Global markets had their worst week since April 2025 as doubts gathered around the AI boom, and Nvidia opened a probe into whether its chief executive was targeted by Chinese intelligence. Vietnam enters the same window with a record goods surplus with the United States (US) of nearly US$190 billion by US counts, and two US trade probes that could still add duties.
Also this week: a further draft Investment Law amendment, the January minimum wage rise and a 17-year high in registered foreign investment. This edition covers developments through 8 November 2026, plus earlier decisions.
This week’s Vietnam business news highlights key developments:
- AI Fears Drive the Biggest Global Selloff Since April 2025
- Nvidia Investigates Claims Its CEO Was Targeted by Chinese Intelligence
- Two US Trade Probes Threaten Vietnam’s Record Trade Surplus
- Investment Law Shake-Up to Reward Results Over Capital
- Minimum Wage Rise of 7.8% Hits Payrolls in January
- New Data Fines Take Effect as Power Pricing Rules Advance
- Foreign Investment Hits Its Highest Level Since 2009
TL;DR – Global markets had their worst week since April 2025 on AI fears, and Nvidia opened a probe into its chief executive. Vietnam’s goods surplus with the US neared US$190 billion by US counts. Two US trade probes could add duties. A further draft Investment Law amendment would tie incentives to verifiable results. The minimum wage rises from 1 January 2027.
Check out our guides to the three-question test and the investment policy approval before you model any move in this edition.
AI Fears Drive the Biggest Global Selloff Since April 2025
Global stock markets had their worst week since April 2025. Companies in the S&P 500 lost about US$3 trillion in combined market value on Thursday alone. Technology shares led the fall. The Nasdaq dropped 5.5%, while the Philadelphia Semiconductor Index, which tracks major chip companies, fell 12.2% in one session, AP reported.
The falls spread to Asia on Friday. Tokyo and Seoul both dropped about 6%, and Samsung and SK Hynix fell more than 10% in Seoul. Investors became concerned that Democratic gains in the US midterm elections could lead to tighter scrutiny of AI data centres and slow the infrastructure spending behind the AI boom. High borrowing costs and questions about whether companies can earn enough from their AI investments added to the uncertainty.
What does the market fall mean for businesses in Vietnam?
Vietnam’s main stock index, the VN-Index, fell nearly 1% over the week. Foreign investors were net sellers again before returning as buyers on 6 November, and the State Bank of Vietnam has announced up to US$2 billion in liquidity support that could ease funding pressure. Businesses here could still see slower investor decisions while global AI money reprices.
Nvidia Investigates Claims Its CEO Was Targeted by Chinese Intelligence
Nvidia’s board said on 8 November it had opened an independent investigation into whether its chief executive Jensen Huang was targeted by a Chinese intelligence effort, following media reports about his relationship with a former executive of Megaspeed, a Singapore-based company that bought about US$4.8 billion of Nvidia equipment. Huang has acknowledged being unfaithful to his wife. Nvidia said it has no reason to believe its secrets or US national security were compromised.
The case matters because Megaspeed stands accused of moving Nvidia’s most advanced chips to China in breach of US export controls. House committee leaders have asked Huang for a closed-door briefing on 18 November, and shares in Asian chip suppliers fell.
Why should Vietnamese businesses follow this story?
The investigation puts the trade in advanced chips through Southeast Asia under the same harsh light as the US trade probes. Firms in Vietnam that assemble, distribute or depend on high-end chips should be able to show where each unit came from and who may buy it next. Supplier records, end-user documents and US export-control terms are what investigators examine.
Two US Trade Probes Threaten Vietnam’s Record Trade Surplus
According to US trade data released on 4 November, Vietnam recorded a goods surplus of nearly US$190 billion with the United States in the first nine months of 2026, about 47% higher than a year earlier and the largest of any US trading partner, Reuters reported. US data counts trade differently from Vietnam’s own statistics.
The 12.5% tariff imposed in July stands after the 3 November elections. Two US trade probes run on separate tracks, with one on intellectual property (IP) reaching its statutory deadline on 29 November and a second on industrial overcapacity still open. Both could add new duties. Talks on a reciprocal trade agreement continue, Vietnam’s Foreign Ministry said.
What should exporters do while the probes run?
Companies selling into the US should price in several duty scenarios for 2027, keep origin documents tight, and treat transshipment scrutiny as a cost. The record surplus makes political relief unlikely before the determinations close. If relief comes, expect product exemptions rather than a rollback, so plan on today’s rate. It extends the trade watch in the 2 November edition of Vietnam Business News.
