Why Australia’s Legendary Vietnamese Restaurant Red Lantern Closed After 23 Years

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(Vietnam Insider) – One of Australia’s most influential Vietnamese restaurants has announced its closure after 23 years of operation, leaving loyal diners with a deep sense of nostalgia.

A Pioneer of Modern Vietnamese Dining in Sydney

Opened in 2002 on Crown Street in Sydney’s Surry Hills, Red Lantern was co-founded by siblings Luke and Pauline Nguyen, together with chef Mark Jensen.

At a time when Vietnamese cuisine in Australia was largely associated with casual eateries in Cabramatta — plastic chairs and no-frills dining — Red Lantern broke new ground. It introduced Vietnamese flavors to a new audience with a focus on premium ingredients, fine presentation, and international-standard service.

“We wanted to bring Vietnamese food to a new demographic, one that expected world-class service and quality ingredients,” co-founder Pauline Nguyen once explained.

The restaurant’s success propelled Luke Nguyen into the international spotlight, with television series, cookbooks, and culinary ventures that made him one of the most recognizable Vietnamese chefs abroad. Pauline Nguyen carved out her own path as a bestselling author and motivational speaker, while Mark Jensen, trained in fine dining, adapted seamlessly to Vietnamese flavors, creating signature dishes such as caramelized pork, prawn rice paper rolls, and spun-sugar pork.

Challenges for Sydney’s Dining Scene

Despite its legacy, Red Lantern’s founders announced the decision to close following what chef Jensen described as a “brutal winter” for Sydney’s hospitality industry.

Diners had become fewer, operating costs had surged, and continuous rainy weather discouraged dining out. Compounding the challenge, consumer habits shifted toward new restaurant openings, leaving many long-established venues struggling.

“Even when we relocated to Riley Street in Darlinghurst in 2012, many people still thought we were in Surry Hills,” Jensen recalled, noting the ongoing challenges of brand recognition and location.

Over its two decades, Red Lantern overcame multiple hurdles — from the global financial crisis to intense industry competition. The founders constantly innovated, embracing sustainable sourcing, redesigning interiors, using social media creatively, and even experimenting with a barber shop during off-hours to attract new audiences.

Still, the pressures of rising rents, soaring food prices, and reduced consumer spending ultimately took their toll.

Red Lantern Restaurant

A Final Farewell

On August 17, the restaurant announced on its official Facebook page that it would close permanently on November 22, 2025. The farewell message described the decision as “bittersweet,” noting that while Red Lantern had become one of the most awarded Vietnamese restaurants globally, the time had come to end its journey.

The restaurant plans to host special events and guest chef collaborations for its final dinners, turning the closure into a celebratory farewell.

For many, the end of Red Lantern signals more than the loss of a beloved restaurant; it reflects the mounting pressures faced by Sydney’s dining scene as a whole.

Legacy and Next Chapter

The Sydney Morning Herald’s Good Food Guide once praised Red Lantern for keeping Vietnamese cuisine fresh and modern even after 23 years.

Looking ahead, the founders will pursue new paths: Luke Nguyen continues to run his restaurant at Sydney Fish Market and develop television projects, Mark Jensen is focusing on his tea brand, and Pauline Nguyen is expanding her career as an international speaker.

Regular diners, however, are already mourning the loss. “It’s heartbreaking to know Red Lantern is closing,” said longtime patron Christine Hammond. “Very few restaurants in Sydney last nearly 25 years at such a high standard. That in itself is a remarkable achievement.”

Red Lantern’s acclaim extended far beyond Sydney. It earned prestigious awards from the Restaurant and Catering Association (R&CA) and the Good Food Guide, while receiving glowing reviews on TripAdvisor from both locals and international visitors. Signature dishes such as salt-and-chili squid, caramelized pork, bánh xèo, and bánh mì became favorites for generations of diners.

As the final chapter closes, Red Lantern leaves behind not only a culinary legacy but also a cultural bridge, bringing the richness of Vietnamese flavors to the global stage.

Vietnam Plans Stricter Security Screening for Investment Projects

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(Vietnam Insider) – Foreign investors in Vietnam could soon face significantly tighter scrutiny, as the Ministry of Public Security has proposed a sweeping reform requiring police approval for a wide range of development projects.

According to a draft decree published on the ministry’s website, the reform aims to “ensure national security and the absolute leadership of the Communist Party” in economic development. The proposal, which remains open for inter-ministerial feedback until September 22, could be signed into law by the prime minister if no major revisions are requested.

Expanded Security Oversight

If enacted, the decree would give the police far-reaching authority to vet projects across critical sectors such as energy, telecommunications, ports, oilfields, and satellite services. The scope could even extend to less strategic areas—including industrial parks and golf resorts.

