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The Politburo issued Resolution 79-NQ/TW in 2026, emphasizing comprehensive restructuring of SCIC and the formation of a National Investment Fund. Nguyen Chi Thanh, Secretary of the Party Committee and Chairman of SCIC’s Board of Members, said preparations are underway to establish and operate the National Investment Fund with urgency.
Thanh said the state-owned enterprise sector still holds a very large asset base, amounting to nearly 4 quadrillion VND. However, managing and representing state capital is currently dispersed across ministries, sectors, and localities. He said that once the National Investment Fund is formed, Vietnam can gradually centralize these assets and capital under one hub, restructure them toward efficiency, sustainability, and market principles, and build a professional investment organization to:
Thanh pointed to Vietnam’s high openness, noting that openness exceeds 200% of GDP and that FDI accounts for more than 70% of export turnover. He said Vietnam’s deeper integration also makes the economy more sensitive to global shocks. In that context, he said the National Investment Fund—operating under a professional governance and risk management framework—can act as a “financial cushion” by:
He cited an analogy to the recent investment in Vietnam Airlines.
Thanh said natural resources are finite and growth drivers are increasingly competitive, but financial assets—if managed and invested effectively—can generate sustainable returns through financial instruments and long-term capital turnover. He described the National Investment Fund model as not only capital management, but also investment leadership and the mobilization and concentration of resources from capital restructuring within state-owned enterprises and other state resources.
He said the fund would act as seed capital and a market facilitator to attract private domestic and international investors to build large-scale investment ecosystems targeting:
He added that creating sub-funds within the fund—such as infrastructure funds, science and technology funds, and green finance funds—would support sectors that require large capital, carry high risk, and have long payback periods. Without government leadership, he said private participation may remain limited.
Thanh said that with SCIC operating as the National Investment Fund, it can minimize investment risk for investors, build market confidence, and mobilize private capital. He also said that with sufficient scale, the fund could access international capital at lower cost, reducing the cost of capital for projects and enabling state capital to attract social capital—thereby increasing total investment across the economy.
Over the long run, he said accumulated resources could form a national financial reserve, easing budgetary pressure on the state. He noted that international experience shows many countries in Asia, the Gulf, and OECD have implemented similar models.
According to SCIC’s Development Strategy 2026–2030, in 2026–2027 SCIC will focus on completing classification, restructuring, and divestment in enterprises in line with decisions by competent authorities, and on receiving enterprises designated for transfer to SCIC as prescribed by law. During this phase, SCIC will prioritize strengthening its organizational structure, developing human resources, and building a legal framework.
In 2028–2030, SCIC will continue restructuring and divesting holdings in listed enterprises to accumulate capital for investment activities. The strategy states that the focus will be on infrastructure projects, large and strategic projects, and innovation initiatives, while ensuring macroeconomic balance in line with the country’s strategic direction.
Thus, Thanh said SCIC will continue to operate as a “nurse” for enterprises by expanding intake, governance, and divestment, while concentrating resources to transition to the National Investment Fund model.
Thanh said international experience indicates that operating a National Investment Fund requires substantial financial resources. However, he noted that the scale of state capital held by SCIC at enterprises it has taken over remains limited, totaling around 2% of total state capital across these enterprises. He also said SCIC’s current charter capital is comparatively modest relative to investment needs, and that for many years SCIC has not been allocated a Development Investment Fund to bolster its charter capital.
The article also discusses conditions required for SCIC to implement the mission successfully and proposes measures including consolidating capital transfers to SCIC, allowing SCIC to retain post-tax profits to fund development investments, and establishing a legal framework for a dedicated National Investment Fund.
It further proposes a decree enabling flexible investment and divestment, fund-of-funds arrangements with private and international partners, updated mid- to long-term evaluation criteria, and competitive remuneration to attract top talent.
Thanh concluded that forming a National Investment Fund under a professional governance and risk control framework would serve as a financial cushion—improving economic resilience and stabilizing financial markets amid volatility—thereby mitigating the impacts of economic and geopolitical shocks.
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