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Thailand apologizes for displaying wrong Vietnamese flag at ASEAN futsal draw

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Thailand’s Football Association (FAT) has issued an apology after mistakenly showing China’s flag instead of Vietnam’s during the AFF U19 Futsal Championship 2025 group draw, held on October 28 in Bangkok.

The mistake appeared in a 10-minute livestream organized by FAT and was later deleted from all social media platforms.

The Vietnam Football Federation (VFF) has filed an urgent letter of protest to both the ASEAN Football Federation (AFF) and FAT, demanding clarification and preventive measures.

“VFF strongly objects to and requests a full explanation of the incorrect display of Vietnam’s national flag during the official draw ceremony,” the federation said in a statement.
“This serious incident could harm Vietnam’s image and negatively affect the unity of the ASEAN community.”

Later the same day, both AFF and FAT issued formal apologies to Vietnam. FAT President Nualphan Lamsam (Madam Pang) acknowledged the mistake and took full responsibility:

“This error does not reflect the respect and appreciation FAT holds for all member associations and their national symbols. We reaffirm our strong commitment to professionalism and respect in all AFF-hosted events,” she said.

The AFF U19 Futsal Championship 2025 will take place from December 23 to 29 in Nonthaburi, Thailand. Vietnam is placed in Group A alongside Thailand and Brunei, while Group B includes Indonesia, Myanmar, Malaysia, and Cambodia. The top two teams from each group will advance to the semifinals.

AFF will also host the U16 Futsal Championship, featuring Thailand, Indonesia, Vietnam, Myanmar, and Brunei. Both tournaments mark the first-ever youth futsal competitions organized by AFF, following the suspension of the AFC U20 Futsal Championship since 2020 due to the pandemic.

Vietnam’s U16 and U19 futsal teams are expected to begin training on November 16 in Ho Chi Minh City.

This is not the first time a flag mix-up has sparked controversy at major Southeast Asian events.

At the SEA Games 32 opening ceremony in Cambodia (2024), Indonesian fans protested when performers held the national flag upside down, making it appear as Poland’s.
A similar mistake occurred at the 2017 SEA Games in Malaysia, when Indonesia’s flag was printed upside down in an official booklet.
Even at the Paris 2024 Olympics, organizers mistakenly played the wrong national anthem for South Sudan and showed the wrong flag for Argentina.

Vietnam doctors reattach severed leg for Hanoi teen after motorbike crash

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Doctors at the 108 Central Military Hospital in Hanoi successfully reattached the severed leg of a 19-year-old female student who was seriously injured in a traffic accident two weeks ago.

The incident occurred late on October 15 on Trinh Van Bo Street, near FPT Polytechnic College in Hanoi. The victim, identified as D.P., from Bac Ninh Province, was riding a motorbike when she collided with a large-displacement motorcycle. The crash caused her right leg to be completely severed one-third below the calf, with extensive soft-tissue damage.

She was given first aid and transferred to the 108 Central Military Hospital within the “golden window” — about two hours after the accident.

That same night, a team of surgeons worked through the night to clean and treat the injury, reconnecting blood vessels, nerves, tendons, and bones.

After more than six hours of intensive microsurgery, the reattachment was successful. Two weeks later, the patient is recovering well and can now move her toes, signaling positive nerve and blood-flow recovery.

Dr. Nguyen Dien Thanh Hiep, from the Department of Upper Limb and Microsurgery, said the case was “extremely complex” due to the severe damage and long transfer time.

“Fortunately, thanks to proper first aid and preservation of the severed limb, along with precise coordination among surgical teams, the procedure was a success,” he said.

Dr. Nguyen Viet Nam, Director of the Institute of Trauma and Orthopedics, emphasized that correct first aid plays a crucial role in determining whether a limb can be successfully replanted.

He advised that in cases of severed limbs, the amputated part should be:

Rinsed gently with boiled and cooled water or saline solution,
Wrapped in a clean cloth or gauze,
Sealed in a nylon bag and placed in an ice box — without direct contact with ice, and
Delivered to a qualified microsurgery hospital within six hours.

The hospital said the young patient is continuing rehabilitation and is expected to regain significant function in her leg.

Ex-Mother-in-Law of Hong Kong Model Abby Choi Sentenced to 18 Months for Aiding Fugitive Son

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The Hong Kong court has sentenced the ex-mother-in-law of murdered model Abby Choi (Thai Thien Phuong) to 18 months in prison for helping her son evade authorities following the gruesome killing that shocked Asia.

On October 28, Judge Chan Kwong-chi ruled that Lai Sui-heung, 66, had deliberately concealed the whereabouts of her son Kwong Kong-chi, the prime suspect in Choi’s murder, after he was wanted for stealing her property. Lai also attempted to persuade Choi’s mother to withhold information from the police, obstructing the investigation.

The judge described Lai’s actions as “blind indulgence of her son” and “showing contempt for the law.”

“There are no ‘what-ifs’ in history,” he said. “Had the defendant allowed justice to take its course, urging her son to face the consequences of his actions, perhaps this tragedy could have been avoided.”

Lai has already served 16 months in detention and is expected to complete her remaining sentence soon. This is the third conviction connected to the case: in June 2024, Kwong Kong-chi was sentenced to 3.5 years in prison for theft and absconding, while two accomplices, Lam Shun and Poon Siu-yin, received six-month sentences in June 2025.

