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MARKET OVERVIEW
Vietnam’s economy continues to maintain an overall positive momentum, despite seeing some impact of external uncertainties. April, marking the start of a sensitive period ahead of the announced tariffs from the United States (currently postponed to July and under negotiation), witnessed not only resilience but also remarkable momentum from the domestic economy.
Industrial production remains a key driver: The Index of Industrial Production (IIP) in April 2025 is estimated to increase by 1.4% month-on-month and by 8.9% year-on-year. Cumulatively for the first four months, the IIP rose by 8.4%, surpassing the 6.3% increase of the same period in 2024, signaling continued strong recovery and resilience in manufacturing.
On the domestic consumption front, purchasing power has shown a clear rebound: Total retail sales of goods and consumer service revenue in April reached VND 582.1 trillion, up 11.1% year-on-year. For the first four months, this figure totaled VND 2,285.5 trillion, up 9.9%, indicating that growth momentum is not solely driven by exports, but also by a vibrant domestic market.
On the other hand, FDI inflows and M&A activities declined in April, the first sign of investors’ hesitance amid an uncertain economic environment. However, cumulatively in the first four months of the year, total FDI remained strong, exports and imports continue to grow, and the trade surplus is maintained. Meanwhile, inflation stays well under control, providing a stable foundation for macroeconomic management.
Public investment continues to play a pivotal role in driving Vietnam’s economic momentum, not only in April but throughout the entire year of 2025. In April alone, disbursement reached approximately VND 48.206 trillion, equivalent to 60% of the total VND 80.306 trillion disbursed during the entire first quarter. Cumulatively, public investment disbursement in the first four months of the year amounted to VND 128.512 trillion, or 14.32% of the annual plan, highlighting significant room for further acceleration. With strong political will and a clear focus on expediting major infrastructure projects, especially in transportation and urban development, public investment is not only helping to ease growth pressures amid a volatile trade environment, but also acting as a powerful catalyst for GDP growth in the coming quarters of 2025.
Based on these encouraging signals, we maintain our forecast for Vietnam’s economic growth in 2025 at 7.5%, while remaining cautious particularly as upcoming tariff negotiations with the U.S. will play a critical role in shaping the export outlook in the coming months.
Source: GSO, ASART analysis
* Decimal and thousand separators follow English conventions
Inflation and Interest Rates
The Consumer Price Index (CPI) in April 2025 rose slightly by 0.07% compared to the previous month, mainly driven by modest increases in rental housing, food, and dining-out services. Compared to the end of 2024, April’s CPI increased by 1.4%, and by 3.1% year-on-year.
For the first four months of 2025, the average CPI rose by 3.2% year-on-year, while core inflation, which reflects long-term price trends by excluding volatile items, increased by 3.05% year-on-year.
However, inflationary pressures in the coming months will be under strain as the country enters the peak of the hot season, with energy consumption, especially for electricity and water, projected to increase significantly.
Source: GSO, ASART analysis
* Decimal and thousand separators follow English conventions
Following the Prime Minister’s strong directive on February 24 to strictly handle banks that raise deposit interest rates and thereby put upward pressure on lending rates, the market has responded noticeably. By the end of March, 24 commercial banks had lowered their deposit rates, with reductions ranging from 0.1 to 1.05 percentage points depending on the term.
Entering April, deposit interest rates have remained generally stable compared to the end of March. Notably, the four state-owned commercial banks, Vietcombank, VietinBank, BIDV, and Agribank, are currently offering the lowest deposit rates in the market, around 4.6% for a 12-month term. This move is seen as a guiding signal, helping to ease funding costs and support the broader goal of stabilizing interest rates across the economy.
Trade Activities
In April 2025, Vietnam’s total trade value was estimated at USD 74.3 billion, an increase of 21.3% compared to the same period last year. Exports were projected at USD 37.5 billion, up 20% year-on-year, while imports were estimated at USD 36.9 billion, reflecting a 23% increase.
For the first four months of 2025, total import and export turnover reached USD 276.9 billion, up 15.7% year-on-year, with exports rising by 13% and imports increasing by 16%. The trade balance recorded a surplus of USD 3.7 billion.
