The national champions of Vietnam – The Diplomate

Vietnam Communist Party leader To Lam has set an ambitious economic agenda for the country, aiming for annual GDP growth above 10% through 2030. Along with sweeping anti-corruption pledges and aggressive administrative reform – including the elimination of eight ministries and the elimination of 150,000 state jobs – Lam is positioning Vietnam for accelerated development and deeper global trade integration.

A key pillar of Lam’s economic development strategy is to encourage “national champions”, globally competitive private conglomerates in cutting-edge sectors. Resolution 68, adopted by the Vietnamese Politburo in May 2025, represents the cornerstone of Lam’s economic modernization program. It explicitly elevates the private sector to the “most important force” in the economy and sets a concrete goal of developing at least 20 national champions by 2030.

The National Champions concept is Vietnam’s attempt to replicate the chaebol model that drove South Korea’s industrialization: large, well-capitalized private companies with state support, preferential access to credit and land, priority in public procurement, and support for international expansion through a dedicated “Go Global” program. Nhan Dan, the official newspaper of the Vietnamese Communist Party, notes that the Samsung and Hyundai companies moved an entire economy from agriculture to high-tech industry in a few decades by investing in technology, absorbing knowledge from foreign partners and competing internationally. Vietnamese leaders say that without comparable national anchors, the country will remain permanently dependent on foreign capital and permanently exposed to the decisions of multinationals whose commitment to Vietnam is purely transactional.

The companies most likely to become designated champions come from the elite of Vietnam’s existing private conglomerates. These companies include Vingroup which is expanding into the electric vehicle sector through its VinFast brand; FPT, Southeast Asia’s largest IT services provider; Hoa Phat, the region’s largest steelmaker; Thaco, a large logistics and infrastructure company; and the low-cost airline Vietjet.

The Vietnamese government says national champions are needed because the private sector, despite contributing 60% of GDP, remains fragmented and undersized compared to regional competitors. Without large domestic companies anchored in supply chains, Vietnam believes it cannot move from being an FDI-dependent assembler to world-renowned innovative companies. Resolution 68 represents Hanoi’s most explicit recognition of this structural divide and admission that private sector leadership is an economic necessity. Entrepreneurs are now designated as “soldiers of the economic front” responsible for driving industrialization.

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