Vietnam’s National Champions

Why It Matters

The policy seeks to reduce Vietnam’s reliance on foreign‑direct investment by building domestically owned global players, reshaping the competitive landscape for both local and foreign firms. Investors must reassess exposure to a market where state‑favored champions could dominate key sectors.

Key Takeaways

• Vietnam aims for 20 national champions by 2030.
• Resolution 68 elevates private sector as economy’s primary driver.
• Vingroup, FPT, Hoa Phat, Thaco, Vietjet named potential champions.
• Champions receive state credit, land, procurement priority, and Go‑Global support.

Pulse Analysis

Vietnam’s leadership is betting on a rapid economic transformation, with party chief To Lam targeting double‑digit growth and sweeping bureaucratic cuts. By dismantling eight ministries and slashing 150,000 state jobs, the government hopes to streamline decision‑making and attract private capital. The ambitious 10%‑plus growth target signals confidence that structural reforms will unlock productivity gains and position Vietnam as a more attractive hub for global supply chains.

At the heart of the reform agenda is the concept of “national champions,” modeled on South Korea’s chaebol success. Resolution 68, adopted in May 2025, formally elevates the private sector to the “most important force” in the economy and commits to nurturing at least 20 large, globally competitive firms by 2030. These champions will enjoy preferential access to cheap credit, strategic land parcels, priority in public procurement, and a dedicated Go‑Global export‑promotion program. By concentrating resources on a handful of conglomerates—such as Vingroup’s VinFast, FPT, Hoa Phat, Thaco and Vietjet—the state aims to create anchor firms capable of driving technology adoption, supply‑chain integration and export diversification.

For foreign investors, the policy presents both opportunity and risk. State‑backed champions could become dominant partners or competitors, reshaping market dynamics in sectors ranging from automotive to aviation. While the preferential treatment may accelerate growth and open joint‑venture pathways, it also raises concerns about market access, regulatory favoritism and the potential crowding out of smaller private players. Investors will need to monitor how Vietnam balances state support with open‑market principles, and whether the champion model can deliver sustainable, innovation‑driven growth without compromising the country’s attractiveness to external capital.