As part of his working visit to Denmark, Deputy Prime Minister Tran Hong Ha on November 25 met with leaders of the host country's leading groups and attended a roundtable with several Danish businesses to discuss cooperation opportunities in clean and sustainable energy.

At the headquarters of the world’s leading container shipping company A.P. Moller-Maersk, Ha and its CEO Vincent Clerc discussed opportunities for collaboration to promote the sustainable development of the maritime transport sector in Vietnam.

With its history of over-100-year presence in Vietnam, Maersk values the development potential of this market, and hopes to make a positive contribution to the country's industrialisation and modernisation process, the official said, adding that Vietnam is a promising market with many attractive investment opportunities, particularly in the construction of modern deep-water container ports and strategic logistics projects.

He also emphasised the company's strong commitment to developing green shipping, with the goal of achieving net-zero greenhouse gas emissions by 2040, adding that Maersk is actively investing in new technologies, utilising renewable energy sources, and enhancing automation to improve operational efficiency and protect the environment.

Appreciating Maersk's efforts in transforming its business model towards sustainability and green practices, Ha said that the company’s development strategy aligns with Vietnam’s direction of building a green, sustainable, and smart marine economy. He expressed a desire to collaborate with Maersk to develop modern and smart ports to enhance the competitiveness of the national economy.

Both sides had in-depth discussions on specific cooperation opportunities. Maersk representatives showed their interest in investing in green energy projects in Vietnam, including researching and developing green fuel sources such as hydrogen and ammonia, as well as building energy infrastructure to support green ports and vessels. They also committed to expanding the company's investment in the logistics sector, and focusing on developing a multimodal transport system that effectively connects various transport modes such as rail, inland waterways, and coastal shipping.

In a meeting with the Confederation of Danish Industry (DI), both sides focused on new cooperation opportunities, particularly in the fields of renewable energy and digital transformation, to promote the economic partnership between the two countries.

The Vietnamese Deputy PM emphasised that bilateral cooperation has achieved significant milestones, reflected through the increasing presence of Danish businesses in Vietnam, with total investments reaching 2 billion USD. He appreciated Denmark's development model, especially its transition from a resource-based economy to a knowledge-based one.

Representatives of the Danish companies attending the roundtable expressed their interest in investing in renewable energy projects in Vietnam, particularly offshore wind power. Vietnamese companies such as the Vietnam Oil and Gas Group (Petrovietnam), the Vietnam Electricity (EVN), and the Vietnam Maritime Corporation also showed their desire to collaborate with Danish partners to implement these projects.

Ha affirmed that Vietnam will continue to improve its investment and business environment, perfect the legal framework, and create favourable conditions for businesses. He said he believes that with the joint efforts of both sides, the Vietnam-Denmark cooperation will continue to grow stronger in the coming time.

The same day, Deputy PM Ha had a meeting with Christina Sørensen, Senior Partner of the C.I.P Group, one of the world’s leading offshore wind developers. They discussed cooperation opportunities to develop renewable energy sources in Vietnam, particularly offshore wind power.

Saying that in Vietnam, the group is thoroughly studying the potential for offshore wind power development in the south central province of Binh Thuan, Christina Sørensen proposed Vietnamese authorities to soon perfect the legal framework and create more favourable conditions for foreign investors in surveying and developing these projects.

Ha suggested the group closely collaborate with Vietnamese ministries and agencies to transfer technology, develop planning, ensure national defence and security, and establish an appropriate power transmission system. He also encouraged the C.I.P to explore the possibilities of exporting electricity or producing green hydrogen and green ammonia from offshore wind projects./.

Northern Delta Int’l Agriculture Fair 2024 features nearly 300 booths

The Northern Delta International Agriculture Fair 2024 opened in Thai Binh city of the province of the same name on November 2025.

Themed "Rural Youth Compete in Business Excellence, Joining Hands to Build New Rural Areas", the event was jointly held by the Ministry of Industry and Trade and the Central Committee of the Ho Chi Minh Communist Youth Union.

Le Hoang Tai, Deputy Director of the Trade Promotion Agency under the ministry, said the fair offers new opportunities for agricultural development by connecting agricultural products with advanced technologies from across Vietnam. It also serves as a platform for businesses, cooperatives, localities, and trade promotion organisations to network, exchange experiences, and explore commercial and investment opportunities now that agriculture is facing new challenges.

Nguyen Quang Hung, Permanent Vice Chairman of the provincial People's Committee and head of the fair's organising board, emphasised that over recent years, the province has implemented various measures to enhance investment attraction, trade promotion, and tourism development. These efforts have significantly contributed to the province's socio-economic growth. So far this year, the province has maintained robust growth, achieving a GRDP increase of 7.32%.