Currently, Vietnam conducts only limited security checks on new projects, with police primarily serving in a consultative role. The proposed reform would mark a dramatic shift by effectively granting the security ministry veto power over investment decisions.

“The decree signals that in socio-economic development, security must be guaranteed, and national interests cannot be traded for economic benefits,” the ministry stated.

Implications for Foreign Investors

Export-driven Vietnam is highly reliant on foreign investment, with global multinationals such as Samsung Electronics, Honda, and Intel maintaining major operations in the country. U.S. tech giants SpaceX and Amazon also plan to launch satellite communication services in Vietnam.

If approved, the new rules could heighten compliance costs, slow project approvals, and create additional layers of uncertainty for investors. A Vietnam-based legal consultant, speaking anonymously, warned that the reform could “effectively give the police the power to veto projects.”

Daewoo Engineering and Construction (Daewoo E&C) will invest US$388 million in a property development project in Star Lake City in Hanoi, Vietnam.
Political and Institutional Context

The proposal reflects the growing influence of Vietnam’s security apparatus in both governance and the economy. Party chief Tô Lâm, the country’s most powerful leader, previously headed the Ministry of Public Security. Meanwhile, the military maintains substantial commercial interests, including through its control of state-owned telecom giant Viettel.

The draft decree also highlights the ministry’s view of an increasingly complex global environment, characterized by strategic competition among major powers—a likely reference to U.S.–China rivalry.

Broader Reach Beyond Strategic Assets

Interestingly, the scope of the proposal goes beyond traditional national security assets. Vietnam’s fast-expanding golf industry—currently around 100 courses, with ambitious growth plans—would also require police approval. Notably, the Trump family business is partnering with a local developer on a large golf resort project near Hanoi.

The ministry also intends to establish a new system to supervise foreign aid projects, ensuring what it calls a “comprehensive appraisal of impacts on security, social order, and worker communities.”

Investor Takeaway

While the draft remains subject to revisions, the proposed changes underscore Vietnam’s balancing act: attracting foreign capital while reinforcing political and security controls. For investors, the reform could translate into longer approval timelines, higher compliance obligations, and the possibility of project-level interventions by security authorities.

A similar decree in 2019 emphasized defense considerations but was narrower in scope and granted the army less explicit authority. The new proposal would represent a significant step further, raising questions among corporate and diplomatic circles about its potential impact on Vietnam’s investment climate.

Fed Cuts Rates by 0.25% in First Policy Move of the Year

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(Vietnam Insider) – The U.S. Federal Reserve (Fed) has lowered interest rates for the first time this year, cutting its benchmark rate by 25 basis points to a range of 4.00%–4.25%. The decision, announced on September 17 after a two-day policy meeting, was largely in line with market expectations.

A Divided but Expected Decision

The move passed with near-unanimous support, though one governor, Stephen Miran, dissented, advocating for a deeper cut of 50 basis points. Analysts had already predicted a modest reduction, citing weakening economic momentum.

This marks the Fed’s first policy shift in 2025, following a pause after three consecutive cuts last year. Officials said they wanted to observe how inflation and employment trends evolved, particularly after President Donald Trump’s introduction of sweeping new import tariffs.

Fed’s Assessment: Slower Growth, Persistent Inflation

“The latest data suggest economic activity slowed in the first half of the year. Job growth has moderated, unemployment has edged up though remains low, while inflation has accelerated and remains elevated,” the Fed noted in its post-meeting statement.

The central bank signaled it expects to cut rates by an additional 50 basis points by year-end, followed by 25 basis points in both 2026 and 2027. Two more policy meetings remain this year, scheduled for October and December.

Officials revised their growth outlook upward, projecting U.S. GDP expansion of 1.6% in 2025 (versus 1.4% in June). They forecast unemployment to end the year at 4.5%, while the Fed’s preferred inflation gauge – the Personal Consumption Expenditures (PCE) index – is expected to reach 3% in 2025 before easing to 2.6% in 2026.

Market and Asset Reactions

Although the federal funds rate directly applies only to overnight lending between banks, the Fed’s move affects borrowing costs across the economy. Lower rates typically reduce borrowing costs for businesses and households, encouraging investment and consumption.

Markets reacted with initial enthusiasm but later reversed course. As of Tuesday evening, the Dow Jones Industrial Average rose 0.7%, while the S&P 500 slipped 0.3% and the Nasdaq Composite fell 0.6%. Spot gold briefly surged to a record $3,708 per ounce before retreating to $3,684.

An Unprecedented Meeting Under Political Pressure

Observers described this Fed meeting as one of the most unusual in recent history. It took place amid political turbulence and changes within the Board of Governors.

