Referring to the role of the Politburo’s Resolution 79 dated January 6, 2026 on the development of the state economy, Lan noted that the Resolution is a key piece of the puzzle completing the picture of the economy's drivers.

Amid Vietnam's development conditions, the role of the state economy is larger than in many other countries. And within the state economy, the state-owned economic sector is the component that manifests most clearly in socio-economic life. The first and core role of the State lies in designing the legal system, policies, and legal frameworks for the entire economy to operate.

In addition, in all countries, the State is responsible for the fields of public interest such as infrastructure investment and the provision of essential public services. However, this does not mean it must do everything itself. Implementation can be assigned to many different subjects based on efficiency and common interest.

Given Vietnam's specific characteristics, Lan emphasized that the State's role becomes even more important, as the State is the representative owner of many large national resources, especially land and shared resources. The governance, allocation, and use of these resources are not just an economic problem but also a sensitive social issue.

According to Lan, a commendable point of Resolution 79 lies in setting requirements for the effective management of shared resources, not only within the state economic sector but across the entire economy.

The ‘profit every year’ mindset

In the context of deep integration, corporate governance standards are increasingly approaching international norms. Both private and SOEs must compete in domestic and international markets, and they have to raise governance standards, capital use efficiency, and innovation capacity.

“The efforts made by SOEs to improve performance in recent years are commendable, but it must be acknowledged that the transformation path is far from easy,” Pham Chi Lan noted.

At the same time, the development of the private economic sector, especially SMEs, is of vital importance to the economy and social welfare.

Lan assessed that this economic sector accounts for the overwhelming majority of enterprises and creates most jobs in society. However, amid accelerating automation and technological transformation, job-loss pressures will intensify, making support for SMEs and private-sector development a strategic priority, rather than merely an issue of competition among a handful of large conglomerates.

There needs to be a fair assessment of the difficulties faced by SOEs, which are entrusted with responsibilities in key business fields, while constrained by multiple layers of administrative management. Barriers in investment approval, decision-making processes, and innovation limit their ability to seize market opportunities and slow technological upgrading.

In many cases, even a small proportion of state ownership can delay or “freeze” critical investment decisions related to digital transformation and technological innovation. Therefore, the core issue is not enterprise capacity, but the mechanisms for delegation of authority and accountability.

For SOEs to truly “lead and pave the way” under the spirit of Resolution 79, a fundamental change in performance evaluation is required. Lan argued that it is not appropriate to impose a requirement that SOEs must be profitable every single year while they have to undertake foundational, long-term, high-risk projects. 

Even private enterprises accept cycles of losses and profits when making long-term investments. SOEs, all the more so, need policy space to accommodate investment lags and innovation risks. This requires changes not only within enterprises, but also in the management mindset of ministries and agencies.

Accordingly, the guiding role of the state sector can only be realized when SOEs are granted sufficient autonomy to cooperate and link with domestic private enterprises and foreign investors, on the basis of equality and mutual complementarity.

Domestic capacity is the pillar of economic autonomy and self-reliance. Vietnam has already developed large private enterprises with substantial technological and financial capabilities. With appropriately designed cooperation mechanisms, SOEs and private enterprises can become strategic partners in infrastructure projects, foundational industries, and high-tech fields.

Lan pointed to lessons from the development of supporting industries, railways, and transport infrastructure, noting that large-scale investment without clear domestic coordination and linkages leads to dependence on foreign enterprises and weakens internal capacity. Therefore, proper mechanisms are needed for SOEs, private enterprises, and policymakers to sit together, clearly define roles, avoid fragmented and overlapping investments, and concentrate resources on key stages that can create long-term competitiveness.