Vietnam Economic News: 6.9 – 13.9.2025
Summary of Vietnam Economic News: 6.9 - 13.9.2025
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Summary of Vietnam Economic News: 6.9 - 13.9.2025 ---
VIETNAM INVESTIGATES CYBERATTACK ON CREDITORS DATA
Reuters News – 12 September 2025
A large database in Vietnam containing data on creditors has been attacked by hackers, and the impact of the breach is still being assessed, according to the country's cybersecurity agency. The incident involves Vietnam's National Credit Information Center (CIC), a unit managed by the State Bank of Vietnam, which stores sensitive information such as general personal details, credit payments, risk analysis, and credit card data. "Initial investigation indicated signs of unauthorised access aimed at stealing personal data, with the extent of the breach still being assessed," Vietnam's cybersecurity agency said in a statement late on Thursday. It said it suspected the cyberattack had been orchestrated by the international hacker group Shiny Hunters, noting that the group was known for targeting global firms like Google, Microsoft, and Qantas. "The incident has not disrupted operations or caused any damage, and the credit information service system remains fully functional," the letter added. Vietnam's central bank did not respond to a request for comment. Investment bank JPMorgan said in a note to investors on Friday the incident could lead to higher costs for banks to improve cybersecurity and was a potential risk to deposit flows but maintained its recommendation to stay invested in Vietnamese banks "barring a widespread impact or further incidents". In a 2024 cybersecurity report, Vietnamese military-run telecommunication firm Viettel said data leakage in Vietnam had surged sharply, with 14.5 million leaked accounts accounting for 12% of the global total.
VIETNAM PLANS ONLINE GOLD EXCHANGE AS IT ALLOWS PRIVATE IMPORTS
Reuters News – 11 September 2025
Vietnam plans to open an online gold exchange and will allow companies to import gold for the first time in over a decade starting from next month, part of efforts to stabilise domestic prices, which are rising at a breakneck pace. The move, according to local economists, is aimed at balancing gold supply and demand and could also help mobilise private resources to spur economic growth. The State Bank of Vietnam, the country's central bank, is studying international experience to establish the exchange, state media cited a central bank official as saying on Thursday. The central bank will also alternatively consider trading gold on the Mercantile Exchange of Vietnam or in a planned international financial centre, deputy SBV governor Pham Quang Dung said. The country, one of the region's fastest-growing economies, is seeking to maintain macroeconomic stability, with prominent academics warning that rapid credit expansion could fuel asset price bubbles. The central bank is also trying to stabilise the domestic price of gold, a popular investment choice and considered a wealth preservation tool in Vietnam. Despite efforts last year to boost supplies via auctions and commercial banks, domestic prices have risen by 60% so far this year, and as of Thursday remained around 23% higher than the international market. A government decree will allow qualified companies to import gold starting from October 10. The central bank will issue gold import licences to the companies and set an annual quota. Hanoi-based economist Vo Tri Thanh said more imports could help cool domestic gold prices and narrow the gap with the global market, but it could also put pressure on the exchange rate. "You will have to spend U.S. dollars to import gold, and the more gold you import, the larger outflows of the greenback," Thanh said. The decree, issued August 26, will also end the central bank's monopoly in gold bullion production in a bid to diversify gold supplies and increase competitiveness and transparency in the market, the central bank said earlier this week. The central bank said it will also tighten controls over gold trading firms to prevent money laundering, speculation, smuggling and illegal trading. Police in Vietnam this week prosecuted a former chief executive officer of Saigon Jewellery, one of the central bank's production contractors for gold bullion, on charges of embezzlement and abuse of power. ($1 = 26,397 dong)
NATIONAL AUSTRALIA BANK CUTS 410 JOBS, TO HIRE IN INDIA AND VIETNAM
Reuters News – 10 September 2025
National Australia Bank is cutting 410 jobs in its technology and enterprise operations in Australia and creating 127 roles in India and Vietnam, a spokesperson said, confirming cuts first revealed by the country's financial services union. The NAB changes came one day after rival ANZ Group said it would cut 3,500 jobs over the next year as new chief executive Nuno Matos aims to cut duplication and simplify the bank's structure. NAB shares were trading 1.2% higher on Wednesday at A$43.29, while the broader S&P/ASX200 index was flat. "The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers," NAB said in a statement, adding some separate technology roles were being created in Australia. Finance Sector Union president Wendy Streets said it was disappointing two of Australia's largest banks had shed jobs in two days. "First ANZ, now NAB. One after the other, banks are swinging the axe," she said. "These cuts are destructive to the people who make the banks’ success possible."
VIETNAM EXPORTS TO U.S., IMPORTS FROM CHINA FALL IN AUGUST AFTER TARIFFS TAKE EFFECT
Reuters News – 9 September 2025
Vietnam's exports to the United States fell 2% in August from July to $13.94 billion, Vietnamese customs data showed on Tuesday, as a tariff of 20% on shipments to the United States took effect. Imports from China also fell 2% in August from July, the Customs Department said. The Trump administration has repeatedly accused Vietnam of being used as a transshipment hub for Chinese goods directed to the United States. For the first eight months of 2025, Vietnam's shipments to the United States rose 26.4% from a year earlier to $99.05 billion, the report showed, providing a breakdown of trade with individual countries after aggregate figures were released on the weekend. The United States, Vietnam's biggest market, imposed the 20% tariff from August 7, while transshipments from third countries through Vietnam face a levy of 40%. Compared with the same month last year, exports to the U.S. in August rose 18.33%, according to the report. The data showed Vietnam continues to heavily rely on imports of materials and equipment from China for its manufacturing industries. Over the first eight months of 2025, imports from China rose 27% from a year earlier to $117.93 billion, the report said. Oxford Economics on Monday warned that Vietnam's export growth was expected to continue easing due to the tariffs, while the World Bank cut its GDP growth forecast to 6.6% from 6.8%, saying the export-driven economy was expected to moderate over the rest of 2025. The government is aiming for GDP growth of 8.3%-8.5% this year. On Monday, Prime Minister Pham Minh Chinh described the target as "difficult", adding that "we must reach it, however difficult it is."