Just a day earlier, the Senate confirmed Stephen Miran – President Trump’s nominee – as a temporary Fed governor. On the same day, Governor Lisa Cook won a legal challenge at the U.S. Court of Appeals, which ruled that the President could not dismiss her over a contested mortgage-fraud allegation.

Despite these developments, markets had almost fully priced in a 25-basis-point cut ahead of the meeting, as signs of labor-market weakness grew and concerns mounted that tariffs’ inflationary impact may prove temporary.

Da Nang Police Rescue Two Chinese Nationals Held, Beaten Over Gambling Debts

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Da Nang – Police have rescued two Chinese nationals who were illegally detained, assaulted, and extorted after losing hundreds of thousands of yuan in gambling. Five suspects, including one Chinese citizen, have been taken into custody.

On September 17, the Da Nang City Police Department confirmed it had detained five individuals for investigation in connection with the unlawful detention of two foreign nationals.

The Case

According to police, on September 12, Chinese citizen Wang Daodong reported that his friend, Wang Xiaoci, had been forcibly taken away from a casino in Duy Nghia Commune, Da Nang, by a group of strangers after incurring large gambling debts.

Police quickly identified signs of illegal detention and launched an urgent investigation.

Through surveillance, officers tracked a suspicious Toyota vehicle (license plate 92A-092.39) and later, in coordination with local police, raided an apartment (SHC21, Hoi An Dor complex). There, they found and safely rescued Wang Xiaoci and another victim, Li Yaozong, who was also being held against his will.

Victims Beaten and Extorted

Initial investigations revealed that both men had borrowed large sums to gamble. After losing, they were forced to sign debt notes, assaulted, and ordered to call their families to transfer money.

  • Wang Xiaoci suffered a broken tooth after being beaten.

  • Li Yaozong was threatened with exorbitant interest rates of 20,000 yuan per day if debts were not repaid.

Suspects in Custody

Among the five suspects detained are Jiu Jun (46, Chinese national) and four Vietnamese citizens from Thanh Hoa and Quang Tri provinces.

Authorities are expanding the investigation to clarify the suspects’ roles and pursue further legal action.

Truck Driver Prosecuted After Fatal Crash at Tan Long Market in Quang Tri

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Quang Tri – Police have launched criminal proceedings and detained a truck driver who plowed into Tan Long Market (Lao Bao, Quang Tri), leaving three people dead and nine others injured.

On September 17, Quang Tri Provincial Police announced the prosecution and temporary detention of Tran Minh Hoang (52, resident of Hoc Mon, Ho Chi Minh City). He is accused of driving a cargo truck into the crowded Tan Long Market earlier the same morning.

Hoang will remain in custody for four months while the case is under investigation.

The Deadly Accident

At around 7:50 AM, Hoang was driving a truck (license plate 37C-587.63) owned by Thanh Cua Transport Co. Ltd. along National Highway 9, heading from Dong Ha to Lao Bao.

When descending a slope near Tan Long Market, the vehicle suddenly lost control, veered off course, and crashed directly into the market area. The impact killed three people on the spot and injured nine others, including three with critical injuries.

Locals and authorities rushed the victims to nearby hospitals for emergency treatment.

Authorities Respond

Following the accident, Phan Phong Phu, Vice Chairman of Quang Tri Province, along with the provincial Traffic Safety Committee, arrived at the scene to oversee rescue efforts, support victims’ families, and direct investigation procedures.

Authorities have also instructed local healthcare facilities to mobilize full resources—staff, equipment, and medicine—to treat the injured.

For the deceased victims identified as Laotian nationals, provincial police and border guard forces are coordinating with local authorities to complete necessary procedures and return the bodies to their families promptly.

Broader Safety Measures

Provincial leaders emphasized the urgent need to review and relocate temporary marketplaces near major roads to reduce risks of similar tragedies.

Vietnam Airlines Flight Makes Emergency Landing in Istanbul to Save Passenger

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Ho Chi Minh City – A Vietnam Airlines flight traveling from Frankfurt to Ho Chi Minh City was forced to make an emergency landing at Istanbul International Airport on September 17 to provide urgent medical care to a passenger.

According to Vietnam Airlines, the incident occurred about one hour after flight VN30 departed Frankfurt. A 57-year-old Vietnamese male passenger suddenly showed signs of a serious health problem.

The flight crew immediately issued a medical assistance call. Three doctors on board volunteered to provide first aid, but the passenger’s condition did not improve.

Faced with the emergency, the captain decided to divert the aircraft to Istanbul, where the plane landed safely. The passenger was quickly transferred to a local medical facility for treatment.

After completing necessary procedures, refueling, and coordinating with Turkish airport authorities, flight VN30 resumed its journey and arrived in Ho Chi Minh City at 5:32 PM local time—over three hours later than scheduled.

