On April 13, more than 100 representatives from central ministries, business associations, economists, financial and legal experts, commercial banks, and major corporations gathered for the event in Hanoi.

Opening the discussion, Nguyen Duc Hien, Deputy Head of the Party Central Committee’s Commission for Policy and Strategy, revealed that a comprehensive proposal to reform Vietnam’s development model – anchored in sci-tech and digital transformation – will be submitted to the Politburo at the upcoming Third Plenum of the Central Committee, scheduled for late June to early July.

He underscored the central role of the private sector in this transition. “The private economic sector is one of the most important growth drivers, contributing around half of GDP and generating a large share of employment,” he noted. However, the sector remains fragmented, with more than one million registered enterprises – mostly small and medium-sized – alongside approximately five million household businesses.

Despite a clear policy ambition to build strong private conglomerates, progress has been slower than expected. “We have spent nearly three years trying to realise this goal, but tangible results remain limited,” Hien added. A key mechanism – where the state commissions private enterprises to undertake major national strategic tasks – has been introduced but is being implemented slowly.

Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam

From the banking sector’s perspective, Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam, reflected on the transformative journey of the past four decades. “It is impossible to speak of doi moi without recognising the locomotive role of economic groups,” he said. Whether state-owned enterprises or private corporations, these entities have consistently formed the backbone of the economy.

They have contributed significantly to GDP and state budget revenues, while creating millions of jobs and delivering key national infrastructure and industrial projects. At the same time, they have helped elevate Vietnamese brands in manufacturing, services, and trade to the international stage, strengthening the country’s economic self-reliance.

The banking system, Canh explained, has evolved in tandem with this growth. “The continuous improvement of the legal framework governing monetary policy, credit, and banking operations has enabled credit institutions to channel substantial capital into the economy,” he said, highlighting the sector’s role in supporting production, business expansion, and overall economic growth.

By the end of 2025, total outstanding credit reached approximately VND18.6 quadrillion ($740 billion), up over 19 per cent on-year, equivalent to 144 per cent of GDP. Domestic enterprises accounted for roughly 48 per cent of total credit, while large corporations and state-owned groups comprised about 7 per cent. Banks have also accelerated the adoption of digital technologies, developing modern payment services that improve access to finance.

These achievements, he argued, demonstrate that the rapid development of Vietnam’s banking system is not just a source of financial resources for businesses but also a key driver of enterprise growth in its own right.

Providing a broader business perspective, Dau Anh Tuan, deputy secretary general of the Vietnam Chamber of Commerce and Industry, highlighted both the progress and the paradoxes of the private sector.

Vietnam now has over one million formally operating enterprises and around five million household businesses. The private sector contributes approximately half of GDP and generates the majority of jobs. Several private conglomerates have secured strong positions domestically and begun expanding regionally and globally. Resolution No.68-NQ/TW of the Politburo in 2025 identifies the private sector as “one of the most important drivers” and a “pioneering force” in the country’s industrialisation and modernisation.

Notable achievements are evident across sectors. In manufacturing, THACO has built a large automotive and mechanical production ecosystem, while VinFast has emerged as Vietnam’s first electric vehicle producer, listed on Nasdaq and expanding into international markets. Hoa Phat has grown into one of Southeast Asia’s leading steelmakers.

In technology, FPT has become a regional leader, investing heavily in digital transformation, AI, and semiconductors. In consumer goods, Vinamilk and Masan have built competitive regional brands. Meanwhile, Vingroup, Sun Group, and BRG Group have made large-scale investments in infrastructure and real estate, reshaping the economic landscape of multiple regions.

However, Tuan pointed to persistent structural challenges. “The private sector is large but not yet strong; dynamic but not yet deep; significant in contribution but still modest in global value chains,” he observed. Nearly 97 per cent of private enterprises are small and medium-sized, many employing fewer than 10 workers – a limited scale that constrains investment in technology and innovation.

The sector also faces imbalances, with a large share of revenue concentrated in finance and real estate, while manufacturing remains underdeveloped. Linkages to global value chains have weakened, labour productivity lags that of state-owned and foreign-invested enterprises, and investment in research and development remains modest. Many firms continue to operate under family-based models with limited transparency and professional governance.

Le Khac Hiep, vice chairman of Vingroup, shared insights into the development of Vietnam’s automotive industry, a sector often seen as a litmus test for industrial capability.

According to Hiep, Vietnam’s auto industry was largely confined to assembly for many years, characterised by low localisation rates and heavy dependence on external supply chains. Domestic firms struggled to participate deeply due to constraints in technology, capital, and market scale. The industry remained structurally incomplete, with consumption demand but limited supporting industries to generate sustainable value.

