Resolution No. 79  dated January 6, 2026, issued by the Politburo on the development of the state economic sector, sets out a clear framework for redefining that role.

Under the resolution, the state economic sector is not expected to be spread thin or to operate through subsidies, but to focus on key areas with a guiding role in development, particularly where the private economic sector has yet to enter or lacks the capacity to do so.

Across sectors such as construction, energy, transport infrastructure and social housing, many observers argue that the State should step back in areas where the market operates effectively, while stepping forward in pillar sectors that underpin long-term growth and economic stability.

According to Vu Ngoc Anh, Director of the Department for Enterprise Management at the Ministry of Construction, the recent acceleration of state divestment from large enterprises is consistent with the Party’s and Government’s established policy direction.

In recent years, the Ministry of Construction has stepped up the withdrawal of state capital from a number of major enterprises, including Song Da Corporation, Lilama and other entities, in line with the principle that activities which are not essential should be undertaken by the private economic sector.

In practice, the effects of this shift are evident. As the State has gradually reduced its ownership role, private enterprises have assumed the leading role in most large-scale infrastructure projects, including expressways and key airports, areas once regarded as the domain of state-owned enterprises.

According to representatives of the Ministry of Construction, state capital is now concentrated in areas where the private sector cannot participate, mainly those related to national defence, security and public services, such as air traffic management and maritime safety assurance.

Looking ahead to 2030, state-owned enterprises are expected to shift fully into a role of “opening the way and leading” in social welfare-related fields.

A prominent example is the Housing and Urban Development Corporation (HUD), which has been assigned to take the lead in carrying out the target of building one million social housing units, contributing to the formation of housing prices more consistent with the economy’s capacity.

At the same time, to avoid sharp fluctuations in construction material prices, the State will retain control over certain key stages of the supply chain to help stabilise the market. Capital generated from divestment in non-essential areas will be reinvested in the economy’s pillars.

Providing sufficient resources for state-owned enterprises to accelerate

Drawing on the experience of the Vietnam Expressway Corporation (VEC), Le Quang Vu, a member of VEC’s Members’ Council, said that for the state sector to play a truly pioneering role, state-owned enterprises must possess real capacity rather than a merely formal role.

Established in 2004, VEC has implemented a number of nationally important expressway projects, but also went through a period of institutional and resource constraints.

During 2021-2022, its charter capital stood at under VND 1 trillion, while total assets were around VND 108 trillion, creating major difficulties in capital mobilization and causing delays in some North-South expressway projects.

A turning point came when the National Assembly approved a policy to increase charter capital, raising VEC’s capital to nearly VND 40 trillion. Project implementation capacity improved markedly thereafter.

In early 2025, VEC launched three major projects simultaneously: the expansion of the Ho Chi Minh City-Long Thanh-Dau Giay Expressway, the Noi Bai-Lao Cai Expressway (Yen Bai-Lao Cai section), and participation in several new belt road and expressway projects under public-private partnership arrangements. In 2026, the corporation plans to launch additional projects.

From this experience, Le Quang Vu highlighted three key points. First, the role of the state sector should be defined in practical terms as opening the way and guiding development. Second, transport infrastructure, particularly expressways, serves as a direct driver of high growth, with impacts seen in investment, management and operation, as well as in broader socio-economic development and regional connectivity. Third, state-owned enterprises need to move from a mindset of administration to one of development creation.

At the same time, implementation in practice places growing pressure on project timelines, quality and costs. This makes it necessary to establish clearer decentralisation and delegation mechanisms, ensure greater autonomy in capital mobilisation and investment preparation, and apply modern governance technologies in project management.

Le Quang Vu proposed that state-owned enterprises should not seek to maintain a role across all sectors, but instead focus on key and pillar industries of the economy. This should go hand in hand with ensuring enterprise autonomy within a market framework, alongside transparency and accountability.

He also called for a continued narrowing of areas in which the State maintains capital, stronger restructuring and equitisation, and further institutional improvements to enable core state-owned enterprises to take on major responsibilities in backbone sectors.

Stronger mechanisms needed for essential infrastructure

In the railway sector, Duong Thanh Ha, Deputy Head of the Inspection and Audit Board at the Vietnam Railways Corporation (VNR), said Resolution 79 identifies the state sector as a foundation for economic autonomy and competitiveness.

She noted that in recent years VNR has gradually restructured its organisation, renewed management practices and applied information technology in operations. However, existing mechanisms remain a major constraint in practice. Despite State policy orientations, such as Conclusion No. 72 on high-speed rail, the railway sector continues to face huge  difficulties in concrete implementation, both in infrastructure development and operations.

According to Duong Thanh Ha, the issuance of Resolution 79, along with the State’s coordinated support in carrying out comprehensive solutions, is expected to help enterprises overcome existing constraints, develop the transport system and increase its contribution to the economy.

“The State needs sufficiently strong mechanisms to enable VNR, as well as the transport sector as a whole, to develop in line with future requirements,” she said.

Seminar examines private sector’s driving force in national economy

VOV.VN - Scholars and economic experts, while attending a seminar on May 13, affirmed that Resolution 68-NQ/TW of the Politburo on the private sector is a significant document that reflects the Party’s orientations to vigorously promote the development of the private sector.