As Vietnam continues to accelerate the development of industrial facilities and infrastructure, particularly large-scale projects such as airports, industrial complexes, and logistics centres, the approach to design and project delivery is undergoing a significant transformation.

Whereas steel structures were once regarded primarily as a technical solution during construction, they have now evolved into a key element of the overall design process, influencing spatial planning, structural systems, and project execution strategies from the earliest stages.

In response to this trend, BMB Steel – a global steel structure contractor serving industrial, commercial and infrastructure projects – goes beyond providing steel structure solutions by working alongside project owners and design consultants from the outset of a project.

Na Duong II Thermal Power Plant Project

Early coordination among architectural, structural, and construction teams helps optimise space utilisation, shorten project schedules, and reduce design changes during construction.

Drawing on extensive experience delivering large-scale industrial and infrastructure projects, BMB Steel provides effective structural solutions that meet the demands of faster project delivery, future expansion, and long-term operational performance.

Several projects undertaken by BMB Steel, particularly in the heavy industrial sector, reflect the evolving approach to collaboration among project stakeholders.

At the Na Duong II Thermal Power Plant in northern mountainous province of Lang Son, BMB Steel delivered approximately 3,800 tonnes of structural steel for the turbine building, coal storage facility, and auxiliary structures across a 7.4-hectare site.

The project required close coordination between design, fabrication, and construction to ensure seamless execution and overall schedule alignment. As a large-scale industrial facility, it required a high level of precision, as even minor deviations during design or construction could affect the entire project’s progress.

Building on its involvement in large-scale energy projects, BMB Steel also delivered approximately 5,000 tonnes of structural steel for the Quang Trach I Thermal Power Plant in Quang Binh province.

The project involved a substantial structural steel scope and required rigorous quality control throughout every stage, from fabrication to erection, while ensuring the timely delivery of one of Vietnam’s key national energy infrastructure projects.

Alongside its project delivery capabilities, BMB Steel has developed an integrated approach that combines design, fabrication, and construction.

Steel components are fabricated at the company’s manufacturing facilities under a standardised quality control process before being delivered to the construction site.

This approach helps minimise discrepancies between design and on-site execution while improving schedule control for large-scale projects.

BMB Steel’s steel structure fabrication plant with integrated quality control

The demanding schedules of today’s industrial and infrastructure developments are also raising expectations for steel structure contractors.

Their role now extends beyond construction alone, with companies such as BMB Steel becoming increasingly involved in optimising technical solutions from the earliest stages of a project, particularly for complex developments where efficient coordination and technical expertise are essential to successful project delivery.

Overall, the evolving approach to industrial and infrastructure development is increasingly blurring the boundaries between design and construction.

In this context, structural steel is no longer viewed solely as a technical solution during the construction phase but has become an integral part of project planning from the earliest stages of development.

Practical experience gained from projects such as the Na Duong II Thermal Power Plant and the Quang Trach I Thermal Power Plant highlights BMB Steel’s increasingly important role in the modern construction value chain, particularly in delivering large-scale industrial and infrastructure projects.

Minh Cuong mct JSC A steel structure and construction pioneer that builds in trust As a pioneer in Vietnamese pre-engineered steel building and industrial construction for 25 years, Minh Cuong Mechanics-Construction-Trading JSC is a prestigious high-tech provider of steel structure solutions for both foreign and local partners at home and abroad.

THACO raises the bar for steel industry THACO Industries has significantly intensified its investment in steel structures and Mechanical, Electrical, and Plumbing (MEP) systems, aiming to become the top general contractor in Vietnam.

ATAD Steel Structure Corporation honoured at Manufacturing Asia Awards ATAD Steel Structure Corporation was named the winner of the Vietnam Excellence Award – Steel at the Manufacturing Asia Awards 2025 on November 18 at the Marina Bay Sands Expo and Convention Centre in Singapore.

The global rice market experienced significant volatility in 2025 after India completely lifted its export restrictions, leading to a rapid increase in supply and putting downward pressure on global rice prices.

Meanwhile, Thailand recorded a sharp decline in rice exports, while Vietnam faced a double challenge from India’s price competition and tighter import policies in several overseas markets.

Entering 2026, the rice industry continues to operate in an intensely competitive environment.