Although the 46% retaliatory tariff from the United States was announced earlier this month (currently postponed and under negotiation) Vietnam’s import-export activities have demonstrated remarkable resilience, with total trade turnover maintaining a positive growth trend. However, if this tariff is officially implemented, especially in the absence of a mutually agreeable outcome from the ongoing negotiations, Vietnam’s trade sector is likely to face serious negative impacts in the coming months. Given that the US is currently Vietnam’s largest export market, such a development could significantly dampen the country’s economic growth.
Source: GSO, ASART analysis
* Decimal and thousand separators follow English conventions
Investment and M&A
In April 2025, the first month following the announcement of the reciprocal tariffs by the US administration, foreign direct investment (FDI) into Vietnam showed signs of investors’ hesitation. Vietnam attracted USD 2.8 billion in FDI, reflecting a slight decline of 8.4% compared to the same period last year. M&A activities in April saw a more significant decrease, with the total value of USD 0.3 billion, a 26% drop year-on-year. If the 46% tariff is officially applied in July, it is highly likely that FDI inflows will continue to slow down, as the investment environment in Vietnam may become less attractive to international investors.
However, due to the robust inflow in the first quarter, FDI for the first 4 months reached approximately USD 13.8 billion, an impressive 49.1% increase compared to the same period last year. Of this, newly registered capital accounted for USD 5.6 billion, reflecting a surge in new project inflows.
The manufacturing and processing sector remained the key magnet for FDI, drawing in USD 3.4 billion in new registered capital, representing 60.6% of the total. Real estate followed with USD 1.5 billion (26.9%), highlighting long-term optimism in Vietnam’s domestic market potential.
In terms of investor countries, Singapore took the leads with USD 1.6 billion in newly registered capital (28.6%), followed by China with USD 1.5 billion (27.1%) and Japan with USD 573.2 million (10.3%). These figures reaffirm Vietnam’s appeal to major regional economies.
A significant portion of the FDI surge in the first 4 months was driven by capital expansion and mergers & acquisitions (M&A) activities. Specifically, 540 existing projects registered to increase their capital by a total of USD 6.4 billion, a 3.9-fold increase compared to the same period in 2024. In addition, foreign investors made 1,106 capital contributions and share purchases, totaling USD 1.8 billion, twice the amount recorded a year earlier.
FDI disbursement in the first 4 months was estimated at USD 6.7 billion, up 7.3% year-on-year, marking the highest disbursement level for this period over the past five years.
On the outbound front, Vietnamese investment abroad also showed notable increase. Total outbound investment (including both new and adjusted capital) reached USD 309.3 million, a 3.1-fold increase year-on-year. Laos remained the top destination with USD 140.6 million (45.5% of the total), followed by Indonesia and the Philippines, suggesting Vietnam’s proactive regional investment strategy is gaining momentum.
Source: GSO, ASART analysis
* Decimal and thousand separators follow English conventions
Exchange Rate
The VND/USD exchange rate rose by 1.7% in April, bringing the VND depreciation to 3.5% from the beginning of the year. This recent pressure on the exchange rate is driven not by domestic fundamentals, but by geopolitical shifts and global trade policy changes, particularly the impending 46% tariff from the US.
Financial markets and investors have grown increasingly concerned of interest rates, exchange rates and that Vietnam’s export volume to the US, its largest export market, may decline if these tariffs are officially implemented in July. Although Vietnam is actively negotiating with the US, the foreign exchange market reflects a cautious sentiment.
*Ask rate on the last day of the month, decimal and thousand separators follow English conventions
Source: Vietcombank, ASART analysis
M&A SPOTLIGHTS
VIETNAM
Technology
Sumitomo Corp and SBI Holdings each acquired a 20% stake in FPT Smart Cloud Japan, a Tokyo-based AI data center subsidiary of FPT Corporation, totaling a 40% ownership. This investment aims to bolster AI infrastructure and services in Japan.
AnyMind Group, a Singapore-based technology company specializing in business supply chains, has reached an agreement to acquire Vibula, a Vietnam-based agency operating in the social commerce sector, in a deal with undisclosed structure and value.
Pharmaceutical
Lion Corporation completed the full acquisition of its Vietnam-based affiliate, Merap Lion Holding Corporation. This move aligns with Lion’s “Vision2030 2nd STAGE” strategy to expand its presence in Vietnam’s growing healthcare market.
Creador, a Malaysian private equity firm, plans to acquire a 13% stake in FPT Long Châu. The acquisition is expected to take place over the course of one year, with approximately 50% of the shares to be purchased through a private placement, and the remaining 50% to be acquired from issuances to existing shareholders.