With its strengths in agricultural products, handicrafts, and traditional village industries, the province’s products are now available not only in traditional markets but also major commercial centres and supermarkets nationwide, and on international e-commerce platforms.

This year's fair features nearly 300 booths from over 100 domestic and international enterprises. Highlights include an exhibition of socio-economic achievements by the province’s districts and cities, displays of agricultural products from youth-led businesses and cooperatives nationwide, and showcases of outstanding products from cooperatives and ornamental plants from provinces across the Northern Delta.

Running until November 30, the fair also hosts a series of events, including the National Rural Youth Festival, the 19th Luong Dinh Cua Awards Ceremony, the Awards for the 2024 Rural Youth Startup Project Competition, and a supply-demand connection conference featuring exhibitions and consumption promotion of outstanding products from cooperatives and cooperative alliances in the province./.

Dong Thap diversifies lotus products

Lotus growers in the Mekong Delta province of Dong Thap have won big as their efforts to diversify lotus products pay off.

As of the end of October this year, the province had over 1,108 ha of lotus producing 12,163 tonnes of lotus fruit. The plant is mainly grown in the districts of Thap Muoi, Cao Lanh, Tam Nong, and Thanh Binh.

Each kilogramme of lotus fruit is sold at about 20,000 VND (0.79 USD) on average, enabling the growers to earn an average profit of over 42 million VND per ha.

Dong Thap has over 100 products made from lotus, including food and cosmetics; of which 56 lotus products meet the standards of the One Commune One Product (OCOP) programme, including lotus flower tea, lotus plumule tea, lotus leaf tea, fresh lotus seeds, and dried lotus seeds.

The annual production value of the lotus industry in Dong Thap exceeds 1.9 trillion VND.

Lotus is one of the five key products in the province’s agriculture restructuring plan, as products made from the flower have been exported, providing high incomes for farmers.

The province, well known as the land of pink lotuses, has developed lotus-related tourism products such as tours to lotus fields and cuisine tours featuring foods made from the flower. It wants to develop lotus cultivation in combination with sustainable cultural and tourism development, towards preserving traditional cultural values, historical sites, traditional crafts, and the lifestyles of local people.

Nguyen Truong An, a farmer in My Hoa Commune, Thap Muoi district, has started tourism utilising his lotus ponds.

An said profit from selling lotus fruit is uncertain. He has converted 3 ha of lotus to an eco-tourism site and sold lotus seeds, leaves, and flowers for processors and tourists, which helped him to earn much more.

Meanwhile, Ho Thi Diem Thuy, from Thap Muoi district, learned how to make lotus seek milk to make the most of the available abundant raw materials.

Currently, she makes about 1,300 bottles of fresh lotus milk daily, getting an annual profit of around 400 million VND. She plans to expand production and pilot deeper processing products like powdered lotus milk.

Huynh Van Hiep, Director of the Nam Huy Dong Thap company in Hoa Tan commune, Chau Thanh district, has seen significant demand for his 5-star OCOP certified dried lotus seeds in the Mekong Delta, Ho Chi Minh City, central provinces, Hanoi, Southeast Asia, the EU, and the Republic of Korea.

Currently, Dong Thap province has 22 establishments and enterprises producing a variety of products from different parts of the lotus plant.

Dong Thap aims to develop the lotus industry, targeting 1,400 ha by 2025 and yearly output of 1,148 tonnes. It will also speed up a pilot project of 100 ha of lotus in Thap Muoi district to develop lotus varieties that are suitable for local conditions and then expand production.

The province plans to develop at least 11 processed lotus products that meet criteria of One Commune-One Product (OCOP) programme. It eyes to have 60 OCOP lotus products by 2025./.

Domestic gold prices fall sharply on global market slump

Domestic gold prices in Vietnam fell up to VND2 million per tael on average on November 26 following a slump in the global gold market.

SJC gold was listed at VND82.8 - 85.3 million per tael, representing a decrease of about VND2 million per tael on buying and VND1.5 million per tael on selling compared to the close of trading on November 25.

Gold rings also dropped to below VND85 million per tael across the market, with SJC adjusting its prices to VND82.7 - 84.8 million per tael, and DOJI setting its prices at VND83-84.7 million per tael, down approximately VND1.3 million per tael on buying and VND1.1 million per tael on selling.

Similarly, gold rings at Bao Tin Minh Chau and PNJ also saw sharp declines, now listed at VND84.58 - 85.98 million per tael and VND83.5-84.9 million per tael, respectively.

Globally, after a surge of over US$150 per ounce last week, which saw gold prices exceed US$2,700 per ounce, the precious metal has retraced and is now hovering around US$2,600 per ounce.

