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Safety and security in wellness tourism

Safety and security in wellness tourism

Management and risk control must be fully standardized as Vietnam goes about developing wellness tourism.

The rapid growth of wellness tourism is putting pressure on the tourism sector to standardize quality management and strengthen medical risk controls. Establishing a clear legal and professional boundary between “healthcare and recovery” and “medical intervention” is essential to protect visitors and build a credible, sustainable tourism product chain.

The “Wellness Tourism Development in Vietnam to 2030” proposal, being developed by the Vietnam National Authority of Tourism (VNAT), aims to preserve and promote natural resources, traditional medicine, indigenous knowledge, and ethnic cultural values while supporting related sectors such as healthcare and medicinal agriculture.

Potential from healthcare capacity

Speaking at a workshop on the VNAT proposal, in Lao Cai on September 16, Dr. Duong Huy Luong, Deputy Head of the Department of Medical Service Administration at the Ministry of Health (MoH), reiterated the healthcare sector’s position that activities involving techniques within the scope of medical examination and treatment must be carried out at licensed medical facilities by appropriately-licensed practitioners, in accordance with the 2023 Law on Medical Examination and Treatment and related regulations. Wellness services outside this scope are governed by relevant sector-specific laws and business conditions.

Establishing these principles at the policy-making stage, he continued, would help businesses understand their operating requirements, reduce legal risks, and give travelers clearer information about services involving medical expertise. It would also provide local authorities with a consistent basis for guidance and inspection.

The healthcare sector supports wellness tourism development, citing its significant potential. As of 2025, Vietnam had more than 2,000 public and private hospitals with nearly 340,000 beds, equivalent to 33.8 beds per 10,000 people, and more than 105,000 doctors. The specialized healthcare system includes 103 specialized hospitals, 13 of which have achieved the highest technical level, concentrated in three national specialized healthcare centers in Hanoi, Hue, and Ho Chi Minh City.

Vietnamese practitioners have mastered complex techniques such as robotic and minimally-invasive surgery, organ transplantation, cardiovascular intervention, oncology, assisted reproduction, and specialized ophthalmology, otolaryngology, and dental procedures. Some have attracted foreign medical teams seeking to learn from Vietnamese expertise, supporting the development of specialized medical centers and international patient services.

Vietnam also has a strong foundation in traditional medicine, rehabilitation, and elderly care. The country has 65 specialized traditional medicine hospitals, while 82 per cent of general hospitals have a traditional medicine department or unit. Domestic medicinal resources include around 3,850 plant species and 406 animal species used for medicinal purposes.

Demand for elderly care is also rising with population aging. The segment can involve longer stays and stable spending, while allowing resorts to work with medical facilities, although it requires higher safety standards.

Healthcare and tourism sector figures estimate that around 300,000 international visitors use medical services in Vietnam each year, including foreign residents and visitors traveling to the country for treatment. Ho Chi Minh City accounts for around 40 per cent, followed by Hanoi, while Da Nang, Hue, and Khanh Hoa are developing products around resorts and traditional medicine.

However, Mr. Luong said standardized products remain limited and generally small in scale, with weak links between medical services and accommodation or resorts. Cooperation between medical facilities and travel companies is also mostly limited to individual programs rather than long-term partnerships. While Vietnamese practitioners have strong professional expertise, specialized foreign-language and international customer service skills have not kept pace with demand.

The healthcare sector therefore believes wellness tourism should put patients and service users at the center, ensuring safety, quality, and their rights throughout the service experience.

Putting travelers at the center

Wellness travelers often use services far from home and may have limited information about providers or their professional capabilities. Service information should therefore be complete and easy to understand, with procedures for handling unexpected situations prepared in advance. Complaint and dispute resolution mechanisms must also protect users’ rights. For international visitors, language and cultural differences should be considered from the product design stage.

Wellness tourism must also not undermine domestic residents’ access to essential healthcare. Medical personnel, hospital beds, and equipment must first serve public health needs.

Tourist services should therefore be organized without reducing access or quality for local residents, particularly at facilities facing high demand in certain specialties. Mr. Luong said capacity should instead be expanded through investment, socialization, and private sector development, rather than redirecting existing resources toward higher-paying visitors.

The MoH also stressed that activities involving medical expertise must comply with laws governing medical examination and treatment, pharmaceuticals, and professional practice. The same technique should face the same operating requirements whether provided at a hospital or resort, regardless of how the service is commercially branded.

