1/ Vietnam FDI Surpasses 38 billion USD in 2025; Realized Capital Hits Five-Year High

According to the General Statistics Office (GSO) under the Ministry of Finance, total registered Foreign Direct Investment (FDI) into Vietnam reached 38.42 billion USD as of December 31, 2025, marking a slight 0.5% increase year-on-year. Within this total, 4,054 new projects were granted licenses with a registered capital of 17.32 billion USD, representing a 20.1% surge in project volume despite a 12.2% decline in registered value. The manufacturing and processing sector remained the primary driver of this new investment, attracting 9.80 billion USD or 56.5% of the total, followed by real estate at 3.67 billion USD and other industries at 3.85 billion USD.

Among the 90 countries and territories launching new projects in Vietnam, Singapore emerged as the leading investor with 4.84 billion USD, followed by China with 3.64 billion USD, while other significant contributions came from Hong Kong at 1.73 billion USD, Japan at 1.62 billion USD, and Sweden at 1.0 billion USD.

In addition to new projects, 1,404 existing projects registered capital adjustments totaling 14.07 billion USD, a modest 0.8% increase from the previous year.

When aggregating both new and adjusted capital, the manufacturing and processing industry’s dominance is even more pronounced, securing 18.59 billion USD—59.2%% of the total—while real estate and other sectors accounted for 19.9% and 20.9%, respectively.

The year also saw a dramatic 54.8% spike in mergers and acquisitions, with 3,587 instances of capital contributions and share purchases valued at 7.03 billion USD. This M&A activity was split between 2.55 billion USD in 1,305 transactions that increased charter capital and 4.48 billion USD in domestic equity buyouts (2,282 deals), with investment primarily targeting manufacturing at 2.43 billion USD (accounting for 34.6%) and professional or scientific activities at 1.29 billion USD (accounting for 18.3%) and the remaining sectors at 3.31 billion USD (47.1%).

The most significant highlight of the report is the realized FDI, which reached an estimated 27.62 billion USD in 2025, a 9.0% increase over the previous year and the highest disbursement level recorded in half a decade.

The manufacturing and processing sector accounted for the vast majority of this realized capital, absorbing 22.88 billion USD or 82.8% of the total. Real estate activities saw 1.93 billion USD in realized funds, accounting for 7% while the energy sector—including electricity, gas, and water distribution—received 914.9 million USD (3.3%), underscoring Vietnam’s continued appeal as a stable hub for high-value industrial operations and infrastructure development.

2/ Vietnam’s total import-export turnover hit a record high of over 930 billion USD

Vietnam’s total import-export turnover hit a record high of over 930 billion USD in 2025, surging 18.2% compared to the previous year, according to the latest data from the GSO under the Ministry of Finance. Performance in December alone was particularly robust, with turnover reaching nearly 90 billion USD, representing a 15% month-on-month increase and a nearly 26% jump compared to the same period in 2024.

For the full year, the country’s trade balance maintained a healthy position with a surplus of more than 20 billion USD. FDI enterprises remained the primary engine of export growth, recording a turnover of over 367 billion USD—a 26% increase that accounts for 77% of the nation’s total exports. Conversely, the domestic economic sector saw a contraction of more than 6%, totaling nearly 108 billion USD last year.

In terms of product structure, the processing industry continued its dominance with an export turnover of over 421 billion USD, representing nearly 89% of total export value. Vietnam currently boasts 36 commodity groups with export turnovers exceeding 1 billion USD, with eight key items having surpassed the 10 billion USD threshold. On the import side, turnover exceeded 455 billion USD last year, rising 19.4% year-on-year. Production materials accounted for a staggering 93.6% of this total, with machinery, equipment, and spare parts contributing more than half of the total import value. Similar to export trends, the FDI sector led import growth with an increase of nearly 32%, while the domestic sector experienced a slight 2% dip.

Geographically, the United States remained Vietnam’s largest export market, with turnover reaching 153 billion USD. The trade surplus with the world’s largest economy hit nearly 134 billion USD last year, marking a 28% increase over 2024 levels. Meanwhile, China continued to be Vietnam’s largest source of goods, with imports reaching 186 billion USD. The trade deficit with the Chinese market widened sharply by nearly 40%, totaling 115.6 billion USD in 2025. Other major trading partners, including the European Union and Japan, also contributed to the positive trade balance, recording significant surpluses of 38.6 billion USD and 2.1 billion USD, respectively.