A shocking and brutal murder

The case began on February 21, 2023, when Abby Choi, a 28-year-old model and social media influencer, was reported missing. Three days later, her headless and dismembered body was discovered inside a rented house in Tai Po, Hong Kong.

Police found parts of her body stored in a refrigerator and others boiled in soup pots, alongside a meat grinder and electric saw — suggesting a premeditated killing.

Investigators believe the motive stemmed from a dispute over a luxury multimillion-dollar apartment at Kadoorie Hill in Kowloon Tong. The property, originally purchased under her former father-in-law’s name, was allegedly transferred by Choi without consent, triggering a bitter conflict.

Her ex-husband Kwong Kong-chi, his brother Kwong Kong-kit (Choi’s driver), and their father Kwong Kau are the main murder suspects. All three could face life imprisonment if convicted.

A case that stunned Hong Kong

Seven people have been arrested, including Lai Sui-heung and Ng Ngai-wing, the girlfriend of Kwong Kau. Kwong Kong-chi was captured while attempting to flee Hong Kong by sea to mainland China. Traces of Choi’s blood were later found in her ex-brother-in-law’s vehicle.

The murder sent shockwaves through Hong Kong and beyond due to both its brutality and the twisted family ties involved.

Choi, who had over 100,000 Instagram followers, was a rising fashion figure and socialite often seen at luxury events and in high-end magazines.

The main murder trial continues in 2025, with proceedings expected to last several more months.

From Corporate Savior to Castaway: How One Vietnamese Entrepreneur Rebuilt His Life After Losing Everything

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Rewritten Article (Vietnam Insider Edition)

From Corporate Savior to Castaway: The Vietnamese Entrepreneur Who Lost Everything — and Found Himself Again

When he stepped off the plane at Tan Son Nhat Airport on Lunar New Year’s Day 2010, he carried just a single suitcase — and decades of hard-won experience from living abroad. He had been rich, poor, bankrupt, and reborn. What he didn’t know then was that the hardest lesson of all was still ahead: being punished for saving a company.

A Return Home, and a Humbling Restart

After 30 years overseas — and burning through hundreds of billions of dong on failed ventures — he decided to return to Vietnam with nothing but determination and humility. Once a seasoned founder with two decades of experience, he accepted a job at a struggling state-owned enterprise that had recently been privatized.

“I just wanted to start over, even if it meant working as an employee again,” he recalls. “It wasn’t easy for someone who had been his own boss for so long. But I was ready to do anything — from the ground up.”

Turning Around a Failing Giant

The company he joined was in dire straits: low revenue, mounting debts, unpaid wages, and a bloated staff of over 1,000. The culture was broken — the management team spent more time drinking than innovating.

He rolled up his sleeves and started from the factory floor. The first shock? Even office staff refused to use their own company’s products. “If we don’t believe in what we make, how can customers?” he said.

Within months, he restructured operations, enforced transparency, and eliminated corruption in procurement. Some senior managers resigned or were let go. He brought in young, passionate employees — many still in college — and rebuilt trust from within.

Two years later, the company’s revenue nearly doubled. It paid off all its bank debts and saved enough to plan a new factory.

It should have been a success story. Instead, it became a betrayal.

When Success Turns Against You

His relentless drive and sweeping reforms didn’t please everyone. Those who lost power and perks began plotting. A group of disgruntled former employees formed an “anti” circle, spreading rumors and pressure against him.

The most painful blow came from a close friend — the company’s largest shareholder — who secretly investigated him for corruption after hearing those false claims.

“I was shocked,” he said. “The same person who once trusted me completely began to doubt me.”

Instead of fighting back, he resigned. “Once trust is broken, no amount of money or position can fix it.”

Starting From Zero — Again

He left with little savings but plenty of conviction. A few young colleagues — who could have stayed in comfortable corporate jobs — chose to follow him. Together, they founded what would become Dh Foods, a now-beloved Vietnamese brand built on integrity and passion.

The early years were brutal. “We ran out of money by 2014. I even borrowed against my house to keep going. But I never lost faith.”

He lived modestly, took motorbike taxis instead of private cars, and focused on doing meaningful work with people he trusted. “I wasn’t rich,” he said, “but I was free — and truly happy for the first time in years.”

Finding Purpose at 49 and Peace at 53

Vietnamese elders often say life turns at 49 and 53 — years of “bad luck.” For him, those ages marked transformation instead.

“At 49, I came home with a suitcase. At 53, my company nearly collapsed. But those weren’t curses — they were choices. I traded wealth for freedom, and I’d do it again.”

Today, Dh Foods has become a symbol of Vietnamese entrepreneurship done right — combining modern management with deep-rooted values of trust and perseverance.

His message for others?

“Don’t fear starting over. You may not become rich — but you’ll find freedom. And if you reach 49 or 53, don’t call it bad luck. Call it your new beginning.”

Editor’s Note: This story of Nguyen Trung Dung, founder of Dh Foods, reflects a growing spirit among Vietnamese entrepreneurs who value authenticity and purpose over corporate status — a shift that continues to redefine Vietnam’s business landscape.

