Ho Chi Minh City Rises 17 Places as International Financial Center

Key pointsIn the first nine months of 2026, Asian countries, including China, have increased imports of agricultural products from Vietnam, particularly vegetables and seafood, leading to an agricultural export value of $56.3 billion. China remains the largest export destination for Vietnamese agricultural products, accounting for about 25% of the total. The United States and Japan are also increasing their imports, making the agricultural sector a crucial support for the economy.
Business impactJapanese companies should leverage the growth of Vietnam's agricultural market and seek export opportunities, particularly by strengthening strategies for access to the Chinese market.

Key pointsThe Chairperson of the Vietnam Securities Commission, Vu Thi Chan Phuong, announced that Vietnam's securities market has entered a new chapter after over 26 years of development. Following an upgrade by FTSE Russell, the market aims to enhance transparency and efficiency, aligning with international standards. The market's capitalization has reached approximately $404 billion, accounting for 81.7% of GDP. There is a need to restructure the capital market and strengthen long-term funding supply.
Business impactJapanese companies should monitor these developments and assess the impact on related transactions, contracts, and local operations.

Key pointsAmazon announced its cooperation with companies in Hai Phong City to enhance their e-commerce export capabilities from 2026 to 2030. Companies in Hai Phong are expected to access international markets through Amazon's platform, focusing on brand building and sales optimization. Amazon will provide specialized training to support the sale of products to international consumers.
Business impactFor Japanese companies, the entry of Hai Phong businesses into international markets via Amazon signifies new business opportunities. Particularly, manufacturing and retail companies should consider strategies to leverage Amazon's platform to expand their international customer base.

Key pointsStarbucks announced the transfer of over 1,100 stores in seven Asian markets to DFI Retail Group. This transaction is part of Jardine Matheson's business restructuring and is expected to be completed by the end of March 2027. DFI anticipates sales of approximately $600 to $650 million between April and December 2027, aiming for about $900 million in 2028. Additionally, DFI plans to expand its store presence in emerging markets, intending to increase the number of stores in Vietnam to 150.
Business impactJapanese companies should closely monitor this development and assess its implications for related transactions, contracts, and local operations.

Key pointsThe Gen Z generation in Vietnam plays a significant role in the financial market, with changing usage patterns for consumer loans. Recent surveys indicate that Gen Z is increasingly utilizing credit and opting for installment payments at the time of purchase. As a result, financial institutions need to offer new services, particularly emphasizing collaboration with digital platforms.
Business impactJapanese companies should understand the consumption behaviors of Gen Z and advance the development of financial products and services tailored to this target market.

Key pointsHo Chi Minh City has risen to 67th place in the latest GFCI ranking as an international financial center, marking a significant improvement of 17 places. This growth comes amid overall improvements in financial centers across the Asia-Pacific region, particularly due to advancements in the financial environment. Ho Chi Minh City is attracting interest from international financial institutions, with expectations for future growth, especially through the VIFC - HCMC initiative aimed at developing a financial ecosystem.
Business impactFor Japanese companies, the improvement of Ho Chi Minh City's financial environment means expanded funding and investment opportunities. Companies engaged in financial-related businesses need to closely monitor market trends and strengthen collaborations with local financial institutions.

Key pointsOn October 1, 2026, the first phase of Vietnam's high-speed rail project 'Ben Thanh – Can Gio' was completed with the construction of a 750-ton beam. This beam, measuring 32.6 meters in length and 12.6 meters in width, utilized a new technology that allowed for six continuous hours of concrete pouring for the first time. The project has a total investment of 102.43 trillion VND (approximately 4.6 billion yen) and aims to commence operations in 2028. The project is being executed by Coteccons, which plans to continue focusing on large-scale infrastructure projects.
Business impactThis project presents new business opportunities for Japanese companies. Construction and infrastructure-related firms need to closely monitor upcoming bidding opportunities.

Key pointsMajor Vietnamese companies are establishing factories overseas and developing raw material regions for the production of electric vehicles, dairy products, rubber, sugar, and rice. This includes VinFast setting up electric vehicle factories in India and Indonesia, and THACO AGRI establishing agricultural complexes in Cambodia and Laos, with at least 10 companies involved. This enhances the international production capacity of Vietnamese firms.
Business impactJapanese companies need to closely monitor these trends and strengthen collaboration with Vietnamese firms, particularly in supply chain and raw material procurement. This overseas expansion is likely to enhance competitiveness, especially in agriculture and manufacturing.

Key pointsNguyen Van Tua, Deputy Director of the Ministry of Science and Technology of Vietnam, stated that as the UAV (unmanned aerial vehicle) economy is still in its early stages, companies should establish experimental frameworks to utilize UAVs rather than waiting for legal regulations to be finalized. He emphasized that the use of UAVs is advancing in various fields such as agriculture and logistics, and collecting real data will aid in policy formation.
Business impactJapanese companies can enhance their competitiveness by exploring new business models utilizing UAV technology and advancing experimental implementations.