3/ Vietnam’s industrial production increases 9.2% in 2025

Vietnam’s industrial sector delivered its strongest performance since 2019, with the Industrial Production Index (IIP) rising by an estimated 9.2% in 2025, according to GSO. This exceeds the 8.2% growth recorded in 2024. Performance in the fourth quarter was particularly robust, surging by 9.9% year-on-year.

The manufacturing and processing sector remained the primary engine of growth, climbing 10.5% and contributing 8.4 percentage points to the overall increase. Other sectors also trended upward, with electricity production and distribution rising 6.7%, and water supply and waste management increasing by 7.8%. Notably, the mining industry saw a modest recovery of 0.5% following a sharp 6.3% decline in the previous year.

Several key Tier-II industries reported significant double-digit growth in 2025. Motor vehicle manufacturing led the way with a 22.0% surge, followed by non-metallic mineral products at 16.2% and rubber and plastic products at 15.7%. Other high-performing sectors included metal production (up 15.4%), apparel (up 13.2%), chemical products (up 12.4%), leather products (11.1%) and food processing (up 11.0%). Electronics, computers, and optical products—a vital export group—recorded a growth rate of 8.3% while coke and refined petroleum (10.8%), paper and paper products (10.4%); beds, cabinets, tables, and chairs (9.4%).

Conversely, performance remained sluggish or contracted in energy extraction, with hard coal and lignite mining rising only 2.5%, while crude oil and natural gas extraction fell by 2.5%.

Geographically, industrial growth was broad-based, with the IIP rising across all 34 monitored provinces. Localities reporting the highest growth rates were those with strong surges in manufacturing or power distribution. Conversely, some localities experienced low growth in the IIP index due to low or declining growth in the processing and manufacturing industry, power production and distribution industry, and the mining industry.

On the employment front, the industrial workforce grew by 2.4% year-on-year as of December 1, 2025. This labor expansion was driven primarily by the foreign-invested sector, which saw a 3.3% increase in headcount, while the domestic private sector rose slightly by 0.3% and the state-owned sector experienced a 0.6% decline in its workforce over the same period.

4/ Vietnam to Select Investors for North-South High-Speed Railway Ahead of Late 2026 Groundbreaking

“I request all departments under the Ministry to urgently finalize the Ministry of Construction’s report on specialized mechanisms, investment methods, and investor selection criteria… to ensure the North-South High-Speed Railway project commences by the end of 2026.” This directive formed the core of Minister of Construction Tran Hong Minh’s conclusions following a high-level review of the North-South High-Speed Railway and the Lao Cai–Hanoi–Haiphong railway projects.

The Minister emphasized that the current context demands the highest level of concentration and determination to accelerate national priority rail projects. Site clearance was identified as the linchpin for the construction timeline. According to Government News, Minister Minh ordered the immediate handover of the entire center-line, boundary markers, and site clearance scope to local authorities once the legal basis is established. He specifically cautioned agencies to preemptively coordinate the relocation of technical infrastructure, such as power and water lines, to prevent project-wide delays.

Regarding the selection of investors, the Minister tasked the Department of Planning and Finance with finalizing the Ministry’s report on specialized mechanisms and investment frameworks. Simultaneously, the Construction Economics and Investment Management Bureau will lead the development of a granular work schedule to hit the late-2026 groundbreaking target, specifically leveraging specialized mechanisms to expedite the selection of consultants for the Project Feasibility Study Report. The Ministry also directed relevant units to advise on the establishment of dedicated Ministerial Steering Committees for these national rail lines.

In a significant market shift, Vingroup officially submitted a document to the Government on December 25, 2025, withdrawing its registration for the North-South High-Speed Railway to refocus its resources on other key infrastructure and energy ventures. Following Vingroup’s exit, some entities remain interested in the project, including Thaco, the Mekolor–Great USA consortium, National Thang Long Construction Company, and Vietnam Railways.

During the same session, Minister Minh set a strict deadline to select construction contractors for the Lao Cai–Hanoi–Haiphong railway within the first quarter of 2026. “Strict adherence to the set milestones is essential to ensure technical synchronization and progress with China. Any delay will impact our mutual commitments and the overall efficiency of the entire route,” the Minister stated.

Accordingly, the Railway Project Management Board must complete surveys and designs for the remaining 16 stations under Component Project 1 by Q1 2026. Related units are required to finalize the Feasibility Study Report (FSR) by March 2026 to facilitate bilateral appraisal between Vietnam and China. Furthermore, the rail-connection plan must be perfected to ensure it does not delay the negotiation and signing of the “Agreement on Construction of the Cross-Border Railway Bridge” connecting Lao Cai Station (Vietnam) and Hekou North Station (China), also slated for March 2026.

