•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Vietnam’s Party leadership has issued Resolution 79-NQ/TW in 2026, directing comprehensive restructuring of SCIC and the formation of a National Investment Fund. In an interview with Tiền Phong, Nguyen Chi Thanh, Secretary of the Party Committee and Chairman of the SCIC Members’ Council, said preparations for the establishment and operation of the National Investment Fund are being pursued urgently.
Nguyen Chi Thanh said the shift from SCIC to a National Investment Fund is strategically meaningful for Vietnam for three main reasons.
The state-owned enterprise sector still holds a very large asset base, “about nearly 4 quadrillion dong,” with ownership and asset management dispersed across many ministries, sectors, and localities. By forming the National Investment Fund, the state can gradually centralize these assets and capital into a single point, restructuring toward efficiency, sustainability, and market principles. The goal is to create a professional investment organization able to manage national assets efficiently, preserve and increase capital value over the long term, and optimize allocation of state resources in line with international integration requirements.
Vietnam’s economy is now more open, surpassing 200% of GDP, while the FDI sector accounts for more than 70% of export turnover. As integration deepens, Vietnam becomes more sensitive to global fluctuations. In this context, the National Investment Fund—operating under professional governance and risk-control systems—would act as a financial “buffer,” helping increase economic resilience and stabilize financial markets during volatility. The Fund could intervene promptly in periods of economic and market turbulence, provide liquidity when needed, and act as a “buyer of last resort” to protect strategic enterprises.
Natural resources are finite and traditional growth drivers face increasing competition. Nguyen Chi Thanh argued that financial assets, if managed and invested effectively, can generate sustainable returns through financial instruments and capital turnover over the long term. For Vietnam, developing a National Investment Fund with a growth-oriented investment approach is presented as an “inevitable choice.”
The model is described not only as capital management, but also as a leading investor. It would mobilize and concentrate resources from capital restructuring at state-owned enterprises and other state resources, provide seed capital, and help guide the market to attract private investors at home and abroad to build large-scale investment ecosystems. These ecosystems would support development of large and efficient enterprises, particularly in strategic infrastructure, the green transition, the digital economy, and high-tech sectors.
The interview also notes that the Fund could establish funds within the Fund—such as infrastructure funds, science and technology and innovation funds, and green finance funds—areas that typically require large capital, carry high risk, and have long payback periods. The state’s leading role is described as necessary to mobilize private participation.
SCIC’s development strategy for 2026–2030 sets out a phased approach.
In 2026–2027, SCIC will focus on completing classification, restructuring, and selling stakes in enterprises according to classification criteria, and transferring enterprises to SCIC under the law. During this phase, SCIC will finalize its organization, develop human resources, and build a legal framework.
From 2028–2030, SCIC will continue restructuring and selling stakes in enterprises on the list to accumulate funds for investment activities. The focus will be on infrastructure projects, large important projects, and innovation projects, aiming to ensure macroeconomic balance in line with the country’s strategic direction.
In the coming years, SCIC is expected to continue operating as a “backbone” for enterprises—supporting asset reception, governance, and divestment—while concentrating resources to move toward the National Investment Fund model.
To operate under the National Investment Fund model, international experience indicates a very large financial resource is required. However, Nguyen Chi Thanh said that, to date, the size of state capital SCIC has received remains limited, totaling about 2% of total state capital in the enterprises SCIC has taken over. He also said the charter capital allocated to SCIC so far is modest relative to investment needs, and that for many years SCIC has not drawn from the Development Investment Fund to supplement charter capital, leaving SCIC’s equity base limited.
To enable SCIC to fulfill its mission as a National Investment Fund, several foundational conditions were proposed:
Nguyen Chi Thanh said the “formation of a National Investment Fund operating under a professional governance and risk-control system will act as a financial cushion, increasing the economy’s resilience; stabilizing financial markets during volatility and reducing the impact of economic and geopolitical shocks.”
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
