Vietnam's deputy trade minister, Do Thang Hai, was detained on charges related to bribery in connection with Xuyen Viet Oil Travel and Transport Trading Company. This is part of an ongoing anti-corruption campaign that has targeted officials and industry leaders since 2021. The Communist Party's Central Inspection Commission recommended disciplinary action against Hai and others, including a former deputy prime minister, after identifying serious violations in the Ministry of Industry and Trade. Violations included mismanagement of gasoline and oil supply and price stabilization funds, as well as issues with solar and wind power policy. Former deputy prime minister Trinh Dinh Dung, politburo member and former trade minister Tran Tuan Anh, and Vietnam Oil and Gas Group Chairman Hoang Quoc Vuong were also named as responsible for violations.

Gene Solutions, backed by Mekong Capital Ltd., is seeking to raise up to $70 million in 2024 to fund its expansion in Southeast Asia and is considering a share sale by 2026. The company, headquartered in Ho Chi Minh City, has already raised $40 million from previous funding rounds and is reaching out to investors in the U.S., China, and Japan. Gene Solutions operates a network of labs in Vietnam, Indonesia, and Singapore, with plans to expand to the Philippines and Thailand. The funds will also support cancer treatment research and service enhancement. The company offers non-invasive prenatal testing, early cancer screening, and aims to provide treatments globally, with a project to commercialize cell therapy by 2028.

The US International Development Finance Corp. (DFC) is considering a $500 million loan to Vietnamese electric-vehicle maker VinFast for a lithium-ion battery manufacturing facility in Vietnam. The loan is under review and approval process. VinFast, which recently went public in the US, is also planning to expand in Southeast Asia with a $2 billion manufacturing complex in North Carolina and potential factories in Indonesia and India.

Vietnamese authorities are intensifying criminal investigations against former executives of real estate companies, which have significantly affected the nation's property and bond markets. The Supreme People’s Procuracy is prosecuting Tan Hoang Minh Group's ex-chairman Do Anh Dung and others for fraud, while the Ministry of Public Security has accused the former chairwoman of Van Thinh Phat Holdings Group of appropriation. An anti-corruption committee has called for indictments and trials related to these cases. The investigations have caused a slowdown in Vietnam's bond market and real estate sector, with corporate bond sales dropping and a bank run occurring at Saigon Commercial Bank. Additionally, allegations of bribery involving a former head of the State Bank's inspection unit and government inspectors have been reported.

Techcombank, Vietnam's second-largest private bank and backed by Warburg Pincus, may consider foreign investors as long-term strategic partners, according to CEO Jens Lottner. The bank is not actively seeking new investors but is open to the possibility. Foreign investors currently hold a 22% stake, with a regulatory cap at 30%. Techcombank reported a pretax profit of 5.8 trillion dong in the third quarter, a 13% decrease from the previous year, and has seen assets grow by 11.8% to 781.3 trillion dong as of September 30.

Russian President Vladimir Putin has accepted an invitation from Vietnam’s President Vo Van Thuong to visit Hanoi soon. The invitation was extended during their meeting at China’s Belt and Road Forum in Beijing, where Putin also invited Thuong to Russia. Vietnam values its relationship with Russia, aiming to enhance their comprehensive strategic partnership. The announcement comes after US President Joe Biden's visit to Hanoi in September, which elevated US-Vietnam ties. The leaders discussed broadening cooperation across trade, security, defense, technology, and education.

VinFast Auto Ltd., a Vietnamese electric-vehicle maker, experienced a significant surge in its Nasdaq trading debut, with shares doubling early in the day. The company, which has a U.S. base in Los Angeles, went public through a merger with Black Spade Acquisition Co., reaching a valuation of $23 billion. VinFast aims to compete with established car manufacturers like Tesla and Rivian Automotive and plans to expand in the U.S. with a new factory in North Carolina set to begin production in 2025. Despite a recent recall of its electric SUVs in the U.S. due to a software defect, VinFast is optimistic about its valuation and future in the electric vehicle market.