Key drivers behind the decline include the positive mood in US stock markets at the start of the week, supported by a shortened trading session due to the Thanksgiving holiday. This shift in sentiment typically reduces demand for safe-haven assets like gold. Additionally, there are reports suggesting that Israel and Hamas may be nearing a ceasefire agreement, further improving risk sentiment.

Another contributing factor is the potential appointment of Scott Bessent, a hedge fund manager, as the US Secretary of the Treasury under the incoming Trump administration, which has increased investor confidence in the US financial system. This confidence, along with expectations for stable financial leadership, has led to rising US Treasury yields over the past few weeks.

LOTTE Mart introduces over 70 imported products from RoK in Vietnam

The Republic of Korea (RoK)’s supermarket chain Lotte Mart Vietnam, in collaboration with the Korean Trade Association (KITA), recently introduced more than 70 imported products from the RoK at special discounts nationwide.

These products have also been introduced on the LOTTE Mart Online shopping system.

Along with exclusive products from private brands such as Good Today, Yorihada, and Choice L, customers have the opportunity to shop for new items in the KITA product catalogue such as Bebedang organic snacks for babies, Snow Buddy foam bath for children, Bushman sunscreen, and Sugarolly cotton candy with discounts of up to 38%.

Furthermore, beauty products from Korean cosmetics brand Coringco totaling more than 20 items are expected to hit the shelves of LOTTE Mart Vietnam this December.

Since their first cooperation in 2022, LOTTE Mart and KITA have continuously worked together in order to introduce high-quality Korean products to Vietnamese consumers.

Last year witnessed LOTTE Mart and KITA launch the K-Beauty booth, becoming a trusted destination for customers who are able to directly purchase more than 3,000 skin care products from many famous cosmetic and beauty brands from the RoK.

Code of conduct issued for real estate brokers
 
A code of ethics and professional conduct for real estate brokers in Vietnam has been launched by the Vietnam Association of Real Estate Brokers (VARS).

The first of its kind in Vietnam, the code consists of six chapters and 21 articles, regulating the ethical principles and standards of conduct for brokers in their relations with clients, colleagues, the market and the community.

According to VARS permanent deputy chair Nguyen Chi Thanh, the code plays an important role in providing occupational standards for real estate brokers in Vietnam, especially as the real estate market is developing rapidly and becoming increasingly competitive.

“The code touches on different aspects,” he said. “It provides guidance on how to interact with customers with honesty and integrity, promotes support between colleagues and healthy competition, and aims to build a transparent and fair real estate market that benefits the community.”

Duong Quoc Thuy, CEO of Dat Xanh Mien Tay Services and Investment JSC, a real estate management company, expressed his approval of the code.

Long-established real estate service providers like his company would prioritise legal compliance and building a corporate culture based on the code, he said.

“Real estate business is a conditional profession, requiring practitioners to have certification and adhere to regulations. So it is necessary to incorporate the code into formal training programmes,” he said.

According to Nguyen Hong Phu, deputy head of real estate market management division at the Housing and Real Estate Market Management Agency (under the Ministry of Construction), the code not only provides guidelines for brokers but also lays a solid foundation for a responsible and law-abiding brokers community.

“The Ministry of Construction commits to continuing to accompany VARS in disseminating and implementing these rules to promote a transparent, healthy real estate market,” he said.

"The code is not only an update but also a step up to meet the new standards of the real estate market," said Dr Tran Dinh Thien, former director of the Vietnam Institute of Economics.

“It affirms that real estate brokerage is an independent profession that plays an important role in the market system, especially in the current challenging context, where issues such as speculation and fraud still persist,” he said.

“VARS must take responsibility for standardising the brokers workforce through strict enforcement of the code, with clear and transparent monitoring mechanisms.”

A code of ethics and conduct for real estate exchanges has also been introduced by VARS. It consists of five chapters and 22 articles, focussing on regulations related to the exchanges’ responsibility toward customers, their internal conduct, their cooperation and responsibilities to the market and society.

PM Pham Minh Chinh meets Ericsson CEO

Prime Minister Pham Minh Chinh gave a reception in Hanoi on November 25 for Borje Ekholm, President and CEO of Ericsson who is paying a working visit to Vietnam.

The PM expressed his delight at the positive growth in Vietnam-Sweden relations, particularly in politics-diplomacy, development assistance and trade.

Highlighting Ericsson's potential in terms of capital, technology and advanced management, Chinh said he believes that through the Vietnam visit, Ekholm will have in-deep and comprehensive assessments, serving as a basis for the company's future investment and business decisions.

For his part, Ekholm emphasised Ericsson's leadership in deploying 5G and fostering advanced wireless connectivity globally. Operating in Vietnam since 1993, the company has been a key partner to Vietnamese telecom operators and is supporting Vietnam's 5G network development.

