According to HSBC’s ASEAN Perspectives 2026 report on January 26, although there are fears over tariffs while the frontloading of export demand is set to pull back, ASEAN’s trade engines will endure. In fact, despite all the noise over tariffs, the region’s exports outperformed in 2025, it said.

The finer details suggest that this outperformance will likely be sustained, with ASEAN seeing its global market share in exports jump from approximately 7.4 per cent in 2023 to approximately 9.4 per cent by 2025, putting a floor under how much any easing in demand will weigh on the region.

This increase was neither driven by any boom in exports to the usual destinations like the US, China, or even intra-ASEAN, but by a broad-based increase in exports to the rest of the world. With the region seen as a “tariff haven” and a supplier of hardware to the AI boom, ASEAN has what it takes to endure any trade challenges in 2026 and still attract the overseas funding it needs to keep on going.

Against the backdrop, thanks to their domestic strengths and supportive policies, Vietnam, Malaysia, and Singapore are emerging as leading engines of trade growth in the region. Apart from their tenacious – but prudent – fiscal policy, their gains in trade have translated into gains in wages and jobs.

In Vietnam, the spillover effects of trade are clearly evident in the employment and consumer markets. With higher wages, retail sales in Vietnam grew 9.6 per cent on-year until November 2025. Confidence in the economy also persists, with credit growth in late 2025 still on the rise.

The report also pointed out that Vietnam is among the economies with the most impressive fiscal strength in the region, along with Indonesia, Malaysia, and Singapore.

With the public debt-to-GDP ratios low, Vietnam is pumping the fiscal irons in 2026, accruing fiscal deficits that are above their pre-pandemic averages. Vietnam is set to boost its infrastructure spending as it undergoes an expansive reform agenda, with a fiscal deficit-to-GDP target that is slightly above the pre-pandemic levels of approximately 4.1 per cent.

HSBC forecasts that Vietnam is expected to grow in line or above potential in 2026, and will witness robust wage growth, strong credit. and retail sales.

Vietnam’s GDP forecast to grow by 9 per cent in 2026 Vietnam’s real GDP is forecast to grow by 9 per cent in 2026, underpinned by an ambitious government agenda aimed at positioning the year as a critical to the country’s development trajectory, according to a report by KIS Research.

Exports cement role as central pillar Vietnam’s export prospects for 2026 remain positive on the back of recovering major markets, with attention increasingly shifting to value-added content and economic self-reliance.

Vietnam forecasts rice exports of 7.73 million tonnes in 2026 Vietnam is expected to export around 7.73 million tonnes of rice in 2026, according to the Ministry of Agriculture and Environment (MAE).

The partnership builds on the regional agreement announced by Carlsberg Asia and Grab, translating a shared ambition for safer celebrations in Southeast Asia into meaningful local action.

Central to this collaboration is a clear purpose: every celebration should end with a safe journey home. By combining Carlsberg Vietnam’s diverse portfolio with Grab’s extensive mobility ecosystem, the two companies aim to make responsible enjoyment a convenient, accessible choice for consumers nationwide.

The partnership also reinforces Carlsberg Vietnam’s long-standing commitment to its Zero Accident Culture, placing safety first at the core of both its operations and its engagement with consumers, in line with the group’s vision.

Representatives of Carlsberg Vietnam and Grab Vietnam at the MoU signing ceremony, marking a strategic partnership to promote responsible drinking and safer mobility in Vietnam

Under the MoU, Carlsberg Vietnam and Grab are advancing a collaboration that integrates responsible enjoyment across multiple consumer moments, channels, and brands.

The partnership brings together Grab’s digital ecosystem, including mobility solutions, media capabilities, and mobility-related incentives such as ride vouchers, with Carlsberg Vietnam’s on-the-ground execution through participating outlets nationwide.

Together, the two companies are embedding responsible drinking messages directly into consumption occasions, reinforcing the connection between enjoying beer responsibly and choosing safe mobility.

By leveraging Grab’s media and technology platforms, responsible enjoyment is communicated at key moments throughout the consumer journey. In parallel, Carlsberg Vietnam works closely with its outlet partners to turn these messages into practical actions, making safe journeys home more accessible and intuitive for consumers.

“Carlsberg Vietnam has always been about more than brewing great beer; it’s about creating meaningful moments of connection,” said Andrew Khan, managing director of Carlsberg Vietnam. “By partnering with Grab, we are making responsible enjoyment easier and more accessible. Alongside great beer experiences, we want consumers to feel confident that getting home safely is already part of the journey.”

