninth consecutive year that Vietnam has maintained a trade surplus, playing a crucial role in stabilizing the Dong (VND) exchange rate, according to UOB.

With a high level of openness, Vietnam's economy continues to strengthen its position in the region, with export value in 2024 accounting for approximately 90 per cent of GDP—the second highest in ASEAN, only behind Singapore (174 per cent) and surpassing Malaysia (69 per cent). This highlights the crucial role of trade as a key driver of growth of Vietnam's economy, the bank noted.

However, this high level of openness also makes Vietnam more vulnerable to fluctuations and conflicts in global trade, especially as U.S. President Donald Trump intensifies measures to reduce the trade deficit, it remarked.

The bank suggested that Vietnam should boost capital investment, especially from the public sector, not only to drive growth but also to mitigate risks when trade faces challenges.

Vietnam still has room to strengthen public investment, especially as the government aims for double-digit growth in the future, the bank highlighted.

With these factors, UOB maintains an optimistic yet cautious outlook on Vietnam's economic prospects. The GDP growth forecast for 2025 remains at 7 per cent, assuming first-quarter GDP reaches 7.1 per cent.

In 2026, the growth rate could rise to 7.4 per cent, supported by the government's measures to improve efficiency, said the UOB report.

-Phạm Long

The event took place during Party General Secretary To Lam’s official visit to Singapore.

At the Vietnam - Singapore business roundtable held in the city-state on March 13,  Party General Secretary To Lam stressed that Vietnam-Singapore relations have become a model of dynamic and effective cooperation within the Association of Southeast Asian Nations (ASEAN), serving as a benchmark for advancing intra-bloc and regional collaboration mechanisms, according to a report from the Vietnam News Agency.

The Party leader stated that Vietnam and Singapore have freshly upgraded their ties to a Comprehensive Strategic Partnership, which not only signifies broad-based cooperation across multiple sectors but also requires a higher quality of collaboration.

He also expressed Vietnam’s aspiration to integrate new technologies, digital advancements, clean energy, and green energy solutions into the local Vietnam-Singapore Industrial Parks (VSIP).

The leader said the two countries must elevate economic connectivity through structured programs and action plans, ensuring cooperation extends beyond their existing strengths to a more comprehensive approach.

Singapore has advantages in financial sources, scientific technology, innovation centers, and logistics systems, while Vietnam offers a large, hardworking, and highly skilled workforce, a vast market, abundant land and natural resources, and rare earth reserves, according to the Vietnamese leader.

He stressed that by leveraging these complementary strengths, both countries can drive innovation, address challenges, and unlock major development opportunities.

Furthermore, he said that this partnership goes beyond bilateral ties, serving as a catalyst for ASEAN connectivity, thereby contributing to regional peace and sustainable growth. Vietnam's goal is to become a high-income country by 2045, which means that from now on, decisive and relentless efforts are essential, Mr. Lam said, revealing that Vietnam has focused on refining its institutional framework, legal policies, and clear and transparent regulations, to create stability and favorable conditions for people and investors.

More efforts have been exerted to overcome challenges for development, foster innovation, streamline the administrative apparatus, and put people and businesses at the centre, he said.

For the first time, Vietnam has planed to build regional and international financial centers, so it must concentrate on promoting science and technology, innovation, and digital transformation, the Party leader stated.

According to the Party General Secretary, Vietnam and Singapore already signed the Green - Digital Economic Partnership. Following the upgrade of the bilateral relations, the two sides are determined to expedite the implementation of this partnership. Many leading technology companies have offered advice, proposals, and recommendations, emphasizing the importance of human resources training and the development of artificial intelligence, semiconductors, quantum technology, and data in Vietnam. These are also key areas of interest for Vietnam, which it has been actively researching to drive development.

Vietnam has taken on board many suggestions for developing financial centers as well as for investment encouragement and enterprise development, and promoting indirect investment, he stressed, noting that the development of indirect investment funds benefits businesses and is essential for establishing the regional and international financial centers.