Using the term “wellness” for activities that effectively constitute medical treatment could create risks for travelers and disadvantage compliant providers. The principle should therefore be incorporated into regulations governing wellness tourism.

Traditional medicine and regional cultural identity are another potential advantage, provided they are developed on the basis of scientific evidence, medicinal safety, and professional requirements. Vietnam’s indigenous knowledge and diverse medicinal resources could support distinctive wellness products.

To develop this advantage sustainably, the sector needs to control the origin and quality of medicinal materials, ensure practitioners meet professional requirements and manage claims about the benefits of treatments and products. Unverified materials or exaggerated claims could undermine confidence in traditional medicine.

Dr. Truong Sy Vinh, former Deputy Director of the Institute of Tourism Development Research at VNAT, said the growing integration of wellness into tourism is creating more diverse and complex practical issues.

One key challenge is distinguishing wellness from medical tourism. Resorts, spas, yoga, meditation, light exercise, mineral baths, and healthy eating are generally easy to classify. The boundary becomes less clear when products include specialized nutritional counseling, rehabilitation, acupuncture, psychological therapy, or other services involving medical expertise.

The distinction should therefore be based not simply on the name of a service, but on its purpose and nature. Clear definitions can prevent products from being marketed beyond their actual scope while helping travelers understand what they are purchasing.

Because many wellness services directly affect visitors’ physical and mental condition, quality also depends on safety and reliability, not just facilities, service, or customer satisfaction. Activities such as exercise, yoga, hot springs, massage, and dietary programs may suit some people but not others, requiring careful design and clear guidance.

Alongside the “Wellness Tourism Development in Vietnam to 2030” proposal, the healthcare sector is also developing a draft “Medical Tourism Development for 2026-2030” proposal. Its goal is to make medical tourism a contributor to socio-economic development while strengthening Vietnam’s healthcare system. By 2030, the proposal aims to develop Vietnam into a competitive medical tourism destination in Southeast Asia, gradually raise its profile in the wider Asian market, establish an integrated high-quality service chain, and build a national medical tourism brand.

It also targets a satisfaction rate of at least 90 per cent among international medical tourists and around 750,000 international medical tourists. Direct revenue from medical and healthcare services is projected at around $1 billion, while total spending by medical tourists and accompanying persons is expected to reach around $2.5 billion.

According to the UN World Tourism Organization and the European Travel Commission, health tourism is an umbrella concept covering travel aimed at maintaining, improving, or restoring health, with wellness and medical tourism representing two distinct forms.

Wellness tourism generally targets healthy travelers seeking to maintain their physical condition, reduce stress, prevent illness, and improve quality of life through services such as wellness resorts, mineral baths, herbal therapies, meditation, yoga, healthy diets, and natural treatments.

Medical tourism, by contrast, serves people seeking medical examination and treatment, including screening, procedures, surgery, disease treatment, and rehabilitation, provided by licensed medical facilities under professional direction.


Source: Thu Hang

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Institutional reforms provide boost for business growth

Institutional reforms provide boost for business growth

Institutional reform should go beyond reducing red tape to build business confidence and encourage companies to invest and expand operations.

Hanoi (VNA) - Cutting administrative procedures, resolving legal bottlenecks and unlocking resources are key solutions to improve the business environment, give companies greater confidence to invest and strengthen their competitiveness, helping drive sustainable growth.

For businesses, the quality of the business environment is reflected in the time required to complete administrative procedures, compliance costs, access to capital and land, and policy stability. Institutional reform, therefore, should go beyond reducing red tape to build business confidence and encourage companies to invest and expand operations.

Nguyen Xuan Tho, Deputy Director of the Agency for Private Enterprise and Collective Economy Development under the Ministry of Finance, said the ministry has proactively reviewed practical conditions and advised the Government to issue Resolution No. 02/NQ-CP on key tasks and solutions to improve the business environment and enhance national competitiveness in 2026, with seven priority groups of measures and specific responsibilities assigned to ministries, sectors and localities.

The measures focus on improving the institutional framework, reviewing conditional business lines, streamlining administrative procedures, unlocking resources and supporting businesses. The goal is not merely to refine regulations, but to remove barriers directly affecting investment, production and business operations.

In the first nine months of 2026, efforts to review and improve the legal framework were stepped up. At the first session of the 16th National Assembly, lawmakers passed nine laws and 31 resolutions to promptly translate development policies into law.