The selection of design consultants for Component Project 2 is expected to conclude in January 2026. The Ministry of Construction has directed project managers to develop a plan to select 4 to 5 major Chinese contractors to form joint ventures with qualified Vietnamese firms. “Urgently finalize procedures and sign consultancy contracts before January 20, 2026, to review and convert Chinese technical standards and cost norms. This will serve as the basis for issuing a Circular on cost management and unit price norms for Component Project 2,” the Minister concluded.

5/ Murphy Oil Hits Major Oil Discovery Offshore Vietnam, Bolstering Southeast Asian Presence

The U.S.-based energy corporation Murphy Oil has announced positive appraisal results at the Hai Su Vang field offshore Vietnam, with estimated recoverable reserves reaching up to 430 million barrels of oil equivalent (MMboe). This discovery not only solidifies the commercial potential of the project but also reaffirms the firm’s billion-dollar investment commitment to the Vietnamese market.

According to Murphy Oil, its subsidiary successfully drilled the Hai Su Vang-2X (HSV-2X) appraisal well in Block 15-2/17 of the Cuu Long Basin, located approximately 65 kilometers off the Vietnamese coast. Spudded in early October 2025, the well is considered a pivotal milestone in Murphy’s strategic appraisal program within the region.

Recoverable reserves at the primary reservoir are now approaching the high end of previous estimates, which ranged from 170 to 430 MMboe. Eric Hambly, President and CEO of Murphy Oil, stated that the success of the HSV-2X well significantly strengthens the commercial feasibility of the Hai Su Vang field and paves the way for the next phase of development.

Currently, Murphy Oil holds a 40% participating interest in Block 15-2/17, alongside PetroVietnam Exploration Production Corporation (PVEP) at 35% and South Korea’s SK Earthon at 25%. Notably, SK Earthon is reportedly considering the divestment of several Vietnamese oil and gas assets, including its stake in Block 15-2/17, for an estimated 140 million USD. Such a move could create opportunities for existing partners or new investors to expand their footprint in the project.

Murphy Oil also plans to continue its campaign with the HSV-3X appraisal well in Block 15-1/05 and the HSV-4X in Block 15-2/17 to finalize technical data for a final investment decision. In tandem, the corporation reaffirmed its 2026 capital expenditure guidance of 1.1–1.3 billion USD, highlighting a long-term expansion strategy in Southeast Asia with Vietnam as a core market.

Beyond Hai Su Vang, Murphy Oil is channeling hundreds of millions of dollars into exploration and development across other Vietnamese assets, including blocks in the Cuu Long and Phu Khanh Basins, as well as the fast-tracked Lac Da Vang field project.

Murphy Oil’s results serve as a significant boost for Vietnam’s oil and gas industry amid high long-term energy demand. Furthermore, these large-scale projects are expected to generate opportunities for domestic service providers such as PVS and PVD, strengthening the local oil and gas value chain and attracting further FDI capital into the energy sector.

6/ Amata to Invest 185 million USD in New IP in Phu Tho

The People’s Committee of Phu Tho Province has officially issued the investment policy approval, investor selection, and investment registration certificate to Amata Vietnam PCL—a subsidiary of Thailand’s Amata Group—for the development and operation of the Doan Hung Industrial Park (IP).

Spanning over 475 hectares across Doan Hung and Tay Coc communes, the Doan Hung IP represents a total investment exceeding 185 million USD. The project is positioned to attract high-tech, environmentally friendly investments with high added value. The IP benefits from a prime location with direct links to several vital transport arteries, including the Phu Tho–Tuyen Quang Expressway and National Highway No. 70. Furthermore, the under-construction Lao Cai–Quang Ninh railway line is poised to transform Doan Hung into a key logistics hub for the Northern Midlands and Mountainous region. Amata Group has committed to developing a comprehensive and synchronized infrastructure system for the IP. This includes ready-built factories, office spaces, service areas, and warehouse facilities, alongside advanced systems for power supply, water, telecommunications, and waste treatment.

7/ Vietnam’s Corporate Landscape in 2025

In a year marked by a significant resurgence in private sector activity, Vietnam saw 195,100 newly established enterprises in 2025, a 24.1% increase compared to 2024. Notably, the return of 102,300 businesses to active operation—a 34.3% surge—underscores the vitality and resilience of the corporate sector. In total, 297,400 enterprises entered or re-entered the market, while 227,200 firms withdrew.