State Capital Investment Corporation (SCIC) will auction an entire lot of nearly 12.1 million shares, equivalent to 34.71% of the charter capital of Domesco Medical Import-Export Joint Stock Corporation (HOSE: DMC).
Banking
MBBank plans to divest its stakes in MCredit and MBCambodia. MBBank also intends to distribute a 35% dividend, both in cash and stock, and invest up to VND 5,000 billion (USD 190 million) in MBV.
THE WORLD
Fashion
Prada has agreed to acquire Versace from Capri Holdings for nearly USD 1.4 billion, marking a major consolidation in the Italian fashion industry. This acquisition positions Prada to expand itsluxury portfolio and strengthen its global presence in high-end fashion, combining two iconic brands under one umbrella.
Fintech
Global Payments will acquire Worldpay for USD 22.7 billion and sell its Issuer Solutions unit to FIS for USD 13.5 billion, forming a merchant-focused firm with projected 2025 revenue of USD 12.5 billion, EBITDA of USD 6.5 billion, and annual processing of USD 3.7 trillion across 94 billion transactions in 175+ countries, targeting USD 800 million in synergies.
Aviation
Boeing announced the sale of its digital aviation division, including Jeppesen and ForeFlight, to private equity firm Thoma Bravo for USD 10.55 billion. The move is part of Boeing’s broader strategy to raise capital following recent operational setbacks and to streamline its core business. The deal, which covers key digital flight and navigation services, was well received by investors, with Boeing’s stock rising more than 6% on the day of the announcement.
Banking
The Italian government conditionally approved UniCredit’s EURO 14 billion (approximately USD 16 billion) takeover of Banco BPM. The approval requires UniCredit to accelerate its withdrawal from the Russian market and maintain lending support for Italian businesses. The acquisition aims to consolidate UniCredit’s position in domestic banking, making it one of the largest banking groups in Italy.
Automotive
Toyota Motor has proposed acquiring Toyota Industries, a key parts manufacturer for the company, in a deal that could be worth up to USD 42 billion. This reflects the trend of management buyouts in Japan in recent years with the expectation that “a corporate governance overhaul will bring better shareholder returns”.
INVESTMENT AND RELEVANT NEWS
VIETNAM
Vietnam commemorated 50 years since the Liberation of the South and the Reunification of the nation.
Vietnam solemnly commemorated the 50th anniversary of the Liberation of the South and National Reunification with a grand military parade held in Ho Chi Minh City. The event featured the participation of military forces from three neighboring countries, China, Laos, and Cambodia, along with the presence of many international friends, together celebrating the spirit of solidarity, friendship, and the shared aspiration for peace.
Resolution 68, issued by the Politburo, sets out to complete the review and removal of unnecessary business conditions as well as overlapping and inappropriate regulations that hinder the development of the private sector. It aims to reduce at least 30% of administrative processing time, at least 30% of compliance costs, and at least 30% of business conditions. These cuts will continue to be deepened in the following years to create a more favorable environment for private sector development. In addition, Resolution 68 sets out clearly defined quantitative targets along with a specific roadmap. By 2030, the private sector is expected to achieve an average annual growth rate of 10–12%, outpacing the overall economic growth. At the same time, it aims to contribute approximately 55–58% of GDP (up from the current 50%) and account for around 35–40% of total state budget revenue (up from the current 30%).
Vietnam is actively negotiating reciprocal tariffs with the United States.
The issue of “U.S. reciprocal tariffs” remains, as Vietnam is still faced with a 46% tariff rate after the 90-day extension. On April 23, Minister of Industry and Trade Nguyễn Hồng Diên, Head of the Vietnam-U.S. trade negotiation team, held a phone call with U.S. Chief Trade Representative Jamieson L. Greer, officially launching bilateral economic and trade negotiations.
Vietnam continues its revolution to streamline the administrative apparatus.
On April 12, 2025, General Secretary Tô Lâm signed Resolution No. 60-NQ/TW at the 11th Plenary Session of the 13th Central Committee of the Communist Party of Vietnam, officially endorsing the policy to reorganize provincial-level administrative units nationwide. Once the consolidation is completed, the country will have a total of 34 provincial-level administrative units, including 28 provinces and 6 centrally governed cities, with a major proposed merger of Ho Chi Minh City, Binh Duong and Vung Tau. This resolution is expected to be officially approved by the National Assembly at its upcoming session in May.