He said his company wishes to join efforts to accelerate Vietnam's national digital transformation, and research, develop new technologies and products in the country.

Speaking highly of Ericsson's development plans in Vietnam, especially in providing solutions to digital infrastructure development in Vietnam, promoting national digital transformation, and building the e-government, Chinh said Vietnam identifies digital transformation as an objective requirement, a strategic choice, a top priority, and a new growth driver.

He urged the company to boost cooperation with Vietnam, focusing on building R&D as well as data centres in Vietnam, accelerating technology transfer, as well as on digital infrastructure, artificial intelligence, cloud computing, IoT, and next-generation networks like 5G and 6G. Besides, the PM underlined collaboration in training human resources, sharing experiences and policy consultation as well as supporting Vietnamese groups and partners to join global supply chains.

Vietnam wants to exploit outer space, underground space, and marine space, promoting innovation and integration, Chinh said, adding that the country wishes and stands ready for strategic, long-term cooperation with Ericsson.

To accelerate digital transformation, the Vietnamese Government is carrying out many breakthrough programmes and policies, including the completion of numerous legal documents to ease difficulties and create favourable conditions for the process, and pouring significant investments and modernising digital infrastructure, with priority given to digital data development and human resources development for the digital industry.

Ekholm highlighted the importance of the Vietnamese market to Ericsson, expressing his confidence that Vietnam is on the right track and will be a leading country in digital economy.

He reaffirmed Ericsson's commitment to Vietnam, including the development of an R&D centre to create new solutions and export opportunities, leveraging the country's skilled workforce and growing digital economy.

VinFast named among top 30 global battery electric vehicle sales

VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, came in 28th position on the list of the top 30 global battery electric vehicle sales during the January to September period.

According to statistics unveiled by Renergy Power Group, new entrants such as Rivian and VinFast are quickly developing a presence in the global market.

Rivian sold a total of 37,396 units, driven by its premium electric trucks and SUVs, while Vietnam-based VinFast recorded 44,260 sales as it targets global markets aggressively. These brands are part of a new wave of competition which is challenging established automakers, it wrote.

VinFast opened its first dealership in Indonesia in April before debuting its first three dealerships in the Philippines in July.

Furthermore, the Vietnamese EV maker also accelerated the construction of its factories in the United States and India, with further plans to build a factory in Indonesia.

Among the top 30 global battery EV sales, VinFast was followed by famous brands such as Honda, ranking 30th globally with 30,000 units; Subaru, in 35th position with 13,500 units; and Mitsubishi, at 40th with 4,000 units.

The global battery EV market continues its rapid expansion this year, with both Tesla and BYD dominating the charts.

Over the past nine months, Tesla has been able to retain its position as the global leader, delivering an impressive 1,293,656 units in the first three quarters of the year.

In the reviewed period, BYD came second with 1,169,579 units, showcasing the growing dominance of Chinese automakers in the global EV market.

Tax authorities form task force to support e-commerce platforms

Tax authorities are establishing a special task force to provide information and direct support to e-commerce platforms in implementing tax policies, following tax laws and fostering a transparent and fair business environment.

It will also proactively coordinate with relevant units to resolve challenges and create favourable conditions for business activities, according to Mai Sơn, Deputy Director of the General Department of Taxation (GDT).

The task force will promptly report any issues during implementation to the department's leadership for immediate resolution.

Under Decree 91/2022/NĐ-CP, e-commerce platforms are required to provide accurate and timely information about merchants, organisations and individuals conducting transactions to tax authorities.

This information aids in tax management and ensures transparency in the e-commerce market.

Since December 15, 2022, the GDT has run the E-commerce Information Portal to collect data from various platforms.

While substantial data has been gathered, analysis reveals inconsistencies, inaccuracies and incomplete records, posing challenges to tax management.

Over the past 10 months, taxes collected from organisations and individuals engaged in e-commerce activities amounted to VNĐ94.6 trillion (US$3.78 billion), a 17 per cent increase year-on-year, according to the GDT.

The E-commerce Information Portal has recorded data from 412 e-commerce platforms.

There are currently more than 191,000 organisations and individuals doing business on e-commerce platforms, with a total transaction value of nearly VNĐ72 trillion.

Furthermore, 116 foreign suppliers have registered and fulfilled their tax obligations via the portal, contributing VNĐ19.774 trillion to the state budget in the first 10 months of 2024.

The draft amendment to the Law on Tax Administration proposes that e-commerce platforms take responsibility for declaring and paying taxes on behalf of individual and household businesses operating on their platforms.

It aims to ensure fairness and transparency in online business practices.

E-commerce is both chance and challenge for domestic goods

Strong development of the e-commerce marketplace is a driving force and also a challenge for domestically produced goods.

