Resolution 79: What Vietnam's SOE Strategy Means for Private Businesses

On January 6, 2026, Vietnam's Politburo issued Resolution No. 79-NQ/TW ("Resolution 79") on the development of the state-owned economy, reaffirming the sector's strategic role in the Vietnamese economy and setting out principles, objectives, and implementation priorities for the 2026-2045 period.

The resolution was signed by Party General Secretary To Lam and takes effect immediately, with accompanying mechanisms being rolled out across government agencies.

Strategic importance and guiding principles

Resolution 79 positions the state-owned economy as a central component of Vietnam's economy, tasked with ensuring macroeconomic stability, strategic regulation, national defense and security, social equity, and sustainable development.

Key principles include:

The state-owned economy retains a leading role in Vietnam's market economy, supporting macroeconomic stability, strategic development, national defense and security, and enabling timely state intervention when required
The state-owned economy operates on an equal legal footing with other economic sectors, promoting long-term co-development, fair competition, and cooperation, with transparent and equitable access to resources, markets, and development opportunities
State economic resources must be fully reviewed, transparently accounted for, and managed in line with market principles, with a clear separation between the use of state resources for public goods and political tasks and commercial business activities
The state-owned economy is expected to play a pioneering and enabling role in industrialization, modernization, and economic restructuring, driven by science, technology, innovation, and digital transformation, while improving SOE governance and efficiency in strategic sectors
Stronger Party leadership and state governance are emphasized through administrative reform, decentralization paired with oversight, enhanced transparency and accountability, and reinforced anti-corruption measures

Long-term vision and objectives

The resolution aims to enhance efficiency and reaffirm the state-owned economy's leading, pioneering, and strategic role in key sectors.

In doing so, the state sector is positioned to guide and support the development of other economic segments, contributing to rapid and sustainable growth, safeguarding national defense and security, promoting social progress and equity, and improving living standards.

These objectives align with Vietnam's development roadmap to become an upper-middle-income economy with a modern industrial base by 2030 and a high-income economy by 2045.

Specific targets to 2030

Land and natural resources

Improve management, mobilization, and efficient use of land and natural resources in a transparent and market-oriented manner to support rapid and sustainable growth
Ensure national defense and economic security
Protect the environment and adapt to climate change

Strategic infrastructure assets

Develop a modern, integrated system of strategic infrastructure
Prioritize nationally significant, large-scale projects that strengthen inter-provincial, inter-regional, and international connectivity

State budget, national reserves, and off-budget state financial funds

Mobilize state budget revenue at around 18% of GDP (2026-2030)
Maintain budget deficit at approximately 5% of GDP
Keep public debt below 60% of GDP
Allocate 35-40% of total budget expenditure to development investment and 50-55% to recurrent spending
Raise national reserves to at least 1% of GDP by 2030
Review and restructure off-budget state financial funds to improve efficiency

State-owned enterprises (SOEs)

Target 50 SOEs among the top 500 enterprises in Southeast Asia and 1-3 SOEs among the world's top 500
Build large, technologically advanced SOE groups with regional and global competitiveness
Position SOEs as anchors enabling domestic firms to integrate into global production and supply chains
Achieve 100% digital-based modern corporate governance across SOEs
Ensure 100% of state economic groups and general corporations apply OECD governance principles

State-owned credit institutions

Position at least three state-owned commercial banks among the top 100 banks in Asia by total assets
Develop four leading state-owned commercial banks as system anchors in technology, governance, scale, market share, and market-stabilization capacity

Public service units

Accelerate socialization of public service provision
Streamline organizational structures
Retain only public service units performing political tasks, state management functions, and the provision of essential basic public services

Vision to 2045

Role of the state-owned economy

Serve as a solid foundation for strategic autonomy, economic resilience, and comprehensive national competitiveness
Operate under modern, transparent, and efficient governance
Integrate deeply into the global economy
Provide high-quality public services while demonstrating the strengths of Vietnam's socialist-oriented system

National reserves

Increase national reserves to 2% of GDP

State-owned enterprises

Place around 60 SOEs among the top 500 enterprises in Southeast Asia and five SOEs among the world's top 500

Public service units

Ensure at least 50% of public service units are financially self-sufficient for recurrent and investment expenditure, or operate efficiently

Implications for private businesses

Resolution 79 demonstrates the state's continued commitment to a mixed economy model, where SOEs play a strategic role but operate on equal legal footing with the private sector. SME owners should:

Leverage partnership opportunities: SOEs will serve as anchors to help domestic firms integrate into global value chains
Prepare for competition: State conglomerates will be modernized with advanced technology and governance
Monitor policy implementation: Transparent and equitable access to resources is committed
Participate in socialization: Opportunities to provide public services are expanding

Resolution 79 creates a clear policy framework for Vietnam's economic development over the next 20 years, with complementary and co-development roles between state and private sectors. Private businesses that position themselves strategically can benefit from the state sector's investment in infrastructure, technology, and global integration while competing on a more level playing field.

The emphasis on OECD governance principles, digital transformation, and transparency in SOEs also signals improvements in the overall business environment that should benefit all enterprises. Private businesses should engage with industry associations and monitor implementation mechanisms to ensure the promised equal access and fair competition materialize in practice.