Safety is deeply embedded in Carlsberg Vietnam’s culture. Across its brewery, offices, and sales teams, employees receive continuous safety training and are encouraged to take personal ownership of their own wellbeing and that of others. This culture supports the Carlsberg Group’s Together Towards ZERO and Beyond ambition, particularly the goal of a zero-accident workplace.

Employees are empowered to share safety observations openly, reinforcing transparency and shared responsibility. Company-wide initiatives such as the annual Health & Safety Day, alongside milestones like 1.4 million safe working hours during the Phu Bai Brewery expansion, demonstrate how safety and operational excellence progress hand in hand.

Grab is equally committed to encouraging safe mobility across Vietnam. The platform is built with safety-by-design features such as the in-app Safety Centre, Share My Ride, emergency assistance options, trip monitoring, and number masking. These features are complemented by driver-partner onboarding and refresher training, helmet and seatbelt reminders, and public-awareness messages that reinforce a simple rule: when you drink, don’t drive.

“Safety is not just a rule at Carlsberg Vietnam; it’s part of who we are,” Khan added. “From our Phu Bai Brewery to our sales teams and offices, every employee is encouraged to take responsibility for their own safety and for those around them. This mindset has guided the way we work for years, and it’s the same spirit we want to share with the communities that enjoy our beers. Through our partnership with Grab, we’re extending that mindset into everyday life, helping ensure every celebration ends as safely as it begins.”

Managing director of Carlsberg Vietnam and country head of Grab Vietnam exchange the signed MoU to promote responsibility drinking and safer mobility in Vietnam

The partnership reflects Carlsberg Vietnam’s commitment to extending its safety mindset beyond the workplace, together with Grab Vietnam, into everyday consumer occasions.

Ma Tuan Trong, country head of Grab Vietnam, added, “As a platform that provides accessible and reliable services for millions of Vietnamese every day, Grab is proud to partner with Carlsberg Vietnam to advance responsible mobility. Together, we’re using technology to make safe travel choices easier and to remind everyone of a simple truth: when you drink, don’t drive.”

The Vietnam partnership builds on the broader Carlsberg Asia–Grab collaboration, which has been driving responsible enjoyment across Southeast Asia since its launch in late 2024. The regional initiative integrates Carlsberg’s premium beer experiences with Grab’s digital ecosystem, spanning mobility, food delivery, and dine-out services, embedding responsible drinking messages into everyday occasions.

(From left to right) Arindam Varanasi, vice president of Commercial Asia, Carlsberg; Ken Mandel, regional managing director and head of GrabAds and Enterprise Customers; Russell Close, Global eCommerce director, Carlsberg; Jerry Lim, group managing director and regional head of Commercial & Support, Grab Sales & Support

For more than three decades, Carlsberg Vietnam has grown alongside the people and communities of this country, bringing world-class brewing standards, meaningful local engagement, and a commitment to sustainability and responsibility.

Through this partnership with Grab, that commitment extends even further. What begins with a shared toast can now end with a safe journey home – a small but meaningful action that reflects Carlsberg Vietnam’s enduring purpose of brewing for a better today and tomorrow.

Carlsberg offers excellence in Vietnam The inauguration of Carlsberg’s expanded Phu Bai brewery represents commitment to build a world-class supply chain in one of Asia’s most dynamic markets. Joy Rice, vice president for Supply Chain of Carlsberg Asia, shared her insights with VIR’s Van Mai on how operational excellence and sustainability go hand-in-hand, and what’s next for the group’s ambitions.

Carlsberg Vietnam accelerates drive towards net-zero emissions As Vietnam advances towards its 2050 net-zero vision, businesses are expected to play a decisive role in enabling the country’s green transition. At the Green Economy Forum 2025, Carlsberg Vietnam shared how a long-standing foreign-invested enterprise is reshaping its operations and energy strategy to align with Vietnam’s sustainability goals.

Advancing the net-zero journey: Carlsberg Vietnam’s sustainability progress in 2025 As Vietnam accelerates its green transition and advances towards its national target of net-zero emissions by 2050, sustainability is increasingly shaping how businesses operate, grow, and create long-term value for society.

Plastics packaging production, serving a wide range of industries such as electronics, automobiles, construction, healthcare, textiles, and consumer goods, plays a critical role thanks to design flexibility and the ability to optimise costs.

Plastics enterprises require capital and financial partners with deep industry understanding to accompany them throughout their transformation

However, according to the Ministry of Industry and Trade, Vietnam’s localisation rate across supporting industries is currently only about 35 per cent, well below the target of 45-50 per cent set for 2030. Meanwhile, domestic demand and opportunities arising from global supply chain shifts are opening an enormous market gap.

