Vietnam Accelerates Growth: Manufacturing Leads, International Cooperation Strengthens

The manufacturing and processing sector has remained the principal driver of Vietnam's economic growth, accounting for 33.07% of the economy's total value-added growth during the first six months of the year, according to the National Statistics Office (NSO). The government has instructed Lang Son province to vigorously implement its growth plan for the second half of 2026, aiming for an annual GRDP growth of at least 10%. This includes clear accountability across agencies, regular updates to growth scenarios, close monitoring of growth drivers, and periodic reporting for timely policy responses. EuroCham's latest survey indicates a rebound in European business confidence to its highest level in nearly seven years, fueled by stronger demand despite global uncertainties. Senior representatives from Canada, Vietnam, Japan, Singapore, and the European Union (EU) met at SOM3 to discuss practical pathways for strengthening regulatory cooperation, enhancing digital trade interoperability, improving supply chain resilience, and promoting investment. Standard Chartered's latest economic outlook report adjusted its forecast upwards, citing Vietnam's positive economic performance in the first half of the year with growth drivers gaining momentum. The Airports Corporation of Vietnam (ACV) reported on July 20 that contractors are deploying additional workers and equipment to expedite construction under Component Project 3, which covers the airport's essential aviation infrastructure. Major facilities, including runways, taxiways, aprons, and the aircraft fuel supply system, are nearing completion. The program focuses on identifying and assisting businesses with outstanding growth potential rather than applying broad-based support policies. The next challenge is to translate these commitments into actual capital flows that support the real economy through stronger policies, international cooperation, and modern financial infrastructure. A comprehensive transport network is taking shape around Long Thanh International Airport, as Dong Nai province accelerates the construction of major road projects to complement expressways and ring roads linked to the country's largest airport. Vietnamese businesses are accelerating the adoption of circular economy practices to improve competitiveness, reduce emissions, and meet increasingly stringent sustainability standards. Decree 284/2026, effective September 1, introduces penalties for domestic investors trading crypto assets outside licensed service providers, marking a new regulatory step. A plant is expected to utilize 1 million tonnes of agricultural by-products, specifically rice husks, annually for electricity and ferrosilicon compound/alloy production. The project, launched in 2024, aims to address long-standing challenges in the agricultural sector, including lengthy certification procedures and limited product traceability. In the coming years, Hanoi will prioritize attracting high-quality investment, particularly projects capable of driving innovation, technology transfer, and workforce development. South Korean companies are looking beyond product sourcing to build long-term partnerships with Vietnamese firms through showcases, B2B matchmaking, and investment opportunities. Both sides will study and localize key technologies for railway systems, including signaling, communications, and power supply, while advancing technology transfer and domestic enterprise capabilities. A seminar held on the sidelines of VIETLAO EXPO 2024 aimed to help businesses explore trade and investment opportunities and foster cross-border production and supply chains. Through an alliance, BIDV will gain access to international methodologies and updated emissions factors. During a meeting with U.S. business associations and companies, a Vietnamese official praised their substantial contributions to Vietnam's socio-economic development and bilateral relations.