Vietnam is setting its sights beyond merely increasing the number of enterprises within its borders, as recent resolutions from the Politburo reveal a strategic shift towards fostering corporations that can compete on a regional scale and enter the global market. Resolution No. 68-NQ/TW, issued in May last year, targets the establishment of 2 million active enterprises in Vietnam by 2030, including the development of at least 20 large corporations that are integral to global value chains. In parallel, Resolution No. 79-NQ/TW, released in January this year, aims to position 50 state-owned enterprises among Southeast Asia’s top 500 companies and place one to three among the world’s top 500 by the same year.
This strategic development effort is evident in the strides made by major Vietnamese economic players. THACO has developed a significant automobile and mechanical engineering ecosystem in Quảng Nam Province, ranking among Southeast Asia’s largest. VinFast stands out as Vietnam’s pioneering electric vehicle manufacturer, with a massive production facility in Hải Phòng and a presence on the Nasdaq stock exchange, selling cars across North America, Europe, and Southeast Asia. Equally noteworthy, Hòa Phát Group has grown into a leading steel producer in Southeast Asia, while FPT has emerged as one of the region’s largest IT companies, offering digital transformation services worldwide.
Moreover, consumer goods giants like Vinamilk and Masan Group have built substantial international footprints, with Vinamilk exporting to over 50 countries and Masan catering to millions daily through its extensive consumer ecosystem. Infrastructure and real estate developments by Vingroup and tourism investments by Sun Group and BRG Group highlight the scale of private sector contributions to Vietnam’s economic landscape. Despite these successes, nearly 1.1 million active enterprises at the end of last year struggle with limitations in scale and capacity, as noted by Đậu Anh Tuấn of the Vietnam Chamber of Commerce and Industry.
Economists like Trần Đình Thiên argue that Vietnam’s current business environment requires a shift from broad-based support to more targeted policies that nurture potential industry leaders. The goal is to cultivate robust economic groups capable of navigating global market challenges and driving national growth. Drawing lessons from countries like Japan, South Korea, and China, Vietnam aims to focus on strategic industries and long-term investments to forge industrial ecosystems that can sustain economic expansion.
These resolutions form a cohesive policy framework that supports Vietnamese enterprises in scaling up their operations and enhancing their competitive edge. However, the real test lies in execution and maintaining a consistent developmental course. If Vietnam capitalizes on these opportunities, the coming decade could see the nation emerge with economic groups that hold significant regional influence and a firmer standing in global industrial value chains, ultimately fulfilling its aspiration to become a formidable economic power on the world stage.