According to the latest report by Google, Temasek and Bain & Company, Việt Nam represents one of the countries with an average e-commerce growth rate of 25 per cent each year, among the highest penetration levels compared to other countries in Southeast Asia.

The e-commerce retail market reached an estimated US$20.5 billion in 2023, while the number of online shoppers is currently exceeding 61 million, while each is expected to spend roughly $336.

Amid current international economic integration, coupled with the rapid and dynamic development of e-commerce, the country will continue to become a new destination for cross-border e-commerce platforms.

However, according to Trần Quốc Bảo, deputy general director of KIDO Group, Vietnamese enterprises now face a number of difficulties when participating in the e-commerce market, including technology adaptation of enterprises, perseverance in developing e-commerce, and identification of goods on e-commerce platforms.

According to Nguyễn Lâm Thanh, representative of TikTok in Việt Nam, vice chairman of the Việt Nam Digital Communications Association, Vietnamese goods have their own characteristics, but local enterprises have very small scale of manufacturing, so they have not enough resources to keep up with digital transformation trends.

Many enterprises have not yet seen the risks in not integrating into the digital transformation wave and if they ignore digital transformation, they will fall behind and lose customers.

In addition, many businesses do not have stability in output.

Today many consumers are less likely to go to do their shopping at a market and are used to buying goods from their desks with their phones.

Moreover, the trend in shopping is now that consumers also need to be entertained, with sellers convincing customers to buy.

Businesses must grasp this trend to carry out digital transformation, Lâm said.

In terms of the opportunities for Vietnamese goods on e-commerce platforms, Lê Đức Anh said that over the past 20 years, Vietnamese goods had taken advantage of e-commerce development.

Over the past years, high-quality Vietnamese goods were easily recognised as a brand, but now that recognition must also hold for goods on e-commerce channels on international scale.

Thanh said that when deploying the TikTok and TikTok Shop platforms, the company set a goal of supporting the State and businesses in the digital world, to bring Vietnamese goods to domestic and foreign consumers.

Implementing the OCOP market programme with one product one commune had identified Vietnamese agricultural products, erasing the digital gap between rural and urban areas.

This programme also guided shop owners to organise a livestream session every Saturday to introduce goods to five million people.

In June 2024, the programme was expanded to become the programme 'Proud of Vietnamese Goods'. TikTok also coordinated with associations to help manufacturing enterprises enjoy the platform's incentives, such as sales support.

In six months, TikTok Việt Nam supported 10,000 enterprises on its shopping platform.

"As a partner of the Ministry of Industry and Trade in organising those programmes, TikTok Việt Nam is committed to accompanying the e-commerce programme to introduce the most products of Vietnamese manufacturers to consumers," Thanh said.

Through the programmes, TikTok had built an alliance of associations, businesses and State agencies to protect consumers in choosing good goods with reasonable prices.

For the past ten years there has also been the programme 'National E-commerce Week and Vietnam Online Shopping Day - Online Friday' which has contributed to promoting Vietnamese e-commerce.

The goal of the programme is to create a platform to connect businesses, including connections between manufacturing enterprises with infrastructure units and sellers with consumers. In addition, the programme also sets goals to promote Vietnamese product brands.

This year, Online Friday week from November 25 until December 1 will have 60 shopping hours, including a special voucher festival, with many businesses launching separate promotional elements for customers to use as they shop.

As a partner of Online Friday, Thanh said that the company expected to have 500 livestream sessions on TikTok this year, with up to 3,000 participating businesses and about a million orders from the livestream sessions. It also expected one billion people to access this programme. 

Proposal on establishing railway joint venture considered

The Ministry of Transport (MoT) has recently required the Vietnam Railway Corporation (VNR) to refine its proposal on establishing a joint venture to develop the railway industry.

The direction was made after the VNR sent a written document requesting the MoT to report to the Prime Minister its proposal on establishing a joint venture to develop the railway industry.

After the amendment, the proposal will be submitted to the Committee for State Capital Management at Enterprises for consideration, then over to the Prime Minister for approval.

According to Deputy Minister of Transport Nguyễn Danh Huy, the VNR’s proposal needs to clarify the VNR's current technological level in the railway industry, the production and business lines of the joint venture and the level of product participation and the localisation rate by VNR in the joint venture.

In addition VNR should study and make detailed proposals on the specific pricing policy, which is suitable to reality and ensures compliance with the provisions of law, to submit it to the Prime Minister for consideration.

According to Huy, the laws related to the issue currently do not regulate the ordering and underwriting of railway industrial products. Railway industrial products are goods on the market so they need to meet quality requirements and their prices must be competitive according to market rules.