Although some Vietnamese enterprises have mastered the production of complex components and high-tech plastic products, their number remains modest relative to market needs.

Technology constraints, heavy reliance on imported raw materials of up to 70 per cent, intense competition, and increasingly strict green standards are forcing plastics firms to accelerate their transformation more than ever.

“To participate in the global supply chain and provide components for foreign-invested enterprises in Vietnam, we must comprehensively upgrade, from technology application and production line modernisation to human resource development and smart financial management, all towards sustainable growth. At the initial stage, enterprises require significant upfront capital,” said Le Van Thanh, the chief accountant of a plastics component manufacturer supplying the healthcare sector from the southern province of Dong Nai.

Nguyen Van Hung, director of a plastics enterprise specialising in supplying components to FDI factories and exporting to the EU, noted that Vietnam has significant opportunities in the global supply chain, but capital pressure remains heavy. Imported raw material prices fluctuate with oil prices and exchange rates, while cash flow is often locked due to long payment cycles.

“On top of that, green standards from the US and EU require sizeable investment in new technologies and processes. What we need is not only capital, but a financial partner who understands the industry and can accompany us through this transformation.”

Financial leverage to enter the global playing field

With a deep understanding of the characteristics of the plastics industry, southern lender ACB has developed a full-cycle financial solutions ecosystem to help enterprises proactively manage resources, maintain uninterrupted production, and enhance their global integration capacity.

Regarding specialised solutions for plastics enterprises, a representative of ACB’s Corporate Banking Division stated, “We provide flexible working capital loans including unsecured facilities or options requiring as little as 30 per cent collateral. At the same time, we offer medium- and long-term financing to support investment in machinery upgrades and production expansion.

“For export-oriented enterprises, our trade finance solutions, such as expedited letter of credit issuance, pre-payment against export documents, contract guarantees, and payment guarantees, help ensure delivery schedules and enhance credibility.”

ACB delivers comprehensive solutions enabling plastics enterprises to step onto the global stage

ACB’s financial services ecosystem helps plastics enterprises optimise daily transactions.

For companies with frequent foreign-currency transactions, ACB offers FX rate lock-ins of up to 48 hours, reduced or waived international transfer fees, and fast processing via electronic documentation.

At the same time, enterprises can reduce financial pressure through exchange-rate and interest-rate hedging tools aligned with foreign exchange market movements.

For foreign-invested enterprises, ACB provides:

*Preferential credit packages with competitive interest rates, tailored to each development stage, from initial factory construction to medium-and-long-term expansion loans and working capital financing;

*Trade and export financing solutions, enabling firms to maximise tariff benefits from comprehensive new-generation free trade agreements like Comprehensive and Progressive Agreement for Trans-Pacific Partnership, EVFTA, and Regional Comprehensive Economic Partnership to expand markets and optimise capital costs;

*Multi-account liquidity management solutions to optimise global cash flows and foreign exchange risk prevention, well suited to cross-border supply chains, helping enterprises operate transparently, control import costs, and standardise financial processes.

Plastics manufacturing is also under considerable pressure regarding recycling obligations and green production standards.

In response, ACB has launched a green credit package of up to $200 million to support businesses in investing in energy-efficient machinery, recycling systems, and emission-reduction technologies, meeting environmental, social, and governance standards and the requirements of global partners.

By positioning itself as a bridge between incoming FDI and the upgrading of domestic suppliers, ACB aims to contribute meaningfully to Vietnam’s long-term economic growth.

For more information on financial solutions for plastics enterprises, please visit ACB branches and transaction offices nationally or contact the 24/7 centre on +84 28 38 247 247.

Plastic businesses report contradictory earning results While many plastic enterprises reported positive results in both revenue and profits in the fourth quarter of last year, there are still enterprises reporting a decline in profits, even suffering losses.

Binh Minh Plastics honored by Forbes Vietnam Binh Minh Plastics JSC (BM PLASCO), an SCG member in Vietnam, was named as one of the 50 Best Listed Firms in 2022 by Forbes Vietnam.

ACB targets 16 per cent credit growth in 2025 Asia Commercial Bank (ACB) successfully held its AGM 2025 on April 8, during which shareholders approved the bank’s business plan and other key matters for the year 2025 – a pivotal year in ACB’s 2025–2030 five-year development strategy.

These bright spots once again underscore the leading role of the state sector in promoting sustainable growth.

A notable example is State Capital Investment Corporation (SCIC), whose total revenue was estimated at $536.3 million, exceeding the annual plan by 12 per cent and rising 30 per cent compared to 2024.

