The Delta Desk

Vietnam

TNT and US developer Infrakey study $10 billion Vietnam data center project targeting 1,000 MW AI capacity

24 September 2026

Vietnam's conglomerate TNT Group and the United States-based data-center developer Infrakey DC Parks will jointly study building data centers in Vietnam of up to 1,000 MW, a project requiring $10 billion in infrastructure investment. The agreement covers a study of the feasible number of large data centers for AI, cloud computing, and data storage, with a first phase targeting about 200 MW of capacity, with power aimed within 36 months of securing a site and grid allocation. TNT would handle site searches and local coordination in Vietnam, while Infrakey would lead the development model, technical standards, financing, and feasibility study. The plan adds to a wave of proposed data-center projects in Vietnam as the country courts AI and cloud investment, though many remain at the study or memorandum stage.

Why it matters
Vietnam is positioning itself as a major AI infrastructure hub, attracting substantial foreign capital to build hyperscale data center capacity that will support regional and global AI deployments. For TNT and Infrakey, Vietnam offers lower construction costs and land availability compared with competitors in Singapore and Australia, while for Vietnam it represents essential digital infrastructure for attracting AI workloads and tech investment.

Geleximco advances Vietnam's second chip fab plan with Hung Yen facility targeting 2028 launch

24 September 2026

Vietnamese conglomerate Geleximco is advancing investment procedures for a chip plant in the northern province of Hung Yen, with construction expected to begin in November 2026. The facility aims to launch commercial products in early 2028. Geleximco plans to test and integrate Vietnamese-designed control ICs, sensors, and power chips into electric vehicles and the group's broader industrial ecosystem. Vietnam is not immediately rushing to produce the most advanced chips, but is starting with specialized chips – "small brains" designed for very specific economic problems. Vietnam is preparing a list of around 20 groups of specialised semiconductor chips for priority state procurement, putting specialised chips at the centre of efforts to build domestic semiconductor capabilities and accelerate commercialisation.

Why it matters
Vietnam is expanding beyond Viettel's state-backed fab to develop private-sector chip manufacturing capabilities, accelerating its shift from assembly outsourcing toward integrated design and production. Domestic chipmakers and system integrators need a proven customer base to viabilize their designs, making Geleximco's anchor customer role strategically important to the entire ecosystem.

Vietnam FTSE Emerging Market status takes effect, reshaping index access and expected to attract $1.5 billion in inflows

24 September 2026

Vietnam officially assumed secondary emerging market status in FTSE Russell's classification on September 21, 2026, marking a watershed moment for the country's equity markets. The upgrade is expected to attract approximately USD 1.5 billion in cumulative inflows. The reclassification was confirmed following years of regulatory reforms to improve market access for international investors. During the week of September 14-18, the VN-Index increased by 20.45 points to 1,815.66 points, with the VN30-Index rising 1.42% to 1,964.17 points. Analysts underscore that earnings growth in banking, consumer, and industrial names will ultimately determine whether the reclassification-driven rally holds up. The upgrade positions Vietnam within major global emerging-market benchmarks, potentially reshaping flows into the market.

Why it matters
Vietnam gains access to trillions of dollars in passive fund flows globally, fundamentally changing the investment landscape and likely supporting equity valuations. Global asset managers and institutional investors tracking FTSE indices must now integrate Vietnamese equities into their emerging-market allocations.

Vietnam Corporate Earnings Surge 36.6% in Second Quarter as Listed Firms Smash Targets

18 September 2026

A broad range of Vietnamese listed companies reported record earnings for the second quarter of 2026, as stronger domestic demand, improving operating margins, and robust property handovers fueled one of the strongest corporate earnings seasons in recent years, with companies spanning real estate, tourism, consumer goods, energy, shipping, retail, and manufacturing either posting record quarterly profits or achieving their best-ever first-half results. Market earnings grew 36.6% in the second quarter and are expected to grow by around 20% for 2026 as a whole. Real estate developer Vinhomes, a subsidiary of conglomerate Vingroup, delivered the standout performance of the reporting season, with its Q2 after-tax profit attributable to shareholders jumping more than threefold from a year earlier to nearly VND26.5 trillion ($1.01 billion), supported by a sharp increase in revenue recognized from residential project handovers and stronger gross margins.

