One of Asia's fastest-growing frontier markets — a rising manufacturing and export hub led by banks, real estate and industrials.
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Why is Vietnam moving?
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Vietnam draws factory, data-center and rail investment; consumer exit drags
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LG Innotek expands its largest global plant in Vietnam LG Innotek's Hai Phong subsidiary marked 10 years, with about $4.1 billion revenue in 2025 and a new $1 billion semiconductor substrate factory. This deepens high-tech manufacturing, creates skilled jobs and supports Vietnam's exports and industrial upgrading.
Shows a major existing investor doubling down on Vietnam, a positive force for manufacturing and capital.
Data-center and clean-energy investment accelerates Vietnam's data-center market is seen growing 27.7% a year through 2031, with Foxconn and Brookfield planning up to 1GW of renewable energy and battery storage, and Viettel IDC teaming with KT on an AI data center. This boosts digital infrastructure and power demand.
Highlights a fast-growing new investment theme that pulls capital into Vietnam's digital and energy sectors.
Vingroup and Alstom to build 200 trains for Hanoi metro Vingroup and France's Alstom agreed to supply 200 train sets for Hanoi's metro, with 117 assembled in Vietnam. This supports local manufacturing, technology transfer and long-term urban rail demand, though delivery timing is unclear.
A concrete industrial deal that signals demand for transport infrastructure and local production.
Thai firms restructure Vietnam operations MALEE is selling its 65% stake in loss-making Long Quan Safe Food, while SCC progresses its Vietnam petrochemical project and maintains a 30 billion baht budget. This shows both exits from weak consumer bets and continued investment in chemicals.
Captures the mixed picture of foreign investment: some retreat from underperforming assets, others expand strategic projects.
Vietnamese banks raise nearly 7 billion dollars to support economic growth of almost 10%
Several of Vietnam's largest commercial banks have announced major fundraising plans worth nearly 7 billion US dollars to support economic growth that expanded by almost 10% in the third quarter of 2026 and to prepare for Basel III standards due to take effect by 2030. The fundraising is also being boosted by Vietnam's stock market being upgraded to emerging market status last month. Vietnamese authorities have begun easing regulations by allowing some domestic financial institutions to raise their foreign ownership cap to as much as 49%, up from the general ceiling of 30%, while limiting any single investor's stake to no more than 20%, and they are steadily expanding foreign borrowing limits. Large banks such as Vietcombank and BDV are pressing ahead with plans to sell billions of dollars in shares to attract global partners from Japan and South Korea. Fitch warned, however, that the massive sums raised may not immediately lift capital levels, because the cash obtained is often quickly channeled into new lending, suggesting these financial institutions may need to raise more capital in the near future.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) · Capital · Positive Vietcombank is pressing ahead with plans to sell billions of dollars in shares to attract global partners from Japan and South Korea.
Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) · Capital · Positive BIDV is pressing ahead with plans to sell billions of dollars in shares to attract global partners from Japan and South Korea.
Fitch Ratings · Regulation · Neutral Fitch warns the capital raised may not immediately lift capital levels as funds are quickly lent out, implying possible need for more capital.
Vietnam says trade talks with US nearly complete, deal close
The Vietnamese government said negotiations on a reciprocal trade agreement with the United States are almost entirely finished, after seven rounds of talks since April 2025. Vietnam's Ministry of Trade said in a statement on the evening of Wednesday, October 7, that the two sides had made progress on nearly all negotiating points and were now discussing only a few remaining technical issues. Vietnam will coordinate closely with US agencies, especially the Office of the United States Trade Representative, to wrap up the outstanding issues and pave the way for signing and implementing the agreement. Vietnam's General Statistics Office said Vietnam's trade surplus with the United States reached 122.62 billion US dollars in the first nine months of 2026, up 23.8% from the same period a year earlier. To Lam, Vietnam's leader, said last month that trade negotiations between Vietnam and the United States had made positive progress and that the two sides could sign an agreement soon.
SCC keeps investment budget at 30 billion baht after spending 11.064 billion baht in the first half
Siam Cement Public Company Limited, or SCC, has maintained its investment budget for this year at 30 billion baht, after capital expenditure of 11.064 billion baht in the first half of the year, mainly in the cement and building materials business group, such as cost reduction and operational efficiency projects, with another portion in the chemicals business, which has a project to increase ethane gas feedstock at the LSP plant in Vietnam. Mr. Thammasak Sethaudom, President and CEO, disclosed on an earnings call that in the first half of the year, SCC had sales revenue of 259.57 billion baht and a profit for the period of 17.758 billion baht, and excluding special items, which were mostly inventory valuation adjustments, profit for the period would be 12.649 billion baht. Adjusted Cash EBITDA this year is likely to be higher than last year and above the target of approximately 55 billion baht, after reaching about 42.913 billion baht in the first half. For the project to increase ethane gas feedstock at the LSP plant in Vietnam, construction of the gas storage tanks is now more than 60% complete, and once finished it is expected to help reduce costs by 200 to 300 million dollars per year. However, the company has now halted operations at the LSP plant because of insufficient feedstock and is accelerating the switch to ethane gas feedstock instead, to help reduce dependence on feedstock from the Strait of Hormuz and to obtain raw material costs cheaper than naphtha.
SCC.BK · Capital · Positive SCC maintains its 30 billion baht investment budget and reports H1 profit of 17.758 billion baht with Adjusted Cash EBITDA tracking above the 55 billion baht target.
SCC.BK · Supply · Positive The LSP plant's ethane feedstock project, over 60% complete, is expected to cut costs by $200-300 million per year and reduce dependence on Strait of Hormuz feedstock.
SCC Jumps 6% on PTTGC Joint Venture Plan and Vietnam LSP Progress
SCC shares rose 5.60% to 264.00 baht on October 7, 2026, buoyed by positive views on the SCG group's business restructuring and progress on a plan to establish a joint venture with PTTGC, as well as the Long Son Petrochemicals project, or LSP, in Vietnam. CLSA said the combination of large asset bases with PTTGC would create synergies on several fronts, including greater flexibility in raw material management, improved olefins production efficiency, and expansion into downstream businesses. It expects this to significantly boost cash flow back to the parent company by 2028. Meanwhile, the switch to ethane feedstock at the LSP project is nearly 70% complete and is likely to finish ahead of the original schedule. CLSA maintained its OUTPERFORM rating with a target price of 280 baht per share.
SCC.BK · Capital · Positive SCC shares jumped on the PTTGC joint-venture plan and restructuring, with CLSA maintaining OUTPERFORM and a 280 baht target.
PTTGC.BK · Capital · Positive CLSA sees the planned JV combining PTTGC's asset base with SCC creating synergies and boosting cash flow back to the parent by 2028.
Long Son Petrochemicals Co., Ltd. · Supply · Positive The LSP project's switch to ethane feedstock is nearly 70% complete and likely to finish ahead of schedule, improving raw material supply economics.