Vietnam maintained strong rice export volumes in the first half of 2026, but export earnings declined amid intensifying global competition

According to the Ministry of Agriculture and Environment, Vietnam exported approximately 5.2 million tonnes of rice in the first six months of the year, generating $2.38 billion in export revenue, up 9.9 per cent in volume but down 2.5 per cent in value from a year earlier.

The figures highlight a familiar reality for the rice industry: companies may increase sales volumes, but profitability does not necessarily improve in tandem because of lower selling prices, higher logistics and financing costs, and intense international competition.

Nevertheless, many companies are pursuing new strategies to increase value-added products.

For instance, Vietnam National Seed Group (NSC), whose two main businesses are seed production and rice exports, is expanding into markets including China and the United States while developing high-quality raw material areas to support exports to Japan.

According to the company’s management, its strategy has shifted away from simply increasing output toward developing premium rice varieties, applying advanced technology and building brand recognition to enhance product value.

For 2026, Vinaseed targets revenue of $114 million, up 24 per cent from the previous year, and pre-tax profit of $12.6 million, representing growth of 14 per cent, while still factoring in weather-related risks that could affect crop yields.

Similarly, Trung An High-Tech Farming JSC (TAR) continues to pursue a strategy focused on premium-quality and low-emission rice.

The company is participating in the development of around 20,000 hectares of raw material areas in the Long Xuyen Quadrangle, while restructuring its finances by working with banks to refinance outstanding loans and divesting stakes in several subsidiaries to reduce interest expenses.

Even so, Trung An’s earnings target remains modest. In 2026, the company aims to generate consolidated revenue of $140 million and after-tax profit of just $480,000, reflecting the structurally thin profit margins typical of the industry.

Despite stronger export performance, rice stocks have remained largely subdued on the stock market.

Currently, only ticker NSC continues to trade above par value, while TAR, LTG, AGM and FCS are all trading below par.

Ticker LTG of Loc Troi Group JSC has been placed under warning status and is subject to trading restrictions after the company failed to publish its audited financial statements for 2024 and 2025.

Valuations also remain depressed. TAR is trading at a price-to-book (P/B) ratio of around 0.21 times, while LTG has a P/B ratio of 0.24 times and a price-to-earnings (P/E) ratio of approximately 2.87 times. NSC is trading at a P/B ratio of 0.82 times and a P/E ratio of 5.66 times.

However, low valuations alone have not been sufficient to attract investors, who remain concerned about earnings prospects and the financial health of the companies.

Beyond the prolonged losses at An Giang Import-Export JSC (ticker AGM), Loc Troi Group has become a prime example of the challenges facing the industry. Once one of Vietnam’s leading rice exporters, the company has endured two years of financial, debt and corporate governance difficulties.

At its extraordinary general meeting of shareholders on May 11, the management said the company was implementing a restructuring programme, working with two lenders TPBank and MB to restructure outstanding loans, while securing a credit facility of around $60 million to supplement working capital.

Loc Troi aims to complete its audited financial statements in the third quarter of 2026 after appointing a new external auditor.

Meanwhile, Trung An is also addressing outstanding legal issues while restructuring its operations and capital structure.

The company believes its recovery prospects will improve in 2026, supported by its premium rice export business.

However, the management acknowledged that the restructuring process will require more time before its benefits are reflected in financial results.

Even companies with relatively stable operations continue to demonstrate the industry’s structurally thin margins.

Ho Chi Minh City Food JSC generated revenue of more than $13.1 million in 2025, but reported after-tax profit of only about $9,200.

For 2026, the company targets revenue of nearly $15.6 million, while its after-tax profit target is only $8,200. exchange rate fluctuations, interest rates, funding costs and credit policies are expected to remain key factors affecting business performance.

According to analysts, rice stocks are highly cyclical, with performance heavily influenced by global agricultural commodity prices, export policies, weather conditions and climate change. At the same time, the industry’s thin profit margins make it difficult for companies to deliver substantial earnings growth even when export volumes are strong.

Over the longer term, the sector’s growth prospects lie in the development of premium-quality rice, low-emission rice and stronger brand positioning in high-value export markets.