Why it matters
Broad-based corporate earnings growth across sectors validates the economic expansion underpinning Vietnam's pivot from cheap labor to higher-value manufacturing and domestic consumption. Fund managers and equity analysts will redirect attention toward fundamentals over the FTSE upgrade narrative, favoring quality earnings growers over index components.

Vietnam Hits Record FDI High in Eight Months With Capital Commitments Up 55%

18 September 2026

Vietnam attracted 40.63 billion USD in registered foreign direct investment in the first eight months of 2026, up 55.4% year-on-year, driven by 21.72 billion USD in capital from 2,771 newly licensed projects, with the number of new projects rising only 9.4% while their registered capital surged 96.8%, indicating a significant increase in average project size and investors' stronger commitment from the outset. Realized FDI in Vietnam is estimated at USD 17.25 billion, an increase of 12.0% compared to the same period last year and the highest realized FDI amount for the first eight months in the past five years, with the processing and manufacturing industry accounting for USD 14.24 billion, representing 82.6%. Among the 73 countries and territories with newly licensed investment projects in Vietnam, Singapore was the largest investor with USD 7.62 billion, accounting for 35.1% of the total newly registered capital, followed by South Korea with USD 5.67 billion, accounting for 26.1%.

Why it matters
Vietnam's attraction of record capital commitments demonstrates strong confidence from multinational manufacturers accelerating their shift away from China. Foreign investors are committing larger individual projects rather than spreading capital across many small ventures, signaling confidence in Vietnam's structural position in global supply chains.

Vietnam's FTSE Emerging Market Status Takes Effect September 21, Opening Global Index Access

18 September 2026

Vietnam's promotion to FTSE Russell Secondary Emerging Market status takes effect on September 21, 2026, following years of reforms to improve access for international investors and bringing Vietnamese equities into major global emerging-market benchmarks. This upgrade is expected to attract approximately USD 1.5 billion in cumulative inflows. FTSE Russell confirmed on April 7, 2026 that the status upgrade for Vietnam will take effect on September 21, 2026, with Vietnamese equities set to be included in FTSE's global index series through a phased process extending into 2027. The index provider cited Vietnam's significant progress in improving market access and aligning with global standards since it was added to the watchlist in 2018, with key reforms including the removal of full pre-funding requirements on equity trades for foreign investors.

Why it matters
Passive funds tracking FTSE benchmarks must now include Vietnamese stocks in their portfolios, marking the formal end of Vietnam's eight-year path from frontier market status. Foreign institutional investors and fund managers will gain clearer access to Vietnam's market, expanding the investor base beyond current domestic and dedicated-Vietnam players.

Vietnam accelerates government bond issuance to meet annual funding target

18 September 2026

Vietnam's State Treasury is ramping up the pace of government bond issuance to hit its 500 trillion dong annual fundraising goal, with early September showing issuances seven times higher than the previous week. Through the first week of September, the Treasury had raised over 246.7 trillion dong of the year's target, according to VnExpress. This week's planned issuance jumped to 26 trillion dong, concentrated in five and ten-year maturity bonds. Analysts at Yuanta Securities Vietnam note the sharp increase in auction volumes suggests the Treasury is accelerating its timeline after completing only half its annual target midway through the year. The acceleration could push yields slightly higher on shorter-term bonds as supply pressures mount. Vietnam's government bond market has remained relatively insulated from global sell-offs affecting developed markets, with foreign ownership representing just 0.15 percent due to procedural barriers, tax considerations, and capital account restrictions. Yields on Vietnamese five and ten-year bonds stood at 4.13 percent and 4.33 percent respectively as of mid-September, below comparable US rates. However, analysts expect yields to edge upward in the final months of the year as the Treasury faces mounting pressure to complete its issuance plan, while international rate environments remain elevated following recent European Central Bank tightening and potential Federal Reserve rate increases.

