Tax and Customs Reform Aiming for Cost Reduction

Key pointsOn October 8, 2026, a forum held in Hanoi outlined the tax and customs sector's initiative to promote digitalization and simplify administrative procedures to reduce corporate costs. Specifically, ten procedures will be abolished, and tax management will transition to a modern, data-driven approach. This is expected to enhance corporate competitiveness and stimulate economic growth.
Business impactJapanese companies can anticipate cost reductions and improved operational efficiency due to the simplification of tax procedures, particularly requiring finance departments to quickly adapt to the new processes.

Key pointsA transportation network is being developed in northeastern Vietnam to support production and growth in the mining industry. The mining sector is enhancing safety measures and advancing digitalization.
Business impactJapanese companies should focus on the digitalization and safety measures in Vietnam's mining industry and explore opportunities to build partnerships.

Key pointsIn the first nine months of 2026, Vietnam's total export and import value exceeded $888 billion, marking a 30.4% increase compared to the same period last year. However, there is a need to expand trade scale and convert imported resources into production capacity. This is expected to establish a foundation for sustainable export growth. Various measures are planned to be implemented simultaneously to promote growth towards the end of the year.
Business impactJapanese companies need to consider strategies leveraging domestic demand to maintain competitiveness in the Vietnamese market.

Key pointsVinFast has announced a merger with Tương Lai Company, which will take control of VinFast. By the end of September 2026, VinFast's capital will be increased to 214 trillion VND, and Tương Lai Company will be renamed and newly established. This will allow VinFast to take charge of research, development, and sales operations. Notably, Phạm Nhật Quân Anh has been appointed as the new CEO, expected to influence VinFast's brand strategy.
Business impactThis restructuring indicates significant market trends for Japanese companies. The capital increase and changes in VinFast's business strategy may impact the competitive landscape, necessitating a review of investment strategies, particularly in the automotive industry.

Key pointsThe Hanoi Gift Show 2026 opened on October 8, 2026, showcasing international handicrafts as part of policies to promote economic growth in Hanoi. The city's economic growth rate reached 10.02% in the third quarter of 2026, with a GDP growth rate of 9.01% over the past nine months. Efforts continue to leverage cultural values as a source of economic growth.
Business impactThis event presents new business opportunities for Japanese companies, particularly those interested in the handicraft and gift market, making it a good opportunity to seek local partnerships.

Key pointsThe Department of Finance in Nghe An Province announced that the national budget revenue for 2026 has already significantly exceeded targets within nine months, with 200 companies contributing to 37% of the total, reflecting an improved investment environment. Bac Ninh Province has also successfully attracted investments and received recognition.
Business impactJapanese companies should monitor this trend and assess its impact on related transactions, contracts, and local operations.

Key pointsTran Quy Tan has returned to the business scene after serving an 8-year prison sentence. He has made proposals regarding industrial real estate in Ho Chi Minh City and Dong Nai Province, and has revealed plans to purchase shares in a securities company. The companies he is involved with are expected to grow, particularly in the real estate sector.
Business impactTan's return signifies new business opportunities for Japanese companies. Especially in the real estate and investment sectors, they should closely monitor his activities and explore potential collaborations.

Key pointsProducts exported from Vietnam to the EU are affected by the Carbon Border Adjustment Mechanism (CBAM), which is estimated to involve over $3 trillion in value. Due to CBAM, carbon costs will be incorporated into product prices, putting high-emission products at risk of price increases and decreased competitiveness. Companies are required to invest to meet environmental standards, and it is urgent for the manufacturing sector to implement measures to reduce incurred carbon costs.
Business impactJapanese companies need to consider the impact of carbon costs on pricing and strengthen environmental measures. In particular, reviewing manufacturing processes and adopting clean energy will be necessary.