Vietnam should focus government support on leading private conglomerates to boost growth, says PGS.TS Trần Đình Thiên

Vietnam should focus government support on leading private conglomerates to boost growth, according to PGS.TS Trần Đình Thiên. He said that to achieve breakthroughs in growth and elevate Vietnam to a major economic power, the country needs strong private sector groups and a reshaped policy framework for enterprise support.

Private sector role and remaining paradoxes

Speaking at the conference “40 Years of Reform: The Leading Role of Economic Groups” organized by Nhà Đầu Tư magazine on April 13, Trần Đình Thiên said the private sector has faced multiple difficulties in policy and development over time.

He noted that in 2002, the private sector was defined as a component of the economy. Over the following 15 years, its status evolved from an indispensable part to a key driver of growth. By 2025, Resolution 68 formally recognized the private sector as the most important driving force—leading growth, creating jobs, raising productivity, and enhancing national competitiveness.

Despite producing entrepreneurs who built careers from scratch and demonstrating resilience during the pandemic, the private sector still faces “many paradoxes,” Trần Đình Thiên said: enterprises are numerous but not strong; they are dynamic but not deep; they contribute significantly, yet their position in the global value chain remains modest.

Corporate expansion and leadership examples

The conference also featured Le Khắc Hiệp, Vice Chairman of Vingroup, who described the company’s expansion across real estate, tourism, education, healthcare, and retail, along with a strategic pivot to the automotive industry as a breakthrough direction.

He argued that developing a robust automotive industry is essential because it can spur related sectors such as mechanical engineering and rubber.

Le Khắc Hiệp cited the construction of the National Exhibition Center in Co Loa, Hanoi, which was completed in ten months, as an example of how decisive leadership and maximized effort can help enterprises overcome tasks that appear “impossible.”

Calls for a freer and more stable business environment

Nguyễn Duy Hưng of Thanh Nien Group said that enterprises today need freedom and a stable environment to grow. He also reported that businesses want regulators to go beyond supervision—accompanying enterprises, sharing difficulties, and removing obstacles.

Strengthening dialogue with major enterprises, he said, could help resolve bottlenecks more effectively.

Policy direction and international market expansion

Phan Đức Hiếu, a member of the National Assembly’s Economic and Financial Committee, said the future leadership of private conglomerates is critical for Vietnam’s growth.

Experts at the conference argued that for Vietnam to become a major economic power, it must build strong private sector groups that expand abroad to access international markets rather than competing only domestically. They pointed to companies including Vingroup, Vinamilk, Xuan Thiên Group, and Viettel as already moving into international expansion.

They also emphasized that policy changes must be paired with feasible institutional mechanisms to ensure practical implementation.

Reforming enterprise support: from scattered to targeted

Trần Đình Thiên said international experience suggests that economic “miracles” require a state capable of creating an enabling environment and private conglomerates strong enough to act as pillars.

He argued Vietnam must redefine its enterprise support policies, saying that for too long support has been “scattershot,” likened to scattering grains for sparrows and only yielding sparrows.

Instead, he said a new approach should target support to leading conglomerates and, where bottlenecks exist in value chains, identify and address them directly.

Nguyễn Lê (VietNamNet) reported this perspective on April 13, 2026.