Vietnam is setting its sights on a more competitive and globally integrated economy, as reflected in recent resolutions by the Politburo. The country aims not just to increase the number of enterprises but to elevate its corporations to compete regionally and globally. Resolution No. 68-NQ/TW, issued in May last year, targets the establishment of two million active enterprises by 2030, with at least 20 large corporations involved in global value chains. Meanwhile, Resolution No. 79-NQ/TW, introduced this January, focuses on state-owned enterprises, aiming for 50 to be ranked among Southeast Asia’s top 500 companies and for one to three to make it to the world’s top 500 by the same year.
Over the past four decades of Đổi mới, Vietnam has seen significant growth in major economic groups, highlighted by companies like THACO and VinFast. THACO has developed a sizable automobile and mechanical engineering hub in Quảng Nam Province, while VinFast has become Vietnam’s first electric vehicle manufacturer, establishing a large-scale facility in Hải Phòng and entering international markets, including North America and Europe. The success stories extend to Hòa Phát Group in steel manufacturing and FPT in information technology, showing the capacity for Vietnamese firms to compete at a regional level.
In the consumer goods sector, Vinamilk has expanded its dairy brand to over 50 countries, and Masan Group has built a comprehensive consumer ecosystem. Infrastructure and real estate have also seen transformative projects by Vingroup, Sun Group, and BRG Group, which have invested heavily in urban developments, tourism infrastructure, and more. Despite these advancements, Vietnam had nearly 1.1 million active enterprises by the end of last year, but experts like Đậu Anh Tuấn from the Vietnam Chamber of Commerce and Industry note that the sector lacks depth and capacity.
Economists argue that for Vietnam to achieve its goal of becoming a modern industrialised nation by 2045, it needs strong economic groups that can lead and withstand global challenges. Nguyễn Đức Hiển and Trần Đình Thiên emphasize the need for targeted support and the development of strategic industries, drawing lessons from countries like Japan, South Korea, and China. These nations have successfully built industrial giants by focusing on strategic sectors and long-term investments.
Resolutions 68 and 79 provide a coherent policy framework for Vietnamese enterprise growth, yet effective implementation remains crucial. If managed well, the next decade could witness Vietnam forming economic groups with regional influence, solidifying its standing within global industrial value chains and fulfilling its ambition to rise on the international stage.