"Therefore, the VNR needs to clarify the difference between railway industrial products and ordinary goods to make proposal on ordering and underwriting the products," Huy noted.

In the proposal sent to the MoT in September this year, the VNR wants the competent authority to allow it, together with other local railway industrial enterprises and foreign partners to establish a joint venture operating in the railway industry, in which the local party will hold a controlling capital contribution ratio.

In order for the joint venture to stand firm when it comes into operation and at the same time attract big domestic and foreign mechanical names into Việt Nam’s railway mechanical industrial complex, the VNR proposes three specific policies.

First, ministries and branches need to develop a specific pricing mechanism for railway industrial enterprises when establishing a joint venture. The Government will order and buy products of the joint venture within a certain period of time.

Second, the Government should add railway industrial products to the list of the country’s key mechanical products regulated in the Draft Law on Production of Key Industrial Products.

Finally it will be necessary to develop a mechanism for pricing land and assets of railway enterprises to increase enterprise capital, bring advantages and ensure the rights of Vietnamese enterprises participating in the joint venture. 

Việt Nam regulates remanufactured imports under EU, UK FTAs

In a move to meet international trade standards and leverage the benefits of key free trade agreements, the Vietnamese government has issued stringent regulations for managing imports of remanufactured goods under the UK-Vietnam Free Trade Agreement (UKVFTA) and the EU-Vietnam Free Trade Agreement (EVFTA).

Decree No. 66/2024/ND-CP introduces a detailed framework for the import and circulation of remanufactured goods, covering sectors under the purview of seven key ministries, including the Ministries of Information and Communications, Health, Transport, Industry and Trade, and Science and Technology. 

These remanufactured goods must now meet a number of criteria, including certification of eligibility and compliance with origin rules established under the EVFTA and UKVFTA.

The decree also mandates clear labelling, requiring the phrase 'remanufactured goods' in Vietnamese ('Hàng hoá tân trang') on the original or auxiliary labels. 

This transparency aligns with Việt Nam’s goals of fostering trust in international markets while ensuring consumer awareness. 

Remanufactured goods will now adhere to the same rigorous standards as new imports.

Depending on the specific case, these laws cover areas such as import policies, product policies, taxation, customs procedures, labelling, business conditions, product quality, standards and technical regulations, energy efficiency, radiation safety, cybersecurity, measurement, environmental protection, intellectual property rights and other relevant regulations.

Importers of remanufactured goods also bear legal responsibility for the accuracy and truthfulness of the documents and materials submitted to the relevant authorities. 

They must also cooperate and provide the required documents and materials to licensing bodies and related authorities during inspections of compliance with this decree.

By January 30 each year, importers of remanufactured goods must submit a written report to the licensing authority and the Ministry of Industry and Trade. The report can be delivered in person, via postal services, or online (if applicable) and should detail the importation of refurbished goods under the EVFTA and UKVFTA agreements for the preceding year.

Since their implementation, the UKVFTA and EVFTA have accelerated Việt Nam’s trade relations. 

In 2023, the country’s trade volume with the EU reached US$72.3 billion, with a trade surplus of $34.3 billion. Similarly, exports to the UK grew by nearly 5 per cent, totalling $6.34 billion, even amid global economic challenges like inflation and supply chain disruptions.

Banks struggle to reach online lending target

It is difficult for the banking industry to meet online consumer lending targets by 2025, due to a lack of an independent credit scoring system, experts said.

Under Decision 810/QĐ-NHNN on the digital transformation plan of the banking industry by 2025, with a vision to 2030, issued in 2021, the State Bank of Vietnam (SBV) set a goal that at least 50 per cent of disbursement and lending decisions for small retail loans and consumer loans of individual customers given by commercial banks and financial companies will be made digitally by 2025.

Despite not revealing the proportion of the online outstanding loans delivered in this way, Phạm Anh Tuấn, Director of the SBV’s Payment Department, said after three years of implementing the decision, the banking industry still had a lot of work to do to meet the target. Notably, the banking industry must coordinate with the Ministry of Public Security to clean up and create clean data for the banking industry.

Currently, 53 credit institutions and 43 payment intermediaries are coordinating with the Ministry of Public Security to deploy the identification and authentication of customer information through chip-based identification cards on mobile devices and VneID accounts, according to the director. This is one of the core solutions for the banking industry to authenticate customer information, which matches population data, to ensure payment security and develop additional utilities in the future.

According to banking expert Dr Nguyễn Trí Hiếu, Việt Nam currently does not have a national credit scoring system for all people, but only for bank customers, which is one of the main obstacles hindering the development of online lending.

In the US, for example, most loans are online.

