AGP Executive Report

BRICS Summit Watch: Philippines President Marcos will attend the 18th BRICS Summit in New Delhi on Sept. 12-13, joining ASEAN chair for 2026, as Manila looks to engage major emerging economies. Vietnam–Russia Finance & Energy: During To Lam’s Russia visit, Vietnam and Russia exchanged cooperation documents across finance, investment, transport, energy and science; Vietnam also pushed deeper financial cooperation and trade growth, while Zarubezhneft and Petrovietnam signed a framework deal on a strategic oil reserve in Vietnam. Cybersecurity: Researchers flagged BlueMoon attacks chaining Chrome and Windows zero-days, with multiple China-linked clusters targeting aerospace, manufacturing, government and finance. Business Climate: VCCI released PCI 2025 “2.0” with a major methodology upgrade, surveying 5,128 firms and adding a new business performance index and governance-quality categories. Insurance Growth Gap: Vietnam’s life insurance penetration is still only 11-12%, leaving around 90 million people without coverage, as the sector targets expansion amid rising protection needs. Payments & Fintech: TikTok secured an investment certificate for a 50-year Swift Logistics project in HCMC, while PhonePe and Visa unveiled new cardless payment tools for India and overseas markets. Tourism Push: Vietnam set a 2030 target of 45-50 million international visitors and 80-90 billion USD in tourism revenue under Resolution 26. Market & Rates: VN-Index slipped amid late selling pressure; the State Bank set the Sept. 10 reference rate at 25,591 VND/USD.

Vietnam–Russia Deal-Making: General Secretary To Lam and President Vladimir Putin witnessed exchanges of cooperation documents covering justice, finance, investment, transport, ethnic affairs, energy, nuclear safety, science-technology, education and minerals, including MoUs on digital transformation of judicial agencies and investment cooperation. Bilateral Trade Finance: Putin said Russia and Vietnam are increasingly settling mutual trade in national currencies and building credit/banking channels to shield commerce from global volatility. BRICS Focus: The New Delhi BRICS summit (Sept. 12–13) will center on resilience in food, energy, health, disaster reduction and critical supply chains amid West Asia and trade tensions; leaders including Putin are expected. Vietnam Infrastructure Watch: Vietnam has delayed the US$67bn North–South high-speed rail start to end-2027, pushing back the Hanoi–HCMC line by about a year as site clearance and contractor selection lag. Data Centres & Investment: PwC forecasts Singapore’s annual data-centre investment rising to US$19.2bn by 2050 and projects about US$1.29tn cumulative investment across Singapore, Indonesia, Malaysia, the Philippines, Thailand and Vietnam (2026–2050). Security Cooperation: Malaysia’s home minister said cross-border syndicates are moving across Indonesia, Malaysia, Thailand and Vietnam, underscoring faster information sharing and joint enforcement.

Banking & FX Access: The State Bank of Vietnam issued Circular 39/2026/TT-NHNN, expanding how non-resident foreign credit institutions can use foreign-currency and VND accounts at authorised banks for payments and international transfers, effective Sept. 19. Credit Conditions: Vietnam’s listed banks are shifting lending toward longer maturities as SBV eases funding rules, with medium- and long-term loans rising to 47.3% of total outstanding credit. Manufacturing Momentum: S&P Global data show Vietnam’s manufacturing PMI climbed to 53.3 in August, with new orders accelerating; wood processing firms also reported improved results. Wood Exports: Vietnam’s wood and wood product exports hit an estimated $11.69bn in eight months (+5% y/y), led by the US (49.9% share) while China purchases surged (+46.4%). Policy for Culture & Media: Vietnam is considering VAT refunds for foreign film crews as part of a draft Law on Cultural Industry Development. Trade & Investment: Petrovietnam and Korea Electric Power Corp agreed to intensify talks on Vietnam’s nuclear plan, including Ninh Thuan 2. Real Economy Deals: Mekong Capital exited majority ownership of water purifier Mutosi to Ariston (83% stake), while management keeps 17%. Property/Infrastructure: Daewoo E&C is pushing Hanoi’s Starlake New City expansion, asking for faster land and licensing steps.