However, for rice stocks to become more attractive, investors will need to see meaningful improvements in profitability, cash flow and corporate governance, rather than relying solely on export volume growth.

Rice stocks not a cause for concern Despite growing complexities of disease and salt intrusion, Vietnam has enough rice for both exports and domestic consumption.

10 companies honoured for efforts to expand sustainable rice farming The Netherlands Development Organisation SNV in Vietnam, on May 19, organised the Award Ceremony for the Summer–Autumn Season of 2025 to recognise 10 companies demonstrating outstanding performance in partnering with smallholder farmers on sustainable rice farming practices.

Vietnam rice exports to recover on high-quality demand Following a decline at the beginning of the year, Vietnam’s rice exports are expected to recover thanks to increased import demand and a consumer trend favouring high-quality rice.

Rize raises $31 million to accelerate sustainable rice farming in Vietnam and Southeast Asia On July 16, Rize, Southeast Asia’s leading sustainable rice platform, announced the close of a $31 million Series B funding round, comprising $20 million in equity and $11 million in debt financing.

On July 10, VinFast announced that it had delivered 17,955 electric vehicles (EVs) to customers in Vietnam in June, bringing its total sales in the first six months of 2026 to 115,916 units, up 72 per cent compared to the same period in 2025. It also marked the first time a carmaker in Vietnam has surpassed the milestone of 100,000 vehicles sold within the first half of a calendar year.

The announcement came as Vietnam Automobile Manufacturers’ Association (VAMA) released its June sales report, highlighting notable shifts in the domestic automotive market.

According to VAMA, its member companies sold 31,104 vehicles in June, up 4 per cent from the previous month but down 2.7 per cent on-year. In the first six months of the year, total sales reached 149,761 units, representing a 15 per cent increase compared to the same period of 2025, reflecting the continued recovery of Vietnam’s automotive market.

Against this backdrop, VinFast’s growth significantly outpaced the broader market. The company’s first-half sales alone were equivalent to approximately 77 per cent of the combined sales volume of all VAMA members during the same period, underscoring the rapidly expanding scale of Vietnam’s domestic EV manufacturer in the local market.

The momentum is also becoming increasingly evident in the passenger car segment, traditionally the most competitive area of the market. VAMA members recorded passenger vehicle sales of 100,321 units in the first six months, driven primarily by multipurpose vehicles and sport utility vehicles.

Meanwhile, VinFast’s growth has been supported by a broad product portfolio spanning multiple market segments. The VF3 led the lineup with 3,550 deliveries in June and cumulative sales of 23,781 units in the first half. The VF5 followed with 3,364 units delivered in June and 20,167 units sold during the first six months. The VF 6 and VF 7 also posted cumulative sales of 14,045 units and 6,849 units, respectively, further expanding the presence of EVs across mainstream market segments.

Against this backdrop, competition in Vietnam’s automotive market is expected to intensify further in the second half of the year. VinFast is preparing to launch the VF2 at the beginning of the third quarter with a starting price of approximately $7,200, while accepting early reservations from July 15-17 and continuing to offer direct price incentives. These moves are expected to increase competitive pressure on conventional internal combustion engine vehicles.

Nevertheless, the market’s transition towards electrification continues to face concerns among consumers, particularly regarding charging infrastructure, battery technology, inspection standards, as well as testing procedures and vehicle safety assurance.

Kazuhiro Takezawa, general director of Hioki Electric Vietnam said that since EVs and charging infrastructure began expanding rapidly, regulations and requirements related to battery safety and charging systems have received increasing attention in many countries, not only in Vietnam. This has become an important topic of close discussion between governments and businesses as part of the broader effort towards sustainable transportation and carbon neutrality.

Takezawa asserted that the Vietnamese market is moving fast, with the national charging network has expanded to more than 150,000 ports for cars and motorbikes across all 34 provinces. At the same time, draft national technical regulations, expected to come into effect this year, aim to enforce safety and interoperability in line with international standards.

“Although standards and regulations are still being further developed, inspection and maintenance activities for EVs and EV batteries have already been widely implemented in many advanced markets. Hioki’s EV maintenance and lithium-ion battery testing solutions are also being adopted across several leading EV and battery markets worldwide,” Takezawa said.