Vingroup and Alstom agree to supply 200 train sets for Hanoi metro
Vietnam's Vingroup and France's Alstom announced on the 6th that they have agreed to supply 200 train sets and transfer related technology for the expansion of Hanoi's urban rail network. Under the agreement, the first 83 train sets will be designed and manufactured by Alstom at its facilities in France, each consisting of five cars and capable of fully automated driverless operation. The remaining 117 train sets will be manufactured and assembled by Vingroup in Vietnam, with Alstom providing technical expertise, support for manufacturing equipment, and key components. The delivery timeline was not disclosed. Urban rail is one of the fastest-growing segments of Vietnam's railway market, with 12 lines planned in the major cities of Hanoi and Ho Chi Minh City, and Hanoi's urban rail network is slated to expand to 18 lines with a total length of 979 kilometers by 2045.
MALEE sells 65% investment in Long Quan Safe Food after continued losses
Malee Group Public Company Limited, or MALEE, owner of the Malee brand, has moved to divest its investment in Long Quan Safe Food Company Limited (LQSF), which produces and distributes beverages in Vietnam, in which it holds a 65% stake. LQSF is not a subsidiary that MALEE founded itself, but a company MALEE acquired for roughly 330 million baht in 2018 to strengthen its beverage production base for emerging markets in Southeast Asia. The reason for the divestment is LQSF's performance falling short of expectations, with net losses for several consecutive years. Since 2021, it posted a net loss of 15.49 million Vietnamese dong, in 2022 a net loss of 52.35 million Vietnamese dong, in 2023 a net loss of 19.24 million Vietnamese dong, in 2024 a net loss of 76.56 million Vietnamese dong, and in 2025 a net loss of 23.41 million Vietnamese dong. As of the end of 2025, accumulated losses stood at 99.98 million Vietnamese dong. This sale will require MALEE to record a large one-time loss in its third-quarter 2026 statements, but it will help relieve debt burden and the recognition of losses from having to consolidate LQSF's financial statements. In the first six months of 2026, MALEE had revenue from sales and services of 3.5942 billion baht, down 3.8% from 3.7367 billion baht in the same period a year earlier, and net profit of 37.2 million baht, down 75.5% from 152.0 million baht in the same period a year earlier.
MALEE.BK · Capital · Neutral MALEE divests its 65% stake in loss-making LQSF, taking a large one-time Q3 2026 loss but relieving debt and loss consolidation.
Long Quan Safe Food · Capital · Negative LQSF is being divested by MALEE after consecutive years of net losses and accumulated losses of 99.98 million dong.
Kraig Biocraft Ships First Commercial Spider Silk Yarn to Sports Brand
Kraig Biocraft Laboratories announced on September 29 that its first commercial order of recombinant spider silk yarn had shipped to a globally recognized performance sports brand, processed to the customer's specifications for a confidential pilot development program. The company's engineered silkworms, Bombyx mori, carry introduced spider-silk protein genes and spin the resulting composite fiber as they form cocoons. In its October 5 update, Kraig reported that all three of its production centers in Vietnam were running on staggered schedules, with the current cycle focused on parental breeding lines that supply hybrid eggs for subsequent silk production, and that silk production grew more than 30% through the rainy season. On September 24, 2026, the company announced that every planned Project Atlas transgene had been integrated into living commercial silkworm hosts, with the next stage establishing stable breeding lines and evaluating more than 200 potential genetic pairing configurations. Kraig's founder and CEO, Kim Thompson, said the company is no longer producing to demonstrate and confirm scale, and that production is now focused on addressing the commercial market opportunities for spider silk.
Vietnam FDI in first 9 months of 2026 surges 76.4% to over 50.36 billion dollars
Vietnam's National Statistics Office reported that Vietnam attracted a total of 50.36 billion US dollars in foreign direct investment, or FDI, in the first 9 months of 2026, up 76.4% year on year. During the period, 3,108 projects received new licenses, with total registered capital of 29.24 billion US dollars, 2.4 times higher than the same period last year. The manufacturing and processing sector accounted for the largest share of new registered capital at 13.38 billion US dollars, or 45.8%, followed by the transportation and warehousing sector at 5.14 billion US dollars. Singapore was the largest source of foreign investment in major newly registered projects, with 9.26 billion US dollars, followed by South Korea at 5.7 billion US dollars and Luxembourg at 4.99 billion US dollars. Disbursement of foreign direct investment reached 21.07 billion US dollars in the first 9 months, up 12.1% year on year, marking the highest actual disbursement level for a 9-month period in 5 years.
Vietnam Data Center Colocation Market Projected to Grow at 27.71% CAGR Through 2031
Vietnam's data center colocation market is projected to expand at a compound annual growth rate of 27.71% between 2025 and 2031, according to a new supply and demand analysis from ResearchAndMarkets.com. Growth is being driven by cloud migration, artificial intelligence adoption, digital transformation, hyperscale investment, and improved international connectivity. Recent developments include a November 2025 collaboration between Kinh Bac City Development Holding Corporation, Accelerated Infrastructure Capital, and VietinBank on an AI-focused data center campus at Tan Phu Trung Industrial Park with a planned capacity of 200 MW, and a June 2026 partnership between Foxconn and Brookfield to develop up to 1GW of renewable energy and battery storage capacity in Vietnam under a long-term Power Purchase Agreement. In May 2025, Viettel IDC partnered with KT on an AI-focused data center and GPU farm representing an investment of approximately $94.5 million. Retail colocation generated the largest share of total market revenue in 2025, but wholesale colocation is projected to contribute nearly 47% by 2031, driven by hyperscale deployments and larger leasing requirements. The cloud and IT sector led colocation demand in 2025 at approximately 20% of the market, with Vietnam targeting full cloud computing adoption across government agencies by 2031 and 70% adoption of domestic cloud services among businesses.
Accelerated Infrastructure Capital · Demand · Positive Collaboration with Kinh Bac City and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Kinh Bac City Development Holding Corporation · Demand · Positive Partnering with Accelerated Infrastructure Capital and VietinBank on a 200 MW AI-focused data center campus at Tan Phu Trung Industrial Park.
Viettel IDC · Demand · Positive Viettel IDC partnered with KT on an AI-focused data center and GPU farm worth about $94.5 million.
030200.KO · Demand · Positive KT partnered with Viettel IDC on an AI-focused data center and GPU farm worth about $94.5 million, a concrete deal.
601138.CG · Capital · Positive Foxconn Industrial Internet's parent-side Foxconn partnership with Brookfield covers up to 1GW of renewable energy and battery storage capacity in Vietnam.
BAM · Capital · Positive Brookfield partnered with Foxconn to develop up to 1GW of renewable energy and battery storage in Vietnam under a long-term PPA, a concrete investment.
Vietnam accepts 10% GDP growth target as inflation challenge hits 5.1%
Vietnamese officials have warned of growing challenges in pushing the economy to grow at 10% a year, even though the economy expanded by an average of 9% in the first nine months of 2026, alongside strong growth in exports and foreign investment commitments. Prime Minister Le Minh Hung said at a cabinet meeting on Saturday that driving the economy to double-digit growth creates significant pressure and poses major challenges. Vietnam's statistics office estimates that for the economy to grow by an average of 10% across all of 2026, the fourth quarter would need to expand by at least 12.5%, a level Vietnam has achieved only once, when the economy grew 13.7% in the third quarter of 2022, and since then growth has averaged around 7%. Meanwhile, Vietnam's inflation in the latest month rose to nearly 5.1%, making it harder to bring inflation back to the 4.5% target. Nguyen Thu Oanh, head of the price division at Vietnam's statistics office, said the impact on price levels may become clearer in the final months of the year and could continue into 2027. In the latest economic data, foreign investment commitments in the January to September period rose 76% from a year earlier, while disbursed foreign direct investment rose 12%. Exports in the latest month rose 39%, and domestic retail sales increased 14%.