Aviation Investment: Southern Vision Investment has become a strategic investor in AVi8 Airways, backing the startup’s plan to build an ACMI-charter platform across Southeast Asia ahead of operations. Trade & Logistics: A new report flags shipping containers as a more “strategically controlled” asset as demand patterns shift and supply tightens; separately, China’s imports rose 22% y/y in August, supporting global supply-chain opportunities. Education & Skills: OECD’s PISA 2025 results show 15-year-olds in OECD countries performing at the weakest levels in decades, with AI use linked to lower scores in some tasks; Vietnam is also referenced in the broader regional context. Policy & Tariffs: The World Bank urges Bangladesh to phase tariff reform, including cutting para-tariffs, to boost competitiveness—an approach Vietnam exporters will watch closely. Vietnam–US People-to-People: Vietnam and the US discussed expanding education, cultural exchanges and scholarships, with US tech firms cited for training Vietnam’s talent pipeline. Market Watch: US ITC says plywood imports from China, Indonesia and Vietnam are harming US industry, setting up potential duty orders.

Corporate Bond Rules: Vietnam’s new Decree 200/2026/ND-CP tightens and clarifies private placement of corporate bonds, including clearer use of bond proceeds, issuer/investor responsibilities, and dispute handling. Trade Promotion: Vietnam is stepping up its presence at the 23rd China–ASEAN Expo with a large pavilion and a push into AI, smart cities and industrial park development. Digital Government: Ho Chi Minh City’s “Digital Citizen Station” model is recognised as a ministry-level initiative, aiming to speed up public services for residents and businesses. Market Outlook: Vietnam’s economy shows acceleration in Q3, with industrial production up 11.9% and foreign trade hitting a record 770.14bn USD in the first eight months. Finance & Capital Markets: The Vietnam International Financial Centre proposes six product/service groups, from funds and asset management to carbon credits, commodity derivatives and fintech. Exchange Rate: The State Bank set the reference rate at 25,603 VND/USD on Sept 8, down 8 VND. Healthcare Reform: Politburo Resolution 72-NQ/TW charts comprehensive healthcare system reform, targeting quality, equity and faster digital transformation.

Vietnam-Myanmar Diplomacy: President U Min Aung Hlaing’s visit to Viet Nam was hailed as a diplomatic and economic success, with both sides agreeing on a two-year roadmap and exploring joint studies for East–West transit corridors linking Viet Nam to Laos, Thailand and Myanmar. Vietnam-Russia Talks: Viet Nam’s To Lam is set to hold talks with Vladimir Putin in Moscow, with discussions expected to cover trade, science/education and defence cooperation. Korea-Viet Nam Infrastructure & AI: Vietnam’s National Assembly chair Tran Thanh Man met Korea’s People Power Party leader, while Deputy PM Ho Quoc Dung toured an SK Telecom AI data centre in Seoul, underscoring cooperation on energy, rail, nuclear and large-scale AI computing. Policy & Governance: Viet Nam’s Party Inspection Commission proposed disciplinary action against Deputy Health Minister Tran Van Thuan. Energy Outlook: An IAEA review projects global nuclear capacity could more than double by 2050; Vietnam is among countries committed to building first plants. Business & Investment Signals: Mapletree raised over $500m for emerging Asia logistics, targeting Vietnam among key markets.