“Our solutions, including battery testers, power analysers, and insulation resistance testers, enable manufacturers, service centres, and fleet operators to assess battery health non-destructively, detect degradation early, and verify the power efficiency of charging systems before issues escalate into failures. Ultimately, the value of testing equipment lies in its ability to identify problems before they become incidents.”

According to Takezawa, as EVs become increasingly common and gradually evolve into a primary mode of transportation in major cities such as Hanoi and Ho Chi Minh City, demand for safety inspection, battery condition assessment, and system maintenance will continue to grow significantly.

“A battery failure event, whether during charging, discharge, or storage, carries safety risks but also serious reputational consequences for manufacturers, operators, and the broader EV ecosystem. As the regulatory environment becomes stricter, the need for certified, accurate testing equipment becomes even more critical. We see the tightening of standards in Vietnam not as a compliance burden, but as a positive development, one that raises the bar for the entire market and rewards those who invest in proper measurement and verification,” he said. “This will be a key factor in strengthening market confidence and accelerating the adoption of clean energy vehicles in the years ahead.”

Hioki Electric Vietnam believes Vietnam has strong potential to become one of the region’s key manufacturing hubs for batteries and electrification equipment, particularly as its industrial infrastructure, supply chain ecosystem, and technical capabilities continue to evolve in the coming years.

“Vietnam also holds reserves of manganese, rare earths, and aluminium, key inputs in battery cell production, which could, over time, support a more integrated domestic supply chain rather than one that relies predominantly on imported materials,” said Takezawa. “Vietnam’s trajectory as an electrification hub directly expands the relevance and demand for our battery testing and measurement solutions. Whether it is a cell manufacturer validating production quality, a charging infrastructure operator verifying safety compliance, or a renewable energy project integrating battery storage, each of these growth scenarios creates a clear and measurable need for what we do. We are not observing this trend from the outside, we are actively positioning our technical capabilities in Vietnam to grow alongside it.”

VinFast posts $920 million revenue in Q1 In the first quarter of 2026, VinFast recorded revenues of $920.7 million, an increase of 41.7 per cent from the same period last year.

Green SM enters Central Asia with all-electric ride-hailing launch in Kazakhstan Green SM has officially launched its all-electric ride-hailing service in Kazakhstan, marking the company’s first operational presence in the Central Asian market.

HR Asia’s Best Companies to Work for in Asia 2026

On July 9, the company was named one of HR Asia’s Best Companies to Work for in Asia 2026 for the fourth consecutive year (2023–2026), while also receiving the HR Asia Diversity, Equity & Inclusion Awards 2026.

On July 8, Carlsberg Vietnam was recognised among Vietnam’s Top 10 Outstanding Green Energy and Environmental Enterprises 2026 by the Vietnam Chamber of Commerce and Industry (VCCI), recognising its continued progress in responsible business development.

Top 10 Outstanding Green Energy and Environmental Enterprises by VCCI

Commenting on the dual recognitions, Andrew Khan, managing director of Carlsberg Vietnam, said, “Receiving these two recognitions in the same period of time is a proud moment for Carlsberg Vietnam because together they reflect what matters most to us. One recognises the culture we’ve built for our people, while the other acknowledges our long-term commitment to sustainable growth. Although they celebrate different achievements, they are driven by the same belief: lasting business success comes from investing in people, caring for the environment and creating value responsibly. That’s the future we’re committed to building every day.”

A fourth consecutive HR Asia recognition, with special recognition for Diversity, Equity & Inclusion

Four consecutive HR Asia recognitions are more than a milestone for Carlsberg Vietnam, especially with this year’s additional recognition of the HR Asia Diversity, Equity & Inclusion Awards 2026. They reflect years of building a workplace where inclusion is part of how people work, grow and lead, not simply an initiative, but a culture that shapes everyday decisions.

HR Asia Awards 2026

This year’s recognition comes at an important time as Carlsberg Group introduced its new Global Diversity, Equity & Inclusion (DE&I) Policy, reaffirming that DE&I is a core part of the Group’s purpose, Growth Culture and long-term business strategy. Guided by the principles “Diversity Is Us. Equity Strengthens Us. Inclusion Empowers Us.,” the policy reflects the belief that diverse perspectives lead to stronger collaboration, better decisions and better business.