The emergence of VinFast marked a significant turning point. Rather than following the traditional assembly path, the company invested from the outset in a highly automated manufacturing complex, encompassing research and development, stamping, welding, painting, engine production, and the gradual mastery of core technologies. This approach laid the foundation for a shift from “dependent manufacturing” to “self-reliant production.”

“More importantly, VinFast positioned itself not as a standalone entity but as a central node within a broader production network, connecting and leading a system of suppliers,” said Hiep. “This strategy has begun to restructure Vietnam’s automotive industry towards a more integrated domestic value chain.”

By 2025, the localisation rate for electric vehicles had reached approximately 60 per cent, with a target of 80 per cent once battery cell production is established domestically in 2026. Mastery of core technologies allows firms to better control value chains, reduce external dependence, and create opportunities for domestic enterprises to participate more deeply.

VinFast’s impact on supporting industries is particularly evident in improving market certainty. Through long-term, large-scale partnerships, VinFast has provided that assurance. With predictable orders, suppliers can confidently invest in machinery, upgrade technology, and expand production, conditions essential for building genuine industrial capacity.

At the same time, participation in VinFast’s global-oriented supply chain requires suppliers to upgrade technical standards, quality management, and sustainability practices. This process helps them meet VinFast’s requirements while enhancing their competitiveness in other international value chains.

Production hubs such as those in Haiphong and Ha Tinh have become new growth poles, attracting labour, capital, and infrastructure investment. On a broader scale, VinFast’s entry into global markets is bringing international standards into domestic supply chains, creating positive pressure for Vietnamese enterprises to upgrade and integrate more deeply into the global economy.

With an expanding market, a clear localisation strategy, and a leading role within its ecosystem, VinFast is contributing to the formation of deeper economic linkages, helping lay the groundwork for Vietnam to gradually position itself more firmly within global value chains.

The unnamed Cambodian national was diagnosed with a lesion in the upper lobe of her left lung, identified as a pulmonary mycosis. For six months, she persistently pursued a maximum-dose antifungal regimen at major hospitals in Cambodia, and even through treatment in Thailand.

The tumour, however, did not shrink. More dangerously, the patient occasionally coughed up blood. She then went to Vietnam and chose FV Hospital. Dr. Luong Ngoc Trung, head of Thoracic, Vascular and Endovascular Surgery, commented that the patient’s condition was like a “ticking time bomb”.

A pulmonary fungal mass (circled in red) located in the upper lobe of the left lung, adjacent to the airway and thoracic aorta, measuring over 4cm in diameter. Photo: FV

The lesion, measuring up to 4.6cm, was situated close to critical structures, posing a risk of vascular invasion or rupture into the airway. This could lead to sudden, life-threatening massive hemoptysis, a complication that may result in rapid death if not promptly managed.

Prolonged use of corticosteroids had caused the patient to develop complications such as myasthenia gravis. Meanwhile, long-term antifungal therapy may also impair liver and kidney function, further weakening the patient’s overall condition.

Robotic surgery

Faced with this urgent situation, doctors at FV Hospital decided to perform a lobectomy to completely remove the affected lung segment. Instead of conventional thoracoscopic surgery, the surgical team chose the da Vinci Xi robotic system to ensure maximum precision and safety.

Dr. Luong Ngoc Trung controls the da Vinci Xi robotic surgical system. Photo: FV

Dr. Trung said, “The robotic system enables gentle, flexible, and highly precise manipulation even in deep and narrow areas of the thoracic cavity, where critical structures such as major blood vessels and airways are located. This allows surgeons to handle complex procedures more accurately and safely.”

During the operation, surgeons controlled small robotic arms that manoeuvre within confined spaces, thereby minimising invasiveness and reducing postoperative pain.

In particular, for lesions located close to the airway as in this case, robotic assistance allows better control of surgical movements, facilitates the dissection of adhesions caused by prolonged inflammation, and minimises the risk of intraoperative rupture of the fungal mass.

The surgery lasted approximately 140 minutes and focused on completely removing the portion of the lung containing the fungal tumour, the core objective being to eliminate the source of the disease. After the surgery, the patient recovered quickly and was discharged from the hospital after only three days.

During the most recent follow-up visit, the patient’s health improved significantly. Notably, she can completely discontinue antifungal medication after prolonged use, while continuing to be monitored and treated for comorbidities such as Cushing’s syndrome and myasthenia gravis with an endocrinologist.

The surgical team at FV Hospital performed robotic lobectomy to treat pulmonary mycosis. Photo: FV

Pulmonary fungal infections can lead to serious complications, particularly sudden massive hemoptysis that can be life-threatening.

Doctors recommend that patients with persistent cough, hemoptysis, or poor response to antifungal therapy undergo thorough evaluation for timely intervention. Proper coordination between medical and surgical treatment plays a critical role in treatment effectiveness and long-term prognosis.

