Vietnam state giants seek ways to lift national GDP growth to 'at least 8%'

The Vietnamese government on Thursday held a conference with leaders of top state-owned enterprises to find ways for the country to achieve the GDP growth target of 'at least 8%' in 2025. The Investor introduces the comments of some corporate leaders.

Tao Duc Thang, chairman cum general director of telecom group Viettel

The country's goal is to grow 8% this year and achieve double-digit economic expansion in the following years. If we maintain the old ways of doing business, such a target will be very challenging, especially for traditional businesses. We must innovate the old-fashioned companies to grow in double digits while maintaining new space.

Viettel will still focus on traditional fields such as telecommunications, delivery, digital technology, and industrial technology.

For telecommunications, we must continue to maintain growth with newer and better products. In addition to digital subscribers, we need to have digital households. Besides, we must continue to develop horizontally by expand foreign markets. We will strive for 8-10% growth in this field in the 2025-2030 period.

Regarding digital technology, we receive many requests from local administrations and large businesses. They want Viettel to advise them on solutions related to digital transformation. Digital transformation is a driving force of growth for both localities and Viettel. Our growth target in this field is 25-30%.

For the high-tech industry, we must have research processes. There are projects that we have researched for decades and are achieving results in the military and civil fields. Viettel sets a growth target of 30% for this segment.

Delivery, postal, and logistics is a potential field but very fragmented. Many small businesses are doing delivery; there need to be leading businesses in this field.

We are being supported by the Government and the Ministry of National Defense to establish large delivery centers at border gates. This not only helps Viettel grow in this field but also contributes to increasing production productivity and goods circulation.

Viettel aims to develop 5G coverage, from urban areas to industrial zones, this year, ensuring that 50% of these places will have 5G and people or small and medium enterprises will have opportunity to connect for growth.

Phung Quang Hiep, chairman of chemical group Vinachem

The domestic market is very important but we must also expand exports. Domestically, we have increased signings with large corporations such as Petrolimex and Vingroup.

All of our rubber products and batteries have been used by Vingroup. Our products also aim to meet world requirements, for example, tires with embedded chips. We are getting closer to selling products to world famous car brands such as Harley.

Vinachem currently has six factories in Bien Hoa 1 Industrial Park, Dong Nai province. According to Dong Nai's regulations, by the end of 2025, these factories will have to relocate, but up to now, we have not received any relocation policy plan.

It is impossibe for Vinachem to relocate within this year, while these six factories are contributing greatly to the entire group's business results. I hope the Government will have directions so the province can introduce such a plan.

Regarding trade defense tax, we propose the Government continue imposing trade defense taxes on fertilizer products and tires. Previously, DAP and MAP fertilizer products were subject to trade defense taxes until August 2022, but after they were removed, foreign products flooded the Vietnamese market very strongly, affecting domestic production.

Nguyen Chi Thanh, chairman of State Capital Investment Corporation (SCIC)

In 2025, we set a growth rate of 12% compared to 2024, and it is 4% for other targets.

This year, SCIC plans to disburse nearly VND15 trillion ($587.43 million), a more than 10-fold increase compared to 2023. We will make efforts to accelerate projects like Cai Mep General Port, increase the charter capital at Vietnam Airlines and BIDV bank, while considering expanding capital for Military Bank.

Regarding the financial investment fund, we are restructuring and making additional investments in Transport Hospital, and increasing capital for subsidiary SCIC Co., Ltd.

Currently, we have coordinated with investment funds from the Middle East to bring indirect investments to Vietnam. We are coordinating with the Ministry of Foreign Affairs to organize a forum on global investment funds in Vietnam.

We recommend that the Government continue to promote the transfer of rights to represent state capital in enterprises from ministries and localities to SCIC so that we can restructure businesses to help them operate more effectively.

We also propose the Prime Minister consider approving additional charter capital for SCIC so that we have more resources for development in the future.

Currently, many countries have deployed government investment fund models. We hope to research and convert SCIC into a government investment fund model which will operate in the form of an investment company in the future. It will serve as a basis for the Government to invest in leading industries, paving the way for large projects like other countries are doing.

