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.

Photo: Phong Nguyen

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:

  1. Accelerated Credit Growth: Strong demand for loans across the economy.
  2. Service Revenue Breakthroughs: Rapid expansion of non-interest income streams.
  3. 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.”

Photos by Thẹ Prabster (Prabu)
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.

Vietnamese Iced Coffee

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.”

Vietnamese Ethinic Women

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:

  1. Direct Establishment: Building a new company from the ground up (a “greenfield” investment).
  2. 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.

Tourists Flock to Flooded Hoi An as Ancient Town Turns Into a ‘Water World’

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Rising floodwaters have submerged nearly every street in Hoi An’s UNESCO-listed Old Town, but instead of keeping visitors away, the surreal “water city” scene is drawing even more tourists.

Streets become rivers — and tourists keep coming

By Monday evening (Oct. 27), floodwaters reached half a meter to two meters deep across main streets like Tran Phu, Nguyen Thai Hoc, and Bach Dang. Locals navigated by boat while visitors waded barefoot through knee-deep water to snap photos and enjoy what many called a “once-in-a-lifetime experience.”

“It’s amazing — the whole old town is underwater, yet people are calm and smiling,” said Armand, a visitor from Belgium. “It’s my first time seeing this, and it’s strangely beautiful.”

On Tran Phu Street — the only accessible route into the Old Quarter — shopkeepers stacked goods on high shelves while tourists laughed, splashing through floodwaters to reach the lantern-lit alleys.

Locals resilient as water rises

For residents, the floods are less of a spectacle and more a challenge.
“This is the biggest flood we’ve had this year,” said Nguyen Kiem, 72, a longtime resident of An Hoi. “Water rose over 1.5 meters in my home. We had to move everything — even our motorbikes — to higher ground.”

Shop owners worked through the night to protect merchandise from the rising waters. “I didn’t expect it to flood this quickly,” said Thanh Thuy, who runs a souvenir shop. “We just hope it doesn’t rise any higher.”

Authorities on alert

According to the Central Vietnam Hydrometeorological Center, flood levels on the Thu Bon River are expected to reach 3 meters within the next 6–12 hours — a full meter above the highest warning level.

Local authorities have stationed emergency teams at low-lying areas and are preparing evacuations if needed. Tourists staying in An Hoi have been advised to temporarily relocate to safer zones.

Despite the rising water, Hoi An’s quiet resilience — and the sight of its iconic yellow walls reflected in floodwater — continue to captivate visitors.

“It’s sad and beautiful at the same time,” said Ha Ngoc Anh, a tourist from Hanoi. “I’ll stay a few more days and wait for the water to recede — because Hoi An in the flood season is something you have to see to believe.”

“Day of Reckoning”: Man Faces Trial for Deadly Hanoi Café Arson That Killed 11

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A 52-year-old man who set fire to a crowded café in Hanoi, killing 11 people in one of Vietnam’s deadliest arson cases in recent memory, is set to face trial next month.

A revenge act that turned into a mass tragedy

Authorities said Cao Van Hung, from Dong Ngac Ward, Hanoi, became enraged after being slapped during an argument at the same café weeks earlier.

On the night of December 18, 2024, Hung returned to the café on Pham Van Dong Street, carrying a plastic can of gasoline worth about VND 150,000 (US$6).
After arguing with staff and demanding to confront the man who had previously hit him, Hung poured the gasoline over the entrance and set the café ablaze.

Fire victims are brought out

Within minutes, flames engulfed the two-story venue, trapping customers and employees inside. Eleven people were killed, including nine patrons and two café workers. The blaze also spread to an adjacent workshop, causing more than VND 2.6 billion (US$100,000) in damages.

Hung suffered burns to his legs as the fire spread to his shoes, but survived and turned himself in at the Ministry of Public Security headquarters shortly afterward.

A long criminal history

Court documents reveal that Hung had multiple prior convictions, including robbery in 1998 and theft in 2005.

He now faces charges of murder and property destruction, both of which carry the death penalty under Vietnamese law.

Trial and public reaction

The Hanoi People’s Court is expected to begin the trial on November 17, nearly a year after the tragedy that horrified the nation.

The case reignited public debate over urban violence, mental health, and Vietnam’s sentencing policies for violent offenders.

“This was not a spontaneous act — it was cold-blooded revenge that wiped out innocent lives,” one local commentator wrote on social media.