Previous Emergency Diversions

This is not the first time Vietnam Airlines has had to make an unscheduled landing due to medical emergencies.

  • On June 29, flight VN7569 from Hanoi to Cam Ranh diverted to Da Nang to save a passenger.

  • On May 5, flight VN35 from Hanoi to Frankfurt made an emergency landing at Erzurum Airport, Turkey, under similar circumstances.

Health Advisory for Passengers

Vietnam Airlines advises passengers to carefully monitor their health before traveling and consult doctors if necessary to ensure safe and smooth journeys.

Australia’s Award-Winning Vietnamese Restaurant Red Lantern to Close After 25 Years

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Sydney, Australia – Red Lantern, one of the world’s most celebrated Vietnamese restaurants, has announced it will close its doors after 25 years, marking the end of an iconic chapter in Sydney’s dining scene.

In a heartfelt post on its official Facebook page, the restaurant shared:

“With a swirl of emotions, today we announce that our beloved Red Lantern – the most awarded Vietnamese restaurant in the world and an icon of Sydney’s culinary landscape – will close on November 22, 2025. This marks the end of a remarkable journey of food, family, and storytelling.”

A Culinary Legacy in Sydney

Located in Darlinghurst, Sydney, Red Lantern was co-founded by acclaimed chef Luke Nguyen, his sister Pauline Nguyen, and business partner Mark Jensen. Known for its authentic yet innovative Vietnamese flavors, the restaurant quickly became a must-visit destination for both locals and international visitors.

Over the years, Red Lantern has earned countless accolades and a reputation for blending food, culture, and community. For many diners, it was more than just a place to eat – it was a cultural experience.

While announcing the closure, the founders emphasized that this is “not the end,” but rather a milestone to reflect on the restaurant’s extraordinary legacy and to look ahead to future projects.

Farewell Events and Special Experiences

To commemorate its farewell, Red Lantern will host a series of special dining events celebrating Vietnamese cuisine, storytelling through food, and the shared experiences that have defined its legacy.

The news has left longtime patrons emotional. Many took to social media to share their memories and gratitude:

  • Christine Hammond, a Sydney resident, wrote:
    “I was so sad to read this announcement and will definitely come back one last time! Very few restaurants in Sydney survive 25 years, let alone with such an incredible journey. That in itself is a huge achievement.”

  • Tracey Cullen added:
    “Wishing you all the best on your next journey. Thank you for the many warm meals shared with family and friends – experiences we will never forget.”

  • Denise Gorrel praised the restaurant’s legacy:
    “Dining at Red Lantern was always a wonderful experience. Thank you for giving us the opportunity to enjoy your amazing food. Wishing you success in all that comes next.”

A Bittersweet Goodbye

For decades, Red Lantern has been a shining example of Vietnamese cuisine abroad, inspiring a generation of chefs and elevating the global profile of Vietnamese food. Its closure marks the end of an era, but fans worldwide will be watching eagerly to see what Luke Nguyen and his team create next.

Restaurant Sparks Backlash for $320 Bowl of Noodles

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Hangzhou, Zhejiang, China – A small restaurant in Hangzhou has come under fire after charging more than 2,188 yuan (US$320 / VND 8.1 million) for a single bowl of noodles, sparking widespread criticism on Chinese social media.

According to a report by the South China Morning Post (SCMP) on September 13, the controversy erupted when a diner shared the restaurant’s updated menu online, accusing the owner of overcharging customers.

The $320 Noodle Bowl

The restaurant’s menu, updated in August, shows nearly all dishes priced above 2,000 yuan (VND 7.4 million). The signature noodle dish costs 2,188 yuan and includes ingredients such as 270 grams of eel, 400 grams of red shrimp, 210 grams of abalone, along with smaller portions of onion, egg, or salted roe.

Customers requesting extra toppings, such as tomatoes, are charged an additional 20 yuan (US$2.70 / VND 74,000).

Despite the high prices, the restaurant itself is described as cramped and modest. The owner, identified as Mr. Wu, defended the pricing, claiming it reflects “Michelin-level skills” and the “exceptional quality” of the dishes.

“Customers will enjoy flavors far superior to other restaurants,” Wu insisted, noting that more than 10 people had already ordered the noodles, with some even taking them to Shanghai via high-speed rail.

Mixed Reactions from Influencers and Diners

However, many of these customers were social media influencers (KOLs) who bought the dish to create content. Their reviews sharply contrasted Wu’s claims, with several saying the quality did not justify the sky-high cost.

Images of the restaurant’s price list quickly went viral, with netizens blasting it as “daylight robbery.” One user commented: “The prices are even higher than luxury restaurants in Shanghai.” Another urged authorities to step in.

A user also shared a photo of the same restaurant’s menu from 2022, when its most expensive dish was priced at less than 70 yuan (US$9.60 / VND 260,000) — a stark contrast to today’s rates.

