The State Bank of Vietnam (SBV) has turned its rate cut campaign into a binding order for banks, and lenders have already started cutting. Vietnam has sent the United States (US) the final wording of a long-negotiated trade agreement and says a deal could be signed soon, though two US investigations can still add tariffs. Ho Chi Minh City (HCMC) is clearing stalled projects in a 13.23% fourth-quarter growth push. This edition covers developments through 25 October 2026, plus a few earlier decisions.
This week’s Vietnam business news highlights key developments:
- Borrowing Costs Fall as SBV Orders Banks to Cut Rates
- US Trade Deal Nears Signing, Two US Probes Still Decide Tariffs
- Ho Chi Minh City Frees Stalled Projects in 13.23% Growth Race
- New Licensing Rulebook for Foreign Traders Takes Effect
- Autumn Economic Forum to Unveil Over US$13 Billion in Projects
TL;DR – The SBV has ordered banks to cut listed deposit rates by at least 0.5% and lending rates by 1.5 to 2%, and lenders have already started cutting. Vietnam has sent the final wording of its trade agreement to the US and signature could follow soon, but two US investigations remain open and could add tariffs on top of existing duties. Ho Chi Minh City has cleared obstacles for half of its 1,338 catalogued stalled projects as it races for 13.23% fourth-quarter growth.
Check out our guide on Vietnam’s market access list for foreign investors here. The rundown of what changed in the Vietnam Investment Law 2026 sets the wider frame.
Borrowing Costs Fall as SBV Orders Banks to Cut Rates
Following weeks of official pressure on banks to cut lending rates, the State Bank of Vietnam’s campaign has hardened into an order. Official Document No. 9608/NHNN-CSTT, dated 18 October 2026, instructs credit institutions and foreign bank branches to cut rates immediately. It follows the Deputy Prime Minister’s lending rate push covered in the 19 October edition of Vietnam Business News: Week in Review.
Listed deposit rates must fall by at least 0.5% for terms of six months or longer.
Lending rates must fall by 1.5 to 2% for production, business and priority sectors, a list that reaches science and technology, innovation, digital transformation and green transition, as VnEconomy reported. Deposit rate wars are prohibited, and banks may not relax lending standards to chase growth.
What happens if a bank ignores the order?
On 21 October the central bank followed up with Official Dispatch No. 9736, which sets a measurable benchmark against the 11 to 20 October rate baseline. Banks that miss it face review of their remaining 2026 credit growth quotas (the annual lending growth limits regulators assign each bank), lower quotas for 2027 and prudential safety ratios (capital and liquidity buffers) set above standard requirements.
The cuts must also reach each bank’s entire system and all sales channels, with leaders held accountable to the State Bank of Vietnam.
On 19 October 2026, SBV Governor Pham Duc An convened a meeting in Hanoi with leaders of 46 commercial banks.
Agribank announced lending rate cuts of up to 2% from 19 October. The Bank for Investment and Development of Vietnam (BIDV) pledged a credit package of roughly 100 trillion Vietnamese dong (VND) with lending rates cut by 1.5 to 2%. LPBank and Asia Commercial Bank (ACB) adjusted listed deposit rates effective 19 and 20 October.
The wave kept rolling through 22 October. Nearly 20 banks have cut listed deposit rates by around 0.5%, while 14 lenders have announced lending cuts of mostly 1.5 to 2%, reaching 3% in some cases. A cluster of private banks cut six-month listed deposit rates into the 5 to 5.9% range, including TPBank, BaoViet Bank and Vietnam International Bank (VIB) at 5% and Sacombank at 5.7%. Sacombank also launched a VND 40 trillion preferential package that cuts lending rates by 2% to levels starting at 8.5% a year, naming foreign invested enterprises among the beneficiaries.
How fast will your borrowing costs actually fall?
For borrowers, the open question is timing rather than direction. The regulator wants cuts applied to existing loans as well as new lending, so ask your bank when your current facilities reprice.
US Trade Deal Nears Signing, Two US Probes Still Decide Tariffs
Following more than a year of US-Vietnam trade talks and a 12.5% tariff imposed after a US forced labour investigation, a deal is now within reach. Vietnam has sent the final wording of the framework trade agreement, titled the Agreement on Reciprocal, Fair and Balanced Trade, to the US, and Deputy Prime Minister Pham Gia Tuc said the deal could be signed if both sides agree.
He was speaking at the US-Vietnam Business Summit in Hanoi on 14 October 2026.
US officials were more cautious. Two Section 301 investigations (a US trade law tool that can add tariffs after an investigation) remain open, one covering industrial overcapacity and one covering intellectual property protection.
Both could add tariffs on top of the 12.5% tariff imposed after the forced labour investigation, a rate already higher than the one carried by most regional peers.
Scrutiny of transshipment continues, with US officials still pressing Vietnam over Chinese goods routed through Vietnamese territory to lower duties.
Vietnamese state media also report that To Lam, the country’s top leader, has been invited to the Group of Twenty (G20) summit in Florida in December, raising hopes the deal can be sealed then.
The talks have run for more than a year, and Vietnam’s trade surplus with the US exceeded $163 billion in the January to August period, according to US trade data.
Where does the unresolved tariff risk land in your 2027 plan?
For companies fixing 2027 sourcing, pricing and investment plans, the risk has two layers.
A signature would stabilize the baseline, but the open probes leave the tariff ceiling unfixed and origin documentation in the compliance spotlight. Plan with a tariff buffer until both investigations close. Exporters into the US should track both investigation calendars as closely as the signature calendar.