Banks have to buy services from credit scoring companies to immediately get customers' credit scores so that is very transparent. Therefore, within just a few minutes, banks will respond to customers whether to lend or not and announce interest rates based on the customers’ credit scores. Notably, people can use credit scores to adjust their credit behaviour to pay off their debts faster and on time when their credit score is low.

Meanwhile, in Việt Nam, banks only have their own credit scoring system for their customers. People who are not bank customers do not have credit scores.

Experts said that when borrowing online, many customers complained though there were no reminders to repay debts, their debts suddenly became bad debt when they were late in repaying because the apps would not allow them to pay the late fee immediately, but forced them to pay on the due date. The shortcoming had made customers turn away and not be interested in borrowing again.

In addition, online lenders should reduce lending interest rates, as many customers said that the rate was too high, at nearly 2 per cent per month for loans via apps and about 3 per cent per month for loans via e-commerce platforms.

Mobile World expected to benefit from online business tax collection

The recent focus on enforcing tax compliance for online businesses is expected to create a fairer competitive environment in Việt Nam’s retail sector.

According to DSC Securities Corporation, this change will ease the pressure on Mobile World Investment Corporation (MWG), which has faced unfair competition from online retailers that previously operated without equivalent tax obligations.

Nguyễn Đức Tài, Chairman of MWG, emphasised the potential benefits of a more balanced competitive landscape during the company’s third quarter investor meeting.

"If the playing field is truly levelled, Mobile World will undoubtedly achieve robust growth," he said, and highlighted that MWG’s strengths lie in serving markets where online retailers struggle, particularly for high-value products requiring installation and after-sales service.

"No one wants to risk tens of millions of đồng just to save a few hundred thousand, only to face uncertainty about who will install the product or resolve issues if they arise," he said, suggesting that the after-sales capabilities of online shops are still years behind MWG’s established infrastructure.

DSC notes that MWG holds significant competitive advantages, including comprehensive after-sales service and direct sourcing.

MWG’s network of technicians provides installation, maintenance and repair services, which are challenging for smaller online retailers to replicate.

Meanwhile, by importing products directly from manufacturers, MWG can offer competitive prices and better margins compared to smaller competitors reliant on intermediaries.

These factors, combined with MWG’s strong market presence, position it as a formidable player even as online competition grows.

DSC expects MWG’s performance to continue recovering through the final quarter of 2024, driven by sustained demand for smartphone upgrades, the market buzz around the iPhone 16 launch, positive revenue growth at Bách Hóa Xanh (BHX) during the Tết shopping season and expanding market share in the ICT (Information and Communication Technology) segment.

However, DSC acknowledges potential headwinds, including slower growth at BHX after a rapid expansion phase and challenges in scaling fresh food operations as BHX enters Central Việt Nam markets.

MWG appears well-prepared for these challenges, supported by a clear strategy that leverages its offline strengths while ensuring competitiveness with online channels.

The company has already adapted its offerings in lower-value segments, such as small household appliances, to remain competitive in the online space.

In time, fair competition will be re-established as all businesses are held to the same tax standards, according to Tài. 

SSI regains top spot for charter capital in securities industry

SSI Securities Corporation has completed its recent rights issue, solidifying its position as the largest securities firm by charter capital.

SSI initially registered to offer 151 million shares to existing shareholders at a price of VNĐ15,000 (US$0.59) per share, with a ratio of 10 per cent (shareholders owning 100 shares were entitled to purchase 10 new shares). 

By the subscription deadline on November 4, over 145.5 million shares were purchased, leaving approximately 5.3 million unsubscribed shares.

These remaining shares were offered to professional investors and key company executives. Eight eligible senior SSI executives acquired the entire unsubscribed portion at the same offering price of VNĐ15,000 per share. 

By November 21, SSI had successfully distributed a total of 150.9 million shares, increasing its outstanding shares to over 1.96 million and boosting its charter capital to nearly VNĐ19.64 trillion.

This capital increase has allowed SSI to reclaim the top spot in charter capital, a position it briefly ceded to Techcom Securities (TCBS). On November 15, TCBS completed its own capital increase by distributing 1.743 billion shares to 73 shareholders, bringing its charter capital to more than VNĐ19.61 billion. 

However, SSI's latest move has again placed it ahead in the sector.

Since 2019, SSI has executed a series of large-scale capital increases to maintain its leadership position. 

From VNĐ5.1 trillion in January 2019, SSI’s charter capital has nearly quadrupled in fewer than six years, reflecting its aggressive growth strategy.

By the end of the third quarter, SSI reported total assets exceeding VNĐ65.3 trillion, with outstanding loans reaching nearly VNĐ19.5 trillion, a 30 per cent increase from the beginning of the year. 

Currently, SSI shares are trading at VNDĐ24,500 per share on Monday, up 0.62 per cent over the last trading session.