Why it matters
Vietnam's accelerated bond issuance could push domestic borrowing costs higher by year-end, affecting government financing conditions and potentially rippling through the broader credit market. Treasury debt managers and fixed income investors should monitor the increasing supply pressure on shorter-duration bonds.

Japanese retailer Aeon accelerates Vietnam expansion with record five new malls this year

13 September 2026

Aeon is opening five shopping malls in Vietnam during 2025, marking its fastest expansion pace in twelve years of operations in the country, according to CEO Tezuka Daisuke at a press conference reported by VnExpress. Three major centers will launch within the next two months in Hai Phong, Thanh Hoa, and Quang Ninh, with the Hai Duong location opening early next month at a cost of nearly 1.2 trillion Vietnamese dong and spanning 35,700 square meters. This aggressive pace represents a dramatic shift from Aeon's cautious entry in 2014, when it opened its first mall, followed by just eight locations over the subsequent decade. The company, which recently divested its entire Thailand retail operations to concentrate on Vietnam, now allocates 60 percent of its total Southeast Asian investment budget to the Vietnamese market. Beyond shopping centers, Aeon plans to expand its supermarket footprint to 300 locations from the current 40, while broadening services including financial payments, lending, and cinema operations. The retailer generated 624 million dollars in revenue last year, a 2.5 times increase from six years prior, and projects tripling revenue by 2030 with fourfold profit growth as it pursues becoming Vietnam's leading retailer.

Why it matters
Aeon's accelerated investment signals major foreign confidence in Vietnam's retail market and consumer spending potential during a period of economic growth. Shopping mall operators, real estate developers, and Vietnamese retailers competing in major urban centers should prepare for intensified competition from a well-capitalized Japanese competitor expanding aggressively across the country.

Thai cement giant SCCC plans major expansion of An Giang factory

13 September 2026

Thai construction materials conglomerate Siam City Cement Public Company Limited has announced plans to expand its Hon Chong cement factory in An Giang province by adding two new production lines. The company's chief executive shared the expansion plans during a meeting with Vietnam's Deputy Prime Minister on September 10, according to VnExpress. The new lines will incorporate modern technology while complying with Vietnamese regulations and sustainability standards. SCCC operates in Vietnam through its INSEE Vietnam subsidiary and intends to increase use of alternative raw materials and reduce clinker ratios to conserve resources and minimize environmental impact. The Vietnamese government welcomed the expansion, noting that the country's target of double-digit growth through 2030 will require substantial infrastructure investment across urban development, ports, and economic projects. Officials encouraged SCCC to deepen involvement in the materials sector through technology innovation and digital transformation. Local An Giang authorities have requested the company increase its budget contributions to the province and coordinate on mining extraction, environmental protection, employment, and logistics issues. SCCC committed to finding ways to boost its financial contributions to the region and cooperate with local authorities throughout the investment and production process.

Why it matters
Vietnam's cement supply capacity will increase as the country accelerates infrastructure development toward 2030, meeting rising demand for construction materials. Foreign direct investors in manufacturing and construction materials should monitor Thailand's regional expansion strategy in Vietnam.

Apple raises iPhone prices across its lineup as component costs and rival pricing squeeze margins

13 September 2026

Apple has implemented an unusual pricing strategy with its latest product launch, raising prices on both new and existing iPhone models rather than discounting older versions as it typically does. The iPhone 18 Pro starts at $1,199 and the Pro Max at $1,299, each up $100 from their predecessors. More notably, Apple increased prices on currently available models like the iPhone 16, 17e, 17, and Air by $100, while discontinuing the iPhone 17 Pro line. The price hikes are steeper internationally, with Indian markets seeing approximately 20.5% increases. According to reporting in VnExpress, Apple's most ambitious new device is the iPhone Duo with a foldable screen design priced at $1,999, the most expensive iPhone ever released. The company justified the increases through former CEO Tim Cook's acknowledgment that rising component costs, particularly memory chips driven by global AI demand, force Apple to pass expenses to consumers rather than absorbing them entirely. However, the broader industry context suggests Apple may also be maintaining pricing parity with competitors. Samsung, Google, and other manufacturers have similarly raised flagship prices by $100 or more this year, indicating a systematic industry shift. Apple's new upgrade subscription program, which allows consumers to rent devices with monthly payments and upgrade regularly, may help offset customer resistance to the price increases.