Its net profit also surged strongly to around $448 million, equivalent to 128 per cent of the full-year target. In 2025, SCIC completed divestments from eight enterprises, generating proceeds of approximately $162.8 million.

Many state-owned businesses witnessed upbeat business outcomes in 2025

In terms of investment activities, SCIC disbursed about $414.9 million into key portfolios, including around $60 million in BIDV shares; using approximately $310.8 million to purchase additional shares issued by Vietnam Airlines; and spending about $40 million to raise charter capital at SCIC Investment Co., Ltd.

SCIC will continue to study opportunities to invest in equities and bonds of major banks such as Vietcombank, BIDV, and several other financial institutions.

In the finance-banking sector, state lender BIDV continued to affirm its position as the largest bank in Vietnam by assets, with total assets exceeding $130 billion by the end of 2025, up 20 per cent from 2024.

BIDV’s business performance recorded consolidated pre-tax profit of around $1.44 billion, up 12.5 per cent on-year, pushing return on equity (ROE) to 19.02 per cent, among the leading levels in the industry.

Capital mobilisation and outstanding credit balances also maintained positive growth, touching $96 billion and around $92 billion, respectively, while asset quality was tightly controlled with a non-performing loan ratio of 1.2 per cent.

Another bright spot was Vietnam National Chemical Group (Vinachem), with estimated industrial production value of approximately $2.46 billion, up 10.3 per cent on-year.

The group’s consolidated revenue approximated $2.57 billion, an increase of 8 per cent, while pre-tax profit was estimated at $154.4 million, soaring 73 per cent.

Profits at several Vinachem member units saw breakthrough growth, such as up 3.5 times at DAP – Vinachem JSC, up 2.6 times at DAP No.2 JSC, and up 2.5 times at Ninh Binh Phosphate Fertiliser JSC.

The parent company Vinachem cleared all accumulated losses, reaching this milestone six months ahead of the 2021-2025 plan.

Riding the same positive momentum, Vietnam Railways (VNR) reported consolidated revenue in 2025 of around $428 million, up 10 per cent from 2024. Its consolidated profit approximated $5.6 million, an increase of 5.3 per cent.

The parent company’s revenue alone amounted to $121.2 million, up 10.2 per cent. Entering 2026, VNR will focus on two strategic tasks: ensuring safe operations of its existing network and preparing resources to receive new railway lines, striving for double-digit growth and beyond.

The list of profitable state-owned businesses also included the strong recovery of Vietnam National Cement Corporation (Vicem), with pre-tax profit of around $11.5 million, officially returning to profitability.

Vietnam Rubber Group likewise recorded positive results, with estimated pre-tax profit of approximately $277.2 million, up nearly 24 per cent on-year.

Earlier, major players such as Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin), Vietnam Posts and Telecommunications Group (VNPT), and Vietnam National Textile and Garment Group (Vinatex) had also announced upbeat financial figures, further consolidating the strength of the state sector.

These achievements vividly demonstrate the spirit of Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on the development of the state economy, affirming a renewed vision: state-owned enterprises are not only a key force but also a macroeconomic regulatory instrument, playing a leading and pioneering role for other economic sectors.

State-owned enterprises are closely associated with the mission of taking the lead in building strategic infrastructure and ensuring energy and food security.

By promoting greater autonomy and clearly separating state management from corporate governance, state-owned enterprises are becoming strong economic groups, contributing to ushering the country into a new era of growth, building an independent and sustainably developing economy.

The 2023 tipping point for public investment It is anticipated that public investment will be further encouraged during 2023, signalling a significant advance for both the real estate sector and overall economic growth.

Greener investment streams to propel real estate sector A surge in green capital is widely expected to provide a boost to Vietnam’s real estate market. Nguyen Ly Thanh Luong, lead analyst for Credit Rating Agencies at Vietnam Investors Services, spoke with VIR’s Hoang Minh about the sector’s potential.

Outlook for Vietnam’s interest and exchange rates remains cautious Economist Le Xuan Nghia provides an in-depth look at the factors shaping Vietnam’s interest and exchange rate trends as 2025 draws to a close.

Together, the companies aim to develop industrial and physical AI solutions that will bring AI-driven innovation to every industry and industrial workflow, as well as accelerate each other’s operations.

CEOs of Siemens AG and NVIDIA

To support development, NVIDIA will provide AI infrastructure, simulation libraries, models, frameworks, and blueprints, while Siemens will commit hundreds of industrial AI experts and leading hardware and software.

