GOVERNMENT SETS MULTIPLE TARGETS IN LATEST FINANCIAL STRATEGY

Việt Nam will work to place its investment environment among the top three countries in ASEAN and among the top 30 economies worldwide by 2028.

A Government meeting on restructuring capital for State-owned enterprises held on October 14, 2025. — VNA/VNS Photo An Đăng

HÀ NỘI — Việt Nam's Government aims to see 50 State-owned enterprises included among the 500 largest companies in Southeast Asia, and at least one listed among the 500 largest firms in the world by 2030.

These targets were set in Decision 1119/QĐ-TTg, which was recently signed by Deputy Prime Minister Nguyễn Văn Thắng.

The decision on the country's financial strategy through 2030 has also set objectives on promoting the socialisation of public services, streamlining organisational structures and retaining only units performing core political tasks and essential public services.

In addition, it outlines nearly two dozen steps to help achieve an average annual GDP growth rate of 10 per cent or higher for the 2026–2030 period.

The steps are as follows:

Develop and complete institutions and legislation suitable for establishing a new growth model, restructuring the economy and accelerating industrialisation and modernisation, with science, technology, innovation and digital transformation as the principal drivers.

Intensify administrative procedure reform, standardise and digitise all procedure-handling processes in a digital environment, ensure interoperability and data sharing among agencies and minimise the time and compliance costs for citizens and enterprises.

Work to place Việt Nam’s investment environment among the top three countries in ASEAN and among the top 30 economies worldwide by 2028.

Develop an effective State economy that plays a leading role in guiding development and ensuring macroeconomic stability, major balances and strategic orientation.

Reform the State economy with a focus on corporate governance of State-owned enterprises according to international standards, strengthening their efficiency and leading role in key sectors.

Vigorously implement an action programme for private sector development and support for small and medium-sized enterprises, while focusing on measures to improve private sector access to financial and credit resources.

Actively support and create a favourable environment for cooperative and collective economies, foreign-invested enterprises and other economic forms.

Complete mechanisms and policies to attract resources and the application of science and technology; develop the circular economy, green economy, organic agriculture, climate change adaptation and digital transformation; and expand markets for collective economy entities and cooperatives.

Renew policies to attract foreign direct investment by shifting from tax-based incentives towards other forms of preferential policies, applying post-approval and results-based incentives.

Enhance new economic models and push up dynamic regions, growth poles, economic corridors, economic and technology zones, free trade zones, international financial centres and national data centres.

Invest in high-speed rail and urban rail in Hà Nội and HCM City, as well as nuclear, solar and offshore wind power.

Pursue double-digit growth targets while controlling inflation and maintaining macroeconomic stability.

Build a modern, transparent tax system that both promotes growth and secures revenue for the State budget. Manage and use post-tax profits of State-owned enterprises effectively, to fulfil the objectives of developing the State economy without significantly affecting State budget revenues.

Manage and administer the State budget effectively and efficiently, ensuring the central budget’s leading role, improving revenue quality, broadening the tax base and enhancing the sustainability of national public finances.

Allocate State budget expenditure to implement national target programmes in an effective and feasible manner, avoiding duplication among them and with other initiatives, consistent with implementation schedules, disbursement capacity and a balanced State budget.

Promptly adopt measures to manage and regulate production and stabilise supply and demand; closely monitor and control prices of goods, especially essential goods; and manage the prices of goods under State management according to appropriate roadmaps to limit rising inflation expectations.

Strengthen statistical capacity and standardise statistical indicators and data, while enhancing the efficacy of domestic and international analysis and forecasting.

Improve the effectiveness of trade agreements and free trade agreements, commitments and cooperation agreements with international financial organisations and the financial regulatory authorities of partner countries.

Finally, use international preferential resources to support the green transition and greenhouse gas emissions reduction efforts, aiming for net zero emissions by 2050.

The decision takes effect from June 23 this year. — VNS

Source: VNS