The Ministry of Finance also advised on the refinement of various policies on investment, corporate income tax, personal income tax and tax administration, aiming to address shortcomings identified in practice.

One notable development has been the expansion of financial support for businesses. In the nine-month period, the ministry advised on and implemented tax, fee and charge exemptions, reductions and payment extensions worth a total of about 245.6 trillion VND (9.5 billion USD). These measures have helped ease cash-flow pressures, sustain business operations and free up resources for investment.

Another area of reform is strengthening dialogue with businesses and addressing their concerns. Tho said that, to date, ministries and agencies had responded to and fully resolved 146 of the 202 groups of business recommendations.

From the business community’s perspective, the gap between policy and implementation remains a major bottleneck in the business environment.

Ho Sy Hung, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said businesses could have different experiences with the same regulation depending on the locality.

Decisive implementation can help companies benefit from policies sooner, while delays elsewhere may cause them to miss investment and business opportunities, he elaborated.

In July 2026, VCCI compiled nearly 900 specific concerns raised by businesses into 53 groups of issues across 10 sectors. The feedback showed that businesses need not only individual administrative procedures to be resolved, but also a stable, consistent and predictable policy environment, Hung said.

Hung said that while the previous phase focused on breakthroughs in institutional reform, the next should place greater emphasis on breakthroughs in implementation.

Reform should therefore be measured not simply by the number of amended regulations or procedures cut, but by whether policies are implemented consistently, processing times are genuinely shortened and business costs are reduced, he added.

To narrow this gap, Tho suggested ministries, sectors and localities improve the quality of lawmaking, resolutely remove barriers to market access, further simplify administrative procedures, make processes transparent and standardise how business recommendations are received and addressed.

Digital transformation in public service delivery should go hand in hand with reducing unnecessary face-to-face interactions, curbing informal costs and strengthening dialogue to resolve problems at an early stage, he said.

Tho also proposed reforming state management by shifting from pre-inspection to post-inspection, as appropriate for each sector, based on clear standards and technical regulations and stronger risk-based oversight.

Business environment reforms should also be aligned with the goal of improving growth quality. Nguyen Duc Hien, deputy head of the Party Central Committee’s Commission for Policy and Strategy, stressed that in the new phase, promoting the private sector, harnessing the potential of all economic sectors, and advancing science and technology, innovation and digital transformation are key foundations for achieving the target of double-digit economic growth.

Hien said traditional growth drivers need to be revitalised to meet new development requirements. For exports, the focus should go beyond increasing turnover to raising value added, boosting the share of value created domestically and setting appropriate development directions for each industry group.

Sectors with the potential to drive growth and generate spillover effects, including research and development (R&D), tourism, logistics, energy, and finance and banking, need to be promoted.

Meanwhile, established industries such as electronics, digital technology, textiles and garments, footwear, and food processing should continue to upgrade product quality, strengthen technological capabilities and increase domestic value added, Hien suggested.​

Vietnam corporate bond market slows as interest rates rise

Vietnam corporate bond market slows as interest rates rise

Vietnam’s corporate bond market slowed in the third quarter of 2026, with issuance value falling 26% from the previous quarter, while issuance yields continued to rise across all sectors.

Bond issuance slows

According to a recent report by S&I Ratings, Vietnam’s corporate bond market recorded 153 successful issuances in the third quarter, with a total value of VND179.4 trillion ($6.93 billion), down 26% from the second quarter.

The trend mirrored 2025, when issuance surged in Q2 following a sluggish start to the year before correcting in Q3.

Year-on-year, issuance value in Q3 rose 7.8%, while the cumulative increase for the first nine months reached 6.7%.

Notably, public bond offerings performed strongly, with 16 successful issuances in Q3 worth a combined VND31.6 trillion ($1.22 billion), up 55% year-on-year and the highest level on record.

Commercial banks continued to dominate this channel, accounting for eight of the 16 offerings. Individual issuances were mostly valued at VND1 trillion to VND3 trillion ($115.93 million), while Agribank alone successfully issued VND15 trillion.

In the first nine months, total corporate bond issuance reached VND464.1 trillion ($17.93 billion). During the same period, bonds worth VND132.8 trillion ($5.13 billion) matured, up 5.7%, while early bond buybacks totalled VND228.6 trillion, down 4.5%. Net issuance value was reported at VND102.6 trillion ($8.83 billion).

As of the end of September 2026, outstanding corporate bonds totalled approximately VND1,540 trillion ($59.51 billion), up 7.1% from the end of 2025.

