Creating runway for Việt Nam’s tech "eagles" to take off

Creating runway for Việt Nam’s tech "eagles" to take off

Under the national plan for 2026–30, Việt Nam aims to develop at least 10 large strategic technology enterprises by 2030, each generating annual revenue of at least US$1 billion, employing over 5,000 workers.

The headquarters of the Viettel Military Industry and Telecoms Group. — Photo courtesy of Viettel

For Việt Nam’s technology companies to compete globally, experts underlined that the State must act as an active enabler by commissioning major national projects, creating an initial domestic market and using public procurement to strengthen national technological capabilities.

Tech champions as engines of growth

The world’s leading technology powers all have flagship companies driving strategic industries, from Huawei in telecommunications, Samsung and LG in electronics, TSMC in semiconductors, to NVIDIA, Microsoft, Google and SpaceX in artificial intelligence (AI), cloud computing and space technology.

As Việt Nam pursues double-digit economic growth, future development will increasingly depend on science, technology, innovation and digital transformation rather than simply expanding investment or production.

At a recent Government meeting with businesses, Finance Minister Ngô Văn Tuấn identified six major economic bottlenecks, including weak sci-tech and innovation capacity and shortages of high-quality human resources. One proposed solution is to establish a group of large, State-owned enterprises capable of leading strategic industries.

The goal is not simply to create larger companies, but to develop "locomotive" enterprises capable of pulling thousands of smaller firms into higher-value supply chains. Without companies that master core technologies and compete globally, Việt Nam will struggle to achieve breakthroughs in AI, semiconductors, cybersecurity, big data and digital infrastructure.

Prime Minister Lê Minh Hưng has called for leading technology enterprises to spearhead innovation, digital transformation and green transition, while the Ministry of Science and Technology has been tasked with strengthening policies that encourage R&D and the adoption of emerging technologies.

State-owned corporations are expected to take the lead in strategic industries while creating opportunities for private firms, particularly SMEs, to engage deeper in major projects and supply chains.

Assign strategic missions

Lieutenant General Tào Đức Thắng, chairman and general director of Viettel Group, said companies selected as national champions should receive clearly defined strategic missions rather than being judged solely on revenue or profit.

These missions should include mastering core technologies, developing domestic supply chains, expanding internationally, participating in key national projects and producing strategic technologies for Việt Nam.

Viettel has proposed that the Government formally designate leading technology enterprises, including both State-owned and private companies such as Viettel, VNPT, MobiFone, FPT and CMC, and provide them with strong-enough mechanisms to develop strategic national technologies.

The group also recommended that the Government become a major purchaser and customer of Vietnamese technology by commissioning large-scale projects that involve domestic companies from research and design through testing, manufacturing and commercialisation.

VNPT General Director Huỳnh Quang Liêm similarly argued that Việt Nam should use domestic demand as a launchpad for technology companies to develop core technologies through large-scale national projects instead of fragmented initiatives. He also proposed a national programme to commission major technology challenges, assigning Vietnamese firms responsibility for delivering clearly defined outcomes.

VNPT further suggested that government agencies prioritise domestic technology products that meet technical standards while evaluating projects based on life-cycle costs rather than initial investment alone.

MK Group Chairman Nguyễn Trọng Khang believed such a national "commissioning" mechanism would help create Vietnamese technology value chains and nurture future "tech eagles". He also urged the Government to entrust domestic firms with larger and more challenging projects, arguing that major national missions would accelerate capability building.

Khang further proposed supporting technology companies through overseas investment and mergers and acquisitions, enabling them to acquire proven technologies instead of spending years developing them independently.

CMC Chairman Nguyễn Trung Chính added that Việt Nam should establish a transparent mechanism to select capable companies for each strategic technology, ensuring national strategic objectives are translated into concrete programmes rather than fragmented efforts.

Under the national plan for 2026-30, Việt Nam aims to develop at least 10 large strategic technology enterprises by 2030, each generating annual revenue of at least $1 billion, employing over 5,000 workers, operating a recognised science and technology organisation, and spending at least 3 per cent of annual revenue on research and development. 

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