Assault on Metro Line 1 Security Guard Sparks Debate on Public Decency and Role Models for Children

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The recent assault of a security guard on Ho Chi Minh City’s Metro Line 1 by two adult passengers has sparked public outrage and raised broader questions about civility, respect, and the responsibility of adults to set a good example for children.

According to footage shared online, the altercation began when a security guard politely asked a young boy not to rest his feet on the metal frame of a seat. Instead of correcting the child, two accompanying men allegedly became aggressive and physically attacked the guard in front of other passengers.

Public calls for accountability

The incident has drawn strong condemnation from citizens who say the violent response reflects a disturbing lack of respect for the law and public etiquette.

“Adults behaving rudely teach children to do the same,” wrote one reader on Tuoi Tre Online. “If we want a civilized society, such behavior must be punished severely.”

Another commenter said:

“When children make mistakes in public, it’s the adults’ job to guide and teach them. But here, the adults reacted violently instead — that’s a terrible example.”

Others called on authorities to impose strict penalties to deter similar incidents. “These individuals should not be allowed to use public transport again. They’ve disrespected both the staff and other passengers,” a reader named Cong Minh added.

Concerns over public behavior on metro trains

Some passengers also voiced concern over the general lack of etiquette on the metro — including talking loudly, eating, and using external speakers despite clear regulations.

“Many people act as if buying a ticket gives them the right to do anything they want,” said one commenter. “We need tougher enforcement to restore order and respect in public spaces.”

Others suggested that the metro management could enhance safety measures by pairing security personnel or using technology such as facial recognition to prevent repeat offenders from boarding.

Broader lessons on empathy and respect

Beyond the immediate violence, the episode has reignited discussions about empathy and emotional control in public spaces.

“Many conflicts come from ego and a lack of understanding,” a reader named Sang observed. “If we all learned to see things from others’ perspectives, society would be much calmer and more civilized.”

Authorities have yet to release an official update on potential charges, but the video continues to circulate widely online, fueling calls for stronger public education on civility and personal responsibility.

Woman Dies After Jumping Into Hoan Kiem Lake in Hanoi, Police Rule Out Accident

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Authorities in Hanoi have confirmed that the young woman who died after jumping into Hoan Kiem Lake on Saturday morning showed signs of psychological instability. Police have ruled out any criminal involvement or accidental causes.

According to Hoan Kiem Ward Police, the victim, born in 1997 and originally from Thanh Hoa Province, entered the lake on her own and later removed her clothes while swimming. Despite repeated calls from bystanders urging her to come ashore, she continued swimming toward deeper waters.

Videos captured by witnesses showed the woman struggling in the middle of the lake before disappearing beneath the surface.

Emergency responders from the Hoan Kiem District Police, Hanoi Fire and Rescue Department, and local volunteers quickly arrived at the scene. A member of the Hoan Kiem Lake security team and a foreign tourist swam out to bring the woman back to shore.

She was immediately given first aid and rushed to Viet Duc Hospital, but doctors later confirmed she did not survive.

Police clarified that online rumors suggesting an accidental fall were incorrect. “The investigation shows she deliberately entered the water.”.

The incident drew significant attention from early-morning joggers and local residents around the popular tourist area, where Hoan Kiem Lake is a symbol of Hanoi’s old quarter and serenity.

Authorities have urged the public to avoid spreading unverified information on social media while the case is being fully documented.

Popular Thai “Hong Thai” Nasal Inhaler Found Contaminated with Bacteria, Warns FDA Thailand

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The famous Hong Thai herbal nasal inhaler from Thailand — widely sold in Vietnam and endorsed by BlackPink’s Lisa — has been found contaminated with bacteria and fungi, according to a warning from Thailand’s Food and Drug Administration (FDA).

Contamination Discovered in Lab Tests

In a public notice issued on October 28, the Thai FDA advised consumers to exercise caution when purchasing Hong Thai nasal inhalers after routine inspections revealed that certain batches failed to meet microbiological safety standards.

Samples collected from the Hong Thai Panich Herbal Products manufacturing facility tested positive for excessive levels of aerobic bacteria, yeast, and mold, and even traces of Clostridium spp., a bacterial genus that can be harmful to humans.

The tested batch was produced on December 9, 2024, and set to expire on December 8, 2027, Thai PBS reported.

Potential Health Risks and Legal Penalties

According to brandinside.asia, high bacterial counts suggest poor hygiene or improper storage during production, which can increase the risk of skin irritation, respiratory problems, or infections, especially for people with weakened immune systems.

Under Thai law, producing substandard herbal products can lead to up to two years in prison and a fine of 200,000 baht (US$5,400). Selling such products carries a six-month jail term or a fine of 50,000 baht (US$1,350).

Widely Popular in Vietnam

The Hong Thai inhaler is among Thailand’s most recognizable herbal products and has gained international fame after being mentioned several times by Lisa, a member of the K-pop group BlackPink, who said it helps her relax.

In Vietnam, the product enjoys strong sales on major e-commerce platforms, with prices ranging between VND 45,000–55,000 (US$1.70–2.20) and some listings showing over 100,000 purchases.

Many Vietnamese travelers also buy Hong Thai inhalers as gifts during trips to Thailand.

Hanoi Ranked Happier Than Singapore, Bangkok in New Global Quality-of-Life Survey

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Vietnam’s capital secures a top-five spot on Time Out’s list of Asia’s happiest cities, with 88% of locals reporting a sense of joy in their everyday lives, signalling its rising appeal.