Legal Perspective

Local media reported that Wu has been running the restaurant since 2021. Initially, he did not cook himself, but later took over kitchen duties after staff resigned. Wu emphasized that the noodles are only cooked fresh upon order and use seafood sourced daily from local markets.

Legal experts, however, clarified that the restaurant is not violating any laws, as long as prices are clearly displayed and dishes accurately described.

Still, the incident has fueled heated online debates over price transparency, dining value, and social media hype culture in China’s evolving food scene.

China Delivers Major Blow to the U.S.: Orders Total Ban on Nvidia Chip Purchases, Shutting Out the World’s Largest Semiconductor Player

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Vietnam Insider – In a decisive move to reduce reliance on U.S. technology and accelerate the growth of its domestic semiconductor industry, China’s Cyberspace Administration (CAC) has ordered major technology companies, including Alibaba and ByteDance, to halt all purchases and testing of Nvidia’s AI chips.

According to the Financial Times, several Chinese firms had planned to order tens of thousands of Nvidia’s RTX Pro 6000D chips—designed specifically for mainland China—and had already begun testing and product validation with Nvidia’s server partners. However, following CAC’s directive this week, companies were instructed to suspend all related activities.

The scope of the ban goes far beyond earlier restrictions, which had only targeted Nvidia’s H20 chip, another model designed for China as a workaround to U.S. export controls.

Beijing’s decision follows its assessment that domestic AI processors have now reached, or even surpassed, the performance levels of Nvidia chips still permitted for sale in China.

A senior executive at a leading Chinese tech group said:

“The message is now crystal clear. Previously, there was hope that if geopolitical tensions eased, Nvidia’s supply chain could resume. But that expectation is gone. All resources are now focused on building a self-sustained domestic chip ecosystem.”

The sweeping ban underscores Beijing’s escalating pressure on domestic firms to prioritize homegrown semiconductor products as part of its long-term strategy to compete with the U.S. in the global AI race.

Nvidia had already redesigned several product lines—including the H20 and RTX Pro 6000D—to comply with Washington’s export restrictions on advanced semiconductors introduced under President Joe Biden. The RTX Pro 6000D, unveiled during CEO Jensen Huang’s visit to Beijing in July, has now also been blocked from the Chinese market.

Chinese regulators recently convened domestic chipmakers such as Huawei and Cambricon, along with tech giants like Alibaba and Baidu, to evaluate the performance of locally developed AI processors against Nvidia’s China-specific chips. The conclusion: local chips are now at or above the performance threshold of Nvidia’s remaining exportable products. This milestone is viewed as strategically significant, giving Beijing more leverage to take tougher measures.

According to FT, Chinese semiconductor firms are aiming to triple AI chip production next year to meet surging domestic demand and hedge against Western technology restrictions.

“Senior leadership now believes domestic chip supply will be sufficient to meet demand without relying on Nvidia,” one industry source said.

Speaking in London, Nvidia CEO Jensen Huang expressed hope of discussing the company’s future operations in China during his upcoming meeting with U.S. President Donald Trump, who is on a state visit to the United Kingdom.

Before the ban, Nvidia’s RTX Pro 6000D chips were intended for use in areas such as industrial automation and large-scale AI model training. They were also the last major Nvidia product permitted for mass sales in China, one of the company’s most important markets.

How Far Could Vietnam’s Stock Market Soar if It Is Upgraded?

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Vietnam Insider – Market experts are placing high hopes on the upcoming reclassification of Vietnam’s stock market. A potential upgrade could trigger a strong return of foreign capital as concerns over exchange rates ease.

Foreign Capital Could Flow Back Strongly

The VN-Index has surged 25.9% in just three months since early June, reflecting investors’ optimism about Vietnam’s economic and corporate outlook. The focus is now on the FTSE Russell’s upcoming market reclassification review, scheduled for October 7.

Speaking at a September 17 event, Lê Thành Hưng, Chief Investment Officer at UOBAM Vietnam, expressed confidence that Vietnam’s stock market could achieve an upgrade in the upcoming review. He highlighted the government’s strong determination to meet the criteria.

If the upgrade occurs, foreign capital inflows are expected to accelerate, boosting market liquidity and improving fundraising capacity for listed companies. Such a milestone would also strengthen investor sentiment domestically, encouraging local money to remain the market’s main driver.

Vietnam’s regulators are simultaneously pushing forward reforms in trading and settlement systems, foreign ownership rules, and the legal framework. These steps are laying a more sustainable foundation for the market and preparing it for a future upgrade under MSCI standards.

Economic Backdrop Remains Supportive

Looking ahead to year-end, experts maintain a positive outlook based on solid economic growth, robust public investment, and continued monetary easing. Vietnam’s government is targeting 16% credit growth to help achieve GDP expansion of 8.3–8.5% this year.

