In a world where instability has become the new normal, the central question for any economy is no longer how fast it can grow, but how firmly it can stand when turbulence strikes.

Successive shocks from geopolitics, supply chains, finance, technology and climate are testing the resilience of every nation, particularly open economies such as Vietnam.

It is in this context that General Secretary To Lam’s directive at the national conference on Resolution 79 carries a clear message: the state economy must deliver breakthrough contributions to national autonomy, ensure stability and intervene promptly when systemic risks arise. In the new phase, the state economy must be concretized into five major “pillars”.

In other words, it is positioned as a backbone of the economy, not as a force that replaces the market.

Holding the strategic heights

For years, economic self-reliance was often understood in simple terms: produce more domestically, reduce imports, increase localization. Yet in a deeply integrated economy, real autonomy lies in mastering the “arteries” – energy, finance and credit, strategic infrastructure, logistics, data and digital platforms.

When these arteries depend on external actors, growth may continue in favorable times, but a single shock can cause severe disruption. Thus, assigning the state economy to hold the “strategic heights” is not about creating monopolies, but about preserving initiative, regulatory space and national interests at critical moments.

This is the first layer of meaning behind the term “pillar”.

Five pillars, a new perspective

What stands out in this directive is that the leading role is no longer interpreted as all-encompassing. Instead, it is articulated through five specific functions.

The state economy must anchor economic security and sovereignty; stabilize and regulate markets during volatility; open pathways for the private sector rather than crowd it out; lead in innovation and core technologies rather than rely solely on capital and assets; and uphold governance standards, discipline and integrity.

Taken together, these five pillars form not merely a task list but a development architecture. The state stands where the market cannot or should not bear the burden, enabling the rest of the economy to function smoothly.

Narrowing to grow stronger

A crucial clarification in Resolution 79, as highlighted by Dr Nguyen Dinh Cung, is that the state economy is not synonymous with state-owned enterprises. The state economy encompasses the full range of resources held by the state – land, natural resources, the budget, infrastructure and financial instruments. State-owned enterprises are only one component.

This perspective leads to an important implication: the leading role of state-owned enterprises should concentrate on key strategic sectors characterized by high risk, long-term capital and areas where markets struggle to operate independently. Narrowing their focus allows “leadership” to become a genuine capability rather than an administrative designation.

Notably, Resolution 79 introduces concrete benchmarks for the first time: striving for 50 state-owned enterprises to enter Southeast Asia’s Top 500, one to three to reach the global Top 500; 100 percent of state-owned enterprises to adopt digital governance platforms; and all major groups and corporations to apply OECD standards. Leadership is thus measured by competitiveness and standards, not merely by scale or market share.

Leadership requires accepting risk

Achieving these standards demands a shift in risk tolerance. State-owned enterprises cannot be tasked with pioneering technology and market creation while being bound by an absolute “no loss” mindset. Capital preservation should not mean that not a single unit of currency can be lost; it must be viewed through a long-term lens.

Some investments may incur losses for years, but if they secure technology, strategic positioning and competitiveness, they are not failures. Without the courage to accept risk, it is impossible to build true pillars in strategic domains.

A pillar is not a privilege

At the same time, being a pillar does not equate to preferential treatment. State-owned enterprises can only genuinely “lead” by entering new technologies and high-risk sectors where private players are unwilling or unable to invest. Using institutional and capital advantages to compete directly in segments already well served by private firms would distort rather than guide the market.

Selecting core enterprises, clearly defining the scope of leadership, granting real authority tied to personal accountability, and managing state capital under long-term investment logic – as reflected in the proposed restructuring of the State Capital Investment Corporation into a national investment fund – are unavoidable conditions.

A pillar must be built through action

Ultimately, implementation remains decisive. The five pillars must be translated into action programs with clear objectives, measurable indicators, defined timelines and explicit accountability for leaders.

If realized, the state economy will no longer stand apart as a separate sector, but will serve as a backbone for stability, autonomy and long-term growth. In that case, its leading role will not need constant affirmation – it will reveal itself each time the economy weathers a major storm and remains standing.

Lan Anh