LG Innotek Marks 10th Anniversary of Vietnam Subsidiary, Its Largest Global Production Hub
LG Innotek's production subsidiary in Hai Phong, Vietnam, has marked its 10th anniversary, having grown into the company's largest global manufacturing base. The subsidiary was established in September 2016, began mass production in 2017, and recorded approximately USD 4.1 billion in revenue in 2025, with cumulative investment of approximately USD 1.9 billion and cumulative revenue of approximately USD 25 billion over the decade. It now spans a total floor area of 242,600 square meters with 6,500 employees, 99 percent of them local, and local leaders hold 87 percent of key positions. LG Innotek is expanding the site beyond optical solutions into semiconductor substrates, having selected Hai Phong last June as a hub for that production and begun construction of a new factory with initial investment of approximately USD 1 billion, scheduled for completion in May 2027, targeting a package solutions business generating USD 740 million in operating profit by 2031. CEO Moon Hyuksoo said the company will strengthen its High Performance Portfolio with the Vietnam production subsidiary at the center and accelerate its transformation into a global solutions company.
011070.KO · Capital · Positive Vietnam subsidiary hit ~$4.1B revenue in 2025 and is expanding with a ~$1B semiconductor substrate factory targeting $740M operating profit by 2031.
Vietnam pushes VietQRGlobal to link six Asian markets, covering over 154,000 payment points
The State Bank of Vietnam, or SBV, has adjusted its cross-border payment strategy, aiming to connect the VietQRGlobal infrastructure to six major markets in Asia: Thailand, Laos, Cambodia, China, South Korea and Singapore. The shift moves from building infrastructure alone to scaling real-world usage to drive the tourism, retail and international trade sectors, according to a workshop report cited by the overseas trade promotion office in Ho Chi Minh City and vietnamnews.vn. The domestic base is strong: at the end of 2025, nearly 89 percent of Vietnamese people aged 15 and over held accounts with licensed financial institutions, and the total value of cashless payments surged to more than 28 times gross domestic product. In the first eight months of 2026, the number of cashless payment transactions grew a further 34.56 percent and value rose 13.26 percent compared with the same period a year earlier. QR Code transactions totalled 311 million, up 6.66 percent, with a combined value of more than 274.2 trillion Vietnamese dong, or about 10.6 billion US dollars, up 25.85 percent. On cross-border transactions, in the first eight months of 2026, travellers from Thailand, Laos and Cambodia paying in Vietnam rose eightfold in transaction count and sixfold in value, while Vietnamese users in those three countries increased transaction counts fivefold and value fourfold. In the Chinese market, Vietnam linked VietQRGlobal through NAPAS with UnionPay International in December 2025, Alipay in April 2026 and Weixin Pay in August 2026, so that just four months after the expansion, transactions by Chinese tourists scanning to pay in Vietnam jumped threefold in number and fourfold in value. On security, the SIMO system, launched on 26 August 2026, issued more than 5.1 million risk warnings, prompting customers to suspend or cancel nearly 1.7 million suspicious transactions and preventing more than 5.7 trillion Vietnamese dong in losses. Vietnam's push to build a payment network covering more than 154,000 acceptance points and to bring tourists from Asia, who make up 74.2 to 78.6 percent of all foreign visitors to Vietnam, more easily into the digital spending system could let tourism and retail spending in Vietnam outpace the rest, unless Thai operators move quickly to adapt.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Technology
National Payment Corporation of Vietnam · Demand · Positive NAPAS is the entity linking VietQRGlobal to UnionPay, Alipay and Weixin Pay, driving cross-border QR transaction growth.
UnionPay International Co., Ltd. · Demand · Positive VietQRGlobal links with UnionPay International in China, expanding UnionPay's cross-border QR acceptance and transaction volume.
Vietnam's Nghi Son refinery runs at 125% to meet domestic fuel demand
Vietnam's Nghi Son oil refinery is running at 125% of its designed capacity through the end of November after securing sufficient crude supplies, with most of the crude purchased from Kuwait. Le Nguyen Quoc Vinh, the refinery's manager, told Reuters that the Nghi Son refinery in Thanh Hoa province has a normal refining capacity of 200,000 barrels per day and had faced supply disruptions in March and April due to the impact of the Iran war. The refinery has since diversified its sources of feedstock, with about 75% of new crude cargoes purchased from Kuwait. Vinh said the refinery has been operating at 125% since July to meet domestic fuel demand, and that it was originally designed to process only Kuwaiti crude but has now been upgraded to handle as many as 10 types of crude. It previously tested West Texas crude from the United States but found it too light and stopped importing it. On jet fuel, Vinh confirmed that NSRP, together with Petrovietnam Refining and Petrochemical Corporation, can produce and supply enough jet fuel to fully meet domestic demand, so the suspension of refined product exports by Chinese refineries in October will not affect Vietnam's aviation sector.
Nghi Son Refinery and Petrochemical LLC · Supply · Positive Nghi Son refinery secured sufficient crude (mostly Kuwaiti) and is running at 125% capacity to meet domestic fuel demand.
Petrovietnam Refining and Petrochemical Corp · Demand · Positive NSRP together with Petrovietnam Refining can fully meet domestic jet fuel demand, insulating Vietnam's aviation sector from Chinese export suspensions.
Pandora invests 150 million dollars to build factory in Vietnam, its first production base outside Thailand
Pandora, the Danish jewellery giant, has opened a new manufacturing plant in Ho Chi Minh City, Vietnam, worth 150 million dollars, or about 4.8 billion baht. It is the company's first production base outside Thailand, which has long been its main manufacturing hub. The plant is expected to increase the company's overall production capacity by about 50%. It can produce up to 60 million pieces of jewellery a year and will employ around 7,000 people once fully operational. Berta de Pablos-Barbier, president and chief executive of Pandora, told CNBC that Asia remains a region with very strong potential, after sales in the region grew 10% in the second quarter. Its business in Japan has nearly doubled in size in just three years and is still growing at a high double-digit rate. The Chinese market, where sales had fallen for three consecutive years, is starting to show signs of recovery, and the company expects to return to growth there this year. Pandora is also pressing ahead with expanding its lab-grown diamond business, after finding that consumers are interested in alternative diamonds that are more affordable than mined diamonds. Lab-grown diamond production can cut carbon emissions by about 90% compared with mined diamonds, and the new factory in Vietnam also uses renewable energy, as well as recycled silver and gold, in line with the company's sustainability approach.
0NQC.LSE · Supply · Positive Pandora opens a $150M Vietnam factory, its first production base outside Thailand, boosting overall production capacity by about 50%.
0NQC.LSE · Demand · Positive Asia sales grew 10% in Q2, Japan nearly doubled in three years, and China is expected to return to growth this year.