Legal bottlenecks in the real estate sector are being gradually resolved, restoring market confidence. At the same time, U.S. tariff risks have eased, supporting Vietnam’s export competitiveness and stabilizing foreign direct investment inflows.

In a recent report, HSBC estimated that in an optimistic scenario, an FTSE upgrade could attract up to US$10.4 billion in foreign capital inflows. However, actual investments are likely to be smaller and phased in over time.

Hanoi Stock Exchange. Photo: Duong Ngoc Dung
What Should Retail Investors Do?

Despite the market’s strong rally, foreign investors have recently been net sellers. As of the end of August, they recorded net sales worth 74 trillion VND (approx. US$3 billion), with more than half of that in August alone. The main drivers were exchange-rate concerns and profit-taking.

However, Mr. Hưng expects exchange-rate pressure to ease toward year-end as the U.S. Federal Reserve begins cutting interest rates, weakening the U.S. dollar and supporting the Vietnamese đồng. If currency risks subside, foreign capital is likely to return strongly, given Vietnam’s medium- to long-term growth prospects.

For late-2025 investment strategies, Mr. Hưng recommended focusing on domestically oriented sectors that are less dependent on exports and benefit directly from the government’s expansionary fiscal and monetary policies. These include:

  • Banking – benefiting from higher credit growth targets.
  • Securities – gaining from a potential market upgrade and the licensing of digital asset exchanges.
  • Construction & building materials – supported by accelerated public investment disbursement.
  • Retail & consumer goods – fueled by stronger domestic demand and a recovery in international tourism.
  • Real estate – improving as legal bottlenecks are gradually removed.

Phan Dũng Khánh, Investment Advisory Director at Maybank Investment Bank, told Dân Trí that foreign net selling is temporary, largely due to profit-taking after the market hit new highs. With Vietnam’s open stance toward foreign capital, he expects net buying to return in the medium and long term.

Investment expert Dương Ngọc Dũng added that late August to early September saw a slowdown from profit-taking, with some investors adopting a “sell the news” mindset ahead of the September 2 holiday. However, as the October 7 FTSE announcement approaches, the upgrade story is becoming a stronger market catalyst.

He expects Vietnam to secure the FTSE upgrade, sparking a renewed rally led by financial, securities, and banking stocks. The upgrade, combined with robust macroeconomic fundamentals—economic growth, expanding credit, and rising corporate earnings—would mark a major turning point.

According to VPBankS, the reclassification would provide a new momentum going into the fourth quarter, just as companies begin releasing earnings results. Historically, stocks of firms with strong profit growth tend to rise 15–20 days before announcements, making now a critical time for investors to position their portfolios.

Why Malaysian Property Giants Are Ramping Up Land Acquisitions in Vietnam

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Malaysian real estate developers are stepping up efforts to expand their land banks in Vietnam, particularly in Ho Chi Minh City and surrounding provinces, as they broaden investment portfolios in one of Southeast Asia’s fastest-growing property markets.

SkyWorld Expands Footprint

Malaysia’s SkyWorld Development recently signed a deal to acquire a 9,400-square-meter land plot in Lai Thieu Ward, Ho Chi Minh City, for 136 million ringgit (over USD 32 million). The company plans to build a 40-story residential tower with more than 1,200 apartments, alongside retail and service facilities.

The site, located near supermarkets, international hospitals, and major industrial zones such as VSIP, Tan Cang, and Song Than, offers strong connectivity and infrastructure, making it attractive to potential residents. The land had previously been listed at VND 900 billion (excluding land-use fees), but earlier negotiations with other developers fell through due to the high asking price.

This marks SkyWorld’s second project in Vietnam. In September 2023, the developer purchased a 5,200-square-meter site in District 8 for a condominium project.

UOA Group Targets Prime Locations

Another Malaysian heavyweight, UOA Group, known for its commercial property developments, is also accelerating its Vietnam expansion. The firm recently spent USD 68 million (VND 1.7 trillion) to acquire a prime 2,000-square-meter site on Vo Thi Sau Street in Tan Dinh Ward, directly opposite Le Van Tam Park. The land is zoned for a 22-story Grade A office tower.

Founded in 1987 with a market capitalization of nearly USD 900 million, UOA already has a strong presence in Vietnam with projects including UOA Tower, Millennial Tower (District 7), The MarQ (District 1), and the Sycamore township in Binh Duong, in partnership with CapitaLand.

Gamuda Land Bets Big

Meanwhile, Gamuda Land, the property arm of Malaysia’s Gamuda Berhad, is doubling down on Vietnam. Chairman Chow Chee Wah said the company has invested over USD 5 billion and plans to inject several more billions in the coming years.