At Carlsberg Vietnam, these principles shape how people are recruited, developed, supported and given opportunities to grow. Over the past year, the company has continued strengthening its inclusive culture through initiatives such as Pride Month’s ‘Come As You Are’, its annual DE&I campaign celebrating individuality and belonging, and SHELeads, a women leadership community designed to build confidence, capability and connection among future female leaders.

Reinforcing this commitment, Carlsberg Vietnam also became a signatory to the Women’s Empowerment Principles, established by UN Women and the UN Global Compact, while continuing to advance Carlsberg Group’s ambition of achieving 42 per cent women in senior leadership by 2032.

The impact of these efforts is also reflected in employee experience. In the latest group employee engagement survey, Carlsberg Vietnam achieved an Inclusion Index score of 86 and has consistently performed at the Top 10 per cent global benchmark for Inclusion Index, as measured by Glint, for three consecutive years. The result demonstrates the company’s strong progress towards Carlsberg Group’s ambition of being among the top 10 per cent benchmark for employee inclusion experience by 2032.

“Receiving these recognitions is especially meaningful because they reflect the culture we continue to build every day,” said Dang Tran Ngoc Ngan, senior director of People & Culture at Carlsberg Vietnam.

“We believe our greatest strength comes from our people. A diverse workforce helps us better understand the consumers and communities we serve. Different backgrounds, experiences and perspectives help us challenge our thinking and make better decisions. When people with different backgrounds and perspectives feel respected, included, and empowered to contribute, they bring broader thinking, stronger ideas, and better decisions. Those differences make us stronger as teams and ultimately help us build a more sustainable business. This belief continues to shape how we develop our people, our leaders and our future.”

Recognised among Vietnam’s Top 10 Green Energy and Environmental Enterprises

Carlsberg Vietnam has also been recognised among Vietnam’s Top 10 Outstanding Green Energy and Environmental Enterprises 2026, presented at the World Energy and Environment Forum – Vietnam 2026 organised by VCCI. The award recognises the company’s long-term commitment to sustainable operations and responsible business growth.

Guided by Brewing Tomorrow, Carlsberg Group’s ESG programme, Carlsberg Vietnam continues investing in technologies and initiatives that reduce environmental impact while creating long-term value. At Phu Bai Brewery, the largest Carlsberg brewery in Asia, next-generation brewing technology helps reduce water consumption by around 20 per cent and energy consumption by 15 per cent compared with previous technology.

The brewery also captures and reuses all CO2 generated during fermentation, has achieved zero waste to landfill, and continues advancing renewable energy through its upcoming rooftop solar project as part of the group’s ambition to achieve net-zero across the value chain by 2040.

Beyond its operations, Carlsberg Vietnam continues creating positive impact through initiatives such as Fresh Water for Beloved Central, responsible drinking partnerships and community environmental programmes that encourage sustainable choices.

The VCCI recognition is the latest milestone in Carlsberg Vietnam’s sustainability journey. It builds on a growing track record of external recognitions, including being named among Vietnam’s Top 100 Sustainable Businesses 2025 by VBCSD–VCCI, receiving the 2025 EuroCham Community Impact Award, and earning recognition from the Ministry of Industry and Trade at the 35th Anniversary Celebration of the Vietnam Beer – Alcohol – Beverage Association for the company’s contributions to sustainable industrial development.

These recognitions show Carlsberg Vietnam’s long-term commitment to creating lasting value through its people and responsible business practices. Guided by its Growth Culture and Brewing Tomorrow, the company continues to grow responsibly by brewing great beer and creating a workplace where everyone belongs and a business that contributes to a better today and tomorrow.

Carlsberg Vietnam awarded both domestic and international honours Carlsberg Vietnam has received recognition from both local authorities and international quality institutions, underscoring its continuation of a development journey built steadily over more than three decades in Vietnam.

How Carlsberg Vietnam is building high-performing teams through trust and empowerment At the Work the Nordic Way 2026 conference hosted by NordCham Vietnam, leaders from Carlsberg Vietnam shared how trust, empowerment, and people-first leadership are helping shape stronger teams, faster execution, and a more resilient growth culture.