Why it matters
Consumers will face significantly higher entry prices for new iPhones and older models lose their traditional price advantage, shifting the total cost of ownership upward across Apple's phone lineup. Smartphone buyers and upgrade-cycle planners need to reassess budget expectations, while finance-conscious consumers may increasingly turn to Apple's rental program as an alternative to outright purchase.

Iran's fuel crisis triggers widespread protests as drivers face rationing and price hikes

13 September 2026

Iran is grappling with an acute fuel shortage caused by war-damaged refineries and US port sanctions blocking imports, forcing the government to slash subsidies and double prices for heavy consumers. As of September 7, drivers exceeding 110 liters monthly now pay roughly four cents per liter for overages, translating to two dollars for a full car tank or five dollars for trucks—substantial sums for a population earning barely 100 dollars monthly. The shortage has emptied gas stations as drivers rush to stockpile fuel before price increases take effect, leaving some stranded at pumps with no available supplies. Taxi and truck drivers have launched coordinated protests across multiple cities and provinces, with strikes reported in Kerman, Arak, and at major ports. Workers for Snapp, Iran's ride-hailing platform with three million drivers, have also stopped work this week. Truck drivers report losing 30 percent of monthly fuel allocations, describing conditions unseen even during intense combat periods. The crisis compounds existing economic devastation: currency has collapsed to record lows, food inflation hit 128 percent last month, and basic goods like plastic bags now cost exponentially more due to Israeli strikes on petrochemical facilities. Workers and ordinary citizens describe the situation as increasingly desperate, with their economic struggles becoming a pervasive cultural reference point across theater, art exhibitions, and film.

Why it matters
Iran's fuel rationing and price controls are collapsing under simultaneous pressure from military destruction, international sanctions, and currency devaluation, triggering labor unrest that threatens both public services and commercial transport. Transportation workers, logistics companies, and gig-economy platforms dependent on fuel subsidies face existential pressure as their operating margins vanish.

Billionaire Phạm's sons take helm of VinFast and Green SM in leadership shuffle

13 September 2026

Billionaire Phạm Nhật Vượng has handed over operational control of two major companies to his sons in a significant succession move. His eldest son, Phạm Nhật Quân Anh, has been appointed CEO of VinFast, the electric vehicle manufacturer, taking over from his father on September 12. Quân Anh, born in 1993 and a graduate of Singapore Management University, had previously served as chairman of VinFast since May and will retain his role as director general of VinMetal, a high-grade steel producer within the Vingroup ecosystem. He has worked across various management positions at Vingroup since 2015. Meanwhile, Phạm Nhật Vượng's younger son, Phạm Nhật Minh Hoàng, born in 2000, has been named CEO of Green SM, a services platform founded in 2023 that operates ride-hailing, food delivery, logistics, and electric vehicle rental across 34 Vietnamese provinces and six foreign markets. Green SM's registered capital has grown from 3 trillion dong to over 43 trillion dong and is preparing for an initial public offering. The leadership transitions occur as Vingroup accelerates its strategy of developing local talent and transitioning to younger leadership to support rapid global expansion of both VinFast and Green SM.

Why it matters
The appointments formalize generational leadership change at two of Vietnam's most ambitious tech and automotive ventures, potentially affecting their strategic direction and investor confidence. Shareholders and venture capital firms backing these companies need clarity on whether the younger generation will maintain, accelerate, or alter their growth trajectories.