Banking & Rates: Vietnam’s VND deposits grew faster than credit in August, with deposits up 8.77% since the start of the year to Aug 22 versus credit up 8.38%, signaling improved funding stability even if rate relief may not be immediate. Industrial Output: Vietnam’s Index of Industrial Production rose 11.9% y/y in the first eight months of 2026, led by manufacturing (+12.5%) and a rebound in mining, plus strong gains in electricity and key sub-sectors like electronics and chemicals. Corporate Finance: The domestic corporate bond market is under pressure as large maturities loom and refinancing gets harder with borrowing costs still high, with real estate the biggest share of upcoming payments. Regulation for Foreign Firms: A new decree clarifies conditions for business licences for foreign-invested economic organisations, including requirements tied to market access commitments under Vietnam’s trade treaties. Trade & Investment: Foreign capital is leaning more toward M&A to enter Vietnam, while Indonesia’s investment surge in 1H 2026 shows how deal-making is driving new footholds. Energy & Industry Ops: Nghi Sơn refinery hit 30 million safe man-hours without a lost-time injury, reinforcing reliability in domestic energy supply. Cybersecurity: Kaspersky reported 250,000 ransomware incidents blocked across Asia-Pacific in 1H 2026, alongside millions of backdoor and password-stealer attempts. Diplomacy with Business Impact: Vietnam’s state-level push with Myanmar continues to deepen security and economic cooperation, while a Vietnam-Russia visit is framed as a milestone for long-term partnership.

Vietnam–Japan Local Cooperation: PM Le Minh Hung urged turning Vietnam–Japan strategic commitments into concrete local projects at the Vietnam-Japan Local Cooperation Forum in Hue, with Japanese prefectures and major firms pitching work in agriculture, hydrogen energy, tourism, semiconductors and human resources. Vietnam–RoK/OV Mobilisation: National Assembly President Tran Thanh Man met Vietnam Innovation Network members in Seoul, stressing Vietnam’s AI law and digital transformation in lawmaking, plus plans to mobilise resources for overseas Vietnamese affairs. Vietnam–Myanmar Defence Ties: Vietnam and Myanmar agreed to deepen defence and security cooperation during high-level visits, reinforcing broader bilateral momentum. HCMC Growth/Environment: Ho Chi Minh City delayed its low-emission zone rollout by six months, a reminder of how policy timelines can affect business and transport planning. AI & Cybersecurity in APAC: Kaspersky says AI adoption is pushing APAC enterprises to raise security budgets and tighten controls over public AI use. Trade/Finance Watch: Vietnam’s VN-Index jumped despite subdued liquidity, while global coverage also flagged BRICS summit priorities and limits on further expansion.

Vietnam–RoK Partnership: National Assembly President Tran Thanh Man’s Sept 6-9 visit to the Republic of Korea is set to deepen a Comprehensive Strategic Partnership and boost legislative exchanges. Digital Agriculture: Hanoi is pushing farm produce into livestream and social commerce, helping growers widen market access and build brands. Smart Farming Research: A new study tests whether generative AI can help tomato disease detection when labeled data is scarce, aiming to make computer vision more practical for farmers. Fintech Push: Vietnam’s shift from factory growth to a fintech future is accelerating via a Vietnam International Financial Centre, a Ho Chi Minh City fintech hub, and regulatory sandboxes. Tourism & Trade: Cambodia’s international arrivals fell 46% in the first seven months of 2026, with China, Vietnam and the US among the biggest inbound markets. Heritage Meets Tech: Bat Trang pottery village in Hanoi is modernizing kilns and using digital tools to scale output while preserving craft traditions. Regional Diplomacy: Vietnam and Myanmar are moving to strengthen defense, security and parliamentary ties.

Vietnam–Myanmar Security Talks: President To Lam and Myanmar President Min Aung Hlaing agreed in Hanoi to deepen defense and security cooperation, including young officer training, search-and-rescue, disaster response, and tighter information sharing against transnational crime, drugs, trafficking, high-tech crime and online fraud. Trade & Growth Context: Vietnam’s export momentum remains a key talking point, with coverage highlighting faster growth and rising U.S.-bound exports as the country competes regionally. Vietnam Business & Investment Signals: Separate reporting points to Vietnam’s push to attract and channel investment into priority areas, while regional connectivity and technology adoption are framed as growth accelerators for SMEs. Global Finance Pressure on Asia: Commentary and market coverage also note how investor attention can shift quickly when growth and political risk change, with the Philippines used as a cautionary example. Culture & Soft Power: Vietnam’s hosting of major international events continues to draw global attention, from high-profile pageantry to cultural exchanges.