HANOI – In a result that will likely turn heads across Southeast Asia, Hanoi has been ranked the fifth happiest city in Asia, according to a major new survey by British culture magazine, Time Out.

Crucially for regional business and lifestyle observers, Vietnam’s capital surpassed major regional economic hubs, including Jakarta, Bangkok, and famously competitive Singapore, in the global quality-of-life assessment.

The survey findings strongly validate Hanoi’s growing reputation as a destination not only for investment and tourism, but also for long-term expatriate living, where the hustle of a rapidly developing city is balanced by cultural richness and community satisfaction.

Why Hanoi Ranks High

Time Out compiled its “Happiest Cities” list by surveying more than 18,000 residents across the continent, gauging their sentiments on culture, nightlife, food, and overall quality of life.

A key indicator of Hanoi’s success was the overwhelmingly positive feedback from its residents: 88% of surveyed locals stated that their city brings them joy.

Respondents rated their cities based on five statements designed to capture genuine well-being, including: “My city makes me happy,” “The people in my city seem happy,” and “I find joy in the everyday experiences my city offers.”

The complete rankings show Hanoi’s strong position among Asia’s most dynamic cities:

Rank	City	Country	Key Competitors Surpassed
1	Mumbai	India	N/A
2	Beijing	China	N/A
3	Shanghai	China	N/A
4	Hanoi	Vietnam	Singapore, Jakarta, Bangkok
5	Jakarta	Indonesia	N/A
6	Hong Kong	China	N/A
7	Bangkok	Thailand	N/A
8	Singapore	Singapore	N/A
9	Seoul	South Korea	N/A

By placing significantly above cities often associated with high pressure and cost of living, Hanoi reinforces its position as an attractive alternative for entrepreneurs, digital nomads, and families seeking a high-quality, culturally engaging, and relatively affordable life in Asia.

VPBank Unseats Techcombank as 13 Vietnamese Banks Report Massive Q3 Profit Surge

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Vietnam’s leading lenders delivered a stellar third quarter, with aggregate profits driven by a national credit boom, soaring service revenue, and a strategic reduction in funding costs.

HANOI – Vietnam’s banking sector has signaled strong economic momentum, with a wave of major commercial banks reporting significant profit increases for the third quarter. The period was marked by a dramatic leadership change at the top, as VPBank (VPB) delivered a record quarterly profit, surpassing its rival, Techcombank.

VPBank reported a third-quarter pre-tax profit of 9.166 trillion VND (approx. $382 million), representing a massive 77% jump year-on-year and setting a 15-quarter high. This performance allowed VPBank to eclipse Techcombank, which had held the profit leadership position in the same period last year.

This sector-wide surge in profitability is rooted in three key factors:

Accelerated Credit Growth: Strong demand for loans across the economy.
Service Revenue Breakthroughs: Rapid expansion of non-interest income streams.
Lower Cost of Funds (CASA): An increasing ratio of Current Account/Savings Account deposits is reducing banks’ overall cost of capital.

The New Leaders and Key Drivers

VPBank’s exceptional quarter contributed to a nine-month cumulative profit of over 20.396 trillion VND, a 47% increase compared to the previous year. By the end of Q3, the bank’s total assets hit 1.18 quadrillion VND, surpassing its annual target. Loan balances grew nearly 30%, reflecting the nation’s ongoing credit expansion.

Techcombank (TCB) also posted robust results, with Q3 pre-tax profit exceeding 8.2 trillion VND, up 14% year-on-year. Its nine-month cumulative profit stands at 23.834 trillion VND.

Asia Commercial Bank (ACB) saw an 11% rise in Q3 profit to 5.4 trillion VND. Key growth drivers for ACB were its foreign exchange business, which nearly tripled, and a 90%+ surge in securities trading profits.

Overall, 13 commercial banks have released their Q3 financials, with the vast majority reporting double-digit profit growth. LPBank, for example, saw a 19% increase in pre-tax profit for the quarter.

The National Credit Boom

These stellar results are directly supported by official State Bank of Vietnam (SBV) data, which shows that credit outstanding across the entire banking system expanded by 13.37% since the start of the year. Compared to the same period last year, credit is up an astonishing 19.6%.

Experts estimate that total credit growth for the year could hit 20%, marking the highest level in several years and showcasing the Vietnamese economy’s insatiable demand for capital.

Despite the high loan growth, the SBV remains focused on market stability and has directed lenders to continue efforts to reduce mobilization interest rates. Analysts believe deposit interest rates will remain stable—potentially for the next year—likely settling between 5.2-5.3% per annum, providing a stable funding environment for banks as the credit boom continues.

Scientists Name a Brand-New Mammal Species After Darwin, Found Deep in Vietnam’s Pù Luông Reserve

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The discovery of the ‘Darwin’s Mole’ (Euroscaptor darwini) highlights the globally critical biodiversity of Vietnam’s Northwest region, a major draw for eco-tourism and conservation investment.

HANOI – In a significant boost to Vietnam’s global reputation as a biodiversity hotspot, scientists have announced the discovery of a completely new species of mammal found in the remote forests of the Pù Luông Nature Reserve.

