Investment Returns to Office Market, Focus on High-Quality Assets

Key pointsAfter a period of adjustment post-pandemic, the office market is showing signs of recovery. By 2025, global office investment is expected to reach $208 billion, an 18% increase year-on-year. In the Asia-Pacific region, investors are particularly focusing on high-quality office assets, leading to increased transaction activity. In Ho Chi Minh City and Hanoi, the supply of new high-quality offices is rising, and rental demand is growing.
Business impactJapanese companies are increasingly prioritizing quality and location in their office selection, necessitating a review of their office strategies.

Key pointsBecamex BCE and Becamex IJC have decided to participate in a highway construction contract worth approximately 34 trillion VND, in collaboration with Becamex IJC. This project includes a section from Ho Chi Minh City to Chon Thanh and will be implemented under a PPP model. Becamex BCE will handle 16 trillion VND of the construction, while IJC will undertake 808 billion VND of the work.
Business impactParticipation in this project is expected to contribute to the performance improvement of Becamex. It is important for Japanese companies to seize infrastructure investment opportunities and strengthen collaboration with Becamex.

Key pointsThe Federal Reserve's (Fed) decision on interest rate hikes is under scrutiny, as it may affect the Vietnamese economy and investment environment. If a rate hike occurs, it could signal the beginning of a new cycle of monetary tightening, while a delay may raise concerns about the chairman's credibility. These trends will also influence the flow of investment funds into Vietnam, particularly as foreign investor capital flows are directly linked to the VN-Index.
Business impactFor Japanese companies, changes in the Fed's monetary policy could impact the exchange rate of the dong and funding costs. The manufacturing sector needs to pay attention to fluctuations in import material costs and foreign exchange hedging, while individual investors should make cautious investment decisions considering U.S. interest rate trends.

Key pointsTakashimaya has been present in Ho Chi Minh City for 10 years and plans to accelerate its expansion in Vietnam. The company aims to open its first shopping center in Hanoi by 2027 and targets to increase its operating profit in Vietnam to 10 billion yen by 2031. While sales are declining in Singapore, China, and Thailand, growth in the Vietnamese market stands out.
Business impactFor Japanese companies, Takashimaya's growth is an important indicator of consumer trends in the Vietnamese market. It is necessary to monitor retail industry trends and reassess strategies to enhance competitiveness.

Key pointsVietnam's SSI Research predicts that $240 million will flow into 27 stocks during the first week following the FTSE Russell upgrade of the stock market. This is a significant event for the Vietnamese economy, attracting passive capital inflows. The official upgrade by FTSE is expected to begin in September 2026.
Business impactFor Japanese companies, the stock market upgrade signifies increased reliability in the capital market, potentially affecting supply chain stability and local procurement cost forecasts. A review of investment strategies may be necessary.

Key pointsVũ Văn Tiền's company plans to begin construction of a chip manufacturing plant in November 2026. The facility aims to integrate control circuits, sensors, and power chips designed by Vietnamese engineers into electric vehicles and the group's industrial ecosystem, fostering the development of Vietnam's semiconductor industry.
Business impactThe increase in semiconductor-related investment opportunities in Vietnam could enhance competitiveness for Japanese companies in the manufacturing and automotive sectors. Companies considering entry into the electric vehicle market should take note.

Key pointsIt is pointed out that for listed companies in Vietnam, merely fulfilling legal disclosure obligations is insufficient, and there is a need to enhance dialogue with investors. Particularly, with the upcoming upgrade to the FTSE Secondary Emerging Market, strengthening corporate IR (Investor Relations) systems is required. Many companies are only providing minimal information, leading to concerns from investors about the lack of context and outlook. This may affect capital inflows.
Business impactFor Japanese companies, the IR standards of local listed companies are a crucial indicator of management transparency. Whether the IR systems of business partners and joint venture partners are well-established will influence decisions on supply chain development and the establishment of local subsidiaries, necessitating careful assessment.

Key pointsAs of September 8, 2026, the processing rate of companies with unpaid taxes has reached an average of 36% nationwide. Ho Chi Minh City recorded a processing rate of 19.6%, with the highest number of processed companies, accounting for 26.1% of the total. Among regions, Lai Chau Province boasts the highest processing rate at 74.8%, followed by Gia Lai Province at 66.6% and Hanoi at 62.5%. Tax authorities plan to continue actively addressing unpaid tax companies.
Business impactThis information highlights the necessity for Japanese companies to strengthen tax compliance. As processing of unpaid tax companies progresses, accounting departments must remain vigilant in ensuring timely tax declarations and fulfilling tax obligations.

Key pointsRising oil prices due to the US-Iran situation are raising concerns about their impact on Vietnam's economy, particularly regarding increased energy costs affecting investment decisions. The rise in oil prices directly influences prices and cost structures, heightening investor caution.
Business impactFor Japanese companies, higher oil prices may lead to increased manufacturing and logistics costs, necessitating a review of supply chains. It is essential to monitor energy cost trends.

Key pointsThe Vietnamese tax authorities have announced 10 tax number statuses that taxpayers should be aware of. This includes whether the tax number is valid, business activity suspension, changes in tax offices, and more. Taxpayers need to understand these statuses and take appropriate actions.
Business impactJapanese companies should regularly check the status of their tax numbers in Vietnam and establish management systems to avoid legal risks.

Key pointsSCIC will auction 79,228,000 shares of Seaprodex starting at a price of 8,509 billion VND. Seaprodex manages valuable land located in central Ho Chi Minh City (2-4-6 Đồng Khởi), which currently cannot proceed with projects due to the lack of a land use rights certificate. Seaprodex also owns many other properties, with projected sales of 435 billion VND in the first half of 2026, a 29% increase compared to the same period last year.
Business impactFor Japanese companies, the auction of Seaprodex shares is crucial for understanding trends in Vietnam's real estate market, particularly for those involved in urban development and real estate investment. The land use rights issue may impact future project progress, necessitating caution from relevant legal departments.

Key pointsThe decline in global gold prices, influenced by expectations of interest rate hikes by the Federal Reserve, may affect gold demand and investment flows in Vietnam. Gold constitutes a significant portion of household assets in Vietnam, and its price fluctuations directly impact consumer sentiment and capital movement. Particularly, a strengthening dollar could lead to changes in investment flows into Vietnam.
Business impactFor Japanese companies, falling gold prices could affect material procurement costs and local currency revenues. It is necessary to reassess the proportion of dollar-denominated transactions considering exchange rate fluctuation risks. When considering investments, it is important to continuously monitor the three indicators of interest rates, exchange rates, and gold prices.