Quick Summary: State Bank Advocates for Strong Corporations as Economic Backbone
- Nhan Dan emphasizes that achieving double-digit growth is now a strategic requirement for Viet Nam — leading economic groups must expand globally and support smaller firms.
- Over 96% of Viet Nam’s businesses are private enterprises, yet many struggle with governance and global supply chain integration — highlighting a need for structural reform.
- The debate centers on whether Viet Nam should support a few strong domestic champions — this could determine the nation’s future economic trajectory.
- VinFast’s model of mastering the value chain is seen as a blueprint — the company aims for 80% localisation by 2026, showcasing potential for industrial self-reliance.
- Key voices argue for concentrated support on major corporations — to avoid producing fragmented enterprises that can’t compete globally.
Source: Open external resource
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In the race to power its economy, Viet Nam stands at a crossroads. The nation must decide whether to cultivate a few domestic giants or continue its current path of widespread but shallow business support. As Nhan Dan reports, achieving double-digit growth has become a strategic imperative, and the focus is shifting towards building robust economic groups capable of global expansion.
Viet Nam’s private sector is vast, with over a million enterprises accounting for more than 96% of all businesses. However, the majority are small and lack the necessary scale to dominate value chains or compete on the global stage. This fragmentation is a significant hurdle, and the government faces the challenge of creating an environment where businesses can scale without the fear of political or legal setbacks.
The success story of VinFast, which aims to achieve 80% localisation by 2026, serves as a potential model for others. The company’s focus on mastering the value chain rather than relying on external suppliers illustrates a path towards industrial self-reliance. The debate now is whether to concentrate resources on nurturing such champions or risk spreading support too thinly across a fragmented market.
Key figures like Nguyen Ngoc Canh and Le Khac Hiep argue for the necessity of strong corporations to drive economic growth. They point to examples from other successful economies that have thrived by backing a few powerful enterprises. The challenge for Viet Nam is to ensure that any support comes with commitments to efficiency and transparency, avoiding the pitfalls of favoritism or inefficiency.
Ultimately, Viet Nam’s economic future may well depend on its ability to produce and support national champions that can compete on the world stage, driving innovation and economic growth.
Nhan Dan says the private sector now contributes around 50% of GDP, but nearly 97% of private enterprises are small and medium-sized, and most have fewer than 10 employees. Nhan Dan reports that the localisation rate for VinFast electric vehicles had reached about 60% by 2025, with a target of 80% once battery cell production begins domestically in 2026.
” In Nhan Dan’s April 18, 2026 article “Role of corporations strengthened to power breakthrough growth,” the paper says the goal of “achieving double-digit growth is gradually becoming a strategic requirement,” and argues that leading economic groups must “expand regionally and globally” while pulling small and medium-sized firms behind them. A separate Nhan Dan piece published June 30, 2026 adds that the country has more than one million active private enterprises, accounting for over 96% of all businesses nationwide, yet many still struggle with governance, competitiveness and integration into global supply chains.
What happens next is not a single vote or hearing but a policy test embedded in the 2026 growth agenda and the implementation of major Party resolutions cited by Nhan Dan, including Resolution 57 on science and technology, Resolution 68 on private-sector development, and Resolution 79 on the state sector. In other words, the government’s challenge is not simply to pick champions but to build a system in which they can scale without political or legal whiplash.
Nguyen Ngoc Canh, Deputy Governor of the State Bank of Viet Nam, calls major groups the “backbone” of the economy. ” On June 30, it followed with another report stressing the private sector’s growing weight but unfinished transformation.
In the April 18 Nhan Dan article, Vingroup Vice Chairman Le Khac Hiep says the auto industry had long been stuck in assembly with “low localisation” and heavy dependence on outside suppliers, but that VinFast is pursuing a different model based on mastering the value chain. That makes the story more than a business feature: it is effectively a policy signal about how Hanoi is thinking about the next stage of industrial strategy.
– Nhan Dan Online Nhan Dan emphasizes that achieving double-digit growth is now a strategic requirement for Viet Nam — leading economic groups must expand globally and support smaller firms. Over 96% of Viet Nam’s businesses are private enterprises, yet many struggle with governance and global supply chain integration — highlighting a need for structural reform.
VinFast’s model of mastering the value chain is seen as a blueprint — the company aims for 80% localisation by 2026, showcasing potential for industrial self-reliance. Viet Nam’s private sector is vast, with over a million enterprises accounting for more than 96% of all businesses.
The success story of VinFast, which aims to achieve 80% localisation by 2026, serves as a potential model for others. ” In Nhan Dan’s April 18, 2026 article “Role of corporations strengthened to power breakthrough growth,” the paper says the goal of “achieving double-digit growth is gradually becoming a strategic requirement,” and argues that leading economic groups must “expand regionally and globally” while pulling small and medium-sized firms behind them.
A separate Nhan Dan piece published June 30, 2026 adds that the country has more than one million active private enterprises, accounting for over 96% of all businesses nationwide, yet many still struggle with governance, competitiveness and integration into global supply chains. This fragmentation is a significant hurdle, and the government faces the challenge of creating an environment where businesses can scale without the fear of political or legal setbacks.
In other words, the government’s challenge is not simply to pick champions but to build a system in which they can scale without political or legal whiplash. Nguyen Ngoc Canh, Deputy Governor of the State Bank of Viet Nam, calls major groups the “backbone” of the economy.
The scale and speed of this development has caught many observers off guard. Each new update adds another dimension to a story that is still unfolding, and the full picture will only become clear as more verified details emerge from the people and institutions directly involved.
Analysts who have tracked this issue closely say the current moment represents a genuine turning point. The decisions made in the coming weeks are expected to set the direction for months ahead, with ripple effects likely to extend well beyond the immediate actors in the story.
For those directly affected, the practical impact is already visible. People navigating this fast-changing situation are dealing with real consequences while new information continues to reshape what is known and what remains open to interpretation.
Historical parallels offer some context, though experts caution against drawing too close a comparison. Similar situations have played out before, but the specific combination of pressures, personalities, and timing here makes this moment distinct in ways that matter for how it ultimately resolves.
The political and economic dimensions of this story are deeply intertwined. What appears as a single event on the surface is in practice the convergence of multiple pressures that have been building quietly over a longer period than most public reporting has captured.