Vietnam News Today (Dec. 19): Vietnamese, Singaporean PMs Discuss Bilateral Ties, Regional Issues in Phone Talks
	Vietnam News Today (Dec. 20): Vietnam–Singapore Trade Hits Record High as Re-exports Drive Growth

PM Pham Minh Chinh addresses the conference on the establishment of the International Financial Center (IFC) in Vietnam on December 21. (Photo: VNA)

Vietnam’s International Financial Center officially comes into being

The IFC establishment is an urgent requirement in reality and based on Vietnam’s potential, advantages, and epochal vision for fast and sustainable development.The establishment of the International Financial Center (IFC) in Vietnam was announced at a conference in Hanoi on December 21, with Prime Minister Pham Minh Chinh described the move as a moment for the country to open its door wide to fintech integration and economy greening, helping it reach the developed and high-income status in the near future.

At the event, the PM’s decision on the IFC establishment was publicised, and the coordinating council for the IFC made debut, with Permanent Deputy Prime Minister Nguyen Hoa Binh serving as its chairman. The decisions on leadership appointments for the IFC governing agencies in Ho Chi Minh City and Da Nang city were also announced.

Participants were also provided with summaries of the Government’s decrees guiding the implementation of the National Assembly’s Resolution No. 222/2025/QH15 on Vietnam’s IFC.

In his remarks, PM Chinh stressed the special significance of the IFC establishment, which marks a turning point in the country’s integration and development process after 40 years of Doi moi (Renewal).

The IFC establishment is an urgent requirement in reality and based on Vietnam’s potential, advantages, and epochal vision for fast and sustainable development. It is a strategic choice, an effective solution, and a convergence of the demand for restructuring global investment flows and Vietnam’s aspiration to reach new heights in the era of the nation’s rise, he noted.

With the foundation of this center, he went on, Vietnam doesn’t plan to directly compete with other IFCs in the region and the world but to seek a distinctive path with specific and outstanding mechanisms and policies to develop a complementary and interconnected model, creating a unified, efficient, and sustainable financial ecosystem.

PM Chinh said the launch of the IFC signals the beginning of a process of innovation in terms of quantity, quality, and efficiency for the financial market development, with far-reaching ripple effects on all sectors, fields, and entities of the country.

In particular, it is expected to help elevate Vietnam's standing, making Vietnam a crucial link in the global financial security network; creating a breakthrough in resources to develop an efficient, large-scale, and low-cost capital mobilization channel for strategic infrastructure development without increasing the public debt ceiling; and simultaneously serving as a "platform" for the Vietnamese business community to expand internationally and access the most advanced governance standards.

This is also a "breakthrough of breakthroughs" in terms of institutional frameworks, with the IFC’s greatest benefits not only measured in monetary terms, but in the innovation of management thinking and modern technology. The pressure of international competition will also drive administrative reforms more strongly towards greater transparency and more comprehensive digitalization, according to the Government leader.

For the IFC to operate efficiently and practically, he asked ministers, heads of sectors, the chairpersons of the People’s Committees of HCM City and Da Nang, along with relevant agencies to ensure the decisive, concerted, and fruitful implementation of the set tasks and measures.

He also called on partners, together with domestic and international businesses and investors, to continue cooperating with and supporting Vietnam during the IFC development process.

The PM demanded reforming the management mindset with a facilitation and service-oriented approach while aligning socio-economic infrastructure and ecosystem with international standards so that experts and investors can feel secure when living and working in Vietnam.

To ensure balance between financial freedom and system safety, as well as between investment efficiency and risk control, he requested the supervisory body to work independently and transparently in accordance with international commitments to money laundering prevention, and facilitate the flows of clean capital with high technology and modern governance expertise into Vietnam.

Vietnamese businesses and investors should exert efforts to weather difficulties and challenges, stay confident, resilient, and united, grasp opportunities, and boost cooperation to grow, PM Chinh continued, adding that the IFC is a launch pad for them to stretch their reach to the region and the world.

The Government, all-level authorities, sectors, and localities will take comprehensive measures to improve the investment and business climate, create optimal conditions, and protect the rights and legitimate interests of partners and businesses in the spirit of “harmonious interests and shared risks”, considering their successes as Vietnam’s, he stated.

He expressed his belief that although numerous difficulties and challenges are still ahead, with the consensus of the entire political system, the active engagement of the business community and people nationwide, and support from international friends, Vietnam will successfully develop a “free – digital, green – safe – transparent – competitive – efficient – sustainable” IFC, helping to pave the way for the country to advance to a new era of prosperity, civility, and happiness and take firm steps towards socialism.