According to S&I Ratings, real estate bond issuance corrected in Q3 after surging in Q2. The number of successful issuances fell from 43 to 21, while total issuance value dropped 55% quarter-on-quarter.

The decline was mainly driven by changes in fundraising activity among major corporate groups. Issuance by the Vingroup group fell to VND16 trillion ($618.3 million) in Q3 from VND61 trillion in the previous quarter. Meanwhile, the Masterise group maintained issuance at VND23.5 trillion ($908.14 million) in Q3.

The ratings agency said the two corporations typically account for as much as 80% of total issuance by the real estate sector, giving their fundraising activity a significant influence on the industry's overall performance.

Despite the sharp quarterly decline, real estate bond issuance in Q3 was still up 27% from a year earlier. For the first nine months as a whole, issuance increased 121% year-on-year.

S&I Ratings noted the real estate market was facing difficulties amid rising interest rates, which were affecting project implementation schedules and companies' financing costs. However, substantial funding requirements for project development would remain a key driver of real estate firms' bond fundraising in the coming period.

In the banking sector, total bond issuance reached VND120 trillion ($4.64 million) in Q3, up 11.8% year-on-year and 7% from Q2. However, cumulative issuance in the first nine months remained 20% below the same period in 2025.

With banks accounting for around two-thirds of total corporate bond issuance, the sector's decline was also a key factor behind the market's slower growth.

Issuance rates approach 2022-2023 peaks

Corporate bond issuance rates continued to rise across all sectors in Q3/2026. Coupon rates had increased by an average of around 250 basis points from their 2025 lows. However, the pace of increase slowed considerably in Q3 as rates approached the peaks recorded in 2022-2023.

For banks, the average issuance rate reached 8.85% per year in Q3, exceeding the 2022 average of 8.7%. However, it remained below the previous peak of 9.7%.

Bank bond coupon rates in Q3 generally ranged from 8% to 9.7% per year. Some issuances carried rates of 10% or higher, including Sacombank bonds with a fixed coupon of 10% and PVcomBank bonds paying a rate linked to the average 12-month savings deposit rate for individual customers plus a margin of 4.6 percentage points, equivalent to around 10.4% at the time of the report.

Meanwhile, issuance rates for real estate companies and firms in other sectors also rose sharply, reaching around 12.5-13% per year. Even so, these rates remained below the peak range of 14-14.5% recorded in 2022-2023.

The trend highlights continued increases in bond fundraising costs as interest rates approach levels last seen during the previous high-rate period.

Maturity pressures to rise in late 2026 and 2027

Maturity pressures in Vietnam's corporate bond market are expected to increase significantly in Q4/2026. S&I Ratings estimates that bonds worth around VND93 trillion ($3.59 billion) will fall due for repayment during the quarter, the highest amount for any quarter this year. Real estate companies account for approximately VND46.9 trillion ($1.81 billion), or nearly half of the market's total maturities.

The pressure is expected to intensify further in 2027. Total corporate bonds maturing next year could reach around VND276 trillion ($10.67 billion), up 22% from 2026. Real estate companies alone are expected to face approximately VND156 trillion ($6.03 billion) in maturities, accounting for 57% of the market total.

Against this backdrop, new bond issuance will serve not only to finance projects but also to play an important role in restructuring existing debt.

Beyond refinancing pressures, the economy's medium- and long-term funding needs are entering a period of strong growth to support real estate developments, urban areas, transport infrastructure, energy and industrial projects. Corporate bonds are therefore expected to remain an important funding channel, providing additional medium- and long-term capital to the economy.

However, the market's ability to absorb new issuance could be affected by domestic and international interest rate movements. Persistent inflation risks, coupled with international government bond yields remaining elevated, could keep interest rates high at least through the first half of 2027.

For bond issuers, this would mean higher financing costs, particularly for companies with high leverage or substantial funding needs.

S&I Ratings said the medium-term outlook for Vietnam's corporate bond market remained positive, supported by strong corporate funding demand and mounting refinancing pressures.

Nevertheless, with interest rates still high, the market would need more time to continue restructuring on a sustainable basis, attract a broader range of investors, and strengthen its role as a key source of medium- and long-term financing for the economy.


General Secretary, President To Lam begins official visit to the EU and Belgium

General Secretary, President To Lam begins official visit to the EU and Belgium

The visit aims to further strengthen cooperative relations with key partners in Europe.

