MoF Deputy Minister Nguyen Duc Tam

At the Sustainable Development 2025 Conference on November 27 in Hanoi, MoF Deputy Minister Nguyen Duc Tam said that Vietnam has proactively implemented extensive strategic reforms to adapt to evolving realities and pursue sustainable development.

The Party and the government are working to promote a new growth model with key priorities.

First, promoting the private sector by positioning it as one of the most important drivers of the economy, and creating a favourable environment for businesses to grow and innovate.

Second, fostering innovation and advancing science and technology by increasing investment in research and high-tech applications to enhance competitiveness and economic efficiency. This marks a pivotal breakthrough that enables the private sector to expand strongly and become a pillar of the economy.

Third, driving deeper structural transformation. Vietnam is implementing a development strategy based on the “four-pillar framework”, the priority orientations set by the Party and the government. Numerous resolutions have been issued by the Politburo to support economic development and help the country achieve double-digit growth in the coming years.

In addition, 2025 marks a significant milestone in Vietnam’s development history, a starting point for a new era, as the national administrative map undergoes major changes.

“Promoting digital transformation and green transformation is one of the ways the MoF affirms its position and role as a pioneering force in national economic reform and development,” the deputy minister said.

Accordingly, the MoF has been implementing sector-wide digital transformation, placing citizens and businesses at the centre. The MoF continues to accelerate innovation, develop the digital economy and digital finance in line with Resolution No.57-NQ/TW, aiming to build a modern, transparent, efficient, and highly adaptive finance sector based on digital technology and data, meeting the requirements of public financial management and the development of the digital economy and digital society.

“The MoF has consistently recognised science and technology as the foundation, innovation as the driver, digital infrastructure as the prerequisite, and data as a strategic resource,” he emphasised. Digital transformation must be linked with administrative reforms, ensuring that all sectoral databases, from taxation, treasury, customs, securities, state reserves, pricing, insurance, public debt, public assets, state capital in enterprises, shared electronic catalogues, financial-banking data, accounting and auditing, social insurance, public procurement, enterprises, public investment.

Alongside digital transformation, green transformation is a strategic priority that the Vietnamese government is steadfastly pursuing. Following the Prime Minister’s directives, the MoF has issued and implemented a green taxonomy, a crucial policy tool designed to identify, assess, and promote environmentally friendly projects.

The taxonomy includes 45 project types across seven key economic sectors such as renewable energy, green transport, sustainable construction, circular agriculture, and environmental services. “This marks a major step forward in establishing an institutional framework for the green finance market, helping mobilise domestic and international resources for sustainable development,” he said.

Since the beginning of the year, the total value of green bond issuance in the domestic market has increased by more than 60 per cent on-year, signifying investors’ strong confidence in the government’s and Vietnamese businesses’ green development commitments.

“Green transformation is not only a global requirement, but also an opportunity for Vietnamese enterprises to restructure development strategies, mitigate risks, improve energy efficiency, and expand their international market presence,” the MoF deputy minister noted.

Sustainable Development 2025 Conference with the theme “Motivators for a Sustainable Era”

However, both digital and green transformation face numerous challenges, including institutional barriers, financial constraints, technological infrastructure limitations, and workforce capacity. Many small- and medium-sized enterprises, which account for 97 per cent of all domestic businesses, still struggle to access green finance, new technologies, or digital data.

For this reason, the MoF, and relevant ministries and agencies, are working to improve the financial policy framework to provide stronger momentum for the private sector. “We are implementing tax incentives, preferential credit, and innovation support funds, while also studying public-private partnership mechanisms for digital infrastructure and renewable energy projects. These are concrete solutions aimed at encouraging businesses to invest, innovate, and actively participate in the dual transformation process,” he said.

In addition, the MoF continues to promote the development of the green finance market, the carbon market, and sustainable financial instruments. Our goal is that by 2030, Vietnam will establish an effective domestic carbon market connected with regional and global markets. This will be an important platform for Vietnamese enterprises to further integrate into global green supply chains and leverage domestic and international financial resources.