Vietnam strengthens bilateral relations and diplomacy.
Chinese President and General Secretary Xi Jinping visited Vietnam for a state visit from April 14 to 15, 2025. During the high-level visit from China, Vietnam – China’s largest trade partner in ASEAN, signed 45 strategic agreements covering key areas such as finance, technology, and supply chains. Notable agreements include a USD 8.4 billion railway project, the Vietjet–COMAC partnership, expanded agricultural export quotas, and the establishment of a Railway Cooperation Committee. These agreements mark a new milestone in bilateral economic relations.
The European Union aims to upgrade its relationship with Vietnam to a Comprehensive Strategic Partnership, reflecting a deepening of ties and cooperation across various sectors, including trade, investment, and political collaboration. This move highlights the EU’s recognition of Vietnam’s growing role in the global economy and its strategic importance in the region.
The Prime Minister of Ethiopia, Abiy Ahmed Ali, visited Vietnam from April 14 to 17, 2025, to attend the 4th Summit of the Partnering for Green Growth and the Global Goals 2030 (P4G) and receive the symbolic token of the P4G Summit host country from Vietnamese Prime Minister Pham Minh Chinh. This visit marked the first official visit to Vietnam by a senior Ethiopian leader since the establishment of diplomatic relations between the two countries, underscores Ethiopia’s commitment to global sustainability initiatives, and strengthens bilateral relations between the two countries.
On April 24, President Lương Cường, leading a high-level Vietnamese delegation, began a State visit to Laos at the invitation of Lao General Secretary and President Thongloun Sisoulith. Vietnam and Laos have agreed to strengthen economic and infrastructure connectivity through breakthrough initiatives, aiming to maximize each country’s potential and elevate bilateral cooperation in all fields. The two leaders reaffirmed their commitment to deepening political trust and practical collaboration, setting ambitious goals such as boosting trade to USD 5 billion and enhancing people-to-people and multilateral partnerships.
At the invitation of Prime Minister Pham Minh Chinh, Japanese Prime Minister Ishiba Shigeru paid an official visit to Vietnam. This visit holds special significance, marking a new stage of development in Vietnam–Japan relations and ushering in a new era of comprehensive cooperation based on five strategic pillars: political relations; economic ties and human resources connectivity; security and defense; science, technology and green transition; and close collaboration at multilateral forums.
Vietnam secures major global investments.
Vietnam’s Ministry of Finance urged effective use of the EVFTA to boost two-way investment with the Czech Republic, focusing on innovation, green finance, and strategic partnerships like Škoda Auto’s ASEAN expansion via Vietnam.
Syre Group plans to invest USD 1 billion to build a textile recycling manufacturing complex in Bình Định, aiming to make Vietnam the world’s first global hub for high-tech, circular textile production.
Qualcomm plans to establish its third-largest research and development (R&D) center globally in Vietnam, focusing on artificial intelligence (AI), following its recent acquisition of an AI company from Vingroup.
Vietnam continues to push forward with key infrastructure projects.
The runway lighting system at Long Thanh International Airport has officially been illuminated, successfully undergoing trial operations and lighting up the entire runway, marking a major milestone as the airfield infrastructure is now fundamentally complete and ready for calibration flights. Simultaneously, construction has begun on the second in-flight catering service project, the first of four components under Subproject 4 of Long Thanh International Airport. With strong determination and a clear objective as directed by the Prime Minister, the entire Long Thanh Airport project is being vigorously accelerated to meet its target completion in 2025.
Ho Chi Minh City has officially scheduled the groundbreaking of Metro Line No. 2 (Ben Thanh – Tham Luong) for December 2025. The line spans over 11 kilometers and will pass through six districts: Districts 1, 3, 10, 12, Tan Binh, and Tan Phu, with a total investment of approximately USD 2 billion. As of now, land clearance is nearly complete, and the final preparatory works are being expedited to ensure readiness for construction.
The Passenger Terminal T3 project at Tan Son Nhat Airport, with an investment of over USD 400 million, is set to be officially completed and put into operation in celebration of the 50th anniversary of the Liberation of the South and National Reunification Day.
THE WORLD
The IMF’s World Economic Outlook for April 2025 highlighted a critical juncture amid global policy shifts, with growth projections revised downward due to escalating trade tensions and financial market adjustments. Increasing downside risks, along with inconsistent policy changes and deteriorating market sentiment, threaten to tighten global financial conditions and hinder growth prospects in both short and long terms.