Vu The Phiet, chairman of Vietnam Airports Corporation

Vietnam Airports Corporation, a unit with a 95.4% stake owned by the state, is managing and operating 22 airports across the country. In 2024, we achieved record revenue and profit.

We posted a 35% increase in profit compared to 2023, reaching nearly VND12 trillion ($469.48 million) and serving about 110 million passengers, of whom nearly 42 million were international passengers.

Indicators of safety and service quality were improved. We have two airports in the Top 100 best airports in the world, especially in terms of aviation safety index.

To achieve double-digit growth in the aviation industry, we would like to propose two groups of solutions. The first is digital infrastructure. In 2024, we reaped success from digital transformation. It helped us save costs and increase profits by 35%. Our administrative processes are all digital.

Second is infrastructure development. In 2025, we are determined to complete key national projects assigned by the Government, such as the Long Thanh airport terminal and Tan Son Nhat T3 terminal projects. We will kick off our projects at the Ca Mau, Vinh and Dong Hoi airports and repair the Lien Khuong airport... with expected disbursement of about VND40 trillion (over $1.56 billion).

At this conference, we would like to propose the following issues. Firstly, the Government and the Ministry of Construction soon issue a master plan on airports. Many large airports have not had their plans approved such as Cam Ranh, Da Nang and Phu Quoc.

Second, there is a policy mechanism on inviting sources of capital other than state capital to expand airports for the period 2026-2030. It is also necessary to accelerate site clearance at localities to facilitate the development of airports.

Colonel Nguyen Nang Toan, chairman of Saigon Newport Corporation

Saigon Newport Corporation is a wholly state-owned security and defense enterprise. The Ministry of National Defense is the owner's representative and it assigned the Navy to directly manage us. Currently, we operate in three main areas: seaport exploitation, logistics services and marine economic sectors.

Saigon New Port has continued to maintain its number one position in Vietnam's seaport industry. In 2024, our customs clearance volume accounted for 55% of the national market share, with volume of goods reaching nearly 150 million tons, up 10% year-on-year.

Our system's revenue reached nearly VND32 trillion ($1.25 billion), an increase of 16%, while profit hit VND7.2 trillion ($281.7 million), up 35% compared to the previous year.

2024 was a year with strong growth in profits for Saigon Newport Corporation, while the amount paid to the budget reached over VND3 trillion, up 38%. We ensure good jobs, income and life for nearly 7,000 employees.

Regarding investment in seaport infrastructure development, we proactively expanded the inland waterway port system in line with the Government's orientation. Implementing the Prime Minister's direction on expanding the port system in the Mekong Delta, we has expanded Thot Not (Can Tho), Nhon Trach (Dong Nai), and Giao Long (Ben Tre) ports.

We invested in more waterway transport vehicles and coordinated closely with Vietnam Maritime Corporation to improve the waterway transport capacity, contributing to reducing the load on the road transport system and optimizing logistics costs.

We have also been focusing on promoting green port and smart port projects, and strongly applying digital transformation to improve efficiency. We have used clean energy vehicles, installed solar power systems at warehouses, and gradually deployed shore power supply systems for international ships when docking.

Besides the three traditional business areas, we have been expanding investment in industrial park development, island tourism, and renewable energy. We are building an ecosystem that seamlessly connects production to logistics and optimizes costs, improving the competitiveness of Vietnamese goods in the international market.

In the investment field, we have focused on accelerating the implementation of large projects, such the wharf projects No. 7 and No. 8 in the Lach Huyen area in Hai Phong city and the project to upgrade and modernize Cat Lai port in Ho Chi Minh City, along with others under the direction of the Ministry of Defense and the Government.

To make the most of available infrastructure, we have planned to invest in enhancing the loading and unloading capacity and improving the logistics systems at seaports to welcome ships with larger tonnage.

We hope that the Government will continue to create conditions for Saigon New Port to receive or cooperate in investing and exploiting deep-water ports with strategic locations in Ba Ria-Vung Tau, Quang Ninh and Ho Chi Minh City.

This aims to strengthen our leading role as a large-scale state-owned enterprise, contributing to ensuring economic development associated with strengthened national defense and security in strategic areas.