Chinese Boxing Champion to Divorce Wife After Violent Bus Attack in Australia Goes Viral

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A Chinese boxing champion announced his decision to divorce his wife after both were violently attacked by strangers on a bus in Australia — a shocking incident that left him with a concussion and his wife covered in bruises.

The incident, which took place in New South Wales, has gone viral across Chinese social media, sparking heated debates over gender roles, self-defense, and guilt in relationships.

Zhou Ruanqi, 25, from Henan province, is a professional boxer who won the WBA Asia Championship in 2023, becoming China’s first continental champion born after 2000. He and his wife had moved to Australia last year to rebuild his career after disputes with his management team in China.

In a video posted on October 14, Zhou and his wife were attacked by a woman and two men after a verbal confrontation on a bus. When Zhou’s wife protested against the group’s offensive remarks, they allegedly began assaulting her.

Zhou attempted to protect his wife but was struck in the head with a sharp object, causing a minor brain concussion, while his wife suffered multiple bruises and severe emotional distress.

Police later arrested two suspects, and under Australian law, assault causing bodily harm can carry up to five years in prison.

After being discharged from the hospital, Zhou faced online criticism for “failing to protect his wife.” Some netizens mocked the professional fighter for not retaliating during the attack.

In response, Zhou said his wife had stopped him from fighting back, fearing any violent reaction could damage his career. “If I can’t keep her safe, then what’s the point of success?” he said in a video posted on October 21, where he announced their upcoming divorce.

He described his wife as brave and selfless, recalling that she once intervened to stop three teenagers from causing trouble at a mall. “She gave up her life in China to support me. I’ve failed to protect her — I’m not worthy to be her husband,” he said.

The statement has since ignited mixed reactions online. Many called Zhou’s decision “too emotional,” urging him to “take responsibility and heal together” instead of breaking up.

Others sympathized with his guilt, saying the attack likely left lasting trauma for both.

As of now, Zhou’s wife has not commented publicly on the incident.

Teenage Boy Fatally Stabbed by Classmate in Hanoi After Heated Argument

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A 14-year-old ninth-grade student in Hanoi was fatally stabbed by a schoolmate following a brief argument and challenge to a fight, local police confirmed on Monday evening.

Authorities say the attack took place on October 25 in Noi Bai Commune, near Hanoi’s international airport, when an argument between two boys — both 14 — escalated into violence.

From Online Insults to Tragic Confrontation

According to the investigation, the victim, identified as V.M.K., had invited his friend L.M.K. to hang out earlier that afternoon. When the latter declined, the two exchanged heated words over the phone, with insults and a challenge to meet in person.

Later that evening, at around 8:10 p.m., the two met at the Tan Trai Village community hall, where the confrontation turned deadly. Police said the suspect, L.M.K., pulled out a knife and stabbed the victim in the chest.

The boy was rushed to the hospital but died shortly after due to severe injuries.

After the incident, the suspect reportedly hid the knife in his motorbike and returned home, where he was arrested two hours later by Hanoi police.

Police Reject ‘Love Triangle’ Rumors

Authorities moved quickly to dispel rumors circulating on social media suggesting the stabbing stemmed from a love-related dispute.

“This is false information,” Hanoi police said in a statement. “The incident resulted from a personal quarrel between the two boys, not a romantic conflict.”

Officials also urged the public to avoid spreading unverified details online, warning that sharing false information could lead to legal consequences.

Youth Violence Concerns in Vietnam

The case has sparked renewed discussion in Vietnam about youth aggression and online bullying, particularly in suburban and rural areas where supervision and counseling resources are limited.

In recent years, several cases involving school-age violence — often triggered by minor disagreements or social media insults — have shocked communities across the country.

Authorities are continuing to investigate the case while providing psychological support to the families and school involved.

Four Foreign Jobseekers Stab Vietnamese Taxi Driver After Fearing Human Trafficking Scam

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A late-night taxi ride near Vietnam’s northern border turned violent when four foreign nationals allegedly attacked their driver, fearing they were being trafficked.

Authorities in Lạng Sơn Province, which borders China, have detained four foreigners accused of stabbing a 40-year-old Vietnamese taxi driver in the neck on Sunday night.

The group, police say, had illegally crossed into Vietnam seeking work through an informal broker. But when the driver began taking them toward Hanoi, they panicked — believing they were being sold into human trafficking — and allegedly turned on him with a knife.