Addressing the conference, representatives of domestic and international businesses and investors spoke highly of the IFC establishment. They pledged to help attract international capital to Vietnam, carry out financial and banking mechanisms, and strongly invest in digital transformation, green finance, and inclusive finance, thus assisting the country to attract not only capital but also knowledge, technology, and sustainable values.

Vietnam highlights diplomatic gains, growing ties with Brazil, Guyana

On the occasion of the 50th anniversary of Vietnam – Guyana diplomatic ties, Ambassador Bui Van Nghi described the milestone as an opportunity for both sides to deepen political trust, broaden cooperation in potential areas, and make positive contributions to peace, cooperation and sustainable development in the regions and beyond.

The Vietnamese Embassy in Brazil held a year-end friendship gathering in Brasilia on December 19 to review its diplomatic activities in 2025 and mark the 50th anniversary of diplomatic relations between Vietnam and Guyana (1975–2025).

The event was attended by Brazilian Deputy Foreign Minister and Ambassador Susan Kleebank, Guyanese Ambassador to Brazil Compton Bourne, Secretary of International Relations of the Communist Party of Brazil (PCdoB) Ana Pretes, General Secretary of the Brazil – Vietnam Friendship Association (AMBRAVIET) Pedro Oliveira, and ambassadors of ASEAN countries.

Addressing the event, Vietnamese Ambassador to Brazil and Guyana Bui Van Nghi highlighted Vietnam’s major foreign affairs and international integration achievements over the past year, as well as the progress in its relations with Latin America. He underscored the upgrade of Vietnam – Brazil ties to a Strategic Partnership and the celebration of 50 years of diplomatic relations with Guyana as important milestones.

Nghi noted that economic diplomacy has emerged as a bright spot in Vietnam – Brazil relations, with bilateral trade reaching nearly 8 billion USD. Notably, Vietnam’s aquatic exports to Brazil recorded a breakthrough increase of 36.7%, laying a solid foundation for the two countries’ trade target of 15 billion USD by 2030, according to VNA.

Vietnamese Ambassador to Brazil and Guyana Bui Van Nghi speaks at the event. (Photo courtesy of the Vietnamese Embassy in Brazil)

He added that aside from Brazil’s recognition of Vietnam as a market economy in March 2025, negotiations have been launched toward a trade agreement between Vietnam and the Southern Common Market (MERCOSUR). Cooperation has also expanded in high technology, renewable energy, and food security.

On the occasion of the 50th anniversary of Vietnam – Guyana diplomatic ties, Nghi described the milestone as an opportunity for both sides to deepen political trust, broaden cooperation in potential areas, and make positive contributions to peace, cooperation and sustainable development in the regions and beyond.

For her part, Deputy Foreign Minister Susan Kleebank said the elevation of Vietnam – Brazil relations to a Strategic Partnership in 2024 marked a historic step, reinforced by high-level visits and the adoption of the 2025–2030 Action Plan, reflecting deep political trust and dialogue.

The official welcomed the strong growth in bilateral trade in agriculture, food and fisheries, and highlighted promising cooperation in food security, bioenergy, energy transition, aviation, and high technology. She also noted that the signing of a memorandum of understanding on innovation in 2025 represented an important advance in scientific research and institutional development.

Meanwhile, Guyanese Ambassador Compton Bourne expressed his wish to further strengthen ties with Vietnam, particularly in energy, sustainable forestry, trade, industrial production, technical cooperation, and ecotourism. He also called on Vietnam to join the Guyana-initiated Global Biodiversity Alliance.

Mercosur launches preferential trade agreement talks with Vietnam

Brazilian Foreign Minister Mauro Vieira, during the 67th Mercosur Summit held in Foz do Iguaçu, Brazil, on December 20 announced the launch of negotiations for a Preferential Trade Agreement (PTA) between the Southern Common Market (Mercosur) and Vietnam.

Speaking on behalf of Mercosur’s rotating presidency, Foreign Minister Mauro Vieira emphasised that Vietnam is an important trading partner for the South American bloc and highlighted the growing potential for deeper economic cooperation.

Vietnam and the South American trade bloc Mercosur - comprising Brazil, Argentina, Uruguay and Paraguay - are stepping up efforts to launch negotiations for a free trade agreement in 2025, with strong backing from Brazil in its capacity as Mercosur’s rotating chair.

Experts say the proposed trade deal is expected to serve as a trade breakthrough, enabling businesses on both sides to diversify export and import markets for agricultural products as well as industrial, electronic and textile goods. Both parties have expressed hopes of concluding the agreement in the near future, allowing them to better leverage their complementary economic strengths amid shifting global trade dynamics.

