Costs are moving in the right direction. Electricity prices fall 2% from 1 November, the first cut in 20 years outside pandemic relief, and petrol excise tax drops to zero for the same five months, with pump prices cut by up to 1,804 Vietnamese dong (VND) per litre. Borrowing moves slower: 29 banks have cut listed deposit rates under the State Bank of Vietnam (SBV) order, yet lending costs are taking their time to follow.
The United States (US) trade deal slipped past its October window, leaving the Group of Twenty (G20) summit in December as the next chance to sign. New work permit rules land on 5 December, and Ho Chi Minh City (HCMC) approved US$13.58 billion of projects. This edition covers developments through 1 November 2026, plus earlier decisions.
This week’s Vietnam business news highlights key developments:
- Power and Fuel Costs Fall From 1 November
- Rate Cuts Reach 29 Banks While Borrowing Costs Stay High
- Trade Deal Misses October Window, December G20 Summit Next
- New Work Permit Rules Take Effect 5 December
- HCMC Approves US$13.58 Billion as Financial Centre Names First Members
TL;DR – Electricity prices fall 2% from 1 November, the first cut in 20 years outside pandemic relief, and petrol excise tax is zero for the same five months, with pump prices cut by up to 1,804 VND per litre. 29 banks have cut listed deposit rates and at least 22 have pledged lending cuts of 1.5 to 2%, but average borrowing costs still run from 7.7% to 11.4%. The US trade deal missed its October window, leaving December’s G20 summit as the next chance to sign. New work permit rules take effect on 5 December. HCMC approved 12 projects worth US$13.58 billion and named the first members of its new financial centre.
Check out our guides to the three-question test and the market access list before you model any move in this edition.
Power and Fuel Costs Fall From 1 November
Vietnam Electricity (EVN) confirmed a 2% price cut applying from 1 November 2026 through 31 March 2027. The excise tax on all petrol dropped to zero for the same window under Resolution 45/2026/NQ-CP signed on 31 October, and petrol prices fell by up to 1,804 VND per litre from the same day.
The Ministry of Industry and Trade put the pre-cut average retail price at 2,204 VND per kilowatt-hour excluding value-added tax, as the Government’s portal notes. The approved cut takes it to 2,159.90 VND. The zero petrol rate runs through 31 March 2027 but can be shortened or extended. Five months covers the dry season, when power demand and fuel costs bite hardest on factories and logistics.
When will your energy bills reflect the cut?
The lower price applies to consumption from 1 November, and fuel prices moved at midnight the same day, so both cuts land in current bills. Businesses that budget energy separately can lock the saving into fourth-quarter and first-quarter forecasts while keeping it easy to update.
Rate Cuts Reach 29 Banks While Borrowing Costs Stay High
The rate order issued on 18 October is now market-wide on the deposit side. It extends the central bank’s rate push covered in the 26 October edition of Vietnam Business News: Week in Review. VietnamNet counted 29 banks that had cut listed deposit rates by 29 October, three of them cutting 0.5% for 6 to 36-month terms that day. On the lending side, at least 22 banks have committed to cuts of 1.5 to 2% against their standard rates, and 15 have announced preferential packages worth over VND450 trillion (about US$17 billion).
The gap between announcements and bills still matters. Average lending rates remain from 7.7% to 11.4% across banks, and deposit cuts do not automatically lower the rate on any existing loan, as Vietnam News noted. The same report records the central bank’s 21 October warning that banks missing its benchmarks could face lower credit growth targets.
When do existing loans get cheaper?
Only when each contract reprices or when you refinance into one of the new packages. The clearest window is November and December, while banks are measuring their commitments before year-end credit targets are finalized.
Trade Deal Misses October Window, December G20 Summit Next
October closed without a signature on the US trade deal. The final text has been with Washington since 14 October, and the next realistic window is the G20 summit in Florida in December, where To Lam has been invited and where, as Reuters reported, a deal could be sealed.