“Digital and green transformation are not two separate goals, but parallel processes that reinforce and complement each other. If digital transformation provides the technological foundation for efficient, transparent, and rapid governance, green transformation gives us a sustainable, humane, and future-oriented development pathway,” he said. “When combined, these two processes create powerful synergies that will enable Vietnam to advance confidently towards industrialisation, modernisation, and deeper global integration.”

“I firmly believe that with the strong political will of the Party and the state, combined with the efforts of the business community and the support of the people, we will successfully achieve this dual transformation, positioning Vietnam as a developed, green, digital, and prosperous nation.”

VIR to host forum on innovation-led sustainable development As Vietnam’s new growth drivers are increasingly shaped by the private sector, innovation, and science-technology, VIR is hosting a conference that will provide a platform for businesses to share implementation experiences and co-develop solutions that amplify sustainable value amid global volatility.

Circular economy becoming architectural foundation The circular economy is increasingly becoming a driving force and playing a central role in Vietnam’s dual transition towards digitalisation and green transformation, serving as an essential pathway to achieving sustainability goals.

Businesses key on Vietnam’s path to a digital and net-zero economy Sustainable Development 2025 Conference is taking place this morning (November 27) in Hanoi with the participation of more than 200 representatives, providing richer, more multidimensional perspectives on the responsibilities and actions needed to strengthen the resilience of enterprises and the economy.

Constructive dialogue at the Ministry of Construction on SwedenVietnam cooperation in sustainable building and smart cities. Photo: The Embassy of Sweden

The visiting delegation, comprising leading Swedish companies and experts, held meetings with key Vietnamese ministries, government agencies, technical stakeholders, and private investors. Discussions focused on opportunities in railway development, including the North–South high-speed line, the green transition of seaports, and the construction of new ports.

State Secretary Modig also engaged with representatives from over 70 Swedish companies active in Vietnam, reflecting Sweden’s growing role in supporting Vietnam’s modernisation and green transition.

“Vietnam is a dynamic and forward-looking partner for Sweden in this region,” said Johan Ndisi, Ambassador of Sweden to Vietnam. “From smart infrastructure to digital innovation, we see exciting opportunities to co-create solutions that are green, competitive, and inclusive. Sweden and Vietnam are well-positioned to shape a future that is sustainable, resilient, and knowledge-driven.”

Photo: The Embassy of Sweden

As part of the visit, in Hanoi on November 3, State Secretary Modig presented Sweden’s innovation ecosystem at the Erasmus+ and Horizon Europe Day, organised by the EU-delegation in Vietnam with support from the Ministry for Education and the Ministry for Science and Innovation.

“Sweden is one of the world’s leading countries in research and innovation, consistently ranking near the top of international indices – this year, it placed second in the Global Innovation Index,” said Modig. “A key driver of our innovation success is a collaborative ecosystem that brings together academia, industry, and government, enabling research to be effectively translated into practical solutions and commercial ventures.”

Sweden was recently came second place out of 130 economies in World Intellectual Propoerty Organization’s yearly Global Innovation Index. To further strengthen academic and research collaboration, study fairs are being held in Hanoi and Ho Chi Minh City to attract Vietnamese talent to Europe, with nine Swedish universities participating in various events.

Sweden and Vietnam share a long-standing tradition of academic exchange, actively engaging in student mobility and joint research. Karolinska Institutet, for example, has signed four MoUs with Vietnamese institutions and has supported 65 Vietnamese PhD graduates.

State Secretary Sara Modig delivered remarks at the Erasmus+ and Horizon Europe Day 2025 in Hanoi, highlighting Sweden’s commitment to education, research and innovation. Photo: The Embassy of Sweden

This autumn, 300 Vietnamese students were admitted to Swedish universities. Eleven received Swedish Institute Scholarships for Global Professionals, eight were awarded the Pioneering Women in STEM Scholarship, and others joined sponsored programmes focused on climate tech and entrepreneurship.

The agenda also featured a visit to Haiphong on November 3 when State Secretary Modig met with Haiphong People’s Committee, Swedish companies operating in the area and visit the VinFast electric vehicle factory.