Sanyou Union plans first convertible bond issuance of 660 million yuan, with 100 million yuan earmarked for Vietnam base
Sanyou Union announced plans to issue convertible corporate bonds to the public for the first time, raising total proceeds of no more than 660 million yuan. Each bond has a par value of 100 yuan, a term of six years, and pays interest once a year, with existing A-share shareholders entitled to priority subscription. The proceeds will be used for four projects: expansion and industrialization of signal relays, expansion of relays for photovoltaic energy storage and computing power, construction of a Vietnam production base, and expansion of magnetic latching relays, as well as 160 million yuan to supplement working capital. Among these, the Vietnam production base project has a total investment of nearly 231 million yuan, with 100 million yuan of the raised funds planned for it. On the same day, the company also announced plans to increase investment in its wholly owned overseas subsidiary Sanyou Electric Vietnam Company Limited using its own funds, self-raised funds, and proceeds from the convertible bonds, raising the investment amount from 80 million yuan to no more than 320 million yuan or the equivalent in foreign currency.
300932.CS · Capital · Positive Sanyou Union plans its first convertible bond issuance of up to 660 million yuan, funding relay expansion projects and working capital.
300932.CS · Supply · Positive 100 million yuan of proceeds earmarked for a Vietnam production base, with total project investment of nearly 231 million yuan, expanding capacity.
三友电器（越南）有限公司 · Capital · Positive Sanyou plans to raise investment in its wholly owned Vietnam subsidiary from 80 million yuan to no more than 320 million yuan.
SUPER first-half profit jumps 246.64%, pushes into Vietnam wind farms with 129 MW
Super Energy Corporation, or SUPER, reported first-half net profit of 859.73 million baht, up 246.64% from the same period a year earlier, on total revenue of 3.94 billion baht. The company is preparing to recognise revenue from two wind power projects in Vietnam, Soc Trang and Bac Lieu, with a combined power purchase agreement capacity of 129 megawatts, which are set to begin commercial operation, or COD, during the remainder of 2026 and will lift SUPER's total capacity to 1,532.86 megawatts from 1,430.88 megawatts at present. As for roughly 3.5 billion baht in receivables owed by Vietnam Electricity, or EVN, the company has already set aside 550 million baht in provisions for the impact and expects payment soon. Meanwhile, financial costs fell 14.38%, bringing the debt-to-equity ratio, or D/E, down to 1.94 times, while EBITDA before foreign exchange effects and one-off items from the sale of investments stood at 3.051 billion baht, or an EBITDA margin of about 80%. The company is continuing to seek new investment opportunities in solar, wind and waste-to-energy power plants, and is watching the 2026 Power Development Plan, or PDP, which, if it opens the door to more renewable capacity, would see the company ready to join bids to build a new long-term growth engine.
SUPER.BK · Capital · Positive SUPER reported first-half net profit up 246.64% to 859.73 million baht on revenue of 3.94 billion baht.
SUPER.BK · Demand · Positive Two Vietnam wind projects (Soc Trang and Bac Lieu, 129 MW PPA capacity) will begin commercial operation in 2026, lifting total capacity to 1,532.86 MW.
CRC teams up with NAPAS and VietinBank to launch Thailand-Vietnam cross-border payment system via VietQR Global
Central Retail Corporation, or CRC, has signed a memorandum of cooperation with the National Payment Corporation of Vietnam, or NAPAS, and Vietnam Joint Stock Commercial Bank for Industry and Trade, or VietinBank, to promote cross-border payments between Thailand and Vietnam through the VietQR Global service. Sukunya Uewattanasakul, Senior Executive Vice President of Finance at CRC, said that international payments via QR Payment, both inbound and outbound, totalled more than 5.935 billion baht in 2025, up 129% compared with 2024, and reached 1.014 billion baht in January 2026. Under this cooperation, CRC will use its network of more than 3,000 branches covering 63 provinces across Thailand to promote the service to Vietnamese tourists, who can scan and pay directly through supported mobile banking apps or e-wallets. Thai tourists, in turn, can use mobile banking from Thai banks to scan and pay at stores within the Central Retail Vietnam network. Nguyen Hoang Long, Deputy Chief Executive Officer of NAPAS, said the partnership will expand the VietQR Global network to cover all consumer spending, especially in Thailand, a popular destination for Vietnamese travellers. Tran Cong Quynh Lan, Deputy Chief Executive Officer of VietinBank, said the bank will help design spending-stimulus activities and drive cashless transactions to become part of everyday life for consumers in both countries.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
CRC.BK · Demand · Positive CRC partners with NAPAS and VietinBank to launch VietQR Global cross-border payments, expanding payment adoption across its 3,000+ Thai branches and Central Retail Vietnam stores.
National Payment Corporation of Vietnam · Demand · Positive NAPAS expands its VietQR Global network to cover consumer spending in Thailand through the CRC and VietinBank cooperation.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) · Demand · Positive VietinBank joins the cooperation to drive cashless cross-border transactions and spending-stimulus activities between Vietnam and Thailand.
PSGC reports first half of 2026: NT delivers 1.41 million tonnes of coal, driving total revenue to 7,292.5 million baht
PSGC Corporation Public Company Limited, or PSGC, disclosed that Nam Tien Limited Liability Company (NT) delivered 1.41 million tonnes of coal in the first half of 2026, exceeding its plan, generating revenue of 5,975.1 million baht, or 81.9% of the group's total revenue of 7,292.5 million baht. Of the revenue from NT, 5,722.3 million baht came from coal sales, and 252.8 million baht from mining services and coal processing services, while the construction business generated revenue of 1,043.6 million baht. David Van Dau, Chief Executive Officer of PSGC, said the coal business between Laos and Vietnam operates under a 10-year government-to-government cooperation framework signed in 2025, with its main customers being two major state-owned energy enterprises of Vietnam, placing the business on a structural bilateral relationship rather than one-off purchase orders. As for the existing construction contracting business, the XPPL Expansion Phase 1 project is more than 98% complete, while the new community construction project worth 5,000 million baht and basic infrastructure works in Laos are 55% complete, and the remaining approximately 45%, worth about 2,400 million baht, is expected to be gradually recognized through the end of 2028. PSGC is also developing a pumped-storage hydropower project, or PSH, which is expected to take about 5 to 7 years to develop, and was recently selected for the ESG Emerging List for 2026 by the Thaipat Institute.
Energy Transition & Power Demand › Hydropower & Pumped Storage ▲Technology
PSGC.BK · Capital · Positive Group total revenue reached 7,292.5 million baht with construction backlog of about 2,400 million baht expected to be recognized through 2028.
PSGC.BK · Demand · Positive NT delivered 1.41 million tonnes of coal, exceeding plan, with revenue from coal sales and mining services to two major Vietnamese state-owned energy enterprises.