The newly identified creature, a mole belonging to a lineage distinct from all others previously recorded worldwide, has been named Euroscaptor darwini, or Darwin’s Mole, in honor of the renowned naturalist Charles Darwin.

The discovery confirms the extraordinary, untapped ecological value of Vietnam’s dense, ancient forests—a major point of interest for both foreign investment in conservation and the burgeoning eco-tourism sector.

A New Species with Extreme Adaptation

The findings are the result of a multi-year collaboration between the Institute of Biology, Vietnam National University, Hồng Đức University, and the Pù Luông Nature Reserve Management Board.

The research team, led by Dr. Đậu Quang Vinh, identified a population in the southwestern high-altitude forests (900–1,100m) of the Pù Luông mountain range. “After years of surveying, we confirmed a group of individuals whose anatomical and genetic characteristics are completely unique compared to known mole species in Vietnam, Laos, and China,” said Dr. Vinh.

The most distinctive feature of the new species is its extremely short tail and unique tailbone structure—a key identifier among moles.

Key Detail: The Darwin’s Mole’s tail protrudes only about 2mm from the skin and contains just 6–7 vertebrae, significantly fewer than its closest relatives. This extreme morphological adaptation suggests a highly evolved life underground, where the tail has lost most of its sensory function.
Morphological, anatomical, and molecular (DNA) analyses confirmed that this is an independent species, never before described globally.

Pù Luông: A Critical Biodiversity Hotspot

The discovery underscores the immense conservation value of the Pù Luông Nature Reserve, which sits in Thanh Hóa province and covers nearly 17,000 hectares. As the core area of the Northwest Biosphere Reserve, the region is renowned for its evergreen forests, limestone mountains, and rich gene pool of flora and fauna.

Considered by scientists a “biodiversity hotspot”—a region with a high concentration of endemic life under threat—Pù Luông currently records 908 animal species and 1,597 plant species.

“The discovery of an entirely new animal species right here in Vietnam is a source of great pride for domestic science and a testament to the essential conservation value of the Pù Luông forest ecosystem,” said Lê Đình Phương, Director of the Pù Luông Nature Reserve.

Researchers are now working to map the mole’s distribution and ecological habits to propose its conservation status for both Vietnam’s Red Book and the IUCN Red List, which will guide specialized protection plans for the area.

Vietnam’s VN-Index Falls Below Key Support as Blue Chips Slip — Analysts See Buying Opportunities in BID and PVS

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Despite market pressure led by property giants VHM and VRE, analysts remain bullish on leading banks and energy service stocks, signaling potential rebound zones between 1,635 and 1,675 points.

HANOI — October 28, 2025 (Vietnam Insider) — Vietnam’s benchmark VN-Index slipped sharply below its 50-day moving average (MA50) of 1,675 points on Monday, dragged down by heavy sell-offs in blue-chip real estate stocks Vinhomes (VHM) and Vincom Retail (VRE).

Market watchers expect the index to fluctuate between 1,635–1,675 points today as investors test the new short-term support level.

While the correction reflects investor caution amid mixed third-quarter earnings, analysts see it as a technical pullback within an otherwise resilient market, with selective opportunities in banking and oil & gas stocks.

Fundamental Analysis: Key Stocks in Focus

BIDV (BID) — BUY recommendation maintained; target price: VND 44,800
Analysts continue to favor Bank for Investment and Development of Vietnam (BIDV) for its consistent growth outlook:
2025 profit after tax projected to grow 5% YoY, followed by a 16% CAGR (2026–2029).
Supported by stable credit expansion, improving NIMs, and solid asset quality.
Current P/B of 1.65x remains below its 5-year average of 2.13x, indicating undervalued levels.
The planned private placement of 138 million shares has been shifted to mid-2026, with the issue price revised upward from VND 40,000 to VND 45,000 per share — reflecting stronger market confidence.

PTSC (PVS) — BUY rating; target price raised 8% to VND 45,000
Oil and gas engineering firm PetroVietnam Technical Services (PVS) remains one of the sector’s top picks:
2025 core profit expected to jump 39% YoY, driven by the M&C segment (mechanical & construction), with revenue up 70% and gross margin improving to 1.8%.
2026 forecast: profit up 19% YoY as Block B gas project enters peak construction phase.
EPS CAGR of 17% (2026–2028), supported by a $5.3 billion project backlog and steady FSO/FPSO joint-venture earnings of VND 831 billion per year.
Attractive P/E forecast of 12.5x for 2026, well below the 5-year average of 18x.

Sector Updates

BMI (Bao Minh Insurance)
9M 2025 revenue: VND 5.1 trillion (-1% YoY), profit before tax (PBT): VND 302 billion (+38% YoY).
Q3 PBT rose 28% QoQ and 299% YoY, aided by improved claims ratios and higher investment income.
Overall profit slightly below forecasts but signals a turnaround in profitability after weak early-year performance.

MBB (MB Bank)
9M 2025 total operating income: VND 48.2 trillion (+24% YoY), PBT: VND 23.1 trillion (+12% YoY).
Credit growth outpaced the sector at 18.5% vs. system average 13.4%.
CASA ratio at 37%, second only to Techcombank.
NIM held steady at 4.12%, while NPL ratio rose slightly to 1.87% — within manageable range.
Earnings came in marginally below expectations, but underlying fundamentals remain strong.