Long An builds investment policies to develop its international port into a logistics hub

Long An Province is formulating open policies to attract domestic and foreign investment, aiming to leverage its competitive advantages and accelerate socio-economic development.

The province aspires to transform Long An International Port into a logistics hub, serving as a vital link between the eastern and western regions of the Mekong Delta and the southern economic zone.

Located in the southern key economic region, Long An has made remarkable socio-economic strides. Alongside industrial development, the province is prioritising logistics as a critical economic sector, with ambitions to establish Long An International Port as a regional cargo transshipment centre.

The port currently operates seven berths with a total length of 1,670 metres and one million square metres of warehouse space, accommodating vessels of up to 70,000 DWT. Upon completion, it is expected to feature nine berths capable of handling vessels from 100,000 to 200,000 DWT, meeting international import-export and logistics demands.

Permanent Vice Chairman of the Long An Provincial People’s Council, Mai Văn Nhiều, said that the province is investing in comprehensive, high-quality inter-regional infrastructure. It is also introducing incentive policies to position Long An as a cargo transit hub connecting the Mekong Delta to HCM City and the southeast region.

Despite these efforts, attracting major shipping lines remains a challenge.

The province recognises the necessity of policies to encourage container traffic at the port. Drawing on experiences from other regions, Long An is designing support measures that align with the provincial budget while ensuring benefits for other provinces in the region.

To attract cargo, Long An is implementing a 'three-party solution', which involves collaboration between port operators, cargo owners and international shipping lines. This approach distributes responsibilities and benefits among stakeholders.

The policy includes financial support for cargo owners and shipping lines, offsetting additional costs compared to other ports. A portion of these costs will be covered by the state budget, with the remainder shared among the stakeholders.

Vice Chairman of Long An Provincial People’s Committee, Nguyễn Minh Lâm, emphasised the urgency of developing mechanisms to attract container traffic to the port. He highlighted the potential economic impact of maximising the port's capacity, which would drive sustainable socio-economic growth and enhance the province's competitiveness in attracting investment.

If successful, attracting container traffic to Long An International Port will not only generate economic benefits for the port but also stimulate the province's logistics sector and the Mekong Delta region, he said. 

Việt Nam stock market kicks off the final week of November with gains

Việt Nam’s stock market began the new week positively, as the VN-Index moved closer to the 1,230-point mark, while foreign investors extended their buying streak for a second consecutive session.

On the Hồ Chí Minh Stock Exchange (HoSE), the VN-Index climbed by 6.6 points, or 0.54 per cent, to close at 1,234.7 points.

Market breadth leaned positive, with 183 stocks advancing and 104 declining. Liquidity on the southern bourse dipped slightly to VNĐ11.9 trillion (approximately US$468.1 million), a decrease of 6.2 per cent compared to the previous session.

The VN30-Index, which tracks the 30 largest stocks by market capitalisation on HoSE, also increased by 5.87 points, or 0.46 per cent, to 1,291.94 points. Of the VN30 stocks, 18 gained, five declined and seven remained unchanged.

Data from financial platform vietstock.vn revealed that Vinhomes JSC (VHM) led the rally, with its shares surging nearly 2.7 per cent, contributing around 1.2 points to the VN-Index’s gain.

Other notable gainers included the Bank for Foreign Trade of Vietnam (VCB), up 0.77 per cent, Vingroup Joint Stock Company (VIC), which rose by 1.36 per cent and PetroVietnam Power Corporation (POW), hitting the ceiling price with a 6.58 per cent increase.

Conversely, several sectors saw declines, exerting mild downward pressure on the market. Among the laggards were the Bank for Investment and Development of Vietnam (BID), the Military Commercial Joint Stock Bank (MBB) and the Asia Commercial Joint Stock Bank (ACB).

Experts from Viet Dragon Securities observed: “Liquidity decreased compared to the previous session, indicating a temporary easing of supply and reduced pressure on the market. The late-session recovery may support further short-term rebounds. However, this recovery is likely technical in nature, with resistance anticipated around the 1,235-point level due to relatively weak capital inflows. Risks of a pullback remain as the market approaches this resistance zone.

“As such, investors should closely monitor supply-demand dynamics and maintain a balanced portfolio, avoiding excessive buying. It’s advisable to use any recovery to adjust portfolios towards risk reduction.”

On the Hà Nội Stock Exchange, the HNX-Index also gained on Monday, rising by 0.43 per cent to close at 222.25 points. Trading volume on the northern bourse exceeded 41 million shares, with a value of over VNĐ697 billion.

Foreign investors continued their net buying trend, with a modest net purchase of more than VNĐ62 billion on the HoSE.

VNA/VNN/VNS/VOV