In recent resolutions, Vietnam’s Politburo has set ambitious goals, shifting focus from merely increasing the number of enterprises to fostering corporations that can compete regionally and globally. Resolution No. 68-NQ/TW, issued in May last year, aims to boost the private sector by reaching 2 million active enterprises by 2030, with at least 20 of these large corporations integrating into global value chains. Following this, Resolution No. 79-NQ/TW from January outlines objectives for state-owned enterprises, targeting 50 of them to rank among Southeast Asia’s top 500 companies, and placing one to three among the world’s top 500 by 2030.
After four decades of economic reforms known as Đổi mới, Vietnam has witnessed the rise of significant economic groups across various sectors, according to Đậu Anh Tuấn, deputy secretary-general of the Vietnam Chamber of Commerce and Industry. In manufacturing, THACO has created a substantial production ecosystem in Quảng Nam, while VinFast has emerged as the country’s first electric vehicle manufacturer, achieving international market presence and listing on the Nasdaq. Hòa Phát Group has evolved into one of the leading steel manufacturers in Southeast Asia, and FPT has become a major player in the region’s information technology sector. In consumer goods, Vinamilk and Masan Group have expanded their reach globally and domestically, respectively.
Despite these advancements, Vietnamese enterprises generally remain young and less robust, with challenges in scalability and capacity. Đậu Anh Tuấn noted that while the business sector is extensive, it lacks depth and strength. Economist Trần Đình Thiên emphasized that mastering technology and selecting strategic industries are crucial for Vietnam to become an economic powerhouse. The need for policy shifts towards targeted support for businesses capable of leading and creating widespread impact is evident, as highlighted by the experiences of countries like Japan, South Korea, and China, which have successfully developed strong industrial ecosystems.
Vietnam’s resolutions on private and state-owned enterprise development are crafting a policy framework that aims to bolster the growth of its enterprises. However, the real test lies in effectively implementing these policies and maintaining a consistent development path. If Vietnam can harness this period of opportunity, the next decade might see the emergence of economic groups with regional influence, gradually asserting their place in global industrial value chains. The aspiration for Vietnam to “rise strongly” on the international stage hinges on its ability to transform these plans into actionable outcomes.