According to Dr. Trung, antifungal medication remains the mandatory first-line treatment for pulmonary mycosis, even when surgery is indicated. However, in cases where there is no response after intensive treatment – especially when the lesion is large and located near critical structures – surgical intervention becomes necessary for definitive treatment.

In such situations, robotic surgery enhances precision, improves safety during intervention, shortens recovery time, and helps reduce hospitalisation duration and associated costs.

Robotic surgery is currently applied at FV Hospital across multiple specialities, including general surgery, urology, thoracic surgery, gynecology, and oncology, and will continue to expand in the future. This contributes to improving treatment quality while minimising invasiveness for patients.

To successfully implement advanced robotic systems, FV Hospital is supported by a team of highly experienced specialists who are thoroughly trained in robotic surgery. All procedures are performed in operating rooms that strictly comply with international JCI standards, ensuring a sterile environment and minimising the risk of infection and complications.

Robotic surgery proves effective for complex thoracic case at FV Hospital Doctors at FV Hospital have used the da Vinci Xi robotic system to successfully remove a large esophageal tumour from a patient while preserving the oesophagus, demonstrating the growing role of robotic surgery in treating complex thoracic conditions.

Robotic surgery advances women’s health at FV Hospital A French obstetrician and gynaecologist with more than three decades of experience is applying robotic surgery at FV Hospital to enhance precision, fertility preservation, and recovery outcomes for women.

FV doctors use cutting-edge system to remove complex fibroids A 52-year-old patient with multiple large fibroids was treated using the da Vinci Xi robotic surgery at FV Hospital – eliminating the pathology and preserving the uterus.

The partnership is aimed at developing maritime transport and logistics services between Russia and Vietnam. The document was signed by Andrey Sokolov, deputy general director of Delo Management Company LLC (the group’s parent company), and Le Quang Trang, vice president of VIMC.

The agreement follows negotiations initiated in September 2025 by Sergey Shishkarev, chairman of the Board of Directors of Delo Group, during a visit to Vietnam.

Under the memorandum, the parties intend to develop cooperation in maritime transport and logistics services, promote Delo Group’s services in Vietnam and on global markets, implement joint projects to develop transport and logistics infrastructure in Vietnam, and exchange expertise in logistics planning.

“We expect that the partnership between Delo Group and VIMC will expand the network of reliable logistics chains between Russia and Vietnam. Our key objective is to establish effective cooperation with our Vietnamese colleagues to offer customers more convenient and competitive transport solutions,” said Sergey Shishkarev, chairman of the Board of Directors of Delo Group.

Delo Group is a Russian transport and logistics holding company founded in 1993. Delo Group is a leader in sea transshipment and rail transportation of containers, as well as deep-sea grain transshipment in Russia. The group’s companies ensure cargo delivery at all stages of the multimodal transport chain, both in the Russian domestic and international traffic.

The group has seven marine terminals and 45 inland terminals. The total capacity of marine terminals is at 3.5 million TEU and 10.5 million tonnes of grain per year, while inland terminals have a capacity of 3.5 million TEU per year. It operates a fleet of 41,000 container flatcars and containers with a total capacity of 230,000 TEU, as well as its own fleet of vessels.

Established in 1995, VIMC has the mission of serving as the core and key enterprise of Vietnam’s maritime industry. Over 30 years of development, VIMC has become one of the leading businesses in cooperation and international integration, providing maritime services on a global scale, and making an important contribution to the development of Vietnam’s marine economy.

VIMC targets higher profit and throughput in 2026 Vietnam Maritime Corporation is setting its sights on higher profits as maritime trade and logistics continue to recover. The state-owned shipping group has outlined its business targets for the year ahead.

Russia-Vietnam bilateral trade grows 6 per cent in 2025 Bilateral trade between Russia and Vietnam rose by 6 per cent in 2025, highlighting the continued growth of their economic partnership.

Novatek eyes expanded LNG cooperation in Vietnam As Vietnam races to secure its energy future and meet the demands of its surging economy, a new partnership with a Russian energy giant is taking shape, signalling a deepening of the nations’ long-standing ties.

Vietnam stabilises its petrol tax

Vietnam has temporarily cut its environmental protection tax on petrol, diesel and jet fuel to zero, as the government moves to stabilise the domestic fuel market and safeguard energy security.

Under the prime ministerial Decision No.428/QD-CP, petrol, diesel and jet fuel will also be exempt from VAT declarations and payments, while still permitting firms to claim input VAT deductions.

The special consumption tax on petrol is also set at zero per cent.

The decision is taking effect from March 26 midnight through April 15.