“Together, we are building the industrial AI operating system, redefining how the physical world is designed, built, and run, to scale AI and create real-world impact,” said Roland Busch, president and CEO of Siemens AG.

“By combining NVIDIA’s leadership in accelerated computing and AI platforms with Siemens’ leading hardware, software, industrial AI, and data, we’re empowering customers to develop products faster with the most comprehensive digital twins, adapt production in real time, and accelerate technologies from chips to AI factories,” he said.

“Generative AI and accelerated computing have ignited a new industrial revolution, transforming digital twins from passive simulations into the active intelligence of the physical world,” said Jensen Huang, founder and CEO of NVIDIA. “Our partnership with Siemens fuses the world’s leading industrial software with NVIDIA’s full-stack AI platform to close the gap between ideas and reality,- empowering industries to simulate complex systems in software, then seamlessly automate and operate them in the physical world.”

Accordingly, Siemens and NVIDIA will work together to build AI-accelerated industrial solutions across the full lifecycle of products and production, enabling faster innovation, continuous optimisation, and more resilient, sustainable manufacturing.

The companies aim to build the world’s first fully AI-driven adaptive manufacturing sites globally, starting in 2026 with the Siemens Electronics Factory in Erlangen, Germany, as the first blueprint.

Using an “AI Brain”, powered by software-defined automation and industrial operations software, combined with NVIDIA Omniverse libraries and NVIDIA AI infrastructure, factories can continuously analyse their digital twins, test improvements virtually, and turn validated insights into operational changes on the shop floor.

This results in faster, more reliable decision-making from design to deployment, raising productivity while reducing commissioning time and risk.

The companies aim to scale these capabilities across key verticals and several customers are already evaluating some of the capabilities, including Foxconn, HD Hyundai, KION Group, and PepsiCo.

With the partnership expansion, Siemens will complete GPU acceleration across its entire simulation portfolio and expand support for NVIDIA CUDA-Xlibraries and AI physics models, enabling customers to run larger, more accurate simulations faster.

By applying industrial AI operating logic to semiconductors and AI factories, Siemens and NVIDIA will accelerate the engines of the AI revolution.

Starting with semiconductor design and building on NVIDIA’s extensive use of Siemens’ tools, Siemens will integrate NVIDIA CUDA-X libraries, PhysicsNeMo, and GPU acceleration across its EDA portfolio with a focus on verification, layout, and process optimisation, to target 2-10x speed-ups in key workflows.

Siemens and NVIDIA will also jointly develop a repeatable blueprint for NextGen AI factories, accelerating the industrial AI revolution and providing the high-performance foundation for their AI-accelerated industrial portfolios.

This blueprint will balance the next-generation high-density computing demands for power, cooling, and automation while ensuring technologies are well positioned for both speed and efficiency, and optimising the full lifecycle, from planning and design to deployment and operations.

The combined effort bridges NVIDIA’s AI platform roadmap, AI infrastructure expertise, partner ecosystem, and the accelerated power of NVIDIA Omniverse library-based simulation with Siemens’ strengths in power infrastructure, electrification, grid integration, automation, and digital twins.

Together, the companies aim to accelerate deployment, increase energy efficiency, and improve resilience for industrial-scale AI infrastructure worldwide.

Siemens and NVIDIA aim to accelerate each other’s operations and portfolios by implementing technologies on their own systems before scaling them across industries.

Along with this, NVIDIA will assess Siemens offerings to streamline and optimise its own operations and offerings, and Siemens will assess its own workloads and collaborate with NVIDIA to accelerate them and integrate AI into Siemens’ customer portfolio.

By accelerating one another and improving themselves, Siemens and NVIDIA are creating concrete proof points of value and scalability for customers.

Siemens and AIT unveil digital switchboard tailored for high-end clients Siemens Vietnam and AIT Corporation have launched the SIVACON S8, a next-generation digital main switchboard, in Ho Chi Minh City.

How smart infrastructure and digitalisation power the systemic transition As COP30 in Brazil underscored the urgency of climate action, Dr. Thai-Lai Pham, CEO of Siemens ASEAN and Vietnam, shares how smart infrastructure and digitalisation are driving systemic change. Drawing on insights from the Siemens Infrastructure Transition Monitor 2025, he highlights pathways to decarbonisation, resilience, and a sustainable future.

VinSpeed and Siemens strengthen cooperation for high-speed rail development VinSpeed ​​High-Speed ​​Railway Investment and Development JSC (a member of Vietnam’s leading conglomerate Vingroup) and Siemens Mobility signed a deal on December 17 in Hanoi, launching a broad cooperation for high-speed rail in Vietnam.