Việt Nam has set its sights on becoming a formidable player in the global economy, as evidenced by recent targets outlined by the Politburo. Two key resolutions signal this shift in strategy, focusing on enhancing the capacity of both private and state-owned enterprises to compete on an international level. Resolution No. 68-NQ/TW, issued in May last year, aims to boost the private sector by establishing 2 million active enterprises by 2030, including at least 20 large corporations integrated into global value chains. Meanwhile, Resolution No. 79-NQ/TW, released this January, targets state-owned enterprises, with aspirations to see 50 of them ranked among Southeast Asia’s top 500 companies and up to three in the global top 500 by 2030.
The vision for state-owned enterprises involves creating robust economic groups equipped with modern technology and competitiveness on both regional and international scales. These entities are expected to lead domestic companies into deeper participation in global production and supply chains, especially in critical sectors. The past four decades of economic reforms, known as Đổi mới, have already birthed significant economic players in Việt Nam. THACO, for instance, has developed a notable automobile and mechanical engineering ecosystem, while VinFast has emerged as the country’s first electric vehicle manufacturer, with international sales spanning North America, Europe, and Southeast Asia.
Industrial giants like Hòa Phát Group, FPT, and Vinamilk underline Việt Nam’s capacity to build national brands with regional competitiveness. Hòa Phát Group has evolved into a leading steel manufacturer in Southeast Asia, while FPT has grown into one of the region’s major IT firms. In the consumer goods sector, Vinamilk has established a global presence in more than 50 countries. Moreover, companies like Vingroup and Sun Group have made significant investments in infrastructure and tourism, marking unprecedented growth in the private sector.
Despite these achievements, experts like Đậu Anh Tuấn from the Vietnam Chamber of Commerce and Industry caution that while the business sector is broad, it still lacks depth and strength. Most companies remain heavily reliant on capital, which could hinder the goal of becoming a modern industrialised nation by 2045. Economist Trần Đình Thiên stresses that to become an economic powerhouse, Việt Nam needs strong economic groups capable of navigating global economic fluctuations and driving the economy forward.
The path forward involves a shift from broad-based support for businesses to targeted policies that nurture enterprises with the potential to lead and create widespread economic impact. Drawing lessons from countries like Japan, South Korea, and China, Việt Nam’s strategic focus will be crucial in selecting priority industries and fostering long-term investments. The synchronised policy framework established by Resolutions 68 and 79 offers a foundation for growth, but the true test lies in effective implementation and the ability to stay the course on this ambitious development trajectory. If successful, Việt Nam could emerge in the next decade as a significant player in global industrial value chains, fulfilling its aspirations for stronger international economic stature.