A Border Job Hunt Gone Wrong

The incident unfolded around 11:10 p.m. on October 26 along National Highway 1A, a major trade and transport corridor connecting the Chinese border to Hanoi.

A passing truck driver spotted the victims’ taxi swerving across lanes before its door flung open and passengers fled into the night. Inside, he found the driver bleeding heavily from a neck wound and rushed him to a nearby hospital.

Police later identified the victim as Nguyễn Văn Định, a driver from Bắc Ninh Province, now recovering at Viet Duc Hospital in Hanoi after emergency surgery. He is no longer in critical condition.

Authorities Probe Human Trafficking Fears

Investigators say the attack was not motivated by robbery, as initially suspected, but by fear and confusion. The four suspects told police they believed they were being tricked into a trafficking network after being promised jobs in Vietnam.

Police have not yet disclosed the suspects’ nationalities but confirmed that they entered Vietnam illegally through a border area near Lạng Sơn. The case remains under investigation.

Border Region Under Scrutiny

Northern Vietnam has seen a rise in illegal border crossings involving migrant jobseekers and trafficking victims from neighboring countries. Many are lured by online recruitment scams or false promises of factory jobs in industrial zones near Hanoi and Ho Chi Minh City.

Authorities have warned that such networks — often run by brokers operating along the Vietnam–China border — are becoming more sophisticated, exploiting language barriers and migrants’ desperation for work.

Context: The Broader Issue

Vietnam’s northern provinces, including Lạng Sơn and Cao Bằng, serve as crossroads for human trafficking and illegal migration routes. While Vietnam has toughened border security and cooperation with neighboring countries, incidents like this highlight ongoing challenges in managing irregular labor migration and cross-border crime.

United Airlines Launches New Daily Service Between Ho Chi Minh City and the United States

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United Airlines has launched its new year-round daily service between Ho Chi Minh City and the U.S., making United the only U.S. airline to offer flights to and from Ho Chi Minh City.

The new route offers customers seamless connections via Hong Kong to and from Los Angeles and San Francisco, where they can connect to up to 75 other destinations across the continental U.S. United will operate the new flight year-round, departing Ho Chi Minh City at 6.00 a.m. and arriving in Hong Kong at 9.35 a.m. From there, customers can conveniently connect to United’s San Francisco service at 10.35 a.m. or Los Angeles service at 11.25 a.m. All times local. United will operate the flights with a Boeing 787-9 Dreamliner aircraft offering 257 seats, including 48 all-aisle-access flatbed seats in United PolarisSM business class.

“United continues to expand in places our customers want to travel, and our new service to Ho Chi Minh City is a great example of that,” said Patrick Quayle, Senior Vice President – Network Planning and Alliances. “By enhancing connectivity between the U.S. and Ho Chi Minh City, with convenient connections through Hong Kong, we’re further solidifying United’s position as the leading U.S. carrier in the region and giving our local and international customers the opportunity to explore the city’s deep history.”

United’s flight was greeted with a water cannon salute upon arrival in Tan Son Nhat International Airport yesterday evening, and guests enjoyed a flute performance as they left the aircraft. Executives from United Airlines took part in a ribbon cutting to mark the first flight, with U.S. Ambassador to Vietnam Marc Knapper and U.S. Consul General in Ho Chi Minh City Melissa A. Brown participating in the event.

Soon after the Air Services Agreement between the U.S. and Vietnam was signed on December 4, 2003, United became the first U.S. airline to enter the Vietnamese market. United’s regular flights linking the United States and Vietnam marks a significant milestone in realizing the objectives of the Agreement. Civil Aviation Authority of Vietnam, Deputy Director General, Captain Ho Minh Tan, said: “I highly commend the United’s efforts to resume flights between the U.S. and Viet Nam. Together with the existing services operated by Vietnam Airlines, United’s operations will further enhance air connectivity between our two countries and better serve the growing expectations of passengers.”

The introduction of flights from Ho Chi Minh City marks yet another significant step in United’s ongoing expansion across the Pacific with the airline also launching a new service today between Bangkok, Thailand and Hong Kong, as well as a second daily flight between Manila and San Francisco which will offer travelers from both cities the option of a daytime or evening flight for greater convenience. By the end of 2025, United will offer flights from 32 different cities in the Pacific region – four times that of any other U.S. airline. Earlier this month, United reopened its United Club location in Hong Kong, offering customers nearly 6,000 sq.-ft. space, a self-serve bar, premium buffet and shower rooms.