Global refining capacity stretched to breaking point amid Middle East and Ukraine conflicts

13 September 2026

The International Energy Agency warned that ongoing conflicts in the Middle East and Ukraine are putting the world's oil refining infrastructure under severe strain. In its monthly market report released on September 11, the IEA lowered its supply and demand forecasts for the year as the globe faces successive energy shocks. The agency expects crude flows from Middle Eastern countries to fully recover only next year due to prolonged fighting. Oil inventories are now critical to market stability, but as buffers shrink and global refining systems reach capacity limits, progress on resolving Middle East and Ukraine conflicts has become essential to prevent markets from tightening further and demand from collapsing. Global oil supply could fall by 5.7 million barrels daily this year, a 6 percent drop from last year, more severe than the 4 percent decline estimated in August. Oil demand is also forecast to decline more sharply than expected at 2.5 million barrels daily, up significantly from the previous month's estimate of 1.6 million. Stalled negotiations between the United States and Iran have dimmed prospects for a ceasefire, while fighting has reignited at both the Strait of Hormuz and the Bab el-Mandeb chokepoint in the Red Sea. Crude prices have surged to their highest levels in four months, with Brent trading at 104 dollars per barrel and WTI at 100 dollars.

Why it matters
Refining bottlenecks and tightening markets could push oil prices significantly higher and destabilize global energy supplies. Energy traders, logistics companies, and governments reliant on Middle Eastern oil should prepare for sustained price volatility and potential supply disruptions.

Iran's fuel crisis triggers widespread unrest as sanctions and war damage cripple supply

13 September 2026

Iran faces a severe gasoline shortage stemming from damaged refineries and U.S. maritime blockades that prevent fuel imports, according to VnExpress. The government doubled fuel prices on September 7 for consumers exceeding 110 liters monthly, raising the cost to approximately 0.04 USD per liter. This means drivers now pay roughly 2 USD to fill a sedan and 5 USD for a truck after exhausting their subsidized allocation—a substantial burden for most Iranians earning just over 100 USD monthly. Gas stations have run dry as drivers rushed to purchase fuel before the price increase took effect, leaving some stranded without access to gasoline. Taxi drivers and truck operators have begun protesting as living conditions deteriorate. The government has been forced to drastically cut fuel subsidies while simultaneously attempting to repair war-damaged refineries. Workers at Snapp, Iran's major ride-hailing and delivery service with 3 million drivers, struck this week across multiple cities. Truck drivers at major ports including Bandar Abbas warned of potential walkouts, claiming they cannot sustain the financial pressure. Transport companies report experiencing unprecedented disruptions even compared to periods of intense conflict. Currency collapse has worsened inflation, with the rial reaching historic lows at over 2.3 million per dollar. Food price inflation hit 128 percent last month, and manufacturing costs for plastic goods have surged following Israeli strikes on petrochemical facilities.

Why it matters
Iran's fuel crisis is triggering labor unrest across transportation sectors while accelerating economic collapse through currency depreciation and hyperinflation, threatening supply chains and livelihoods. Logistics operators, taxi drivers, truck drivers, and gig economy workers face immediate income collapse and must take action to preserve their businesses.

Century-long lifespans reshape investment strategies for Vietnam's wealthy

13 September 2026

As people live dramatically longer, financial advisors say investment approaches must transform fundamentally. HSBC Private Banking experts note that in developed markets from Monaco to Japan, traditional retirement at sixty no longer makes sense when average lifespans approach ninety. Older investors increasingly see themselves with decades ahead, willing to accept higher risk and sacrifice short-term liquidity for long-term growth in new sectors. Some ultra-high net-worth individuals now structure investments to outlast centuries, considering their wealth's longevity alongside their own. Advisors recommend five principles: clearly define investment horizons across multiple generations, build portfolios resilient enough to weather market swings while remaining flexible to life changes, prioritize diversification across geographies and asset classes, recognize that success extends beyond pure returns to encompass health, personal fulfillment and sustainable impact, and ensure portfolios adapt to family values and heir expectations. Well-constructed diversified portfolios with long-term vision require only minor adjustments over time, freeing older investors for other pursuits while generating stable returns. This comprehensive approach treats wealth management as serving not just one lifetime but creating value across generations.