Investment Law Shake-Up to Reward Results Over Capital
Finance Minister Ngo Van Tuan told the National Assembly on 1 and 2 November that a further draft amendment to the 2025 Investment Law will give special incentives to sectors such as semiconductors, artificial intelligence (AI) and data centres only against verifiable results, with conditions to withdraw incentives when investors miss commitments, VietnamPlus noted.
The draft also proposes fast-track procedures for high-tech projects and leases of up to 70 years in eco-industrial parks. Ho Chi Minh City (HCMC) set out tiered city-level incentives on 2 November, while qualifying high-tech, research and semiconductor projects can already apply the national 10% corporate income tax (CIT) rate for 15 years under existing law, city officials said.
What should investors expect from the new conditions?
Incentive claims should be modelled against measurable results rather than investment size alone. Businesses that can document technology transfer, local sourcing or output benchmarks will hold the stronger hand, and documented commitments create a defensible record when incentives are reviewed.
Minimum Wage Rise of 7.8% Hits Payrolls in January
Decree 399/2026/ND-CP, dated 2 November and effective 1 January 2027, raises regional monthly minimum wages by VND 310,000 to 390,000. Region I rises from VND 5.31 million to VND 5.7 million per month, and hourly rates rise from VND 25,500 to VND 27,400. Employers must check the locality list in the Government decree text to find the right minimum wage for each workplace.
Employers may not fund the rise by cutting overtime pay, night-shift pay or in-kind allowances, and must review labour contracts before the effective date. The decree replaces Decree 293/2025/ND-CP.
What does the wage rise mean for 2027 payroll budgets?
Budgets should identify staff whose pay falls below the new regional minimums and adjust by workplace location. The increases average 7.8% but run from 7.3% to 9.2% by region, and staff above the new floors get no automatic rise. Companies with contracts pegged to the minimum wage face the widest review.
New Data Fines Take Effect as Power Pricing Rules Advance
Two changes to how businesses buy electricity are moving through parliament. The first ends the practice of charging some customer groups more to subsidise others, so prices move closer to real costs and some bills will rise while others fall. The second lets factories buy power directly from renewable generators instead of only through the state utility, with set prices for certain sources, official presentations showed.
On data, new administrative fines for data breaches take effect on 11 November under Decree 363/2026/ND-CP. A broader Data Security Law, which sorts company data into five risk levels, is now with the National Assembly and could pass before the sitting closes on 21 November. The same sitting is also weighing electronic ID rules and whether AI-made inventions can be protected by IP, government reporting shows.
What should you do about power and data before the year ends?
Businesses with heavy power use should model both outcomes of the pricing reform before renewing supply contracts, and anyone buying green power should follow the direct-purchase rules. Any company holding customer or employee data should already be following the fine decree, because it takes effect on 11 November. Brand owners using AI in filings should document the human input behind them.
Foreign Investment Hits Its Highest Level Since 2009
Companies registered US$54.85 billion in foreign direct investment (FDI) in the first 10 months of 2026, up 74% from a year earlier and the highest since 2009. The money actually put to work, disbursement, reached US$24.08 billion, a five-year high, official figures show.
The breakdown matters for planning. Brand-new projects took the largest share of registered investment, and processing and manufacturing absorbed 82.9% of the cash actually deployed, which is where new entrants will feel the competition first.
What does this mean if you are planning a plant or expansion?
Competition for industrial land, skilled labour and utilities is tightening in the zones absorbing this capital. If you are planning a plant, check land, labour and power at your specific location now rather than assuming national capacity. If you are expanding an office, expect more competition for experienced staff in the same cities.
Key Takeaways
- Markets: Re-time investor and fundraising plans. Global AI money may rotate toward traditional markets.
- Chips: Review supplier records, end-user documents and export controls for advanced hardware.
- Trade: Keep tariff buffers and origin files ready until the 29 November deadline.
- Incentives: Document technology transfer and local sourcing to earn the proposed results-based incentives.
- Payroll: Check each workplace locality against the new minimum wage tables and review labour contracts this quarter.
- Regulation: Track the proposed power and data bills. The fine decree takes effect 11 November.
- Investment: Lock site and hiring timelines early as land and utilities tighten.
Conclusion
Exporters should model tariff scenarios into 2027 pricing. Employers should review payroll tables and labour contracts against the new minimum wage floors before January. Investors should map incentive eligibility against measurable commitments.
The wage rise lands inside the wider compliance calendar, and our sub-licence guide covers the permits that follow company registration.
Thinking about entering or expanding in Vietnam? Contact United Consulting at info@unitedconsulting.asia to map how this week’s trade, wage and incentive changes affect your 2027 plans.
