A sweeping Politburo resolution aims to push SOEs onto the global stage by 2030—and beyond
MARKET INSIDER – Vietnam is placing a bold wager on its state-owned enterprises. With the issuance of Resolution No. 79-NQ/TW, the country’s Politburo of the Communist Party of Vietnam has laid out an ambitious blueprint to transform the state-owned economy into a globally competitive growth engine—one capable of producing world-class corporations, anchoring strategic autonomy, and accelerating Vietnam’s rise to high-income status.
The resolution reaffirms the central role of the state-owned economy within Vietnam’s socialist-oriented market system, but with a decisive shift in mindset. Rather than administrative control, the emphasis is now on scale, efficiency, technology, and modern governance. By 2030, Vietnam aims to have 50 state-owned enterprises (SOEs) among Southeast Asia’s top 500 companies—and at least one to three SOEs ranked in the global Fortune 500. By 2045, that ambition expands to five Vietnamese SOEs in the world’s top tier.
For global investors, the signal is clear: Vietnam is no longer content with SOEs as stabilizers of the domestic economy. It wants national champions with regional and international reach, deeply embedded in global supply chains and strategic industries.
Governance reform sits at the core of the plan. All SOEs are required to adopt modern, digital-based corporate governance, with 100% of state economic groups applying OECD governance principles. Ownership, regulatory oversight, and political tasks will be clearly separated—addressing long-standing concerns about blurred accountability. Notably, the resolution also introduces stronger protections for officials willing to take calculated risks, distinguishing between good-faith mistakes and legal violations to encourage innovation rather than risk aversion.
The policy reach extends far beyond boardrooms. Vietnam plans to complete digitization of its national land database by 2026, integrate state economic data systems, and expand SOE-led investment into strategic frontiers—from overseas mineral resources and maritime infrastructure to aerospace, the space economy, and advanced digital technologies such as artificial intelligence. Public–private partnerships are explicitly encouraged, including hybrid models like “public investment–private management” and “private investment–public use,” signaling a more flexible, market-driven approach to infrastructure development.
Perhaps the most market-moving element is capital policy. SOEs will be allowed to retain and reinvest 100% of proceeds from equitization and state capital divestment, increase after-tax profit retention, revalue fully depreciated but still-productive assets, and actively pursue mergers and acquisitions. They will also gain greater autonomy over science and technology funds and may establish or co-invest in venture capital vehicles—an unprecedented step for Vietnam’s state sector.
At the institutional level, the State Capital Investment Corporation is set for a comprehensive overhaul toward a professional capital-management model, with a long-term vision of forming a national investment fund. Meanwhile, Vietnam Asset Management Company and the Vietnam Debt Trading Company are tasked with playing a more active role in restructuring SOEs and cleaning up non-performing loans, particularly in the banking sector.
The broader objective is strategic. By 2045, Vietnam envisions a state-owned economy that guarantees economic sovereignty, resilience, and competitiveness, with national reserves equivalent to 2% of GDP and at least half of public service units operating on self-sustaining, market-based principles.
The stakes are high. If executed effectively, Resolution 79 could redefine Vietnam’s growth model—turning SOEs from cautious administrators into agile global players. For international partners and investors, it marks a pivotal moment: Vietnam is signaling that the next phase of its development will be led not just by private capital and FDI, but by a reengineered state sector determined to compete on the world stage.