Vietnam-Myanmar Diplomatic Push: General Secretary/President To Lam welcomed Myanmar President Min Aung Hlaing in Hanoi and held talks, with both sides highlighting decades of cooperation and a “bright spot” in trade and investment. Telecom & Digital Cooperation: Min Aung Hlaing visited Viettel in Hanoi, signaling a focus on telecom and digital technology ties ahead of a Myanmar-Vietnam economic forum. VinFast Expansion Spotlight: VinFast’s Hai Phong complex hosted the Myanmar leader, who toured production lines and praised the quality of Vietnamese-made EVs and motorcycles as VinFast continues expanding to 10+ countries. Tourism Deal: Vietnam Airlines, Saigontourist and New Zealand’s Distinction Hotels signed a five-year MoU to build joint two-way tourism products. Capital Markets: VN-Index jumped 25 points to 1,853 despite weaker liquidity, led by gains in Vingroup stocks. Agriculture Supply Chains: Vietnam targets linking at least half of farm cooperatives with enterprises by 2030 to build concentrated raw-material areas, value chains and export markets. Global Trade Watch: The US trade deficit widened to $88.6bn in July as AI-driven imports of semiconductors and computers surged.

Vietnam–Myanmar Diplomacy: Myanmar President Min Aung Hlaing and wife Daw Kyu Kyu Hla arrived in Hanoi for a three-day official visit, with talks expected to cover economic cooperation and a Myanmar–Vietnam Business Forum, plus visits to Vietnam’s digital and industrial facilities. Hanoi Investment & Infrastructure: Hanoi approved pilot production of rare earth oxides, aiming to strengthen supply capacity for strategic materials. FDI Momentum: Vietnam attracted about $40.63 billion in FDI in eight months, while Ho Chi Minh City disbursed over $3.26 billion in public investment in the same period. Banking & Tech Upgrade: Temenos is powering Vietnam’s banking shift toward AI-driven core systems. Energy & Renewables Finance: ACEN lent P9.24 billion to two subsidiaries to fund energy projects, including battery energy storage and solar-plus-grid infrastructure. Trade & Market Signals: Vietnam’s garment-textile sector is pushing transformation to sustain export momentum, as regional supply chains keep shifting. Policy & Business Climate: Vietnam is rolling out education-related laws and a securities law overhaul aimed at easing burdens and protecting investors.

FDI Surge: Vietnam pulled in USD 40.63 billion in registered FDI in the first eight months of 2026, up 55.4% year-on-year, with 2,771 new projects worth USD 21.72 billion—notably, project count rose modestly while registered capital jumped sharply, pointing to bigger investor commitments. Investment Pipeline & Sectors: Manufacturing and processing stayed the top magnet (55.9% of newly registered capital), followed by electricity, gas, water and air-conditioning (14.4%), reinforcing Vietnam’s role as a production hub. VIFC Readiness: Vietnam International Financial Centre (VIFC) is nearing operational completion, with investors watching for clearer rules and a strong deal pipeline before committing capital. Green Finance & Reporting Pressure: A commentary warns Vietnamese firms about the “high compliance, low value” trap—when overlapping ESG/reporting demands force management attention into paperwork instead of real strategy. Digital Trade for Agri Exports: VNFruitVegMarket launched an online wholesale platform to connect Vietnamese producers with Singapore buyers, aiming for flexible order sizes and transparent pricing. Policy Push for Faster Growth: The Government issued a resolution to cut and simplify administrative procedures, moving toward risk-based post-licence checks and fully online services by 2027. AI Strategy: Vietnam approved a national AI strategy through 2030 with a vision to 2045, positioning AI as a competitiveness and self-reliance driver. Vietnam–Myanmar Diplomacy: Myanmar’s Min Aung Hlaing is set to visit Vietnam, with economic cooperation—trade, investment, infrastructure and digital transformation—expected to feature prominently.

