Good evening from Ho Chi Minh City. Where coffee is strong, weather is hot, and economy is faster than German cars on the Autobahn. Hope you had a fantastic weekend so far. Welcome to Bánh Mì Brief - Your weekly business update on Vietnam.
We cut through the noise and bring you the week’s must-know stories. No more scrolling through cluttered Vietnamese websites or drowning in article overload.
This is Brief #1. Let‘s dive right in.
MARKETS
Banking Bonanza: Vietnam’s banks ride profit surge and IPO wave
Vietnam’s banking sector is on fire in 2025. With GDP growth of 7.5% in H1, banks pushed credit up nearly 10%, helping profits skyrocket across the board. Private players like SeaBank and VietinBank posted jaw-dropping profit leaps of 81% and 46%, respectively. A splash of new US trade deals and FTSE Russell upgrade rumors turned up the heat - sparking a 28% VN-Index rally since April as investors piled in for the action.
On the capital markets front, look out for two big IPOs this year: Techcombank’s brokerage unit (TCBS) plans to raise around $460 million in a late 2025 listing, backed by strong earnings and high valuation. Meanwhile, VPBank’s securities arm (VPBankS) is aiming for a Q4 IPO, riding on the investor buzz.
The banking sector appears to be one of the country’s brightest economic engines heading into the second half of 2025.
AUTO
VinFast aiming to enter European public transport market
VinFast
VinFast shifts into high gear: The Vietnamese automaker will debut its advanced electric buses at Busworld Europe 2025 in Brussels this October.
The announcement comes as VinFast struggles to balance growth investments with the path to profitability. The company posted a $3.2bn net loss in 2024.
So far, VinFast’s global expansion has been bumpy. Roughly 90% of its 2024 deliveries were sold in Vietnam - and a big chunk of those went to parent company Vingroup. In other words: moving money from one pocket to another.
Still, Vietnam’s electrification push could boost its home market. And VinFast has its eyes on Southeast Asia, where EV demand is (finally) taking off. Competition is fierce: well-funded Chinese rivals are already circling in a winner-takes-all market.
QUICK BITES
Have you heard…
Cong Ca Phe
Cong Ca Phe opening its branch in Paris, marking its European debut, and being the only Vietnamese coffee chain currently operating in Europe
Goodbye gold monopoly. Vietnam‘s government is opening up its gold market, removing the state monopoly on gold production
New visa rules are live. For example: Swiss nationals enjoy now 45 days of visa-free entry. Grüezi to your next bánh mì
Vietnam is dialing up its language game. Mandatory English classes to kick off in grade 1 instead of grade 3
WHAT’S NEXT
Vietnam‘s national day and… cash handouts?
VnExpress/Ngoc Thanh
Clear your schedules and charge your phones: the 80th National Day on 2nd September is rolling in hot. Expect spectacular parades, traffic chaos, and enough fireworks to wake all your ancestors in Hà Nội. Rumor has it that the government plans to hand out 100,000 VND (about $4) to each citizen as a holiday bonus. Not really Wall Street bonus figures, but good enough to get you a bowl of phở.
And if wanderlust strikes, jump on one of Vietjet‘s „zero VND“ flights.
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See you next week!