It is considered an urgent solution to stabilise the domestic fuel market and safeguard energy security, and simultaneously ease the burden on households and help firms sustain production and trade, even as it trims state budget revenue by an average of about $288 million per month.

The government must report any adjustments to fuel tax rates to the National Assembly by March 30.

The decision followed the government’s Resolution No.68/NQ-CP issued on March 26, which authorises the prime minister to apply tax reductions on petrol, diesel and jet fuel when required to serve national interests.

The Ministry of Industry and Trade (MoIT) and the Ministry of Finance decided to further cut retail fuel prices, effective from midnight on March 26.

Previously, since March 10, authorities continuously used the fuel price stabilisation fund, with spending ranging from VND3,000- 5,000 per litre for petroleum products. In the latest adjustment, however, the two ministries suspended the use of the fund.

According to the MoIT, Vietnam’s fuel prices remain at an average level in the region and are lower than those in neighbouring countries sharing land borders.

The ministry said it will coordinate with relevant agencies to inspect and supervise fuel traders to ensure adequate supply for the domestic market, while strictly handling any violations.

Site clearance work launched for Dung Quat refinery upgrade Binh Son Refining and Petrochemical JSC and Petrovietnam Construction JSC held a ground-breaking ceremony on February 2 as part of the site clearance package for the Dung Quat refinery expansion in Quang Ngai province.

Siam Cement Group announces 2025 results amid global headwinds SCG on February 9 announced its 2025 operating results, highlighting disciplined financial management amid a challenging global and regional economic environment.

Oil and gas sector sees renewed momentum Robust profit growth across the value chain, accelerating major projects and supportive policies are driving a strong rally in oil and gas stocks, with expectations of further upside in 2026.

Nghe An accelerates land handover for $2.3bn LNG power plant Nghe An province has directed departments to coordinate land handover for the $2.3 billion Quynh Lap Liquefied Natural Gas power plant, targeting construction to begin by the end of April.

Fuel import tariffs temporarily cut to zero until April 30 The government has temporarily cut preferential import tariffs on several petroleum products to zero, aiming to help businesses secure supply and stabilise the domestic fuel market amid global energy disruptions caused by Middle East tensions.

Workday, Inc., an AI platform for managing people, money, and agents, on March 31 announced a strategic expansion of operations into Vietnam.

This expansion is underpinned by an ecosystem of five global and regional partners, all dedicated to meeting the growing local demand for digital transformation.

This expansion marks a deepening commitment to Southeast Asia, fuelled by regional demand for a trusted, user-centric AI platform to manage people, finances, and AI agents. Following the acquisition of Paradox, Workday now has a presence of nearly 300 professionals across its Ho Chi Minh City and Danang offices.

“Vietnam is at the heart of the digital acceleration reshaping how businesses in ASEAN grow and empower their people,” said Fabio Tiviti, group vice president of Field Strategy & Operations at Workday.

He added that the expansion reflects more than market entry, with the company tapping into Vietnam’s talent pool to support the next phase of AI-driven innovation.

Through its partner ecosystem, Workday aims to provide local expertise to help Vietnamese organisations scale and unlock enterprise AI. Initial partners include Amaris, Deloitte, FPT Information Systems, Rolling Arrays, and VSOL.

“As Vietnamese organisations prioritise growth, the strength of Workday’s partner ecosystem combines enterprise-grade platform innovation with deep local expertise,” said Rogerio Almeida, group vice president of International Partner Ecosystem at Workday.

Local firms are already adopting the platform. “We view Workday as a long-term strategic choice, given its ability to deliver real-time insights and the operational agility needed to lead a people-centric organisation in an AI-driven future,” said Nguyen Trinh Thuy Trang, COO of Coteccons.

Workday brings the expertise of supporting more than 11,500 organisations globally to Vietnam’s evolving business landscape. From its Southeast Asian headquarters in Singapore, Workday’s regional presence now spans Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam.

With a deep pool of local tech talent and a robust partner ecosystem, Vietnam is central to Workday’s vision of shaping the future of work across ASEAN and beyond.

German firm unveils $175 million R&D centre plans in Ho Chi Minh City Germany’s SAP, the world’s largest provider of enterprise application software, on August 7 announced plans to invest more than €150 million (around $175 million) over the next five years into SAP Labs Vietnam, a new research and development (R&D) centre in Ho Chi Minh City.

Sojitz Corporation to expand energy and logistics investment in Ho Chi Minh City Japan’s Sojitz Corporation is looking to expand its investment in Ho Chi Minh City in the fields of energy, logistics, agriculture, food, and trade.

Banks ramp up plans to establish VIFC subsidiaries Banks are accelerating plans to set up subsidiary banks at the Vietnam International Financial Centre to expand the ecosystem and enhance international competitiveness.