Several Swedish companies are active contributors to VinFast’s supply chain. ABB has delivered over 1,000 industrial robots, Atlas Copco has supplied compressor solutions, and SKF provides bearings. These collaborations demonstrate the high level of trust and technical expertise that Swedish firms bring to Vietnam’s fast-growing manufacturing sector.

Sweden’s Bulten to establish micro screws joint venture in Vietnam Sweden-based Bulten announced on December 18 that it has signed a letter of intent with ZJK Vietnam Precision Components Co., Ltd, a part of the Chinese fastener company ZJK Precision Parts (ZJK), to establish operations in Vietnam through a joint venture.

Syre Group eyes $1 billion investment in Binh Dinh textiles facility Syre Group, a subsidiary of H&M, plans to build a high-tech fabric production complex in Nhon Hoi Economic Zone, Binh Dinh province with a capacity of 250,000 tonnes per year and a total investment of up to $1 billion.

Sweden’s Vilja makes its foray into Vietnam to support digital banking Nordic cloud-native core banking solutions provider Vilja has announced its expansion into Vietnam following the establishment of its ASEAN headquarters and development centre in Kuala Lumpur, Malaysia.

Vietnam–Sweden economic ties more robust and diversified Prime Minister Pham Minh Chinh’s official visit to Sweden marks a significant milestone in the enduring diplomatic relationship between Vietnam and Sweden, which began in 1969 when Sweden became the first Western country to establish diplomatic ties with Vietnam.

The group received the Inspirational Brand award at the 2025 Asia-Pacific Enterprise Awards (APEAs), held on October 9. The annual event honours outstanding achievements across four categories: Outstanding Asian Entrepreneurs, Outstanding Asian Enterprises, Fast Enterprise, and Inspirational Brand.

Sun Group was recognised for its consistent efforts to to enhance the tourism destinations of Vietnam – a vision reflected in its transformative projects, innovation-led growth, and commitment to cultural and social development.

Its contributions, particularly in tourism and hospitality, have been credited with revitalising destinations, creating jobs, and helping position Vietnam as one of Asia’s most dynamic travel markets.

The APEA judging panel praised Sun Group for its strong national and social commitment, job creation, and contributions to local economies and cultural preservation. They commended the group’s bold, world-class projects that enhance Vietnam’s global image and called it a model of visionary, innovative Vietnamese enterprise.

“For the past 18 years, our greatest pride has been transforming destinations, elevating Vietnam’s tourism, and improving local livelihoods while spreading positive values through our work,” said Nguyen Lam Nhi Thuy, deputy CEO of Sun Group Southern Region. “This award inspires us to keep innovating, beautifying Vietnam, and connecting the country with the world.”

Founded in Danang in 2007, Sun Group has expanded into one of Vietnam’s major private corporations, operating across tourism and entertainment, hospitality real estate, and infrastructure, and more recently moving into finance, aviation, healthcare, and education.

The company has played a role in developing several emerging destinations into notable tourism centres in Vietnam. Over the past 18 years, its projects have contributed to the transformation of locations such as Danang, Sa Pa, Phu Quoc, Quang Ninh, Tay Ninh, Ha Nam, Thanh Hoa, and Haiphong.

Landmarks including the Golden Bridge in Danang, the InterContinental Danang Sun Peninsula Resort, and the Kiss Bridge in Phu Quoc have helped attract visitors and raise the international profile of these destinations.

Artist’s impression of the Hanoi Grand Opera House, currently under construction

Sun Group is advancing several flagship projects this year that are expected to spur economic development and further elevate Vietnam’s global profile.

These include the expansion of Phu Quoc International Airport, the APEC Convention Centre in Phu Quoc, the Danang Downtown integrated entertainment and commercial complex, the Ba Na – Suoi Mo Ecotourism and Urban Complex, and the Hanoi Grand Opera House – a landmark poised to become a new cultural icon of the capital.

Founded in 2007, the Asia-Pacific Enterprise Awards recognise noteworthy entrepreneurs and organisations across the region for their excellence in business and contributions to sustainable development and community impact.

Emirates and Sun Group team up to promote tourism in Vietnam Emirates and Sun Group signed a MoU on April 30 to strengthen inbound tourism to Vietnam and drive passenger traffic.