U.S. GDP declined by 0.3% in the first quarter, primarily due to a surge in goods imports ahead of new tariffs taking effect, a slowdown in personal spending, and reduced government expenditures. The US economy is expected to slow down significantly in 2025, with revised GDP growth forecasts and rising inflation rates. The housing market outlook has also been adjusted, with higher expected home prices and mortgage originations.
Under mounting pressure from U.S. President Donald Trump, Federal Reserve Chairman Jerome Powell faced demands for an immediate interest rate cut, along with threats of dismissal. However, after a period of intense pressure, Trump eventually softened his tone.
On April 17, the U.S. Trade Representative (USTR) announced that the U.S. government would impose a fee on all ships built and owned by China when docking at U.S. ports, based on either their tonnage or the volume of goods transported, averaging around USD 1.5 million per voyage. However, just a few days later, the scope of this proposal was narrowed after facing strong opposition from various stakeholders in the United States.
According to White House officials, U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with Vice Premier He, as China’s top official on economic and trade issues, in Geneva, Switzerland, on May 10 to kick off trade negotiations. Previously, China made statements highlighting China’s firm stance on the trade issue and its strategic approach to handling the ongoing trade tensions with the U.S including requesting equal treatment and cancel of all unilateral tariff measures as a prerequisite for resolving trade issues.
Chinese airlines have halted the acceptance of 50 new aircrafts amid escalating trade tensions between the world’s two largest economies, a significant move that underscores the impact of current tariff policies on the global aviation industry.
The European Union (EU) has reaffirmed its commitment to working with partner economies to foster a fair, transparent, and rules-based trading environment. Amid rising geopolitical tensions and growing global uncertainty, the EU sees this as a pivotal moment to push forward with meaningful reforms at the World Trade Organization (WTO). At the same time, it is actively seeking more effective forms of cooperation with non-EU partners, aiming to strengthen a stable, equitable, and sustainable global economic order.
Major US banks like JPMorgan Chase, Wells Fargo, and Citigroup are aggressively expanding their AI teams, integrating AI into various operations such as risk modeling and client recommendations. According to the April 2025 AI Talent Report, the number of AI-related positions in the banking sector has increased by 13% over the past six months, the strongest growth in the past two years.
REGULATION UPDATES*
Law on Data, approved, effective from July 1, 2025, regulates the fundamental aspects of digital data, including the construction, development, protection, management, processing, and utilization of digital data.
Law amending and supplementing a number of articles of the Law on Value Added Tax, approved, effective from July 1, 2025, highlights several key points, including: (i) a 5% tax rate applied to fertilizers, machinery, and specialized equipment for agricultural production, as well as fishing vessels, to help mitigate cost increases, support domestic production amid competition with imported goods, and provide stronger support for agricultural production, (ii) raising revenue threshold exempt from taxation to VND 200 million per year.
Revision of 2013 Constitution, draft, to be approved at the 9th session of the National Assembly, the National Assembly is set to review proposed constitutional revision during its up-coming session in May.
Law amending and supplementing a number of articles of the Law on Enterprises, draft, to be approved at the 9th session of the National Assembly, aims to create a more favorable, transparent, and fairer business environment.
Law on Personal Data Protection, draft, to be approved at the 9th session of the National Assembly, protects personal privacy, sets responsibilities for stakeholders, and establishes oversight and management mechanisms.
Law on Science, Technology, and Innovation, draft, to be approved at the 9th session of the National Assembly, encourages research, technological application, and promotes innovation across socio-economic sectors.
Law on Digital Technology Industry, draft, to be approved at the 9th session of the National Assembly, supports the development of the digital technology industry, fosters a conducive environment for tech enterprises, and ensures cybersecurity and safety.
Law on Special Consumption Tax (revised), draft, to be approved at the 9th session of the National Assembly, proposes adjustments to taxable items and tax rates on goods and services subject to special consumption tax. It aims to align taxation with public health, environmental goals, and fiscal sustainability.
Law on Corporate Income Tax (revised), draft, to be approved at the 9th session of the National Assembly, introduces comprehensive amendments to corporate income tax provisions, including changes to tax rates, deductible expenses, and preferential policies to create a more transparent and investment-friendly tax environment.