Dr. Nguyen Bich Lam, GSO’s former Director General, suggests that these figures reflect a robust consolidation of business confidence and recovery expectations. “The momentum for market entry has been consistently maintained and clearly improved,” Dr. Lam emphasized. “With 297,400 enterprises joining the market—the highest number on record and 1.31 times the number of withdrawals—it is evident that the private sector’s confidence and expectations for recovery have been solidified.” He added that the high rate of business returns indicates that the business environment and market outlook have become sufficiently positive to trigger re-entry decisions, reflecting the ripple effects of macroeconomic stability and institutional reform efforts.

According to data from the GSO, the landscape of market exits remains complex. In 2025, 114,400 enterprises registered for temporary suspension of operations, up 14.3% year-on-year. Additionally, 76,900 firms ceased operations pending dissolution (a slight 0.9% increase), and 35,900 completed dissolution procedures—a sharp 66.1% rise from 2024. On average, 18,900 businesses withdrew from the market each month. However, when viewed alongside the volume of new entries and returns, the overall corporate flow is leaning toward the positive, indicating a process of restructuring and screening occurring in tandem with the recovery.

Dr. Lam noted that the high exit rate highlights ongoing “purification” pressures. The fact that market withdrawals remain elevated suggests that the recovery is uneven, with many small-scale enterprises and those with limited financial capacity still struggling against cost pressures, market volatility, and competition.

The GSO also reported a significant increase in investment scale. Along with the rise in the number of businesses, total registered capital reached 1,919.2 trillion VND, a 24.1% increase, while the total registered labor force stood at 1,151.4 thousand workers, up 15.0% compared to the previous year. The average registered capital per enterprise remained steady at 9.8 billion VND, reflecting stability in investment size.

A highlight of 2025 was the total additional capital injected into the economy, which reached nearly 6.4 quadrillion VND—a staggering 77.8% increase compared to 2024. This suggests that investment flows are being unlocked. These results, coupled with macroeconomic stability and an improving business environment, indicate that the economy has moved past its most difficult phase, establishing a critical foundation for the corporate sector to enter a more positive growth cycle in 2026.

8/ Da Nang Approves 290 million USD Investment to Become a Regional Innovation Hub

Authorities in Da Nang have officially approved the “Da Nang – City of Innovation” project, earmarking an estimated budget of 7.295 trillion VND (approximately 290 million USD). The city’s Department of Science and Technology has been designated as the lead agency for the initiative.

Under the strategic roadmap toward 2030, the project focuses on aggressively attracting and developing a network of innovation and startup experts in high-potential and spearhead sectors. A primary objective is to support at least 600 innovative startup projects and enterprises—a five-fold increase compared to 2025 levels in terms of both incubated projects and active businesses operating within the city.

By 2030, the city expects to host 500 established innovative startups, with a specific mandate that at least 20% of these firms be founded or funded by foreign investors. Highlighting its ambitious growth targets, the project aims to produce at least one “tech unicorn” with a valuation exceeding 1 billion USD.

The overarching goal is to elevate Da Nang’s innovation ecosystem into the top tier of Southeast Asia by 2030, gaining formal recognition and competitive rankings from prestigious international organizations.

9/ Khanh Hoa Earmarks 450 million USD for Three New IPs

The People’s Committee of Khanh Hoa Province has officially issued investment policy approvals and designated developers for three major infrastructure projects: the Ninh Xuan 1, Ninh Xuan 2, and Ninh Diem 1 Industrial Parks (IPs). These projects are expected to establish a modern and synchronized industrial system in northern Khanh Hoa.

The Ninh Xuan 1 IP will be developed by the Investment and Industrial Development Corporation (Becamex IDC) with a total investment of over 4.631 trillion VND (approx. 183 million USD) covering nearly 500 hectares. Meanwhile, the Ninh Xuan 2 IP has been assigned to VSIP (Vietnam-Singapore IP) with a total investment of over 4.033 trillion VND (approx. 160 million USD) spanning roughly 490 hectares.

Both the Ninh Xuan 1 and 2 projects have an operational lifespan of 70 years and are designed to attract high-tech industries, manufacturing, and supporting industries through modern infrastructure.

The Ninh Diem 1 IP will be developed by Ninh Khanh Land Development JSC (a member of Shinec Group) with an investment of over 2.834 trillion VND (approx. 112 million USD) across more than 240 hectares. This project is oriented toward an eco-IP model, focusing on environmental friendliness in line with global sustainable development trends.

Mr. Tran Phong, Chairman of the Khanh Hoa Provincial People’s Committee, stated that the approval of these three IPs marks a critical milestone in realizing the province’s goal of making industry a key pillar of growth. Under the spirit of “a pro-business, enabling government,” Khanh Hoa has committed to providing maximum support throughout the project implementation process.