With a geographical area exceeding 14 million square kilometres, abundant and diverse natural resources, a population of more than 300 million, and a combined GDP of over US$2.9 trillion, Mercosur is not only a dynamic and effective model of deep regional integration, but also a partner of strategic importance for Vietnam.

In the context of deepening globalisation and growing interdependence among regions and economies, Mercosur’s role has become increasingly significant. At the same time, new challenges are emerging in global trade and international economic cooperation, including disruptions to supply chains and shifting market dynamics. These developments underscore the need for a shift in strategic thinking, stronger inter-regional cooperation, and greater efforts toward diversifying and multilateralizing global supply, production, and consumption networks.

Vietnam is of growing strategic importance to Mercosur not only as a fast-expanding market but also as a gateway to Southeast Asia and the wider Asia-Pacific region. As a member of ASEAN and one of the most open economies in the region, Vietnam is deeply integrated into global trade networks through a broad system of free trade agreements, including the Comprehensive and Progressive Agreement for Trán-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP) and EU-Vietnam Free Trade Agreement (EVFTA). For Mercosur, closer ties with Vietnam offer a platform to strengthen its presence in Asia, the world’s most dynamic growth region, while diversifying trade relations beyond traditional partners.

At the same time, the economic structures of Vietnam and Mercosur are highly complementary rather than directly competitive. Mercosur’s strengths in large-scale agriculture and natural resources align well with Vietnam’s growing demand for raw materials and its advantages in manufacturing, processing, electronics and textiles. In the context of increasing global trade uncertainties and supply-chain disruptions, Vietnam is viewed by Mercosur as a stable, reliable and long-term partner, capable of supporting efforts to diversify production, supply and export markets on both sides, VOV reported.

A preferential trade agreement between Mecosur and Vietnam in the future will make it easier for Vietnamese garments to penetrade the South American trade bloc.

Brazil, a founding member of BRICS, is the largest economy in Latin America and ranked 10th globally in 2023. The country is rich in natural resources, is the world’s second-largest agricultural producer, and ranks third globally in mineral exports.

It is currently Vietnam’s largest trading partner in Latin America. Bilateral trade between the two countries has expanded rapidly over the past decade, rising from US$1.53 billion in 2011 to US$6.78 billion in 2022, surpassing US$7.1 billion in 2023, and reaching approximately US$7.7 billion in 2024.

Both sides have set ambitious targets, aiming to increase bilateral trade turnover to US$10 billion by 2025 and US$15 billion by 2030.

Vietnam’s main exports to Brazil include seafood, rubber, textiles and garments, footwear, and iron and steel products, while its imports from Brazil consist primarily of soybeans, wheat, corn, animal feed and raw materials, and various types of cotton.

Vietnam trade hits record USD 920 billion, enters top 15 globally

Vietnam’s total import-export turnover in 2025 is projected to set a new all-time record of USD 920 billion, placing the country among the world’s top 15 trading economies and paving the way for stronger economic growth.

A year of volatility and breakthrough

Speaking at the year-end review conference of the Ministry of Industry and Trade on December 19, Deputy Minister Phan Thi Thang emphasized that 2025 was a challenging year for Vietnam’s economy and the trade sector, due to significant global volatility.

The world economy maintained growth, but still lagged behind pre-COVID-19 levels.

Trade tensions and rising protectionism worsened the situation, while global supply chains continued to be vulnerable to geopolitical instability and climate change.

Vietnam’s key export markets recovered slowly. Notably, the United States, Vietnam’s largest export destination, implemented retaliatory tariffs, posing considerable obstacles for an economy with high trade openness.

USD 470 billion in exports, trade surplus of USD 22 billion

Despite these external headwinds, Vietnam’s import-export activity in 2025 showed positive results.

Total trade turnover is estimated at USD 920 billion, a new national record, pushing Vietnam into the ranks of the world’s 15 largest trading powers.

Exports are expected to reach USD 470 billion, a 16% increase over 2024.

The trade surplus for 2025 is projected at USD 22 billion, contributing to the strengthening of foreign reserves, exchange rate stability, and macroeconomic indicators, cited VNN.

In 2025, exports saw a major surge, becoming a pillar of Vietnam’s economic growth. Photo: HH

Deputy Minister Thang highlighted that from 2021 to 2025, export turnover grew an average of 10.8% per year, far exceeding the initial target of 5%.

This period saw a positive structural shift toward modern and sustainable trade, with export products becoming increasingly diversified.

Vietnam’s trade balance remained consistently positive across all five years.

For instance, the country posted a surplus of USD 3.19 billion in 2021, rising to an expected USD 22 billion in 2025, making a significant contribution to GDP growth, macroeconomic stability, inflation control, and balance of payments improvement.

