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Vietnam Targets 30 Billion-Dollar State Firms by 2030

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The Vietnamese government plans to have a minimum of 30 state-owned enterprises (SOEs) generating annual net income above $1 billion each by 2030, as outlined in a financial department strategy focused on expanding the state-run economy.

Aiming to be outlined in a political document issued by the Ministry of Finance (MoF) Party Committee and presented to the MoF’s Party Congress for the period 2025–30, as reported by the MoF’s official news website.

Electricity workers in Vietnam were seen pulling cables in Hanoi during June 2018. Image courtesy of VnExpress/Ngoc Thanh

As per the strategy, within five years, the SOE sector expects to have at least 25 state-owned enterprises with assets or market valuation surpassing $1 billion, including 10 SOEs whose asset base or market value will exceed $5 billion.

Vietnam now includes 76 companies on the Fortune 500 Southeast Asia ranking, among which several state-owned enterprises occupy prominent spots.

The document states that as of the end of 2024, the combined assets of 671 state-owned enterprises exceeded VND5.6 quadrillion (approximately $215 billion), marking an increase of 45% from 2023. Revenues and pre-tax earnings for these SOEs also experienced strong growth, reaching almost $3.3 trillion and $227.5 trillion, respectively.

In order to boost the national economy, the government is implementing a State Economic Development Initiative aimed at efficiently utilizing public assets and supporting the attainment of a double-digit growth objective.

During the years 2026 to 2030, Vietnam plans to attain annual economic expansion of minimum 10%, an average earnings level of $8,500, government liabilities approximately equal to 45% of gross domestic product, and price increases ranging between 4 and 4.5%.

It is projected that registered foreign direct investment will reach between $200 billion and $300 billion, with a local content ratio exceeding 40% by 2030.

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