State corporations poised to drive 2026 growth

State corporations poised to drive 2026 growth

Vietnam is targeting average GDP growth of 10 per cent during 2026-2030, with state-owned corporations expected to spearhead investment, infrastructure development and productivity gains.

In a dispatch on the 2026 economic growth target issued late January, Prime Minister Pham Minh Chinh requested economic groups and state-owned corporations to strengthen, enhance governance and efficiency, accelerate key infrastructure projects, and propose new investment initiatives.

Leading state-owned corporations and groups hold around $101.6 billion in total assets. Photo: baodauthau.vn

As of the end of 2024, the 19 largest state-owned economic groups and corporations held approximately $47.2 billion in equity capital and total assets of around $101.6 billion, accounting for roughly 65 per cent of total assets across all SOEs.

Petrovietnam reported assets of approximately $48 billion in 2025. The group recorded record-breaking revenue for the fourth consecutive year, approximating $44 billion – equivalent to 9-10 per cent of national GDP – the largest within the SOE sector.

Its contributions to the state budget reached $6.64 billion, accounting for 7-8 per cent of total state budget revenue. In 2026, Petrovietnam aims to maintain double-digit growth.

According to Petrovietnam, the average crude oil export price in January stood at around $67.5 per barrel, slightly higher than in December 2025.

From the very first month of 2026, the group maintained safe and efficient production and business operations.

Domestic crude oil output exceeded the monthly plan by 10.1 per cent, up 12.8 per cent on-year. Other key segments – including gas production, power generation, petroleum products, and fertilisers – also surpassed targets and recorded solid growth.

Financially, the group’s total revenue in January was estimated at $3.28 billion, up 9 per cent on-year, while state budget contributions were estimated at $364 million.

As the core enterprise of the garment and textile industry – a sector that generated $46 billion in export value for Vietnam in 2025 – Vietnam National Textile and Garment Group (Vinatex) has set a target of consolidated revenue of approximately $800 million in 2026, up about 6 per cent from the previous year.

Consolidated pre-tax profit is expected to reach $48-60 million; achieving the upper end would represent 10.7 per cent growth.

Vinatex’s leadership described this as a challenging plan, given the lack of a market boom and ongoing uncertainties surrounding tax policies.

To achieve these targets, the group will focus on optimising performance in strategic business areas, as well as generating higher returns on assets, including technology, brand value, and human capital.

It also aims to improve the efficiency of its digital data centre operations and accelerate R&D of new products at key subsidiaries to create momentum.

Vietnam Maritime Corporation (VIMC) targets consolidated seaborne cargo volume of 23.7 million tonnes in 2026, up 10.2 per cent from 2025, while throughput via seaports is projected at 180.1 million tonnes, an increase of 11.2 per cent on-year.

Its consolidated revenue is expected to reach $887 million, up 8.3 per cent, with pre-tax profit targeted at approximately $129 million, up 5.1 per cent.

In 2025, VIMC added 13 new vessels to its fleet and completed the commissioning of container terminals No. 3 and 4 at the Haiphong International Gateway Port (Lach Huyen) on schedule.

Notably, the Can Gio International Transshipment Port project has been approved by the National Assembly with a special policy mechanism.

Ho Chi Minh City is currently preparing a plan to select a strategic investor in the first quarter of 2026. Once completed, the initiative is expected to position Vietnam as a major international maritime transshipment hub.

In aviation, Airports Corporation of Vietnam (ACV) and Vietnam Airlines said they would leverage the recovery of the international market to expand flight networks to Europe and Northeast Asia.

Vietnam Airlines aims to carry 29.07 million passengers in 2026, up 13.2 per cent on-year, while increasing distance travelled.

Meanwhile, ACV targets total passenger throughput of 124.7 million in 2026, up 8.6 per cent on-year; cargo and mail volume of 1.9 million tonnes, up 9 per cent; and 760,000 aircraft movements, an increase of 7 per cent.

The corporation’s key focus this year is completing and putting into operation first-phase Long Thanh International Airport on schedule, while continuing to invest in and upgrade infrastructure at regional airports nationwide.

Vietnam Railways Corporation recorded consolidated revenue of approximately $428 million, up 10 per cent on-year, while profit reached $5.6 million, an increase of 5.3 per cent.

For 2026, the corporation aims for double-digit growth, alongside expanded sci-tech application and digital transformation, while advancing the development of an integrated railway industrial complex to modernise the rail sector.

In the banking sector, state major Vietcombank has set targets for 2026, including minimum growth of 11 per cent in total assets and 14 per cent in core funding mobilisation.

Credit is expected to expand prudently by around 13 per cent, while pre-tax profit is targeted to increase by at least 7 per cent, with the non-performing loans (NPL) ratio tightly controlled below 1.5 per cent.

Meanwhile, VietinBank plans to grow total assets by 5-10 per cent, with a strong focus on maintaining liquidity safety indicators and keeping the NPL ratio below 1.8 per cent.

VIR