VinFast Names Founder's Son Pham Nhat Quan Anh as Global CEO
VinFast Auto Ltd. founder Pham Nhat Vuong has named his 33-year-old son, Pham Nhat Quan Anh, as global chief executive of the Vietnamese electric vehicle maker, while a second son, Pham Nhat Minh Hoang, was named global CEO of affiliated ride-hailing firm GSM. Quan Anh, who previously served as VinFast's global chairman and CEO of VinFast Vietnam, becomes the company's fifth chief executive as it pursues aggressive international expansion and a shift toward an asset-light structure. That restructuring transferred roughly $530 million of manufacturing assets and about $6.9 billion of debt to a buyer group, a move some analysts and shareholders have questioned over its complexity and the involvement of investors tied to Vuong and Vingroup. The leadership handover comes as VinFast's first-quarter net loss widened 58.9% year over year to about $1.12 billion on revenue of roughly $921 million, up 41.7%, with a negative 73.6% gross margin. The company delivered 70,085 EVs globally in the second quarter, up 96% year over year, and 115,916 vehicles in Vietnam in the first half, up 72%, though it recently halted plans to manufacture the VF 3, VF 6, and VF 7 locally in India despite a prior $2 billion commitment to develop the country as a regional manufacturing hub.
VFS · Capital · Neutral Founder's son named global CEO amid widening Q1 net loss of $1.12B and negative 73.6% gross margin
Green and Smart Mobility JSC (GSM) · Capital · Neutral Pham Nhat Minh Hoang named global CEO of affiliated ride-hailing firm GSM
Vingroup JSC · Capital · Neutral Asset-light restructuring shifted ~$530M manufacturing assets and ~$6.9B debt to a buyer group with investors tied to Vuong and Vingroup
Sumitomo Mitsui Banking Corp. is in advanced talks to raise its stake in Vietnam's VPBank to about 20%, according to Reuters. The Japanese lender, the banking arm of Sumitomo Mitsui Financial Group, currently holds 15% of VPBank after paying $1.5 billion for that stake in 2023. The two sides aim to close the deal this year but remain divided over valuation, with VPBank seeking a substantial premium to its share price, and SMBC reluctant to match the roughly 40% premium it paid in 2023. SMBC has considered buying the additional shares in the open market rather than through a private placement; at current prices a 5% stake would be worth about $425 million. VPBank is separately discussing a share sale to foreign investors that could raise $700 million to $900 million.
Masan High-Tech Materials Partners with Elmet in Tungsten Deal
Masan High-Tech Materials announced a strategic partnership with U.S.-based The Elmet Group, including a 4.99% equity investment in MSR at an implied US$2.5B valuation. The partnership includes 8+ years of committed tungsten volumes, with MSR supplying ~1,250 tonnes of WO₃-equivalent annually. The agreements are expected to generate ~US$1.5B in aggregate gross revenue for MSR over the initial term at prevailing tungsten prices. Masan Group will remain MSR's controlling shareholder with ~87.46% ownership following the transaction. The partnership aims to strengthen MSR's access to U.S. strategic-materials and advanced-manufacturing supply chains, including semiconductors, aerospace and energy.
Masan High-Tech Materials Corporation · Capital · Positive Elmet makes a 4.99% equity investment in MSR at an implied US$2.5B valuation.
Masan High-Tech Materials Corporation · Demand · Positive MSR secures 8+ years of committed tungsten supply agreements expected to generate ~US$1.5B in aggregate gross revenue.
ELMT · Demand · Positive Elmet partners with MSR for 8+ years of committed tungsten volumes, securing its strategic-materials supply for semiconductors, aerospace and energy.
ADB raises Vietnam's 2026 GDP growth forecast to 7.8% from 7.2%
The Asian Development Bank, or ADB, has raised its forecast for Vietnam's economic growth to 7.8% in 2026 and 7.6% in 2027, reflecting stronger domestic demand, accelerating investment, and robustly expanding manufacturing. The 2026 forecast was revised up from 7.2% in July, and the 2027 forecast from 7%, according to the ADB's Asian Development Outlook report published on Wednesday, September 23. Shantanu Chakraborty, the ADB's country director for Vietnam, said Vietnam's strong performance in the first half of the year demonstrated the economy's resilience and potential, and stressed that Vietnam must manage the macroeconomy carefully to control inflation, protect financial stability, and accelerate structural reforms. Vietnam's state news agency reported, citing the General Statistics Office, that Vietnam's GDP grew 8.18% year on year in the first half of 2026, while the National Assembly has set a double-digit growth target for the full year.
Tesla Registers Tesla Motors Vietnam Entity Ahead of Potential Market Entry
Tesla has registered a local entity, Tesla Motors Vietnam, this month, according to business registration records, typically the first move before a company begins selling cars in a new country. The company would enter a market that became Southeast Asia's largest EV market in 2025, with sales more than doubling and EVs making up almost 40% of new car sales, according to International Energy Agency data. VinFast, backed by Vietnamese billionaire Pham Nhat Vuong's Vingroup, controls 92% of the domestic EV market per HSC research, and its charging network of more than 150,000 ports is restricted to VinFast vehicles only, according to ASEAN analyst Supparoek Sawangwong. EV sales in Vietnam jumped 89% year over year in Q2 2026, according to Counterpoint Research, while Vietnam's economy grew 8% in 2025 with GDP per capita reaching $5,066, per World Bank data. Analysts expect Tesla to start with its Model 3 sedan and Model Y SUV, targeting wealthier, tech-focused buyers, with the Shanghai factory potentially supplying the region, though most analysts agree long-term success would require more competitive pricing or a cheaper model; no timeline has been announced for an actual launch and Tesla did not respond to requests for comment.
Electrification & Mobility › China NEV Leaders Competition
TSLA · Demand · Positive Tesla registered Tesla Motors Vietnam, a first step toward selling cars in Southeast Asia's largest and fast-growing EV market.
VFS · Competition · Negative Tesla's potential entry threatens VinFast's 92% share of Vietnam's EV market, though VinFast's exclusive 150,000-port charging network is a barrier.
Vingroup JSC · Competition · Negative Vingroup's EV unit VinFast faces a competitive threat from Tesla's planned Vietnam market entry.
FTSE Upgrades Vietnamese Stocks to Emerging Market, Expected Inflows of 6 Billion Dollars
FTSE Russell officially announced the upgrade of the Vietnamese stock market from Frontier Market to Secondary Emerging Market on September 21, 2026, after Vietnam continued to push forward with capital market reforms, including easing pre-funding restrictions and improving market access for foreign institutional investors. This upgrade brings Vietnamese stocks into FTSE Russell's global indices such as the FTSE Emerging and FTSE All-World. FTSE Russell will gradually increase the weight of Vietnamese stocks in the indices through 2027, with 10% in September 2026, 20% in March 2027, and 35% in June 2027 and September 2027 respectively. Reuters estimates that the upgrade of Vietnam's market status could attract as much as approximately 6 billion US dollars into the market. Meanwhile, during September 14-18, 2026, foreign investors returned as net buyers of Vietnamese stocks to the tune of about 104 million US dollars, even though the overall picture since the start of the year remains net selling. The next goal is an upgrade to the MSCI Emerging Market index, for which Vietnam still needs further reforms, particularly regarding restrictions on the Foreign Ownership Limit and Free Float. Tisco Securities sees entry into the FTSE Emerging Market as the beginning of structural fund flows, and in the short term index funds investing in Vietnamese stocks are likely to benefit directly, especially the stocks that FTSE Russell preliminarily announced would be added to the FTSE Emerging Index, namely VCB, VIC, VHM, BID and VPB. Among the funds recommended by Tisco Securities is the Principal Vietnam Equity Accumulation Fund, PRINCIPAL VNEI-A.
Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) · Demand · Positive VCB named among stocks FTSE Russell preliminarily announced would be added to the FTSE Emerging Index, driving index-fund buying
VPBank · Demand · Positive VPB named among stocks FTSE Russell preliminarily announced would be added to the FTSE Emerging Index, driving index-fund buying
TISCO.BK · Demand · Positive Tisco Securities expects structural fund flows and recommends Vietnam equity funds, boosting demand for its brokerage/asset-management services
Vietnam says trade talks with US making progress, agreement expected soon
The Vietnamese government said on September 22 that trade negotiations between Vietnam and the United States have gone well and made substantial progress, and that the two sides could reach and sign an agreement in the near future. A statement said the positive stance came after a meeting between Vietnamese President To Lam and US Trade Representative Jamieson Greer in New York, during the Vietnamese leader's trip to attend the United Nations General Assembly. In the talks, the Vietnamese leader called on the United States to take a comprehensive and well-rounded approach to resolving outstanding trade issues, including matters related to the Section 301 investigation under the US Trade Act of 1974, and affirmed that Vietnam has taken many measures to increase imports of US goods in order to narrow Vietnam's trade surplus. Greer said the two sides' negotiating teams had worked with full effort and achieved concrete progress, bringing the talks close to a final conclusion. Vietnam's economy relies mainly on the export sector, and the United States is Vietnam's number one export market.
FTSE Russell Officially Upgrades Vietnam Stocks to Secondary Emerging Market
Vietnam's stock market has been upgraded from Frontier Market to Secondary Emerging Market status by FTSE Russell, effective officially today, September 21, after years of reforming its criteria until it passed the reclassification. The move is expected to draw billions of dollars into the market. FTSE Russell, a leading global financial data provider and index compiler, said the reclassification will help attract investors and give Vietnamese companies greater access to capital, while supporting the government's goal of pushing economic growth to its 10% target. The Vietnamese government itself is also easing investment restrictions, leaving market players watching to see whether MSCI will follow suit and reclassify Vietnam's stock market. Vietnam's stock market had been placed on FTSE's Watchlist awaiting a possible upgrade since 2018. Last Friday, September 18, Vanguard, an asset management company, said it plans to invest about 2.5 billion dollars in Vietnam next year through funds tracking FTSE indexes. Duncan Burns, head of investment management and global equities for Asia-Pacific at Vanguard Australia, said at a conference organised by SSI, a Vietnamese securities firm, that Vanguard plans to hold assets in Vietnam for many decades to come, as long as Vietnam's stock market remains in the FTSE indexes. He said the removal of the requirement for investors to pre-fund purchases, known as non-prefunding, along with the adoption of a global broker model and the rollout of the KRX system, a new trading platform developed jointly with the South Korean stock exchange, were all factors that allowed Vietnam to meet the final criteria. FTSE also disclosed a list of 27 Vietnamese listed companies eligible for inclusion in the FTSE Global Equity Index Series and related indexes, mostly banks and securities firms. Among them are the property developers Vingroup and Novaland. FTSE will phase in Vietnam's reclassification gradually, starting to increase the weighting of the stocks this month, followed by March, June, and a final phase in September 2027.
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VinFast-Backed GSM Plans US and Europe Push Ahead of 2028 Hong Kong IPO
Green and Smart Mobility, the Vietnamese electric taxi operator linked to VinFast Auto Ltd. and billionaire founder Pham Nhat Vuong, plans to put cars on the road in the US, Sweden and the Netherlands by year-end and expand into more European markets in 2027, Reuters reported on September 3, 2026. The buildout is meant to happen ahead of GSM's planned 2028 initial public offering in Hong Kong, for which advisers have suggested a roughly $20 billion valuation. The news comes the same week Reuters reported VinFast suspended plans to assemble some electric vehicles in India and faces a US lawsuit over delays at a subsidized plant. GSM buys every vehicle it operates directly from VinFast, often at a discount, giving the automaker a captive sales channel as it expands abroad. VinFast's global EV deliveries reached 70,085 vehicles in the second quarter, up 96% year over year, while first-half deliveries rose 78% to 128,662 vehicles.
Green and Smart Mobility JSC (GSM) · Capital · Positive GSM plans a 2028 Hong Kong IPO with advisers suggesting a roughly $20 billion valuation while expanding into the US and Europe
VFS · Demand · Positive GSM buys every vehicle it operates directly from VinFast, giving the automaker a captive sales channel as GSM expands into the US and Europe
VFS · Regulation · Negative VinFast faces a US lawsuit over delays at a subsidized plant and suspended plans to assemble EVs in India
Vietnamese and US companies to announce 29 agreements during Lam's visit to the United States
A series of agreements between US and Vietnamese companies in sectors including energy, technology, aviation and finance are expected to be announced next week to coincide with the New York visit of Vietnam's top leader, Communist Party General Secretary and State President To Lam. The plans were revealed by officials and documents obtained by Reuters. An internal planning document lists 29 agreements that could be announced at a business conference in New York on the 23rd, which Lam will also attend. The contents of the document are subject to change, and it does not set out the specific details of the planned agreements. US energy companies Murphy Oil and Chevron are expected to announce agreements with Vietnamese state oil and gas company PetroVietnam, while ExxonMobil is expected to announce an agreement with PetroVietnam Refinery and Petrochemical, Vietnam's second-largest refinery. Vietjet, Vietnam's largest private airline, is expected to announce it will lease up to 22 aircraft from four leasing companies, comprising 17 Boeing 737s and five Airbus A321neos. SpaceX is also set to announce an agreement to provide its Starlink satellite internet service to 120 Vietjet aircraft. The planning document also includes an agreement between US-based Meta and Vietnam's Ministry of Culture, and one between US semiconductor giant Qualcomm and Vietnamese telecom company VNPT. Visa, Mastercard and Citibank are also expected to announce agreements with partners in Vietnam's domestic financial and hospitality services sectors.
PetroVietnam · Demand · Positive PetroVietnam is expected to sign agreements with US energy firms Murphy Oil and Chevron.
VietJet Aviation Joint Stock Company · Demand · Positive Vietjet is expected to lease up to 22 aircraft (17 Boeing 737s, 5 Airbus A321neos) and equip 120 jets with Starlink.
MUR · Demand · Positive Murphy Oil is expected to announce an agreement with Vietnam's PetroVietnam, a concrete new business deal.
QCOM · Demand · Positive Qualcomm is expected to announce an agreement with Vietnamese telecom company VNPT.
SPCX · Demand · Positive SpaceX is set to announce an agreement to provide Starlink satellite internet to 120 Vietjet aircraft.
XOM · Demand · Positive ExxonMobil is expected to announce an agreement with PetroVietnam Refinery and Petrochemical, Vietnam's second-largest refinery.