The tariff picture behind the wait is unchanged. A 12.5% forced-labor tariff already applies to Vietnamese products, and two US investigations into industrial overcapacity and intellectual property could add more, as Reuters reported. The stakes are at record scale. 10-month goods trade passed US$1 trillion for the first time, at US$1.01 trillion and up 32.3%.
What should exporters do while the trade deal waits?
Price 2027 shipments with a tariff buffer until both the signature and the probe outcomes land. US officials have also named foreign ownership caps and motor vehicle safety and emissions standards among the reforms they will keep asking for, so market-entry structures built now should leave room for them.
New Work Permit Rules Take Effect 5 December
Decree 393/2026/ND-CP, signed on 20 October, takes effect on 5 December 2026 and becomes the new rulebook for foreign workers in Vietnam. It introduces 18 permit-exempt groups, including strategic-technology experts and artificial intelligence (AI) talent, as Nhan Dan reported, and it withdraws permits from foreign workers who are deported.
What should employers check before 5 December?
Audit each foreign role against the 18 exempt groups and confirm which staff still need permits under the new standard. Companies that start the audit now have room to fix certificates and paperwork before the rulebook takes effect.
Want to find out more? Check our Decree 393 work permit guide.
HCMC Approves US$13.58 Billion as Financial Centre Names First Members
On 28 October, at its Autumn Economic Forum, HCMC granted investment policy approvals or registration certificates for 12 projects totaling VND337.22 trillion (about US$13.58 billion), led by the Can Gio International Transshipment Port at about US$4.92 billion with capacity for 4.8 million containers a year by 2030, as VietnamPlus reported.
The Vietnam International Financial Center (VIFC) named its first 10 members the same day, with combined commitments of about US$2.7 billion for 2026 and 2027 and first transactions targeted for November 2026. HCMC Vice Chairman Nguyen Cong Vinh put nine-month foreign direct investment (FDI) at US$17.8 billion or more, over four times a year earlier.
What does the new port change for logistics planning?
Container capacity from 2030 eases the throughput constraints that shape HCMC shipping and warehouse costs, so supplier and logistics plans can be built around it. The financial centre moves sooner, with first transactions targeted for November, as it is the channel for project financing while these approvals advance.
Two dates still move this picture. The National Assembly is expected to vote on the Investment Law amendment before its session ends on 21 November, tying incentives to technology transfer and output rather than capital volume. Long Thanh International Airport is due to start commercial operations on 24 December, with its main component about 86% complete.
Key Takeaways
- Energy: Electricity prices are down 2% and petrol excise tax is at zero from 1 November through 31 March. Model the saving into your fourth-quarter and first-quarter budgets.
- Rates: Deposit rates have fallen at 29 banks and lending cuts of 1.5 to 2% are pledged at 22. Ask your bank which package your loans qualify for.
- Trade: The US trade deal missed October and two probes can still add tariffs. Keep a tariff buffer in 2027 pricing until both close.
- Work permits: The new decree takes effect on 5 December with 18 exempt groups. Audit your foreign staff before the deadline.
- Investment: HCMC approved US$13.58 billion of projects and the financial centre named its first members. Treat the pipeline as your market-entry map.
Conclusion
This week moved costs and rules at the same time. Energy and borrowing are both heading down, but the relief lands in stages. Power prices moved first, lending rates follow as banks work through their commitments, and the work permit rules add a fixed deadline to the calendar.
Companies should treat November as the month to act on all three fronts. Lock energy savings into budgets, renegotiate loan pricing while banks chase compliance, and audit foreign staff before 5 December.
The new work permit rules sit inside the wider post-setup permit stack, and our sub-licence guide covers the licences that follow company registration.
Thinking about entering or expanding in Vietnam? Contact United Consulting at info@unitedconsulting.asia to map how this week’s energy, banking and permit changes affect your 2027 plans.