MSN (Masan Group)
9M 2025 profit after tax surged 101% YoY, Q3 profit up 72% YoY.
Growth driven by WinCommerce (WCM) and Masan High-Tech Materials (MHT), offsetting weaker results from Masan Consumer Holdings (MCH).
WCM: revenue up 23% YoY, profit up 9x to VND 175 billion; net margin at 1.7%.
MML: revenue up 23% YoY, profit up 5x, with operating margin reaching 6%.
MHT: revenue up 33% YoY, returning to profitability.

Market Outlook

The recent dip in the VN-Index may signal a short-term consolidation rather than a trend reversal. Institutional investors are likely to monitor whether the MA50 line at 1,675 holds as a pivot point for the next rebound.

“Despite short-term volatility, Vietnam’s fundamentals remain strong — low inflation, stable monetary policy, and robust domestic consumption are all tailwinds,” noted Sophie Dao, Senior Partner at GBS – Global Business Services LLC, an investment consulting firm in Ho Chi Minh City. She added, “The pullback is offering selective opportunities in quality blue chips, especially banks and energy service firms that benefit from infrastructure and industrial expansion.”

While profit-taking and sector rotation continue to pressure the VN-Index, analysts agree that BID and PVS stand out as value plays in the medium term. With improving corporate earnings and capital inflows returning to emerging markets, Vietnam’s equity market remains one of the region’s most compelling growth stories.

7 Reasons for Loving Vietnam. Number 6 Is the One That Shocks Most Foreigners

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HANOI — When British travel blogger Izzie of ‘The Curious Sparrow’ planned her eight-week trip to Vietnam, she expected the usual highlights: stunning landscapes, a complex history, and world-famous food.

What she didn’t expect was to leave with what she calls a “love letter” to a nation that thoroughly captivated her.

In a recent post, the former teacher-turned-travel-writer breaks down the seven key reasons why Vietnam has become a top-tier destination for international travelers. While many points—like the “poetic” scenery and “enticing” cuisine—are expected, one reason stands out as a genuine shock to most first-time visitors, revealing a massive part of Vietnam’s economy and culture that many in the West are completely unaware of.

Here are her seven reasons for “falling in love” with Vietnam.

1. A Tangible, Layered History

For Izzie, Vietnam’s history isn’t just confined to museums—it’s alive in the streets. From the somber lessons of the War Remnants Museum in Ho Chi Minh City and the Hoa Lo Prison in Hanoi to the ancient, weathered beauty of UNESCO World Heritage sites like the My Son Sanctuary and the Imperial Citadel of Hue, the nation’s past is always present. “Simply walking around,” she notes, “is a history lesson and a visual feast,” pointing to the countless temples, shrines, and pagodas, many dating back hundreds of years.

2. A Fresh, Hyper-Local Cuisine

While Vietnamese food is world-renowned, Izzie was struck by the “freshness, fragrant flavors, and vibrant” nature of the cuisine. “I love how fresh herbs and vegetables are incorporated into almost every dish,” she writes. Beyond staples like phở and bánh mì, she highlights the distinct regional differences, from the specialties of the North to the flavors of the Mekong Delta, and the sheer quality of the tropical fruit. Her advice? “You won’t believe how good a fresh coconut is until you have one here.”

3. ‘Breathtaking’ Natural Diversity

“You may have seen photos,” Izzie writes, “but trust me—they cannot do justice to the actual beauty of this country.” She was “completely blown away” by the sheer diversity of the landscapes. Her eight weeks included:

Boating along the lush Mekong Delta.
Climbing the 486 steps to the top of Hang Mua for its panoramic views.
Experiencing the epic Hai Van Pass.
Kayaking among the limestone karsts of Bai Tu Long Bay.

4. A Paradise for Active Travelers

While Vietnam is perfect for a relaxing food-centric holiday, it’s also “the perfect location for more active travelers.” Izzie highlights the ease of booking adventures, from motorbiking the dramatic mountain loops of Ha Giang and Sa Pa to hiking and kayaking. She specifically recommends cruising Bai Tu Long Bay, the “lesser-known sister” of Ha Long Bay, which she found to be “nearly identical and much, much quieter.”

5. The ‘Visual Feast’ of Urban Life

Vietnam’s cities are an attraction in themselves. Izzie celebrates the unique charm of each major hub: the “vibrant street life” and French colonial buildings of Hanoi, the “magical” lantern-lit alleys of Hoi An, and the “glamorous blend of stately French architecture and modern towers” in Ho Chi Minh City. She was particularly charmed by the “oddly appealing” tangle of electrical wires, the “captivating scent” of street food, and the “constant buzz of motorbikes.”

6. The ‘Surprise’: A World-Class Coffee Culture

This, Izzie notes, is the one that shocks most foreigners.

“As a coffee addict,” she writes, “I can tell you that Vietnamese coffee is on another level.”

Many travelers arrive completely unaware that Vietnam is the world’s second-largest coffee producer. The local coffee culture is built on the strong, high-caffeine Robusta bean, creating a “wonderful, relaxed” cafe society. This isn’t just a quick caffeine hit; it’s a social ritual.