Why it matters
Investment structures designed for sixty-year retirements become obsolete when people routinely live into their nineties and beyond, forcing complete strategy overhauls. Affluent Vietnamese individuals and wealth managers need to fundamentally rethink portfolio construction, risk tolerance and intergenerational wealth transfer.

Vietnam exports $8.3 billion in cashews despite growing none domestically

13 September 2026

Vietnam has emerged as a major cashew exporter, shipping $323 million worth in the first seven months of this year, a 112 percent increase from the same period last year, according to customs data reported by VnExpress. The growth is driven almost entirely by processed cashew products, which accounted for $275 million in exports and represented 85 percent of total cashew export value, while raw cashews contributed just $48 million. Processed cashews now lead Vietnam's processed fruit and vegetable exports, comprising over 20 percent of that category's total value. The country has virtually no commercial cashew cultivation and instead imports the raw nuts, bringing in over $268 million in the first seven months, a 53 percent increase year-over-year. Processing facilities in Ho Chi Minh City and elsewhere handle sorting, cleaning, roasting, drying, and flavoring imported cashews sourced primarily from the United States, Iran, and Turkey. Value-added processing creates different product lines including dry-roasted, salted, and seasoned varieties, plus kernel extraction for confectionery and nutritional products. Regional trade agreements like ACFTA and RCEP provide tariff advantages that help processed cashews reach markets in China and Southeast Asia, particularly during holiday periods. Association officials note that geographic position aids competitiveness, though companies must carefully document processing to meet origin requirements and should diversify beyond Chinese markets toward ASEAN and Middle Eastern regions.

Why it matters
Vietnam has built a $8 billion annual export business in processed cashews without growing a single cashew tree, proving agricultural value can be created through processing imports rather than domestic production. Processing companies and export-focused food manufacturers should evaluate similar import-processing-export models for other commodities where they lack local supply chains.

French energy giant TotalEnergies to partner with Vietnamese firm on $1.5 billion LNG power project

13 September 2026

T&T Energy Group and TotalEnergies have signed a memorandum of understanding to jointly develop the Long Son LNG-fired power plant project in Ho Chi Minh City with total investment exceeding $1.5 billion. The agreement was signed in Paris on September 10 during a bilateral business meeting witnessed by Vietnamese Communist Party General Secretary and State President To Lam. Under the partnership structure, TotalEnergies will serve as co-developer, arrange international financing, provide technology solutions for the power generation and LNG storage infrastructure, and commit to supplying competitively priced liquefied natural gas. T&T Energy Group will handle legal procedures, navigate regulatory approvals at national and local levels, and manage project operations and maintenance once the facility becomes operational. The two parties also agreed to negotiate long-term gas supply agreements after completing official investor selection procedures. The Long Son project has a planned capacity of approximately 1,500 megawatts and is estimated to cost around 40,000 billion Vietnamese dong. It aims to provide baseline power to southern Vietnam while supporting national energy security and green transition goals through 2050. Ho Chi Minh City authorities have already approved the investment concept, and the project is included in Vietnam's adjusted Power Plan VIII.

Why it matters
This partnership brings together TotalEnergies' global LNG sourcing capabilities with T&T's domestic regulatory expertise, accelerating development of a major power infrastructure project that Vietnam's government has prioritized. Energy infrastructure developers and power sector investors should monitor this project as a model for Franco-Vietnamese industrial collaboration and LNG supply security in Southeast Asia.

Vietnam's competition regulator examines Grab's pricing and commission structure

13 September 2026

Vietnam's National Competition Commission has launched an investigation into rideshare platform Grab's pricing policies, fees, and commission rates following complaints from drivers about declining actual earnings. Multiple drivers reported that while fares on certain routes have dropped or remained low, they continue bearing fuel and operational costs while Grab deducts fixed commissions of 20 percent for two-wheelers and 25 percent for four-wheelers, plus various platform fees and location-based surcharges. This structure creates a significant gap between what passengers pay and what drivers actually receive. The competition regulator requested that Grab provide detailed documentation about its pricing methodology, fee structures, and commission calculations, along with explanations of how policy changes are communicated to drivers. The agency also asked other ride-hailing platforms operating in Vietnam to submit comparable information for comparison purposes. Drivers have called for greater transparency around how fares are determined and adjusted, as well as clarity on all deductions applied to their earnings. The commission indicated it will conduct a thorough review and pursue enforcement action if any anti-competitive practices are discovered. Beyond Grab, regulators have urged all ride-hailing platforms to voluntarily audit and publicly disclose their pricing and fee policies to ensure transparency and balance interests among companies, drivers, and passengers.