SCGD sets 5-year goal of 4.5 billion baht EBITDA, aims to double EPS
SCG Decor Public Company Limited, or SCGD, has announced a five-year plan targeting EBITDA of 4.5 billion baht and a doubling of earnings per share by 2032, with a near-term EBITDA goal of 3.5 billion baht in 2028. The plan rests on three key approaches: expanding into new product businesses, improving profitability by centralising production in ASEAN, and capturing growth opportunities in Vietnam while making Vietnam the region's production and export hub. Chief Executive Officer and President Namphon Malichai said the company has delivered strong operating results and steadily improved its profitability over the past three years. New product groups have seen sales grow by more than 90% over the past four years, and the company has formed a joint venture in Smart Toilets with AXENT, a world-leading smart sanitary ware manufacturer from China. In Thailand, SCGD is carrying out a Plant Consolidation project to centralise production of ceramic tiles and glazed porcelain, expected to be completed in the third quarter of 2027 and to generate additional EBITDA of about 380 million baht per year once fully operational. In Vietnam, SCGD has positioned the country as both a production and export base, with PRIME Vietnam leading the tile business with more than 25 years of understanding Vietnamese consumers, over 5,000 SKUs, and the Top Influential Brand 2025 award.
SCGD.BK · Capital · Positive SCGD announced a five-year plan targeting 4.5 billion baht EBITDA and doubling EPS by 2032, with a near-term 3.5 billion baht EBITDA goal for 2028.
SCGD.BK · Demand · Positive New product groups saw sales grow more than 90% over four years, and the Smart Toilets JV with AXENT expands its product offerings.
BGRIM eyes closing 3,000 MW Vietnam-Malaysia IPP gas power deals by year-end
B.Grimm Power, or BGRIM, said it expects to close deals for large-scale IPP natural gas-fired power plants in Vietnam and Malaysia with combined capacity of about 3,000 megawatts by the end of this year to early next year, with each country accounting for a 1,500-megawatt project. The projects are under negotiation over power purchase agreement terms and are expected to be concluded by the end of this year. Meanwhile, the company plans to apply to extend the life of 22 existing power plant projects with total capacity of about 3,000 megawatts under the new Power Development Plan, in order to supply electricity and steam to key industrial groups such as data centers, semiconductors and EVs. On its data center business, a 96-megawatt facility in Chonburi province is more than 50% complete and is scheduled to begin operations in its first phase in November 2026. For investment in Vietnam, where returns are around 10-12%, the company has invested together with Amata Corporation for more than 30 years, with 677 megawatts of solar projects already in operation and about 100 megawatts of wind projects. In Malaysia, it has 200 megawatts of solar farms already in commercial operation and about 400 megawatts more under development, which will gradually enter commercial operation over the next one to two years.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Demand
Energy Transition & Power Demand › Nuclear Generation & Utilities ▲Regulation
BGRIM.BK · Demand · Positive BGRIM expects to close ~3,000 MW of IPP gas power deals in Vietnam and Malaysia by year-end, adding concrete project capacity.
BGRIM.BK · Capital · Positive Plans to extend life of 22 existing plants (~3,000 MW) under the new Power Development Plan and its 96 MW Chonburi data center is over 50% complete.
Tesla Registers Vietnam Subsidiary as China Market Share Slides
Tesla Inc. is expanding into Vietnam, establishing a local subsidiary authorized to import, distribute and sell vehicles as competition intensifies in neighboring China. Tesla Motors Vietnam was registered in Ho Chi Minh City on Sept. 11 with roughly $3 million in charter capital, according to Reuters, though Tesla has not yet said when vehicle sales will begin. The move comes as Tesla's share of China's battery-electric vehicle market fell to 6.6% in the second quarter from more than 15% in 2020, with China retail sales down 12.4% year over year in August to 50,047 vehicles. In Vietnam, Tesla will face homegrown competitor VinFast Auto Ltd., which delivered 20,161 EVs domestically in August, taking preliminary domestic deliveries to 154,073 through the first eight months of 2026. Meanwhile, Kalshi traders put a 55% chance on Tesla topping 490,000 deliveries in the third quarter but only a 42% chance of exceeding 495,000, leaning toward a year-over-year decline from the record 497,099 vehicles delivered in the third quarter of 2025.
Vietnam August Vehicle Sales Fall 13% to 18,891 Units, VAMA Says
Vietnam's new vehicle market fell 13% in August to 18,891 units from 21,688 units a year earlier, according to wholesale data from the Vietnam Automotive Manufacturers Association, a figure that excludes major players such as VinFast, Hyundai, Mercedes-Benz and Nissan. For the first eight months of 2026, the market expanded 8% to 193,898 units from 178,834 units a year earlier, helped by GDP growth of 8.4% year on year in the second quarter. Light passenger vehicle sales rose 7% year-to-date to 129,934 units and commercial vehicle sales rose 12% to 63,964 units. Truong Hai sales rose 8% to 60,124 units, Toyota was up 14% to 47,043 units and Mitsubishi jumped 32% to 28,042 units, while Ford fell 9% to 26,603 units and Honda dropped 10% to 14,435 units. VinFast separately reported a 72% surge in domestic battery electric vehicle sales to 154,703 units year-to-date, and GlobalData expects total light vehicle sales in Vietnam to rise 10% to 617,000 units this year.
Krungsri Picks TFG as Top Stock on Rubber and Sugar Price Surge, Buy Rating with 14.20 Baht Target
Krungsri Securities said in an analysis that over the past week rubber prices rose 4.8% week-on-week on tight supply after heavy rain and flooding in Thailand and Vietnam reduced tapping, compounded by El Niño concerns and rising orders from tire makers stockpiling raw materials for the fourth quarter of 2026. Sugar prices rose 1.0% week-on-week, extending gains for a sixth consecutive week, on concerns that El Niño and wildfires in Brazil will pressure output. Soybean prices rose 0.9% week-on-week on strong Chinese demand, while crude palm oil prices fell 0.4% week-on-week after Malaysia reported a slight seasonal rise in end-month inventories. The research team rates the sector Bullish and keeps TFG as its Top pick for long-term investment, with a Buy recommendation and a target price of 14.20 baht, citing store expansion, raw material costs locked in through the third quarter of 2027, and a dividend yield of about 8% per year paid quarterly. It also sees TVO, STA and NER as the stocks benefiting most clearly from the Super El Niño theme.
TFG.BK · Capital · Positive Krungsri keeps TFG as Top pick with a Buy rating and 14.20 baht target price, citing store expansion, locked-in raw material costs, and ~8% dividend yield.
NER.BK · Demand · Positive Krungsri names NER among stocks benefiting most clearly from the Super El Niño theme amid rising rubber prices.
STA.BK · Supply · Positive Rubber prices rose 4.8% on tight supply from flooding in Thailand and Vietnam; STA is cited as a beneficiary of the Super El Niño theme.
TVO.BK · Demand · Positive Krungsri sees TVO as one of the stocks benefiting most clearly from the Super El Niño theme amid rising soybean and rubber prices.