Additionally, Vietnam is also interested in the cryptocurrency and digital currency market. The country's policy is to continue developing the private economic sector as a driving force for comprehensive development, encouraging innovation, dynamism, and efficiency, while fostering trust, collaboration, mutual understanding, and shared benefits, the Vietnamese leader stated.

Speaking at the event, Minister of Finance Nguyen Van Thang highlighted Vietnam’s ambition to develop an international financial centre to enhance the country's financial system and its position within regional and global markets. He expressed Vietnam’s desire to be accompanied, supported and shared experiences by Singapore, given the latter’s status as an exemplary model of international financial development and innovation.

Participating Singaporean experts and business leaders shared their experiences in developing the financial market and building the international financial centre, and promoting innovation, high-tech industries, and investment, while making relevant recommendations for Vietnam.

 

 

 

 

 

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Asia Clean Capital Vietnam earns recognition at Green Finance Week 2025, reinforcing its commitment to clean energy and sustainability goals.

Two executives from Asia Clean Capital Vietnam (ACCV) have been recognized for their contributions to renewable energy at Green Finance Week 2025 – Asia Edition, held on March 5 in Singapore. The awards highlight ACCV’s role in advancing sustainable finance and clean energy solutions in Vietnam as the company looks to expand its impact across Southeast Asia.

Mr. Leong Wei Lik, Chief Executive Officer of ACCV, received the Team Leadership Excellence Award, earning the title of Leader of the Year in Renewable Energy Finance. The recognition highlights his leadership and contributions to the sector. Meanwhile, Ms. Khanh Le, Chief Operations Officer, was named a recipient of the Top CFO Award for her role in advancing renewable energy investments and green infrastructure development in Vietnam.

"We are incredibly proud of Khanh and Leong for their outstanding contributions and leadership," said Mr. Bruce Hicks, Chairman of Asia Clean Capital Vietnam. "These awards are a testament to their dedication and the collective efforts of our entire team. We are thrilled to receive this recognition and are dedicated to furthering our contributions to Vietnam's renewable energy sector. Our commitment to ESG principles remains steadfast, and we are focused on driving growth and positive impact within the community and the nation."

Future strategy and expansion plans

ACCV is currently prioritizing industrial park projects and leveraging Direct Power Purchase Agreements (DPPA) to supply large-scale customers. At the same time, the company continues to develop smaller-scale projects to meet the energy demands of a broader range of businesses.

With a focus on high-quality delivery, digital transformation, and customer-centric services, ACCV aims to support businesses in transitioning to cleaner energy sources while helping them achieve their sustainability targets. The company has set a long-term objective to become a leading clean energy solution provider in Southeast Asia and contribute to the region’s sustainable growth.

Mr. Leong Wei Lik receives the Team Leadership Excellence Award

About Asia Clean Capital Vietnam

Asia Clean Capital Vietnam (ACCV) is a subsidiary of Asia Clean Capital, a company focused on expanding renewable energy solutions across Asia. ACCV finances, develops, and operates solar and wind energy projects in Vietnam, serving multinational corporations and industrial clients such as Universal Alloy Corporation Vietnam, Schindler, Mapletree, Motul, and Freetrend.

The company provides end-to-end renewable energy solutions, covering carbon reduction, energy efficiency, and long-term project operations. It manages all aspects of project development, including design, engineering, equipment procurement, government approvals, installation, and maintenance of solar and wind energy systems, as well as energy storage and data management solutions.

For more information, visit ACCV's website: www.asiacleancapital.vn.

-Diep Linh

This brings total number of VSIPs to 18 nationwide

A groundbreaking ceremony for the second Vietnam-Singapore Industrial Park (VSIP) in the central province of Quang Ngai was held on March 12, according to a report from the Government News.

This brings the total number of VSIPs in Vietnam to 18.

The event took place on the occasion of Party General Secretary To Lam's official visit to Singapore from March 11-13, serving as a vivid testament to the substantive and effective cooperation between the two nations which have just elevated their bilateral ties to a comprehensive strategic partnership.