She highlights two “must-try” local inventions:

Cà Phê Sữa Đá: Strong, cold-brewed coffee served over ice with sweet condensed milk.
Cà Phê Trứng (Egg Coffee): A Hanoi specialty she describes as an “unbelievably delicious” dessert-like drink, where black coffee is topped with a “creamy, frothy, velvety” layer of whipped egg yolk and sugar.

7. The ‘Truly Special’ Element: The People

“A country can have great food, beautiful scenery, and a fascinating history,” Izzie concludes, “but it’s the people that make it truly special.”

Over two months, she was consistently met with “friendly, patient, and generous” locals. “Even when we didn’t speak the same language,” she recalls, “they tried to help us with a friendly smile.” From waiters patiently teaching her how to eat local dishes to children running up to practice their English, she was “treated with such kindness.”

“It’s clear,” she finishes, “that the people we met love their country and culture and are keen to show it to visitors. And from what I saw, they have a lot to be proud of.”

Understanding Vietnam’s Business Visas: DN1 vs. DN2 — and Why Choosing the Wrong One Could Get You Deported

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Foreign investors, entrepreneurs, and consultants entering Vietnam for business must pay close attention to their visa type — one small mistake could mean rejection, penalties, or even deportation.

HANOI — October 28, 2025 (Vietnam Insider) — As Vietnam continues to attract a surge of foreign professionals and investors, understanding the difference between the DN1 and DN2 business visas has become essential. Both are designed for foreigners entering the country for business activities — yet the distinction between them determines whether your stay is legal or not.

DN1 vs. DN2: The Key Difference

The two visa types may sound similar, but they apply to different types of organizations:

DN1 Visa — for foreigners working with or invited by Vietnamese companies or organizations that hold a legal business license and tax code in Vietnam.
DN2 Visa — for foreigners working with representative offices, branches, NGOs, or international organizations that do not have legal entity status in Vietnam.

Both visa types are typically valid for up to 12 months, but cannot be converted into other visa categories such as work, study, or family visit visas. If you need to change your visa type, you must exit Vietnam and apply again under the correct category.

What Happens If You Choose the Wrong One?

The consequences can be serious:

Your visa application may be rejected if the sponsoring entity or purpose of entry doesn’t match the visa type.
You could be denied entry or face visa cancellation if officials find inconsistencies.
Using the wrong visa type may lead to administrative fines, deportation, or future entry bans.
You cannot correct or convert the visa while staying in Vietnam.
In short — getting it wrong can derail your entire business plan.

Why This Matters

With Vietnam now ranking among Southeast Asia’s most attractive destinations for foreign direct investment, business registration, and startup activity, clarity on visa types is no longer just a legal formality — it’s a strategic necessity.

“We’ve seen a growing number of cases where foreign entrepreneurs apply for the wrong visa simply due to lack of guidance,” noted Sophie Dao, Senior Partner at GBS – Global Business Services LLC, an investment consulting firm in Ho Chi Minh City.
“Understanding whether your local partner has legal entity status or operates as a representative office makes all the difference between a smooth entry and a legal headache.”

She added, “At GBS, we always advise clients to double-check their sponsorship documents and clarify the business structure before submitting any visa application. Prevention is far cheaper than correction.”

Bottom Line

Vietnam welcomes foreign investors, consultants, and entrepreneurs — but its immigration system expects accuracy. Before booking your flight, make sure you (or your sponsor) identify the right category: DN1 for legal entities, DN2 for non-legal entities.

It’s a small distinction that can save you time, money, and unnecessary trouble in one of Asia’s most promising business destinations.

Vietnam Market Entry: Build vs. Buy? A Foreign Investor’s Guide to Setting Up Shop

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A practical guide to the two primary ways foreign investors can establish a company in Vietnam‘s high-growth economy, and how to decide which is right for you.

Vietnam’s dynamic economy continues to be a prime target for foreign investment, but navigating the entry process presents a critical first choice. Before you can tap into one of Asia’s fastest-growing markets, you must decide how you will establish your legal presence.

This decision, governed by Vietnam’s Law on Investment, boils down to one simple question: Do you build or do you buy?

Put simply, you have two primary pathways for establishing a company:

Direct Establishment: Building a new company from the ground up (a “greenfield” investment).
Acquisition (M&A): Buying shares or contributing capital to an existing Vietnamese company.

Your choice will fundamentally impact your setup timeline, licensing requirements, and initial operational challenges. This guide breaks down these two strategic options to help you determine the most effective entry strategy for your business.

Path 1: Direct Establishment (The “Greenfield” Approach)

This is the traditional “build” strategy. You are the founder, registering a brand new legal entity in Vietnam from scratch. This method involves contributing capital from the very beginning to form a 100% foreign-owned enterprise or a new joint venture.

How it works:

You initiate the project by applying for an Investment Registration Certificate (IRC). This is the primary license proving your status as a foreign investor.
After receiving the IRC, you then apply for an Enterprise Registration Certificate (ERC) to formally create the company, just as a local founder would.

The Key Detail: Under Vietnam’s commitments to the WTO and various free trade agreements, foreign investors can hold between 1% and 100% of the company’s charter capital.

Editor’s Note: The 100% ownership rule is not universal. It is crucial to check if your specific business line is subject to foreign ownership limits. For example, sectors like advertising, logistics, and broadcasting have specific caps.