SUPER says EVN set to clear overdue payments this October-November, cutting debt by 10 billion baht
Super Energy Corporation, or SUPER, says Vietnam Electricity, or EVN, is preparing to sign amendments to power purchase agreements and pay all overdue amounts owed to the company around October to November this year, after Vietnam's National Assembly approved measures to resolve problems that arose over the past four years and empowered the Prime Minister to direct EVN to make the payments and move projects forward. This follows a Government Inspector review of more than 400 renewable energy projects, which concluded that nearly all of them had supplied electricity correctly and in full. Meanwhile, the Loc Ninh 3 project has received provincial approval to change its land use purpose and is awaiting a CCA licence in the next two to three months. On financial restructuring, the company brought in joint-venture partners and sold some projects, cutting debt by more than 10 billion baht and reducing its D/E ratio to 1.6 times, while setting aside 550 million baht in risk provisions. If the full amount is repaid, it will immediately be recognised as revenue and profit. For its growth strategy, the company is focusing almost 100% of investment in Thailand, with Big Lot renewable projects totalling 355 megawatts, split between 315 megawatts of solar combined with energy storage systems and 40 megawatts of wind. It also has 150 megawatts of Private PPA projects in operation and is negotiating with two to three new customers, each around 50 to 60 megawatts. It aims to double generating capacity, or grow 100%, from a base of more than 400 megawatts of solar capacity in Thailand within the next two to three years, and is ready to support the PDP 2026 plan, which is expected to open additional purchases of 10,000 to 20,000 megawatts of renewable energy, including community solar projects with a combined target of about 1,500 megawatts, each sized at 5 to 8 megawatts. The company is studying the feasibility and preparing to take part in the bidding.
Energy Transition & Power Demand › Energy Storage & Grid Flexibility Demand
Energy Transition & Power Demand › Wind Demand
SUPER.BK · Capital · Positive Financial restructuring with JV partners and project sales cut debt by over 10 billion baht and reduced D/E to 1.6x.
SUPER.BK · Demand · Positive EVN is set to pay all overdue amounts owed to SUPER around October-November, which will be recognised as revenue and profit.
Vietnam Electricity (EVN) · Regulation · Neutral Vietnam's National Assembly approved measures and empowered the PM to direct EVN to make overdue payments and advance projects.
SUPER expects continued growth in H2 after Vietnam wind farm COD increases
Super Energy Corporation Public Company Limited (SUPER) expects its operating results in the second half of the year to continue growing, supported by its wind power plant projects in Vietnam that have started commercial operation (COD) with an additional 102 megawatts. This brings the total contracted capacity under the power purchase agreements (PPA) of the two wind power projects to 129 megawatts. Meanwhile, the company has received overdue electricity payments from Vietnam Electricity (EVN) amounting to 3.5 billion baht, which strengthens its financial position. For the first six months of 2026, the company reported a net profit of 859.73 million baht, an increase of 246.64% from the same period last year. The company continues to seek opportunities to expand investments in renewable energy businesses to generate sustainable returns for shareholders.
SUPER.BK · Capital · Positive Received 3.5 billion baht in overdue electricity payments from EVN, strengthening its financial position, alongside a 246.64% jump in H1 2026 net profit.
SUPER.BK · Demand · Positive Wind power projects in Vietnam reached COD with an additional 102 MW, boosting contracted PPA capacity and revenue-generating output.
Toyota Expands Vietnam Production to Add Hybrid Electric Vehicles
Toyota Motor has announced a major investment to upgrade and expand its vehicle production operations in Vietnam, including new facilities and automation to support local manufacturing of hybrid-electric models. The roughly US$280 million outlay will add hybrid-electric vehicles to its Vietnam lineup, responding to rising demand and local policy focus on lower emissions. This move strengthens Toyota's manufacturing presence in Southeast Asia and reshapes its future product mix in the region. The company, with a ¥36.4 trillion market cap, produces vehicles across Asia, North America, and Europe, and this expansion fits into its broader international manufacturing network. While the news leans toward the bull case by showing follow-through on electrification, the profitability impact remains unproven, and investors will watch upcoming quarterly or annual reports for details on unit capacity, hybrid mix, and cash flow coverage.
To Lam to Visit Russia, France, US, and Canada to Strengthen Ties
Vietnamese leader To Lam is set to visit Russia, France, the United States, and Canada within September, amid efforts to cope with trade uncertainties pressuring the export-dependent economy. Sources told Reuters that the trip will begin in Russia on September 7 to meet with President Vladimir Putin, before heading to France to attend the International Space Summit in Paris on September 9-10 and meet with President Emmanuel Macron. After a brief return to Vietnam, To Lam will travel to the US to deliver a speech at the UN General Assembly, which begins the week of September 21, and is expected to continue to Canada from September 24. The schedule is not yet official and may change. The visit also includes a meeting with Myanmar's President Min Aung Hlaing in Hanoi this weekend, and he is likely to return to Europe in October to meet EU leaders in Brussels.
SCC adjusts plan to source 80% of supplies outside Hormuz
SCC, or Siam Cement Public Company Limited, has adjusted its plan to cope with the renewed conflict in the Middle East by increasing the proportion of raw material sourcing outside the Strait of Hormuz to about 80%, up from about 50%, to mitigate future risks. The company also confirmed its capital expenditure budget this year at 30 billion baht, with one-third allocated to improving the LSP project in Vietnam, which is the country's first integrated petrochemical complex. There are plans to accelerate construction to complete by mid-2027, earlier than the original end of next year. Meanwhile, EBITDA for 2026 is expected to exceed 56 billion baht, following 42.9 billion baht in the first half. Analysts from Yuanta Securities (Thailand) have given a "trading buy" recommendation with a target price of 290.00 baht, expecting 2026 profit of around 19 billion baht. They are also studying the feasibility of establishing a joint venture for the Olefins business between SCGC and PTTGC, with clarity expected in the third quarter of 2026.
SCG Chemicals Public Company Limited (SCGC) · Capital · Positive SCGC's parent confirms capex and accelerates LSP project, with EBITDA and profit expectations.
Vietnamese electric vehicle maker VinFast has temporarily halted production plans for three models in India and instructed suppliers to pause work while it reassesses costs, according to sources and an internal memo. The affected programs are the two-door SUV VF3 and the VF6 and VF7, which are assembled locally from kits imported from Vietnam. The company entered India just a year ago and had pledged a $2 billion investment in the country as a growth foothold amid ongoing losses. VinFast has not directly acknowledged the halt but has described it as part of product adjustments based on market research.
Vietnam Uses Green Channel to Approve Toyota's 9.3 Billion Baht Investment to Expand Hybrid Plant
Toyota Motor Vietnam announced an additional investment of 283.7 million US dollars (approximately 9.3 billion baht) in its production project in Phu Tho Province to upgrade to local production of hybrid and electric vehicles. This brings total cumulative investment to over 373 million US dollars. The Phu Tho Provincial People's Committee used the fast-track approval mechanism "Green Channel" to issue the 12th amended investment certificate within one week, reducing paperwork procedures by over 50%. Toyota plans to start construction of a new body stamping plant and paint shop in May 2027, with operations beginning in 2029, to serve as an assembly base for CKD hybrid and new models, with an annual production capacity of 52,000 vehicles, aiming to reduce costs and compete with VinFast, BYD, and Chery in the Vietnamese market. The government has requested Toyota to increase the local content ratio to 22–30% by 2030 and 32–40% by 2035. Toyota is the first brand in Vietnam to surpass cumulative sales of 1 million vehicles and achieved cumulative production of 700,000 vehicles in 2025.
