Business News

Hanoi has unveiled an ambitious long-term urban development plan targeting gross regional domestic product (GRDP) of around US$200 billion and per capita income of at least US$18,800 by 2035. Under Decision No. 2512/QD-UBND recently signed by the city government, the capital city aims to develop into a leading financial, trade and innovation hub in the Asia-Pacific region across a planned area of more than 3,359 square kilometers.

Vietnam will shift from mass foreign direct investment (FDI) attraction to a more selective approach focused on high technology, innovation and stronger links with domestic firms, Deputy Prime Minister Nguyen Van Thang said. Speaking at the Vietnam Connect Forum 2026 on May 13, the deputy prime minister emphasized that new-generation FDI should go beyond manufacturing and market expansion to help Vietnam create greater value, build new capabilities and strengthen its position in global supply chains.

Vietnam’s seafood exports rose nearly 15% year-on-year to an estimated US$3.7 billion in the first four months of this year, putting the industry on track toward its US$12 billion target for the year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The recovery was driven by major export products such as shrimp, tra fish (pangasius), squid, octopus, crab, shellfish, and other high-value seafood products, reported the Vietnam News Agency.

Foreign investment into HCMC more than doubled in the first four months of 2026, while new business registrations surged, as Vietnam’s commercial hub accelerated reforms to achieve double-digit economic growth. Hoang Vu Thanh, director of HCMC’s Department of Finance, said at a meeting on May 8 that the city had attracted nearly US$3.3 billion in foreign investment since the start of the year, skyrocketing 127.1% year-on-year and equivalent to about 30.2% of its full-year target.

HCMC is aiming to collect VND1 quadrillion in budget revenue this year while accelerating administrative reforms, infrastructure investment, foreign direct investment inflows, and growth drivers from consumption, tourism, industry, and trade. The HCMC People’s Committee has issued a directive urging departments and local authorities to swiftly roll out key measures and urgent solutions aimed at supporting the city’s double digit economic growth target for 2026.

HCMC reported strong budget revenue growth in the first four months of 2026, with collections exceeding VND328 trillion, equivalent to 40.6% of the annual target and up nearly 19% year-on-year. The results reflected a positive recovery in business and production activities as well as investment inflows into the city. Domestic revenue continued to play the leading role, with estimated collections reaching VND251.9 trillion, up 23.1% year-on-year and accounting for 76.8% of total balanced budget revenue, according to the HCMC Statistics Office.

Vietnam’s plan to develop one million hectares of high-quality, low-emission rice has reached just over 3% of its 2026 target, far below expectations. The program aims to roll out nearly 470,000 hectares this year. However, only 14,766 hectares have been implemented so far, including 11,430 hectares in the 2025-2026 winter-spring crop, according to the Department of Crop Production and Plant Protection under the Ministry of Agriculture and Environment.

Vietnam’s seafood export revenue in 2026 could rise by around US$1 billion from the 2025 level of approximately US$11.3 billion if current growth is sustained and bottlenecks are addressed, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). From the beginning of 2026 to date, aquaculture has recorded favorable conditions, with seafood export value estimated at nearly US$4 billion, up 11.9% year-on-year.