Sun PhuQuoc Airways cleared for commercial flights Sun PhuQuoc Airways, backed by Sun Group, has secured regulatory approval to operate commercial flights, paving the way for the airline’s entry into Vietnam’s aviation market.

Sun Group launches three urban area projects worth $1.44 billion in Quang Tri Quang Tri People’s Committee, in collaboration with Sun Group, held a groundbreaking ceremony for three mixed-use urban projects on October 2 with a total investment of over VND38 trillion ($1.44 billion).

On October 26, Vietnam and the United States agreed to issue a Joint Statement on the Framework for a Reciprocal, Fair, and Balanced Trade Agreement. The statement contained many encouraging details that have raised new expectations for Vietnam’s major export sectors.

Seafood, garments and textiles, and woodwork are among key export items to US market

Both sides will continue discussions and implement steps towards completing the agreement, based on principles of openness, constructiveness, equality, ensuring mutual benefit and consideration of each side’s development level.

Speaking to VIR, Nguyen The Minh, head of Research at Yuanta Vietnam Securities, noted that during the suspension of reciprocal tariffs, the US signalled its intent to impose higher duties on technology products it can manufacture domestically.

In contrast, consumer goods that the US relies heavily on imports for may see tariff adjustments.

“Key sectors such as textiles and garments, processed foods, seafood, and fine wood products are those where the US remains import-dependent,” Minh said. “If high tariffs were imposed, American consumers would bear the brunt through higher prices, adding to inflationary pressures.”

He added that higher tariffs on a wide range of products could slow US economic growth, reduce investment, and raise inflation through cost-push effects. In that context, the Federal Reserve may adopt a slower pace of interest rate adjustments.

“The US needs to reassess its tariff policy with greater differentiation across product groups. For items that depend on imports from Vietnam, such as textiles, seafood, and furniture, reducing tariffs to zero per cent is entirely feasible. In that scenario, US consumers would be the first to benefit,” Minh noted.

In the garments and textiles sector, analysts believe Vietnam holds a strong competitive edge, as it is the world’s second-largest textile apparel exporter and the third-largest supplier to the US market. As the US does not produce textiles domestically and many major global brands have manufacturing plants in Vietnam, any progress in tariff negotiations could lead to further import duty reductions, possibly even to zero per cent. Agricultural and seafood exports are also well-positioned to benefit from potential tariff cuts, enhancing their competitiveness against regional peers.

According to Saigon-Hanoi Securities JSC (SHS), concerns that tariff policies under the Trump administration might hurt Vietnam’s economy are gradually fading. Even when facing reciprocal tariffs of up to 20 per cent, local production and investment activities have continued to show strong growth momentum. A more favourable tariff regime is expected to open new growth opportunities for Vietnamese export businesses and related stocks.

Export-oriented businesses have recorded strong performance since the outset of the year, with robust nine-month results. In the first nine months of 2025, garment maker TNG Investment and Trading JSC reported revenue of $228.4 million, up 14.6 per cent on-year, and net profit of $11.2 million, up 16.6 per cent on-year.

For 2025, TNG targets $324 million in revenue and $13.6 million in net profit. With the current results, the company has achieved 70.5 per cent of its full-year revenue goal and 82.3 per cent of its full-year profit target. TNG representatives said the firm remains on track with a positive business outlook.

Another strong performer is Garment 10 Corporation. In Q3 of 2025, the company posted a net profit of $1.94 million, up 52 per cent on-year, setting a record quarterly profit since 2023. For the first nine months, its revenue reached $133.6 million, up 10 per cent, and net profit was $3.12 million, up 59 per cent on-year.

In the seafood sector, several big players like Vinh Hoan, Sao Ta Foods, and Nam Viet all reported positive results.

Accordingly, Vinh Hoan recorded consolidated Q3 net profit of $18.2 million, up 35 per cent, and a nine-month total of $48.2 million, up 38.6 per cent on-year.

Sao Ta Foods posted Q3 profit of $4.47 million, up 18 per cent and a nine-month total of $10.05 million, up 6.7 per cent on-year. Nam Viet stood out with Q3 profit of $11.32 million, surging 917 per cent on-year, and nine-month profit of nearly $29.9 million, 17 times higher than one year ago. .