The second VSIP Quang Ngai covers an area of 497.7 hectares, with a registered investment capital of about $161 million.

The park is designed with a focus on sustainability and smart technology, aiming to foster green, modern and environmentally responsible development. When fully operational, it will provide an attractive investment location for leading international companies and corporations.

Earlier, in September 2013, under the witness of former Prime Minister Nguyen Tan Dung and his Singaporean counterpart Lee Hsien Loong, the first VSIP Quang Ngai was built. The project has marked a significant milestone in the socio-economic development of the province.

So far, the first VSIP Quang Ngai has attracted 44 projects with a total registered FDI capital of approximately $1.3 billion, creating 40,000 jobs.

-Phạm Long

The newly approved projects consist of solar power facilities that have already achieved commercial operation by January 13.

The Ministry of Industry and Trade (MoIT) has approved an updated Implementation Plan for the National Power Development Master Plan (Power Plan VIII) for the period 2021-2030, with a vision to 2050.

As a result, 142 solar projects, which had previously experienced scrutiny, have been added to the updated implementation plan.

Previously, according to a conclusion in late 2023 by the Government Inspectorate, the MoIT had included 154 solar power projects, with a combined capacity of 13,837 MW, into the plan without any legal foundation or adequate justification. Among these, 123 projects were identified as key contributors to system imbalances, inefficiencies in power source structure, and waste of social resources.

To address the issue, the Government approved a policy to remove legal entanglements for  these 154 projects,  aiming to mitigate wasted social resources while preserving the confidence of both domestic and foreign investors.

According to the MoIT, the newly approved 142 projects consist of solar power facilities that have already achieved commercial operation by January 13, 2025, and been integrated into the solar power framework of Power Plan VIII.

Currently, Ninh Thuan province leads in the number of solar power projects and plants. Other solar projects are distributed across various provinces and cities, including Binh Thuan, Dak Lak, Long An, Ba Ria-Vung Tau, Binh Phuoc, and Khanh Hoa, among others.

-Minh Huy

Sales of domestically produced units recovering with an increase of 21% month-on-month.

Some 21,606 vehicles from different brands were sold nationwide in February, marking an increase of 14% compared to the previous month, and 86% year-on-year, according to the Vietnam Automobile Manufacturers’ Association (VAMA).

Of the total, 14,549 were passenger cars, up 2.5% month-on-month, and commercial vehicles grew 56% to 6,775, while specialized vehicles dropped 17% with 282 units sold.

The market witnessed a strong recovery of sales of domestically produced units with an increase of 21% against January, reaching 11,067 units. Meanwhile, imported vehicles rose 8%, equal to 10,539 units.

In 2024, locally-assembled cars suffered great pressure from imported vehicles following information relating to the reduction of registration fees for domestically produced vehicles from April last year, which resulted in low demand. Last year also saw a strong increase of vehicles imported from China.

However, from the beginning of 2025, sales of domestically produced gradually bounced back as imported vehicles showed signs of reduction.

 

-Nam Nguyễn

The acquisition expanding Airwallex’s existing licences across major Asia-Pacific markets.

Airwalles, a leading global payments and financial platform for growing businesses, has signed definitive agreements to acquire CTIN Pay, an Intermediary Payment Service (IPS) company licensed in Vietnam.

The acquisition expands Airwallex’s existing licences across major Asia-Pacific (APAC) markets, including Australia, Singapore, Hong Kong (China), Malaysia, New Zealand, mainland China, and Japan.

This move deepens the global reach of Airwallex’s financial infrastructure, aiding Vietnamese merchants in their overseas expansion, and facilitating international businesses to enter the Vietnamese market, according to Airwallex’s recent press release.

Vietnam’s economy, with its strong growth and rapid digital transformation, is well positioned as a strategic growth market for Airwallex in the region, it said in the press release. By expanding its financial infrastructure across Southeast Asia, Airwallex is well-positioned to support businesses in Vietnam, enabling them to scale internationally with greater ease.

-Hạ Chi