Pacific Money | Economy | Southeast Asia

Vietnam’s National Champions

Risks and opportunities for foreign investors

Vietnam’s Communist Party chief To Lam has set an ambitious economic agenda for the country, targeting annual GDP growth exceeding 10 percent through 2030. Alongside sweeping anti-corruption pledges and aggressive administrative reform — including abolishing eight ministries and slashing 150,000 state jobs — Lam is positioning Vietnam for accelerated development and deeper global trade integration.

One of the key pillars of Lam’s economic development strategy is fostering “national champions,” globally competitive private conglomerates in advanced industries. Resolution 68, adopted by Vietnam’s Politburo in May 2025, represents a cornerstone of Lam’s economic modernization agenda. It explicitly elevates the private sector to the “most important force” in the economy and sets a concrete target 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 firms with state backing, 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 Communist Party of Vietnam, notes that firms Samsung and Hyundai shifted an entire economy from agriculture to advanced industry within decades by investing in technology, absorbing knowledge from foreign partners, and competing internationally. Vietnam’s leadership asserts that without comparable domestic anchors, the country will remain........

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