Vietnam Economic News: 1.11 - 8.11.2025
Summary of Vietnam Economic News: 1.11 - 8.11.2025
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Summary of Vietnam Economic News: 1.11 - 8.11.2025 ---
VIETNAM'S REAL ESTATE DEVELOPER VINGROUP VENTURES INTO AVIATION, SPACE
Reuters News – 7 November 2025
Pham Nhat Vuong, the founder of Vingroup, Vietnam's biggest listed company with a capitalisation of $30 billion, has set up a new firm to produce planes and spacecraft, according to a document in the business registry. Vingroup focuses on real estate but has multiple subsidiaries, including Nasdaq-listed electric carmaker VinFast and recently established units to build a $70 billion high-speed railway and to produce the steel needed for civil works. The new company, named VinSpace Joint Stock Company, was established on Monday, with initial capital of 300 billion dong ($11.4 million), according to the registration document. VinSpace would "complement and support Vingroup’s existing business sectors while laying the foundation for future development initiatives,” according to Vingroup. Vuong holds 71% of Vinspace's shares, Vingroup has 19% and Vuong's two sons the remaining 10%, according to the document. Vinspace's business scope also includes air cargo transport, telecommunication satellite operations and scientific research, according to the document. Vuong, who built his first fortune in Ukraine in the 1990s selling instant noodles, is Vietnam's richest man, based on the value of publicly listed companies that he controls. Under the Vingroup umbrella he has launched dozens of successful enterprises, including in tourism, healthcare and education, but has also withdrawn from others, such as smartphone production and a plan to set up an airline. Trade-reliant Vietnam is encouraging domestic conglomerates to expand as it seeks new ways to support economic growth while it faces uncertainty from tariffs on its exports to the U.S., its largest foreign market.
VIETNAM EXPORTS TO US FALL IN OCTOBER FOR THIRD STRAIGHT MONTH
Reuters News – 6 November 2025
Vietnam's exports fell in October from a month earlier, with shipments to the U.S. dropping faster as the trade-reliant country adapts to American tariffs, according to official data released on Thursday. The nation is still in talks with Washington over a possible trade deal. In August, President Donald Trump imposed 20% tariffs on American imports of Vietnamese goods in a bid to reduce the U.S.'s sizeable trade deficit with Vietnam. The duties have slowed Vietnamese exports to the U.S., its largest foreign market, but the trade imbalance remains. For the first 10 months of the year, Vietnam has recorded a $111 billion trade surplus with the U.S. - pointing to another potential annual record - according to Vietnamese data, which is usually more conservative than U.S. trade figures. In October, Vietnam's overall exports fell 1.5% to $42.05 billion from September, while imports dropped 1% to $39.45 billion, the country's National Statistics Office said. Shipments to the U.S. fell on a monthly basis by roughly 2.2% to $13.4 billion, according to the report - a third consecutive monthly drop - accelerating from a 1.4% fall in September. Total exports in October were 17.5% higher than a year earlier, while imports rose 16.8% on an annual basis, the data showed, showcasing the country's resilience thanks to multiple trade agreements with partners across the world. Mobile phone makers were the biggest losers among sectors that are most dependent on exports to the U.S. Exports of phones to the U.S. from Vietnam fell 15.2% in October from September, extending a months-long negative trend - even though the industry is exempt from higher U.S. tariffs. Samsung Electronics is among the largest exporters of phones to the U.S. from Vietnam. Textile and garment exports to the U.S. fell 7% on the month while footwear shipments rose 15%, partly offsetting declining shipments in recent months. Vietnam is a major hub for Western apparel and footwear makers, including Nike and Adidas. Vietnam's industrial output in October rose 10.8% from a year earlier and was up 2.4% from September, but flows of foreign investment dropped by more than a quarter to $2.5 billion from a month earlier. However, investments that were newly agreed upon rose 24.2% to nearly $3 billion in October, in a sign of renewed interest from foreign multinationals, on which the country's growth is still very dependent. Retail sales in October rose 7.2% from a year earlier, the data showed, and consumer prices were up 3.25% from a year earlier.
MITSUBISHI POWER TO SUPPLY EQUIPMENT FOR VIETNAM FUEL CONVERSION PROJECT
Reuters News – 5 November 2025
Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, said on Wednesday that it would supply equipment to a power project in Vietnam that will convert an oil-fired plant to a natural gas-fired facility. The Japanese company will upgrade equipment at the O Mon 1 Thermal Power Plant in Can Tho, Southern Vietnam, as part of a fuel conversion project aimed at reducing emissions and allowing it to meet stricter environmental regulations in the future, Mitsubishi Power said in a statement. The plant has two units with a capacity of 330 megawatts each. Mitsubishi did not give the estimated project cost and completion time. The fuel conversion project is being conducted by Power Generation Corp 2, part of Vietnam Electricity Corp Group. Mitsubishi Power is also supplying two gas turbines for the neighbouring O Mon 4 Thermal Power project, which has a capacity of 1,155 MW and is scheduled for completion in 2028.
PENTAGON CHIEF SAYS US SEEKS DEEPER MILITARY TIES WITH VIETNAM
Reuters News – 2 November 2025
Washington wants deeper military cooperation with Vietnam, U.S. Defense Secretary Pete Hegseth said on Sunday during a visit to Hanoi, where he is set to meet leaders of the country. Speaking ahead of a meeting with Defence Minister Phan Van Giang, Hegseth said Washington's military ties with Vietnam have involved the delivery of three cutters to the Vietnamese coastguard and three T-6 trainer aircraft, from an order of 12. "The United States is committed to continuing these projects and more," Hegseth said, adding that the United States supported a strong and independent Vietnam. According to the U.S. Defense Secretary, deeper cooperation will benefit both of our countries.