Its Vietnam portfolio includes large-scale developments such as Celadon City, Eaton Park, and Artisan Park (HCMC), Gamuda Gardens (Hanoi), and new land acquisitions in Hai Phong. The company is also exploring land in Dong Nai, Tay Ninh, and Hung Yen.

Gamuda has proposed participation in the long-delayed Binh Quoi–Thanh Da peninsula development, and is studying infrastructure projects such as the metro line linking HCMC to Long Thanh International Airport and various Transit-Oriented Development (TOD) projects.

Broader Malaysian Involvement

Other Malaysian firms, including Berjaya Land, S P Setia, and Ireka Corp, also maintain stakes in Vietnam’s property market. This push mirrors the broader trend of foreign developers racing to secure the remaining prime plots in the urban cores of Ho Chi Minh City, Hanoi, and other key regions.

Investment Climate

According to Vietnam’s Foreign Investment Agency, in the first six months of 2025, newly registered, adjusted, and contributed FDI capital reached USD 21.51 billion, up 32.6% year-on-year. Real estate attracted nearly USD 5.17 billion, making it one of the top sectors. Malaysia and Sweden posted standout increases, with Malaysia climbing 20 spots from the same period last year.

By the end of 2023, Malaysia’s total registered capital in Vietnam exceeded USD 13 billion, ranking it among the top 10 foreign investors. Malaysian firms primarily target real estate, manufacturing, and services.

Compared with other ASEAN peers like Thailand, the Philippines, or Indonesia, Malaysia has executed some of the largest property deals in Hanoi and Ho Chi Minh City, as well as industrial investments in Binh Duong and Dong Nai. While disbursement speed trails that of South Korean or Singaporean investors, Malaysia continues to contribute to Vietnam’s diversified FDI landscape.

Vietnam Stocks Slide as VN-Index Drops Nearly 10 Points on Heavy Selling

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Vietnam’s benchmark VN-Index ended lower on Tuesday after a volatile session, closing down nearly 10 points as strong selling pressure hit key sectors, particularly banking and securities.

Throughout the trading day, the index repeatedly swung between gains and losses within a narrow five-point range. Toward the close, selling pressure intensified, pushing the VN-Index down to 1,671 points, marking its second consecutive session of decline.

The broader market turned sharply negative, with more than 200 stocks falling—nearly double the number of advancers. Large-cap stocks showed a similar pattern, with 19 declining and only 10 gaining.

Key Sector Moves:
  • Banking: Heavyweights led the downturn. BID lost 2.5%, while VPB, CTG, VIB, MBB, and TCB fell between 1.7–2.2%. Only LPB and STB bucked the trend with modest gains.
  • Securities: The entire group was painted red. VIX plunged nearly 4%, VND lost 2.9%, and SSI reversed early gains to close 2.4% lower.
  • Fertilizers: Selling also pressured this group, with DPM down 2.2% and DCM slipping 0.9%.
  • Real Estate: Mixed performance. Mid-caps such as NVL, NLG, and KDH dropped 1.3–2.5%, while smaller-cap names like HQC, QCG, LDG, and SCR surged. The “Vingroup family” of stocks outperformed, helping cushion the index from steeper losses.
Market Liquidity & Foreign Flows:

Liquidity dropped sharply, with trading value down by about VND 9 trillion to VND 32.5 trillion. Steelmaker HPGtopped liquidity with over VND 3.68 trillion in matched orders—more than FPT and SSI combined.

After a session of net buying, foreign investors returned to selling, offloading over VND 3.22 trillion against disbursements of nearly VND 3.1 trillion. VPB was the main target, with around 3 million shares sold, followed by SSI, DXG, and VND.

Brokerage firms noted that while the VN-Index declined, the short-term outlook remains cautious rather than outright negative. Analysts expect the market to continue consolidating ahead of the U.S. Federal Reserve’s interest rate decision and the upcoming ETF portfolio rebalancing. A clearer trend is likely to emerge only if the index breaks above 1,690 points or falls below 1,650 points.

Police Rescue Two Chinese Nationals Kidnapped by Compatriots Over Gambling Debt

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Da Nang police have rescued two Chinese men who were allegedly kidnapped, assaulted, and detained by fellow Chinese nationals after failing to repay large gambling debts incurred at a central Vietnam casino.

On September 17, the Da Nang Criminal Police Department confirmed that officers had freed Wang Xiaoci and Li Yao Zong, both Chinese citizens, who were being held at an apartment in the Hoi An D’or complex, Hoi An City.

Authorities detained Jin Jun (46, Chinese national) along with four Vietnamese accomplices from Thanh Hoa and Quang Tri provinces. They are under investigation for unlawful detention.