Carlsberg Vietnam joins Danang cycling event to mark 55 years of Denmark ties Carlsberg Vietnam has taken part in a green cycling event in Danang to mark 55 years of diplomatic relations with Denmark and reinforce its sustainability pledge.

Photo: tinnhanhchungkhoan.vn

Announced on July 1, the initial public offering (IPO) will see Dien May Xanh (DMX) shares begin trading on the Ho Chi Minh City Stock Exchange in August.

On June 30, the company’s Board of Directors issued Resolution No.14/NQ/HĐQT/ĐMX-2026, approving the results of the IPO. A total of 166,438,500 shares were successfully allocated (equivalent to 93 per cent of the offered volume and representing 13.1 per cent of the company’s voting shares after the offering) to 2,646 investors.

In finalising the allocation, the Board of Directors approved the further allocation of part of the 13,386,900 shares that remained unsold. Accordingly, Robert Alan Willett, a member of the Board of Directors, subscribed for 325,000 shares at VND80,000 ($3.08) per share, for a total value of VND26 billion ($1 million); these shares are subject to a one-year transfer restriction from the close of the offering in accordance with regulations. The remaining 13,061,900 unsold shares were cancelled and not counted towards the company’s charter capital.

At the IPO price of VND80,000 per share, the actual proceeds from the transaction reached more than VND13.32 trillion (over $500 million). The completion of the IPO will raise DMX’s charter capital from VND11.01 trillion ($423.46 million) to VND12.68 trillion ($487.69 million), corresponding to 1,267,722,000 shares outstanding – a scale that secures DMX’s position as the CE/ICT retailer with the largest charter capital in the market.

The offering results further confirm DMX as one of the most closely watched transactions on the stock market, drawing the participation of nearly 30 institutional investors representing close to 60 domestic and foreign investment funds, alongside nearly 2,600 individual investors. These financial institutions absorbed up to 90 per cent of the total registered volume; of which foreign institutional capital played the leading role at 73 per cent, with domestic institutions accounting for 17 per cent.

With 90 per cent of the volume held by institutional investors and long-term funds, DMX’s shareholder base is regarded as high in quality. This reflects institutional investors’ long-term confidence in the business and helps mitigate short-term profit-taking pressure once the shares begin trading. Following the IPO, Mobile World Investment Corporation holds nearly 86 per cent of DMX’s charter capital.

This is a notable outcome, as the transaction – exceeding half a billion US dollars in size – was executed during a period of heightened market volatility, marked by intensifying net selling by foreign investors. Despite this backdrop, major international capital still chose to invest in DMX.

The foundation for the successful IPO is Dien May Xanh’s steady business growth. In the first five months of 2026, consolidated net revenue reached more than $2 billion, up 33 per cent on-year and completing 45 per cent of the full-year plan after only 5 of 12 months.

This growth was driven entirely by deeper market penetration, with same-store sales growth maintained at 33 per cent while no new stores were opened in Vietnam during the period. In Indonesia, the Erablue chain reached 245 stores, with revenue up 93 per cent on-year.

On the back of this momentum, DMX is on track to exceed its 2026 plan, with revenue and net profit after tax projected to grow 30 per cent and 50 per cent on-year, respectively. This provides the foundation for DMX to deliver on its commitment to pay a cash dividend of VND4,000 (15.4 US cents) per share immediately after listing, equivalent to a 5 per cent dividend yield on the IPO price.

Indonesia-Vietnam retail chain EraBlue targets $790 million by 2030 EraBlue, an Indonesian consumer electronics retail chain joint venture between Vietnam’s Dien May Xanh and Indonesia’s PT Erajaya Swasembada, is targeting annual revenue of $790 million by 2030.

Dien May Xanh posts over $40,000 profit per hour in Q1 Dien May Xanh, Vietnam’s leading consumer electronics and home appliance retailer, recorded average profits of more than $40,000 per hour in the first quarter, as it accelerates ecosystem expansion ahead of a planned IPO this year.

Dien May Xanh plans $574 million IPO to fund regional expansion Vietnam’s leading consumer electronics retail chain Dien May Xanh is planning to raise more than $574 million through an initial public offering (IPO) to fund its transition towards high-margin service segments and regional expansion.