Factories and production facilities within the Chu Lai Open Economic Zone are equipped with modern production lines. Photo: VNA

More than a document reaffirming the leading role of the state economic sector in a new era, the Resolution opens up an unprecedented space of “mutual reinforcement”, in which the sector shifts from an administrative management mindset to one of “development facilitation”, and is expected to serve as a solid pillar enabling the private sector and other economic components to make breakthroughs, with a view to realising the goal and vision of turning the country into a developed, high-income nation by 2045.

Repositioning the “leader”

Resolution 79-NQ/TW affirms that the state economic sector is a particularly important component, holding key resources such as land, natural resources, infrastructure, the state budget and financial funds. However, its most groundbreaking aspect lies in the principle of fairness in operational mechanisms.

The resolution clearly states that this sector is equal before the law with other economic sectors, which jointly develop in the long term, cooperate and compete healthily.

As one of the leading providers of integrated consultancy solutions and corporate governance systems, Le Van Dung, General Director of ABSoft Group JSC, described Resolution No. 79 as a major shift in thinking.

Its most significant impact on the private sector lies not only in institutional mechanisms, but in the ambition to elevate the scale of the state sector. The Resolution sets a clear target that by 2030, there will be 50 state-owned enterprises (SOEs) among the top 500 largest enterprises in Southeast Asia, including 1–3 among the world’s top 500. This will create a powerful pull for private enterprises through supply chains. A state-owned conglomerate ranked among the world’s top 500 will require an ecosystem of thousands of satellite firms, many of which can be small- and medium-sized enterprises (SMEs).

Unlocking capital flows and resources

Another key highlight is the target of having at least three state-owned commercial banks ranked among the top 100 banks in Asia by 2030.

Pham Thi Hong Tham, former Director of Customer Services at Vietnam Maritime Bank (MSB) – South Hanoi branch and currently Chief Executive Officer of TKV Hanoi Production and Trading Co., Ltd., said this is a direct positive signal for the economy’s capital needs. When state-owned credit institutions become strong enough, capital flows for production and business activities, particularly green and digital transformation projects in the private sector, will be unlocked. In addition, the resolution defines the foundations of the state economic sector as including land, infrastructure and national reserves. Effective management and use of these resources, while preventing wastefulness and losses, will indirectly reduce logistics and land-use costs across the economy, enhancing the competitiveness of private enterprises.

With transparent governance identified as the cornerstone of trust, the resolution also creates the conditions for public–private partnerships (PPP) to become more substantive. Resolution No. 79 addresses this by requiring 100% of SOEs to adopt modern governance based on digital platforms, while state-owned groups and corporations must apply governance standards in line with OECD principles.

My Tan Fishing Port (Thanh Hai Commune, Ninh Hai District), which has received comprehensive investment to support local maritime economic growth. Photo: VNA

 According to Tham, when SOEs operate under OECD standards, financial and investment information becomes transparent - an essential prerequisite for attracting major private and international investors into equitisation and investment cooperation projects.

The resolution’s emphasis on mechanisms to protect officials who dare to think big and act boldly is also highly valued by economists and the business community, as it helps remove fear of making mistakes and encourages SOE leaders to be more proactive in joint ventures and partnerships with the private sector, especially in high-risk areas such as core technologies and new energy.

To realise the 2045 vision - as the state economic sector, together with others, helps Vietnam become a developed, high-income country, economists and many businesses agree that comprehensive solutions are required. These include early publication of a clear list of sectors to be retained by the State and those fully open to private participation, in line with the resolution’s spirit. In addition, state-owned economic groups should set clear roadmaps for localisation rates and prioritise the use of Vietnamese products and services, thereby creating markets for private enterprises to grow alongside them. As required by the Politburo, implementation must be rigorous, with success measured by national competitiveness and the overall growth of the business ecosystem, regardless of ownership form./.