Vietnam Accelerates 135,000-Seat Stadium as War and Tariffs Deepen Big-Business Divide
Updated
Updated · The New York Times · Jul 2
Vietnam Accelerates 135,000-Seat Stadium as War and Tariffs Deepen Big-Business Divide
1 articles · Updated · The New York Times · Jul 2
Summary
Construction of Hanoi’s 135,000-seat Hung Vuong Stadium and its surrounding urban project has sped up since February as Vietnam leans on mega-projects to cushion shocks from the Iran war and Trump tariffs.
That push is benefiting state-backed giants such as Vingroup and foreign manufacturers in Vietnam’s export sector, while smaller local businesses near the site say redevelopment, inflation and tighter conditions are squeezing them out.
The split reflects a broader pattern in Vietnam: banks and policymakers remain heavily exposed to sectors like real estate, giving limited support to smaller firms even as large companies keep expanding.
The World Bank has described Vietnam’s 100 million-person economy as following an uneven growth model, with global firms driving exports but delivering limited local spillovers through low wages and weak links to higher-value supply chains.