Vietnam news in brief - June 10

Spain pledges rail technology transfer to Vietnam 

Spain, home to the world’s second-largest high-speed rail network, has promised to share its expertise and technology and welcome a Vietnamese working group to collaborate on rail infrastructure. Spanish counterpart Pedro Sanchez told Prime Minister Pham Minh Chinh at a meeting in France on June 9.

PM urges complete eradication of substandard housing by August

Prime Minister Pham Minh Chinh has urged ministries and local governments to speed up the eradication of substandard housing nationwide, to substantially complete the project by August 31. Housing support must be provided to families of war martyrs and contributors to the revolution before July 27. 

Vietnam promotes digital transition in traditional markets

The Digital Transformation Program for Traditional Market Vendors, to be launched on June 14 by Vietnam’s Department of E-commerce and Digital Economy, provides vendors with digital skills, e-commerce tools, and cashless payment options. The program aligns with Vietnam’s goal for the digital economy to contribute over 30% of GDP by 2030. 

Qualcomm launches first AI R&D center in Vietnam

Qualcomm on June 10 opened its first artificial intelligence (AI) research and development (R&D) center in Vietnam. The center will focus on foundational and applied research in generative and agentic AI for the smartphone, XR, IoT, and automotive sectors. With locations in Hanoi and Ho Chi Minh City, the center will strengthen Qualcomm’s global AI roadmap while supporting Vietnam’s technology transfer, talent development, and innovation ecosystem.

Vietnam’s economy is expected to grow 6% in 2025

The United Overseas Bank of Singapore (UOB) has revised down its forecast for Vietnam’s economic growth in 2025 from 7.09% to 6.0% due to the impact of global trade uncertainties. The World Bank had previously forecast 6.8% growth. Meanwhile, the Vietnamese government’s official target remains ambitious at 8%.

Vietnam’s textile exports hit US$17.58 billion in Jan-May

Vietnam earned $17.58 billion from textile exports in the first five months of 2025, marking a 9% year-on-year increase. Russia has emerged as a promising market. The Vietnam Textile Association (VITAS) is urging swift negotiations of the ASEAN–Canada Free Trade Agreement (FTA) and stronger domestic sourcing to improve competitiveness and reduce reliance on imported materials.

VinFast strengthens localization to support EV ecosystem

VinFast aims to achieve 80% localization by 2026 and produce one million electric vehicles (EVs) annually by 2030. It announced to offer incentives, including land lease discounts of up to 50% and output purchase commitments. VinFast is expanding globally, building factories in India and Indonesia, and incorporating Vietnamese firms into its global supply chains.

Michelin honors 181 restaurants in 2025 guide

Michelin has released its 2025 restaurant guide, which features 181 establishments in Hanoi, Ho Chi Minh City, and Danang. The list includes nine one-star Michelin restaurants, 63 Bib Gourmand selections, and 109 eateries recognized for their culinary quality. With 24 new additions, the guide further establishes Vietnam's growing global culinary reputation and promotes its vibrant food culture internationally.