In the wood export segment, Phu Tai JSC has already met its full-year 2025 profit plan after just nine months, with pre-tax profit reaching $1.4 million. For Q4, the company targets an additional $200,000 in profit, which, if achieved, would exceed the annual target by 14 per cent.

Nguyen The Minh believes the likelihood of a favourable tariff outcome is high as both sides enter the framework negotiation phase.

“A well-designed policy could open new growth opportunities for Vietnamese exporters and related stocks, with some goods potentially seeing tariffs cut below 20 per cent – or even to zero,” Minh said. “Investors should focus on companies with solid fundamentals, leading positions in strategic sectors, strong growth potential, and reasonable valuations.”

Businesses shift to local supply chains and market diversification amid new US tariffs Vietnamese businesses are adapting to new US tariffs by investing in local supply chains, exploring new export markets, and innovating to maintain competitiveness in a challenging global landscape.

Diversification lends to turnover advances Diversifying export markets is increasingly viewed as a strategic pathway for Vietnam to achieve its target of $70 billion in agricultural, forestry, and fishery export turnover.

Garment and textile firms eye exports and domestic market for growth Amid global uncertainties, garment and textile firms are exploring new growth avenues – expanding export markets while also turning their focus inward to reclaim the domestic market through branding and green supply chains.

Amid the sweltering heat and the crackling sound of sizzling oil, being a chef has never been an easy job for anyone without true passion.

Yet, that very kitchen is where the dreams and determination of young chef Quoc Hung, a 32-year-old sous chef at a 3-star hotel in Ho Chi Minh City, burn brighter than ever.

“Dreams are never easy. But every day, I choose to recharge with a bottle of Number 1, to keep my passion alive and never give up. Step by step, I get closer to it,” Hung said, his eyes gleaming behind a haze of rising steam.

Being a chef requires extreme focus and the ability to work under intense pressure

It’s 11am, the busiest hour of the day. Dozens of orders pour in at once. A single delayed move could throw off the rhythm of the entire service line.

“There are days I’m on my feet for 10 hours straight, slicing, stirring, seasoning. It’s exhausting, but I can’t afford to lose focus. One second of distraction, and the dish could be ruined,” Hung said.

Being a chef demands razor-sharp focus and immense pressure tolerance. When both body and mind reach their limits, a bottle of Number 1 becomes Hung’s go-to, giving him an instant energy boost.

“It’s like waking up my body and sharpening my mind. That’s how I push through the rest of the shift,” he said.

For many chefs, a bottle of Number 1 provides instant energy, mental alertness, and lasting endurance to handle the daily pressures of the kitchen

In a kitchen where temperatures soar past 40 degrees Celsius and the pace leaves no room for hesitation, every knife stroke and pinch of salt must be precise. Under such pressure, alertness and endurance become the essential factors that keep their passion burning.

“There are moments when I’m utterly drained,” Hung admitted, “but a bottle of Number 1 gives me the strength to keep going, to remember that I’m not just cooking for customers, but also for the dream ahead.”

In front lies the stove, behind: the dream

Hung is not alone. Many young chefs are writing their own stories of perseverance. Thuy Diem, a pastry chef, recalls staying in the kitchen until 2am just to perfect the pastries for the next morning’s event.

“There are nights when my body feels like collapsing, but with a bottle of Number 1, I feel recharged, refocused, and ready to stay optimistic,” she said.

Beyond the demanding hours, Diem carefully saves every bit she earns to help her parents with medical expenses. For her, each cake she bakes is a symbol of her resilience and unwavering passion for the craft.

For Hung, every working day is an opportunity to learn, from how the head chef manages the team, to ingredient selection, and restaurant operations – all valuable lessons for the future.

He may not know when his dream will come true, but he believes that every day in the kitchen, no matter how tough, takes him a step closer to becoming the best version of himself.

On these types of journeys, Number 1 symbolises the spirit of endurance – the courage to stay committed, to break through limits, and to keep moving forward.

Number 1 remains a trusted companion, fuelling young people to stay passionate and keep moving forward on their chosen paths

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