Why it matters
Grab may face regulatory restrictions on how it sets fares and calculates driver commissions if investigators find competition law violations. Ride-hailing drivers across Vietnam should pay close attention, as this outcome could determine whether their earnings improve through regulatory intervention.

Vietnam's stock market suffers steepest decline in a month as Vingroup and bank shares plunge

13 September 2026

Vietnam's benchmark VN-Index fell more than 34 points in its sharpest session in nearly a month, driven by intense selling pressure concentrated in Vingroup shares and banking stocks. The index opened below reference levels around 1,820 points and deteriorated throughout the day, dipping below the psychologically important 1,800-point threshold in afternoon trading before closing just above 1,795. Decliners vastly outnumbered gainers across the HoSE exchange, with 278 falling stocks compared to just 46 rising ones. Most sectors declined except oil and gas and insurance, with securities, chemicals, technology and retail shares particularly hard hit. Vingroup's VIC stock was the largest drag on the index, contributing over 7 points to the decline while dropping 1.8 percent on record trading volume exceeding 1 trillion dong. Other major detractors included real estate and banking names such as VHM, GVR, VCB, TCB, BID, CTG, VPB and LPB. Trading volume surged 25 percent to nearly 17 trillion dong, reflecting intensifying selling pressure. Foreign investors turned net sellers, offloading around 867 billion dong worth of shares, with STB, MBB and VPB facing the heaviest liquidation. The week's cumulative loss reached nearly 58 points or 3.1 percent, according to VnExpress. Vietcombank Securities noted the index is testing momentum around the 1,830-1,850 range with capital flowing unevenly across sectors, though some stocks are showing recovery signals from recent declines.

Why it matters
Domestic and foreign investors are reducing exposure to Vietnamese equities, particularly major holdings like Vingroup and financial stocks, signaling renewed market pessimism after recent rallies. Portfolio managers and retail investors reliant on Vietnamese market exposure need to reassess their positions as selling pressure mounts and the technical support levels weaken.

Vietnam's prime minister orders overhaul of fuel distribution network to cut costs and ensure supply

13 September 2026

Prime Minister Lê Minh Hưng has instructed the Ministry of Industry and Trade to restructure the fuel distribution system by eliminating unnecessary intermediaries and reducing logistics costs. At a September 11 meeting, the premier called for clearer delineation of roles between fuel sourcing, distribution, and retail operations to address current inefficiencies where circular trading between merchants inflates expenses and obscures accountability during supply shortages. The new framework must establish transparent responsibility for each participant and prevent supply disruptions when markets fluctuate. The government plans to reevaluate fuel wholesalers based on actual sourcing capacity, financial strength, infrastructure, and supply reliability rather than just physical assets like warehouses and vehicles. Vietnam currently has 33 fuel wholesalers, down from around 330 distribution merchants in 2023 as many companies surrendered licenses or faced revocation during inspections. The prime minister emphasized that fuel is strategic and essential, directly affecting production, business, living standards, inflation, and macro stability. He noted persistent problems including hoarding, speculation, circular trading, and smuggling. Alongside the distribution restructuring, the government will continue managing fuel prices through market mechanisms with state oversight while ensuring fair competition and preventing monopolistic pricing. The Ministry of Industry and Trade must finalize the new regulation by early October after broader stakeholder consultation.

Why it matters
Streamlining fuel distribution will lower costs for businesses and consumers while reducing supply vulnerabilities that Vietnam faces as an import-dependent economy. Energy policymakers, fuel retailers, wholesalers, and manufacturers dependent on stable energy costs should pay close attention.
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