Best for: Investors who want full control over company culture, operations, and branding from day one, and who are not in a rush to market.
The Challenge: This path is more time-consuming and bureaucratic, as it requires you to navigate the full, two-step licensing process from the start.

Path 2: Acquisition (The “M&A” Approach)

This is the “buy” strategy, and it is often a significantly faster route to market. In this scenario, you acquire a stake in an existing Vietnamese company that already possesses its Enterprise Registration Certificate (ERC).

How it works:

You identify a local target company and negotiate the purchase of shares (in a joint-stock company) or capital contribution (in a limited-liability company).
Instead of starting with the lengthy IRC process, you apply for a “Notice of Approval for Capital Contribution” from the Department of Planning and Investment. This is generally a simpler, faster procedure.
Once the transaction is complete, the Vietnamese company is officially converted into a Foreign-Invested Enterprise (FIE).

The Key Detail: As with the direct approach, you can acquire from 1% to 100% of the company, subject to any sector-specific ownership limits.

Best for: Investors who prioritize speed-to-market. You gain an instant operational entity, an existing business license, and potentially a workforce, client list, and supply chain.
The Challenge: Due diligence is everything. You inherit the company’s entire history, including any hidden debts, tax liabilities, or labor disputes. Integration of a new business culture is also a significant post-acquisition hurdle.

Beyond the “Big Two”: What About BCCs?

While the “Build” and “Buy” methods are the most common ways to establish a company, the Law on Investment also provides for other forms of investment.

The most notable is the Business Cooperation Contract (BCC). A BCC is essentially a partnership agreement where investors cooperate to conduct business and share profits without creating a new legal entity. This structure is common in large-scale, specific-term projects, such as in telecommunications, resource exploration, or infrastructure development.

The Bottom Line: Your Strategic Choice

Choosing between “Build” and “Buy” is a strategic decision, not just a legal one.

Choose Direct Establishment (Build) if you value control, a clean slate, and a custom-built corporate culture, and you have the time to manage the licensing process.
Choose Acquisition (Buy) if you value speed, an existing license, and immediate market access, and you are confident in your due diligence and post-merger integration capabilities.

Would you like a deeper dive into the specific business sectors that are restricted or conditional for foreign investors in Vietnam? Contact Sophie Dao, (sophie@gbs.com.vn) Senior Partner at GBS – Global Business Services LLC – a professional investment business and legal services company in Vietnam if needed.

Vietnam’s Startup Boom Defies Global Headwinds — But Challenges Still Loom Large

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Nearly 150,000 new businesses registered in the first nine months of 2025, reflecting investor optimism and government reforms. Yet many startups still struggle to survive amid rising costs and limited capital access.

HANOI — October 27, 2025 (Vietnam Insider) — Vietnam’s entrepreneurial spirit continues to surge, with a remarkable 145,000 new enterprises established in the first nine months of 2025, up 18.9% year-on-year, even as the global economy grapples with uncertainty.

The total registered capital of these new firms exceeded VND 1.42 quadrillion (US$56 billion), while another 86,400 businesses resumed operations, marking a 41.3% rebound from the previous year.

“This wave of new business formation shows that confidence in Vietnam’s domestic market remains robust,” said Sophie Dao, Senior Partner at GBS – Global Business Services LLC, a leading investment consulting firm in Ho Chi Minh City. “What’s more important is that many of these entrepreneurs are building in high-value sectors — manufacturing, digital services, and green industries — signaling a maturing economy that’s looking beyond short-term gains.”

A Story of Growth — and Growing Pains

While the figures underscore Vietnam’s continued dynamism, they also reveal underlying vulnerabilities.

During the same nine-month period, 99,500 firms temporarily suspended operations, and 22,300 were dissolved, highlighting the sharp contrasts within the country’s competitive landscape.

Many small and newly established enterprises continue to struggle with limited access to credit, rising input costs, and lingering administrative hurdles — despite a series of government measures such as VAT reductions, deferred tax and land rent payments, and preferential credit packages.

“The government has made genuine efforts to ease the burden for SMEs,” Sophie Dao added. “But administrative complexity and informal costs remain persistent pain points. Simplifying regulatory processes and improving transparency would go a long way in helping startups move from survival to scale.”

Services and Manufacturing Lead the Charge

Among the new businesses, the service sector, manufacturing and processing, and wholesale and retail trade continue to dominate, aligning with Vietnam’s structural shift toward higher-value production and domestic consumption.

The average registered capital per enterprise reached VND 9.8 billion (US$386,000) — a modest 3.1% increase compared with 2024, showing cautious optimism amid cost pressures and tightening credit conditions.

The Road Ahead

As Vietnam strives toward its 2030 development vision, the private sector remains a vital engine for innovation and job creation. Experts note that sustaining the startup momentum will require not just financial incentives, but also stronger institutional support, digital infrastructure, and global partnerships.

“Vietnam’s business landscape is evolving rapidly,” Dao concluded. “To unlock its full potential, the next chapter must focus on resilience — helping companies not only start but thrive in a changing global economy.”

Vietnam has emerged as one of Southeast Asia’s most dynamic startup ecosystems, ranking among the top five in the region for new business creation. With ongoing reforms and a young, tech-savvy workforce, the country remains a magnet for both local entrepreneurs and international investors seeking growth in emerging markets.