United is the largest airline in the world, as measured by available seat miles, and flies to more international destinations than any other U.S. carrier. Across the globe, United will offer more than 850 daily flights to and from over 150 international destinations – including 41 that no other U.S. airline serves – next year.

Ho Chi Minh City (SGN) – Hong Kong (HKG)

All times are local and subject to change.

Onboard Products and Services

The service from Ho Chi Minh City to Hong Kong, connecting onwards to Los Angeles and San Francisco, will be operated with United’s Boeing 787-9 aircraft, featuring a total of 257 seats – 48 all-aisle-access flatbed seats in United PolarisSM business class, 21 United Premium PlusSM and 188 in economy, including 39 Economy PlusSM seats with added legroom and increased personal space.

The revolutionary design of the Dreamliner offers customers many features for increased comfort such as large windows, spacious overhead storage and modern LED lighting to simulate a full day, helping passengers adjust their internal clock on the long-haul flight. In addition, a lower cabin altitude, cleaner air and smoother ride help customers feel rested on arrival.

United Polaris business class is a premium travel experience that prioritises relaxation and comfort, featuring quality inflight dining, amenity products and services from Therabody and Saks Fifth Avenue and full flat-bed seats with all aisle access. 

United Premium Plus features a spacious seat with more legroom, elbow room and recline than a standard Economy Plus or economy seat, as well as an amenity kit, Saks Fifth Avenue blanket and plush pillow.

United Economy Plus offers added legroom and increased personal space. Located near the front of the economy cabin, the seats give the added benefit of a swifter exit from the plane on arrival. Economy Plus seating is available on all trans-Atlantic flights.

United economy offers complimentary food, soft drinks, juices, beer and wine, tea, coffee and inflight entertainment. On most aircraft, seats feature an adjustable headrest and a personal on-demand entertainment system.

Tragic Death at Hanoi’s Iconic Hoan Kiem Lake Raises Questions About Bystander Response

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Police launch investigation after a young woman drowns in one of Vietnam’s most visited landmarks

HANOI — Authorities in Vietnam’s capital are investigating the death of a young woman who drowned in Hoan Kiem Lake, the city’s most famous landmark, early on October 25, after wading into the water unclothed as onlookers reportedly watched in shock.

The Hoan Kiem Ward People’s Committee confirmed on Sunday that police have been directed to file an official report on the incident, which has drawn widespread attention both for its tragic nature and for the public’s reaction.

According to witnesses, the woman was first seen walking along the lakeside without clothing, before she entered the water and began moving farther from the shore. Despite the presence of several bystanders, no immediate rescue attempt was made until emergency responders arrived.

Firefighters and rescue teams were dispatched to the scene within minutes, performing first aid and rushing the woman to a nearby hospital. She was later pronounced dead.

Viral Footage Sparks Public Debate

Videos circulating on Vietnamese social media have fueled public outrage, showing crowds standing by and filming as the woman struggled in the lake. The footage has triggered a heated discussion online about bystander behavior, mental health awareness, and public responsibility during emergencies.

Local authorities have not yet confirmed the victim’s identity or the cause behind her actions. “The police are still verifying the circumstances and reviewing the footage to determine what happened before and during the incident,” an official from the Hoan Kiem Ward People’s Committee said.

A Sobering Moment at Hanoi’s Symbol of Peace

The tragedy occurred at Hoan Kiem Lake, a centuries-old site in the heart of Hanoi often referred to as the city’s “spiritual center.” Surrounded by ancient temples, walking paths, and bustling tourist cafés, it is one of Vietnam’s most photographed destinations — making the incident particularly unsettling for both residents and visitors.

While drowning incidents are rare at the lake, the case has reignited calls for improved mental health support and public intervention training in Vietnam, where social stigma and hesitation often prevent people from acting in crises.

Public Reaction

Across social networks, many Vietnamese expressed sorrow over the woman’s death and frustration at the lack of immediate assistance. “It’s heartbreaking to see people recording instead of helping,” one commenter wrote on Facebook.

As police continue their investigation, the incident has become a somber reminder that even in Vietnam’s most peaceful places, compassion and awareness remain crucial.

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