Vietnam Trade & Investment: Vietnam’s trade turnover hit a record high of about $770.14bn in the first eight months of 2026, while FDI attraction rose to 40.63bn USD in eight months and the state budget revenue grew 16% in the same period, underscoring momentum in exports and capital inflows. AI & Digital Economy: Vietnam approved an AI strategy targeting regional hub status by 2030, alongside moves to strengthen digital infrastructure and data-centre capacity, while the World Bank flagged that digital ID use in Vietnam lags far behind ownership. Banking & Finance Rules: Vietnam allows foreign banks to use local accounts for international transfers and issued updates on commodity exchange data and reporting, aiming to tighten market governance. Corporate & Sector Watch: CT Group announced a split into real estate/infrastructure and high-tech units, and Vietnam’s manufacturing output expanded at the fastest pace in over two years. Regional Diplomacy & Connectivity: Vietnam pushed for stronger Russia–ASEAN economic cooperation and Eurasian connectivity, with officials also promoting new trade corridors. Social Risks: UNICEF warned online sexual abuse targets 1 in 5 youths, adding pressure on Vietnam and the region to improve online safety and enforcement.

Startup & Innovation: Qualcomm Vietnam Innovation Challenge 2026 named NAISCORP ROBOTICS as Champion, with four other teams winning cash prizes and joining Qualcomm’s global network, as Vietnam’s science ministry backs the program to push research into market-ready products. Tourism & Consumer Demand: Vietnam’s National Day holiday (Aug 29–Sep 2) delivered strong momentum, with Ho Chi Minh City welcoming about 1.65 million domestic visitors and Quang Ninh generating around 1.8 trillion VND in revenue. Energy Security & LNG: Mitsui OSK Lines sees rising demand for floating storage and regasification units, flagging Southeast Asia—especially Malaysia, Indonesia and Vietnam—as key growth markets for LNG as power demand climbs. Industry & Trade: Vietnam’s steel sector posted double-digit growth in output and sales in early 2026, with exports softer than domestic consumption. Regional Connectivity: Vietnam urged more action-oriented Eurasian connectivity at the Eastern Economic Forum, calling for concrete projects linking economies, businesses and people. Finance & FX: The State Bank of Vietnam set the Sept 3 reference rate at 25,615 VND/USD, up 5 VND from Aug 28. Business Events: VIFA ASEAN 2026 opened in HCMC, drawing nearly 200 exhibitors and aiming to deepen furniture trade links across the region.

Vietnam Budget: Vietnam’s state budget revenue rose 16% year-on-year to an estimated 2.024 quadrillion VND in the first eight months of 2026, with domestic revenue up 16.6% and import-export revenue up 7.9%, as the Ministry of Finance pushes full-year collection while supporting production and business. Anti-Corruption: Vietnam arrested Deputy Health Minister Tran Van Thuan over alleged bribe-taking tied to a probe into Viet My Medical Investment, accused of smuggling and inflating medical equipment and pharmaceutical prices. Markets & Investment Climate: Vietnam’s VN-Index extended gains, while regional peers saw mixed performance; the week also highlighted growing interest in Vietnam’s stock market and long-term investor base. Business & Trade: Vietnam’s export momentum and trade cooperation themes continued, alongside moves to deepen regional connectivity and MICE tourism. Corporate/Industry Watch: VinFast told suppliers to pause some India EV programs while reviewing costs, but said it will continue importing and assembling key models. Food Safety: Hong Kong’s CFS ordered a recall of imported Vietnamese chicken eggs after fipronil levels exceeded legal limits.