The case began on September 12, when a Chinese man reported to police that his friend, Wang Xiaoci, had been forcibly taken away from Hoiana Casino in Quang Nam after losing heavily at gambling and falling into debt.

Police quickly identified a suspicious vehicle and traced it to the Hoi An D’or residence, where both victims were being held. Dozens of officers staged a raid, rescuing the men and apprehending the suspects.

Preliminary investigations revealed that the victims had borrowed hundreds of thousands of yuan to gamble. Unable to repay, they were coerced into signing debt acknowledgments, beaten, and forced to call their families to transfer money.

Mr. Wang reportedly lost a tooth from the assaults, while Mr. Li was threatened with punitive interest charges of 20,000 yuan per day if the debt was not settled on time.

The case remains under investigation.

Vietnam Plans Up to 30 Years of Tax Incentives for International Financial Center

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(Vietnam Insider) – Businesses and high-skilled professionals operating in Vietnam’s planned International Financial Center (IFC) could enjoy generous tax breaks of up to 30 years, according to a draft decree by the Ministry of Finance now open for public consultation.

Licensing Conditions for Securities Firms

The draft decree proposes that domestic securities companies must have a minimum charter capital and equity of VND 5,000 billion (~USD 190 million) to qualify for licenses to operate within the IFC. Foreign investors would need to meet the same capital threshold, equivalent to about USD 190 million.

In addition to capital requirements, both domestic and foreign firms must demonstrate at least two consecutive years of profitability, no accumulated losses, and a minimum charter capital of VND 800 billion (~USD 32 million) for newly established entities within the IFC. Each licensed unit must also employ a general director and at least 10 staff members holding securities practice licenses.

Permitted activities would include brokerage, investment advisory, proprietary trading, underwriting, and fund management. However, these firms would be restricted from providing financial services or products to clients outside the IFC’s administrative boundaries.

Corporate and Personal Tax Incentives

For priority sectors, corporate income tax (CIT) would be set at 10% for up to 30 years, with exemptions of up to 4 years and a 50% reduction for up to 9 subsequent years. For non-priority projects, CIT would be 15% for 15 years, with up to 2 years of exemptions and a 50% reduction for up to 4 years thereafter.

On the personal income tax (PIT) side, managers, experts, scientists, and high-skilled workers — both Vietnamese and foreign — employed at the IFC will be exempt from PIT on income from wages and salaries until the end of 2030. The exemption will be calculated continuously from the month the income arises, with any partial month counted as a full month.

In cases where an individual sells a wholly owned business involving capital transfer linked to real estate, PIT will be declared and paid under existing real estate transfer tax rules.

The draft clarifies that any corporate or personal income taxes not specifically covered by the decree will continue to follow Vietnam’s current tax laws and regulations.

VN-Index Stumbles Before 1,700-Point Mark

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(Vietnam Insider) – Vietnam’s stock market pulled back on September 16 after a strong run, with the VN-Index falling short of the symbolic 1,700-point milestone.

After five consecutive sessions of gains, the market opened the day in high spirits. Early buying momentum pushed the VN-Index up by more than 10 points in the morning, fueling investor optimism. But in the afternoon session, selling pressure mounted, reversing the trend. By the close, the VN-Index had slipped 4 points, or 0.24%, to 1,680.9 points. The VN30-Index dipped 1.36 points, while the HNX-Index rose 1.71 points and UPCoM-Index added 0.86 points.

The main drag came from the Vingroup family of stocks, particularly VIC and VHM, along with losses in HPG, MSN, VJC, BSR, and VCB. On the upside, gains in MBB, CTG, HVN, VNM, FPT, TCB, and SHB provided support, preventing a sharper market decline.

One standout was KLB (KienlongBank), which surged nearly 15% with unusually high trading volume after news it is preparing for a listing on the Ho Chi Minh City Stock Exchange (HoSE).

Market liquidity remained robust, with trading value exceeding VND 44.4 trillion (~USD 1.75 billion). The session saw 114 advancing stocks, including 13 hitting their daily ceiling, while 54 closed flat and 210 declined.

The pullback came just a day after Vietnam’s Finance Minister Nguyễn Văn Thắng, during a meeting with the London Stock Exchange (LSE) on September 15, reaffirmed the government’s commitment to upgrading Vietnam’s stock market. The government has recently approved a plan to raise the market’s status from frontier to secondary emerging market under FTSE Russell by 2025.

As of the end of August, Vietnam’s equity market capitalization stood at nearly USD 352 billion, equivalent to 79.5% of estimated 2024 GDP. Liquidity has also improved significantly, with some sessions exceeding USD 3 billion in turnover. Since the beginning of the year, the average daily trading value has surpassed USD 1.1 billion, ranking Vietnam among the most active markets in ASEAN.

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