VinFast Auto Ltd., a Vietnamese electric vehicle maker, experienced a volatile but successful first day of trading on the Nasdaq, with shares doubling to $20.88. The company, backed by Vietnam’s richest man, completed a merger with Black Spade Acquisition Co., valuing it at $23 billion. VinFast aims to compete with established EV manufacturers like Tesla, Lucid Group, and Rivian Automotive. Despite a shaky start in the US market, including a recall of its electric SUVs, VinFast is optimistic about its future valuation and plans to expand its production capacity with a new factory in North Carolina.

Pham Nhat Vuong, Vietnam's richest man, is set to increase his fortune to $16 billion through a SPAC listing of his electric-vehicle maker VinFast, which could value the company at $23 billion. Despite the potential increase in wealth and ambitious sales forecasts, VinFast faces challenges such as operational issues, a recall in the US, and critical reviews of its vehicle quality. Vuong has invested significantly in VinFast, which is part of his conglomerate Vingroup JSC. The SPAC deal with Black Spade Acquisition Co., founded by Lawrence Ho, is under scrutiny as the EV market has seen several companies fail after similar listings. VinFast remains optimistic about its valuation and future prospects, including a factory in North Carolina and potential new vehicle models.

Pham Nhat Vuong, Vietnam's wealthiest man, is set to significantly increase his fortune through a SPAC listing of his electric vehicle company, VinFast, with Black Spade Acquisition Co. The deal could value VinFast at $23 billion, potentially boosting Vuong's wealth to $16 billion. However, the company faces numerous challenges, including operational issues, financial losses, and a critical market reception. Despite these hurdles, VinFast remains optimistic about its future, planning to expand its product line and build a factory in North Carolina. The SPAC merger offers Vuong strategic advantages, though experts predict volatility and potential devaluation.

Vietcombank is seeking advisors for a plan to raise about $1 billion to boost its capital through a private placement of about a 5% stake. The Hanoi-based lender's move is part of a broader trend among Vietnamese banks to increase their capital to compete with rivals.

Vietnam's deputy trade minister, Do Thang Hai, was detained on charges related to graft amid an investigation involving Xuyen Viet Oil Travel and Transport Trading Company. This is part of a broader anti-corruption drive that has targeted officials and industry leaders since 2021. The Communist Party's Central Inspection Commission has called for disciplinary action against Hai and others, including a former deputy prime minister, after finding serious violations in the Ministry of Industry and Trade. The campaign has been compared to similar anti-corruption efforts in China.

VinFast Auto Ltd. has entered into an agreement with Yorkville Advisors Global to sell up to $1 billion in new shares over three years, aiming to increase the public float of its U.S.-listed stock. The deal allows VinFast to direct Yorkville to purchase shares at a slight discount to market price. Despite no obligation to use the full amount, CFO David Mansfield views it as an opportunity for capital raising and adding liquidity. VinFast, which merged with Black Spade Acquisition Co. to go public in the U.S., has seen its stock fluctuate significantly. Founder Pham Nhat Vuong, through Vingroup JSC, holds 99% of VinFast and plans to sell shares for the company's expansion. CEO Le Thi Thu Thuy has expressed intentions to expand into Southeast Asian markets and anticipates raising substantial capital for global growth. VinFast is working towards profitability, with plans for factories in North Carolina, Indonesia, and India, and has begun selling EVs in the U.S.

The article discusses the ongoing issue of Vietnamese people being smuggled into Europe, focusing on the tragic death of 39 Vietnamese migrants, including 19-year-old Tran Thi Ngoc, in a refrigerated truck in Essex in 2019. Despite the risks of exploitation and death, many Vietnamese families continue to send their members abroad in search of better economic opportunities. The United Nations' Economic and Social Council reports that Vietnamese smuggling networks annually bring about 18,000 people to Europe, generating $300 million. The Council of Europe's Group of Experts on Action Against Trafficking in Human Beings (GRETA) notes that traffickers have exploited the coronavirus crisis, with increased online sexual exploitation and delays in the criminal justice system. The article includes personal accounts from survivors and relatives of victims, and highlights the complex push and pull factors driving this migration, including economic opportunities, poverty, and political oppression.