Challenges: Heavy reliance and low value-added

Despite these achievements, Deputy Minister Thang pointed out several vulnerabilities in Vietnam’s export structure.

The rapid growth in exports remains unsustainable, heavily influenced by external factors.

Foreign-invested enterprises (FDIs) account for a large share of export turnover, but their integration with domestic supply chains remains limited, offering minimal spillover effects to Vietnamese firms.

Exports still depend heavily on a handful of major markets.

In addition, Vietnam’s key exports to markets like the EU and the US are facing increasing pressure from trade defense investigations, origin fraud scrutiny, and technical barriers related to environmental standards, sustainability, and the green transition.

The value-added content of exports remains below expectations, especially in high-tech and branded goods.

On the import side, the market structure has been slow to shift toward technology-source countries.

Vietnam still runs a trade deficit with many Asian countries, importing largely intermediate goods rather than core technologies that could support the country’s industrialization process.

Currently, the entire trade surplus is driven by FDI companies, not domestic firms, Deputy Minister Thang stressed.

UNESCO honors Yen Tu–Vinh Nghiem–Con Son–Kiep Bac Complex

The northern provinces of Quang Ninh and Bac Ninh and the port city of Hai Phong jointly hosted a ceremony on December 20 to receive UNESCO’s certificate recognising the Yen Tu–Vinh Nghiem–Con Son–Kiep Bac Complex as a World Cultural Heritage Site.

The ceremony was attended by Mai Van Chinh, Member of the Party Central Committee and Deputy Prime Minister of Vietnam, along with leaders of central ministries and agencies, representatives of UNESCO in Vietnam, ambassadors, international organizations, local authorities, and a large number of residents and visitors.

The event coincided with the 717th anniversary of the passing into Nirvana of King-Monk Tran Nhan Tong, founder of the Truc Lam Zen Buddhism, lending special cultural and spiritual significance to the occasion.

Speaking at the ceremony, Deputy Prime Minister Mai Van Chinh emphasised that UNESCO’s inscription of the Yen Tu–Vinh Nghiem–Con Son–Kiep Bac Complex is not only a source of great pride for the Vietnamese people, but also a recognition by the international community of the site’s outstanding historical, cultural, philosophical and spiritual values, shaped, preserved and transmitted over many centuries.

He highlighted that the heritage complex represents a harmonious continuum of tangible and intangible heritage, integrating natural landscapes, architecture, historical legacy and living spiritual practices. Closely associated with the Truc Lam Zen tradition, founded by King Tran Nhan Tong, the site embodies a uniquely Vietnamese form of Buddhism that promotes engagement with society, harmony between spiritual life and worldly affairs, and universal values of peace, tolerance and compassion.

The Deputy Prime Minister also praised the more than 12 years of preparation for the heritage nomination dossier, particularly the inter-provincial coordination model involving Quang Ninh, Bac Ninh and Hai Phong. He noted that this serial heritage approach, applied for the first time in Vietnam, was highly valued by UNESCO. He reaffirmed the Vietnamese Government’s commitment to strictly safeguarding the site’s integrity, authenticity and outstanding universal value, ensuring comprehensive management, balancing conservation with sustainable development, strengthening community participation, and promoting responsible cultural tourism.

Addressing the ceremony, Jonathan Baker, Head of the UNESCO Office in Vietnam, congratulated the Government and people of Vietnam on this important milestone. He described the Yen Tu–Vinh Nghiem–Con Son–Kiep Bac Complex as a powerful testament to the formation and enduring spread of Truc Lam Buddhism, a distinctive Vietnamese Zen tradition that carries universal values of peace, compassion, moral integrity and harmony with nature.

According to the UNESCO representative, the complex is not merely a heritage of the past, but a living heritage, where cultural practices, religious rituals and spiritual life continue to be actively maintained in contemporary society. Its inscription, he noted, is a call for shared responsibility in protecting the site’s outstanding universal value amid challenges such as urbanization, tourism development and climate change, reported VOV.

Jonathan Baker, Head of the UNESCO Office in Vietnam, presents the UNESCO certificate to a representative of Quang Ninh province.

UNESCO is ready to continue supporting Vietnam through technical advice, strengthened inter-provincial governance and enhanced community engagement to ensure sustainable heritage management, he said.

On behalf of the three localities, Bui Van Khang, Chairman of the Quang Ninh Provincial People’s Committee, stated that UNESCO’s recognition is both a great honor and a profound responsibility for Quang Ninh, Bac Ninh and Hai Phong. He noted that the three localities would fully implement the guidance of the Vietnamese Government and the recommendations of UNESCO and the World Heritage Committee, manage the site in accordance with international conventions and national law, preserve its outstanding universal value, and promote the heritage in a balanced and sustainable manner.

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