General Secretary of the Communist Party of Vietnam Central Committee and President To Lam, his spouse, and a high-ranking Vietnamese delegation, arrived in Brussels on October 21 afternoon (local time), marking the start of an official visit to the European Union (EU) and the Kingdom of Belgium, at the invitation of European Council President António Costa and Belgian Prime Minister Bart De Wever.

According to the Vietnam News Agency, the top Vietnamese leader, his spouse and the delegation were welcomed at Melsbroek Military Airport by First Vice President of the Belgian Senate Andries Gryffroy; Belgian Ambassador to Vietnam Pieter Leenknegt; Vietnamese Ambassador to Belgium and Head of the Vietnamese Delegation to the EU Nguyen Huong Tra, among others.

The visit aims to further strengthen cooperative relations with key partners in Europe.

The visit takes place in the context of the ongoing deepening of Vietnam-EU relations. Since establishing diplomatic relations in 1990, both sides have gradually expanded cooperation in various fields. The Vietnam-EU Framework Agreement on Comprehensive Partnership and Cooperation, effective since 2016, provides an important political and legal framework for bilateral relations.

In January 2026, Vietnam and the EU upgraded their relationship to a comprehensive strategic partnership, opening opportunities to enhance cooperation in economics, trade, green transition, energy, innovation, security, and regional and international issues.

Regarding the Kingdom of Belgium, more than 50 years since establishing diplomatic relations in 1973, bilateral cooperation has been continuously strengthened in political, trade, agriculture, education, science and technology, and development cooperation. The two countries also actively coordinate in multilateral forums.

The visit reaffirms the importance of the EU and Belgium in Vietnam's foreign policy and international integration; it contributes to strengthening political trust, promoting the realization of high-level commitments, and advancing cooperative relations to a new stage of development.

Leveraging overseas resources, promoting knowledge and investment connections

On the same afternoon in Brussels, General Secretary and President To Lam, along with his spouse and the delegation, met with staff and employees of the Vietnamese representative agencies in Belgium and representatives of the Vietnamese community in Europe.

During the meeting, Ambassador Nguyen Huong Tra reported that the community of approximately 1.5 million Vietnamese in Europe is increasingly stable, deeply integrated, holds a position in the host countries, and always looks towards their homeland.

Associations, particularly the Union of Vietnamese Associations in Europe, have played a role in connecting the community, preserving cultural identity, and promoting friendly relations between Vietnam and European countries.

Representatives of the overseas Vietnamese expressed their desire to contribute more practically to the country's development, especially through connecting knowledge, technology, capital, and international networks with domestic projects. They also requested more attention to preserving the Vietnamese language and culture for the younger generation born abroad.

In his remarks at the meeting, General Secretary and President To Lam acknowledged and highly appreciated the contributions of the Vietnamese community in Europe to the country and the host society, particularly in business, science, technology, education, and culture.

He emphasized that in the new development phase, Vietnam needs to combine internal strength with international resources, promoting the great unity of the entire nation, including over 100 million compatriots in the country and 6.5 million Vietnamese living, studying, and working abroad.

Regarding Resolution No. 23-NQ/TW of the Politburo on the work of overseas Vietnamese, General Secretary and President To Lam affirmed that the Party and State will continue to improve institutions, mechanisms, and policies in a comprehensive, open, and breakthrough manner, creating conditions for overseas Vietnamese to participate deeply in socio-economic life, accompanying and co-creating in the country's development process.

He urged Vietnamese associations in Europe to continue to play a core role in solidarity, enhancing the community's position, and acting as a bridge to promote friendly and cooperative relations between Vietnam and European countries.

Particularly, the business community needs to actively bring Vietnamese goods to the European market and connect European businesses to invest in Vietnam. Experts, intellectuals, and scientists should promote research, develop advanced and strategic technologies, and implement cooperation programs and projects with the country.

General Secretary and President To Lam also called on ministries, sectors, and localities to proactively connect and create a favorable environment for overseas Vietnamese to invest in, research, and transfer technology to the homeland. Vietnamese representative agencies abroad must be a reliable support, protecting the legitimate rights and interests of the overseas Vietnamese, while promoting specific and practical cooperation programs.

On this occasion, General Secretary and President To Lam praised the initiative to organize the 5th Global Overseas Vietnamese Conference, scheduled to take place in Hanoi from December 17–20, 2026. He urged relevant agencies to coordinate and facilitate the participation of overseas Vietnamese.


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