This is not simply an affirmation of the political position of the State economy, but a strong reform message, requiring state-owned enterprises to comprehensively innovate to be able to shoulder the mission in the new development stage of the country.
Impressions
Two events related to state-owned enterprises that received attention right at the beginning of 2026 are the Military Industry - Telecommunications Group (Viettel) starting construction of the first semiconductor chip manufacturing plant in Vietnam and the Ministry of Finance's submission on converting the Railway Corporation to a corporation model to meet strategic projects.
In the context of a fiercely competitive world economy in technology, a deeply restructured global supply chain, and increasingly high strategic autonomy requirements, Vietnam cannot only rely on the advantage of cheap labor or processing and assembly. It is in this point that the pioneering role of state-owned enterprises becomes clear.
Viettel's start of construction of the first semiconductor chip manufacturing plant in Vietnam is the starting point for Vietnam to master the chip manufacturing stage - the most complex and value-added stage in the semiconductor production chain. This is an area that requires extremely sophisticated technology, a production process with thousands of continuous steps, huge investment and long capital recovery time. If only based on short-term profit calculations, it is very difficult for private enterprises to have enough resources and be willing to take risks to pioneer.
State-owned enterprises taking on this role are not only meaningful in terms of production, but also have strategic significance. When chip manufacturing capacity is formed domestically, Vietnam is no longer completely dependent on the outside in important areas such as defense, telecommunications, automobile industry, healthcare, automation. At the same time, the domestic semiconductor ecosystem also has the opportunity to develop, from design, software, materials, auxiliary equipment to human resource training. Here, state-owned enterprises accept to take a step forward to create a foundation for the entire economy to participate.
That spirit is also reflected in the field of strategic infrastructure. Before the requirement to simultaneously deploy high-speed railway projects and inter-regional connectivity lines, Vietnam Railways Corporation is proposed to convert to the model of Vietnam National Railways Group to improve management capacity, mobilize resources and master the railway industry.
At the seminar "To let the State economy lead and pave the way in the new era" held in early February 2026, Ms. Duong Thanh Ha - Deputy Head of the Inspection and Audit Board, Vietnam Railways Corporation - said that although there have been major policies of the State, including the direction of developing high-speed railways, the actual implementation process still faces many obstacles. The birth of Resolution 79 and the State's companionship in synchronously implementing solutions are expected to create momentum for businesses to break through and increase the contribution rate of the transport sector to the economy.
From the perspective of a private enterprise, Mr. Tran Duc Tien - Chairman of the Board of Directors of Vinh Hung Joint Stock Company, specializing in the field of transportation mechanics, commented: "The fact that a state-owned enterprise is the "leader" for large projects is a good guarantee for private enterprises like us to be bolder when participating in supporting projects.
Increasing the competitiveness of the state economy
Resolution 79-NQ/TW of the Politburo on state economic development sets out the goal: "Strive to have 50 state-owned enterprises in the group of 500 largest enterprises in Southeast Asia and 1-3 state-owned enterprises in the group of 500 largest enterprises in the world; build a number of strong economic groups and state-owned enterprises with large scale, modern technology, regional and international competitiveness, playing a pioneering role, leading domestic enterprises to deeply participate in a number of global production and supply chains, especially in key and strategic sectors of the economy; 100% of state-owned enterprises implement modern enterprise governance on digital platforms; 100% of economic groups and state-owned corporations apply OECD governance principles".
In many difficult periods, state-owned enterprises have been pillars of macroeconomic stability, ensuring energy security, food security, and financial security. But in the spirit of Resolution 79, that role must be elevated to a driving force for growth. This requires state-owned enterprises to take the lead in innovation, invest strongly in research and development, digital transformation and green transformation.
More importantly, the leadership of the state-owned economy must create space for the private economy to develop. When state-owned enterprises invest in electricity, telecommunications, seaports, railways or core technologies such as semiconductors, the private sector has a platform to participate more deeply in the value chain. The two sectors are not opposed but complement each other. If state-owned enterprises play a good role in paving the way, the private sector will have conditions to break through more strongly.
Resolution 79 sets out the requirement to build a new generation of state-owned enterprises, streamlining the apparatus, financial transparency, mastering core technology and deeply integrating into the global value chain. This is not an easy process, because it requires changing management thinking, enhancing the responsibility of leaders and eliminating long-standing shortcomings. But if reform is successful, state-owned enterprises will truly become "leaders" pulling the entire economy forward.
On the morning of February 25, 2026, the Secretariat of the Party Central Committee will chair the organization of a national conference to study, study, thoroughly grasp and implement Resolution No. 79-NQ/TW on state economic development and Resolution No. 80-NQ/TW on Vietnamese cultural development of the Politburo. The conference aims to study, study, thoroughly grasp and implement Resolution No. 79-NQ/TW and Resolution No. 80-NQ/TW, focusing on new points, core and breakthrough contents. On that basis, Party committees at all levels lead and direct the development of action programs to organize the implementation of the 2 Resolutions; and at the same time widely disseminate information throughout the Party, the entire people, and the entire army, creating unity of will and action in the process of implementing the Resolution, helping cadres and party members firmly grasp the core contents and new points in the 2 Resolutions of the Politburo.