Ho Chi Minh City Frees Stalled Projects in 13.23% Growth Race
Ho Chi Minh City must grow 13.23% in the fourth quarter to reach its 10.2% full-year target, after nine-month growth of 9.06%. To get there, the city is clearing a backlog of stalled projects and pressing investors to put committed capital to work.
As of 5 September 2026, the city had catalogued 1,338 stalled projects, construction works and land plots. By 28 September it had cleared obstacles for 669 of them, exactly half, and municipal departments are now working through the remaining 669 under their own authority.
Chairman Nguyen Van Duoc has told businesses to honour their commitments and ordered city departments to track each project and clear obstacles quickly. At a 17 October conference attended by 34 major corporations and enterprises, investor representatives signed fourth-quarter disbursement commitments with the city, which is targeting a 45% private investment disbursement rate in the quarter.
What happens if your project is still stuck?
The backlog list is the working document now. If your licensing, land or compensation file sits on it, expect municipal departments to reach out, and expect pressure to deploy capital if your project is approved but idle. Companies outside the list can still file obstacles through the city’s channels.
New Licensing Rulebook for Foreign Traders Takes Effect
Foreign-invested traders in Vietnam now work under a new licensing rulebook. Government Decree No. 342/2026/ND-CP took effect on 18 October 2026, replacing Decree No. 09/2018/ND-CP. Export, import and wholesale of ordinary goods now rest on registration alone.
A business licence from the provincial People’s Committee is required for nine activity groups, as BNEWS explains.
They include retail distribution, goods outside Vietnam’s trade commitments such as lubricants, rice and sugar, logistics subsectors not yet opened to foreign providers, commercial intermediaries, and operation of intermediary e-commerce platforms, trading social networks and integrated trade platforms.
Retail of rice, sugar, recorded media, books, newspapers and magazines is only available through convenience stores, mini-supermarkets or supermarkets under an existing retail licence.
What changes for large platforms and retail chains?
Licensing is stricter at the top end. For large platforms controlled by foreign investors and for big retail chains, the licensing authority must consult the Ministry of Public Security and the Ministry of National Defence on national security.
The two ministries have 14 working days to respond, and national security consultation replaces the older practice of collecting sector ministry opinions on licence files. A complete application is otherwise assessed within 10 working days.
What happens to licences already in place?
Existing licences remain valid, and applications filed before 18 October follow the old rules with a six-month window to finish incomplete files.
The practical question right now is simple. Does your Vietnam trading entity’s registered business line still match what it actually sells and hosts online?
Autumn Economic Forum to Unveil Over US$13 Billion in Projects
Ho Chi Minh City expects to announce at least 12 investment projects with registered capital of over US$13 billion at the Autumn Economic Forum 2026, which runs from 26 to 29 October. The announcement is planned for 28 October, right after a high-level session and a dialogue between Prime Minister Le Minh Hung and World Economic Forum (WEF) leaders.
Le Truong Duy, director of the Ho Chi Minh City Centre for the Fourth Industrial Revolution and an organising committee member, set out the programme at a 20 October press conference. The main sessions on 27 and 28 October carry the WEF brand, a first for the forum according to the organisers.
The Vietnam International Financial Centre (VIFC-HCMC) is also expected to name its first 10 members on 28 October. Organisers have confirmed 22 high-level international delegations and 10 leaders of international organisations, and more confirmations are still coming in.
What should investors do during forum week?
Treat the week as a working deadline as much as a signal. Companies tied to the projects due for announcement should confirm their positions with the city now, and firms exploring entry can use the packed session calendar to open conversations while decision makers are in one place.
The National Assembly’s debate on Vietnam’s 2027 rulebook is under way. The amended Land Law, amended Law on Housing and amended Real Estate Business Law took the plenary floor on 22 October, with group discussions running all day and votes scheduled at the session’s closing sitting in late November. The session’s agenda carries 47 draft laws and resolutions in total.
The session has also formally adopted an Investment Law amendment to its agenda under expedited procedure, implementing Politburo Resolution No. 10-NQ/TW of 8 June 2026 on foreign direct investment. The draft would let the Government relax market access conditions for foreign investors and extend the special investment procedure, with effect expected from 1 January 2027. In group discussions on 24 October, lawmakers backed tying incentives to measurable results such as technology transfer and output, not capital volume.
In the draft Real Estate Business Law, one deputy has proposed dropping pre-transfer conditions on project transfers. The Economic Committee is still weighing whether a transferee could instead assume outstanding land payments under an escrow or bank guarantee, so the proposal is not settled yet.
Key Takeaways
- Rates: Listed deposit rates fall by at least 0.5% and lending rates by 1.5 to 2%. Ask your bank when cuts reach your existing loans.
- Trade: The deal is close, but two US probes can still raise tariffs. Keep a tariff buffer in 2027 pricing until they close.
- Growth: Ho Chi Minh City has cleared half its stalled projects and is chasing a 13.23% fourth quarter. Put committed capital to work or expect pressure.
- Licensing: Check your trading entity against the nine licensed activity groups before year end.
- Forum: Over US$13 billion in projects and the financial centre’s first members are due on 28 October. Treat forum week as a pipeline deadline.
Conclusion
This edition’s five moves point in one direction. Vietnam is pushing money and rules forward at the same time. Rate cuts and a near-signed trade deal open space for 2027 planning, while new licensing rules and the city’s project clearances set the conditions companies must work within.
Companies planning next year should model the new rate cuts now, confirm their trading licences against the decree, and keep a tariff buffer until the US probes close. The forum week and the National Assembly session are the two moments to watch before the picture settles.
Thinking about entering or expanding in Vietnam? Contact United Consulting at info@unitedconsulting.asia to map how recent trade, banking and licensing changes affect your 2027 plans.
