In this week’s Vietnam News Roundup: US$1.5b of foreign reserves used in August to stabilise dong, banks now face stricter Basel style capital rules, the dong firmed but pressure remains, IMF flagged risks in its Article IV, a new securities decree tightened bond rules, foreign investors sold US$155m in stocks as the VN Index eased, hackers breached the national credit registry exposing citizens’ data and more.

In case you missed it…

Vietnam’s Vingroup’s 68 Lawsuits: Unpacked

Vietnam’s Vingroup, unhappy with recent social media coverage, announced lawsuits against 68 individuals and organisations last week — an unusual PR tactic that merits monitoring for its broader business implications. With this in mind, this article backgrounds the context and the claims, and considers what this might mean more broadly. Read More »

Banking and finance news

US$1.5 billion from ForEx reserves used in August to stabilise dong

The State Bank of Vietnam sold around US$1.5 billion via 180-day cancellable forward contracts on 25–26 August to ease pressure on the dong, according to a report from MB Securities and reported by The Investor → view source.

It had previously been reported that the SBV intended to dip into its ForEx reserves; however, to what extent had not been publicly disclosed.

The SBV increases bank buffer requirements

Vietnamese banks are now required to maintain a minimum capital adequacy ratio of 8 percent under Circular 14/2025/TT-NHNN, which took effect on September 15, Vietnam News has reported → view source. 

The regulation also sets out higher Common Equity Tier 1 and Tier 1 capital ratios, along with phased increases in capital buffers, moving the system closer to Basel III standards.

This has been presented as a means to reinforce Vietnam’s banking sector and to bring capital standards in line with global norms. 

However, the action taken through this circular could constrain lending in the short term.

That is to say, this is one way to stymie credit growth without touching interest rate or credit growth policy.

Local currency strengthens against the greenback

The State Bank of Vietnam (SBV) allowed the local currency to strengthen further against the greenback this week, with the central exchange rate ending Thursday at VND 25,186, 35 dong lower than the same time last week.

This puts the currency down 3.47 percent since the start of the year.

This was reflected on the black market as well, where the dong strengthened by 410 dong, the mid-market rate shifting from 26,900 to 26,490, but still suggesting the dong is being overvalued through official channels.

The SBV, however, continued to pump money into the economy. 

There were just under US$6.42 billion worth of reverse repos outstanding as of the close of business on September 18. This was up from US$5.68 billion at the same time last week.

There were no new treasury bills issued; however, there were still US$65.7 million worth outstanding as of last night.

Economy news

IMF Executive Board conclude 2025 Article IV consultation with Vietnam

The International Monetary Fund Executive Board has concluded its 2025 Article IV consultation with Vietnam, noting strong recent growth alongside rising external and domestic risks, according to a press release on the institution’s website → view source.

Directors welcomed resilience in 2024 and early 2025 but cautioned that the outlook is clouded by new US tariffs, global uncertainty, and structural challenges, the press release says.

Note that publication of IMF staff reports is voluntary and requires member country consent. 

Vietnam has asked for more time to decide, with a final decision due within 28 days of the Board’s review.

Corruption news

28 prosecuted as bribery scandal lays bare corruption in court system

Vietnam’s Supreme People’s Procuracy has charged 28 individuals in connection with a sweeping bribery scandal that spanned 20 court cases across Da Nang, Dak Lak, Phu Tho, and Hue between 2022 and 2024, VN Express has reported → view source. 

Among those indicted are 10 former judges and court officials, three prosecutors, two enforcement officers, four lawyers, and nine defendants or litigants. 

Investigators say more than VND 11.4 billion (US$456,000) was exchanged to sway verdicts in both criminal and civil cases.

The bribes covered a wide range of requests: reduced prison sentences for murder and gambling convictions, favourable outcomes in inheritance and property disputes, and even delayed hearings so defendants could spend holidays at home.

Stock market news

New Decree limits changes to foreign ownership limits in Vietnam 

Vietnam has issued Decree 245/2025/ND-CP, effective 11 September 2025, to amend its securities regulations, including stricter bond issuance rules, faster IPO listings, and clearer rights for foreign shareholders, the Government Electronic Newspaper has reported → view source.

Key details:

• Bond offerings: Independent credit ratings now mandatory (except for banks and guaranteed bonds). A company’s liabilities can be no higher than five times equity, with exemptions for state firms, real estate projects, and financial institutions.
• Additional bond conditions: Bondholder representatives are required. Issuance per offering to the public cannot exceed equity. Debt restructuring via bonds is allowed but restricted to the intended use.
• International issuers: Foreign financial institutions can only issue bonds with at least five-year terms and dedicate proceeds to projects in Vietnam.
• IPO and listing: Listing timeframe shortened from 90 to 30 days, reducing IPO-to-trading by up to six months.
• Foreign ownership: Companies can no longer set their own foreign ownership limits. Transitional period of 12 months to finalise ratios moving forward.

VN-Index falls 7.43 points, foreign traders continue to exit

Over the last five trading sessions to the close of business on September 18, foreign investors net-sold US$155.69 million worth of HCMC Stock Exchange stocks. 

This brings the total net sold by foreign traders for the year-to-date to just under US$3.23 billion.

The VN-Index closed Thursday at 1,665.18 points, up 7.43 points since last Thursday.

Foreign trader activity, last five trading days

VND = billions; US$ = millions; source: HSX

Technology news

Vietnam’s national credit registry hacked

Vietnam’s National Credit Information Centre (CIC), the government agency that manages the country’s credit database, was hacked, as reported by DataBreaches.net on September 8.

DataBreaches first disclosed the breach, reporting that hackers obtained databases containing national ID numbers, dates of birth, contact details, credit histories, and financial records. 

The hackers told DataBreaches they gained access using an n-day exploit, a cyberattack method that targets a known software vulnerability after disclosure but before the victim applies a fix. 

When asked whether CIC could have patched the flaw, the group replied that “there was no actual patch available, as the software was end-of-life”, meaning the vendor had stopped releasing updates or security fixes, leaving systems permanently vulnerable.

The Government Electronic Newspaper then confirmed the incident on September 11, citing the Vietnam Cyber Emergency Response Team (VNCERT). 

According to the outlet, VNCERT detected cybercriminal intrusion into CIC systems on September 10 and found evidence of attempts to steal personal data. 

The week ahead

There are a handful of events coming up this week. For more information, see: Doing Business in Vietnam: Events Directory 2025.