Law amending and supplementing a number of articles of the Law on Bidding, the Law on Public-Private Investment Model, the Law on Customs, the Law on Export-Import Duties, the Law on Investment, the Law on Public Investment, the Law on Management and Use of Public Assets, draft, to be approved at the 9th session of the National Assembly, aims to amend several key economic laws to address legal inconsistencies, simplify administrative procedures, and enhance investment efficiency across both public and private sectors.
Resolution on Reducing Value Added Tax (VAT) until the end of 2026, draft, to be approved at the 9th session of the National Assembly, to continue 2% VAT reduction to the end of 2026.
Resolution 68 on Mechanisms and Policies for Private Economy Development, draft, to be approved at the 9th session of the National Assembly, proposes a strategic policy framework to foster the development of the private sector, focusing on improving access to capital, promoting innovation, and ensuring equal treatment in the business environment.
*Selected laws and regulations that are relevant to our business, clients, and partners only.
EVENT HIGHTLIGHTS
ASART Upcoming Event: Proactive Resilience Framework – Strategies For A Changing World – Ho Chi Minh City, May 15
In today’s unpredictable landscape, businesses are navigating intense turbulence: geopolitical volatility, shifting policies, domestic reforms, interest rate risks, currency pressures, and the acceleration of AI adoption and digital transformation. These external forces are reshaping market trends, consumer behaviors, supply chains, investment flows, and regulatory operations.
To help businesses with this critical topic, ASART is hosting an exclusive event for business owners and chief executives on May 15, 2025, in Ho Chi Minh City. The event is designed to discuss the impact of the various volatile external factors on their businesses and explore how they can develop proactive resilience to thrive in this ever- evolving world, rapidly changing environment, and uncertain time.
Read more about the event here: https://asart.com.vn/proactive-resilience-framework/
Register to join us here: https://forms.office.com/r/hAWdge4i7M
Contact Hotline for support: +84 789 505 789
Vietnam’s New Administration and Its Impact on Critical Business Sectors – Ho Chi Minh City, April 24
ASART was invited to speak at the “Vietnam’s New Administration and Its Impact on Critical Business Sectors” hosted by AmCham Vietnam on April 24, 2025. This timely event gathered business leaders, policymakers, and experts to explore the implications of Vietnam’s recent government restructuring on the private sector.
Our CEO and Head of Advisory, Binh Le Vandekerckove, shared key insights into four major shifts reshaping Vietnam’s political and economic landscape: the restructuring of the National Assembly and Government, the drafting and amendment of eight pivotal laws, the consolidation of provincial and district-level governance, and the broader reform of both public and private sectors.
“While the reforms present short-term uncertainties, they mark a strategic pivot toward a more agile and capable state. These changes are laying the groundwork for stronger governance, improved transparency, and a more dynamic environment for private sector growth” Binh noted.
At ASART, we are committed to equipping our clients with the strategic foresight needed to navigate evolving policy landscapes. This event was an invaluable opportunity to engage with Vietnam’s top business leaders as the country enters a new phase of economic and administrative transformation.
Vietnam-Spain Business Summit – Ho Chi Minh City, April 10
We joined the Vietnam – Spain Business Summit, featuring the anticipated special presence of Spain’s Prime Minister, Pedro Sánchez Pérez-Castejón – the first Spanish Prime Minister to ever visit Vietnam.
Spain is currently Vietnam’s fifth-largest trading partner within the EU, while Vietnam holds the position of the EU’s largest trading partner in ASEAN. Since the EVFTA came into effect in 2020, bilateral trade has doubled, a clear testament to the strength and balance of this partnership.
Both countries are now working toward elevating their relationship to a Comprehensive Strategic Partnership, opening the door to deeper investment opportunities in key sectors such as tourism, renewable energy, infrastructure, and sustainable development.
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Disclaimer
This newsletter is of general nature. It is for informational purpose only. It is not intended to serve as advice or recommendation, or to address the circumstances of any entity, individual, or matter.
No one should rely and/or act on the information presented without appropriate professional advice from ASART. ASART accepts no liability for the content of this newsletter, or for the consequences of any actions taken based on the opinions and information provided.
Where it contains statements, estimates, and projections with respect to the anticipated future performance of Vietnam, markets, companies, employees and related figures, such statements, estimates, and projections may or may not prove to be correct. There is neither representation nor guarantee made on the accuracy and completeness of the content presented.
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