With Vietnam’s ambitious target of achieving double-digit GDP growth, the role of the business community becomes increasingly vital. State-owned enterprises (SOEs) and private enterprises are regarded as the two strategic pillars, driving industrialization, modernization, and international integration.
PUBLIC-PRIVATE PARTNERSHIP: CATALYZING EXCEEDING GROWTH
SOEs, with their pivotal role in key sectors such as energy, oil and gas, infrastructure, finance, aviation, and telecommunications, are ensuring economic security and fulfilling long-term development goals. Over the years, conglomerates such as Petrovietnam, EVN, Viettel, Vinachem, ACV, and TKV have demonstrated modern governance capabilities, significantly contributing to the state budget and investing in strategic projects.
Meanwhile, the private enterprise sector is increasingly asserting its central position in the economy. Resolution No. 68-NQ/TW dated May 4, 2025, by the Political Bureau is a breakthrough, demonstrating a strong commitment to a facilitative state, with enterprises as the focus, and the development of the private sector as a long-term strategy. The resolution emphasizes enhancing connections between private enterprises, SOEs, and FDI enterprises, creating momentum for private enterprises to become robust “economic warriors.”
Prime Minister Pham Minh Chinh has instructed SOEs to continue their pathbreaking role, leading the economy and pioneering innovation and mindset shifts. Simultaneously, SOEs need to coordinate closely, support each other, and collaborate more effectively with private enterprises to achieve long-term growth goals.
PETROVIETNAM: LEADING THROUGH STRATEGIC COLLABORATION
As the economic powerhouse of the country, Petrovietnam has been actively contributing to market stabilization, ensuring energy security, food security, and economic security. The group is also a pioneer in international cooperation and investment abroad.
Recognizing its responsibilities in this new phase of development, Petrovietnam has proactively expanded its linkages with leading SOEs, private enterprises in Vietnam and internationally, aiming to expand its market reach and enhance the value of the supply chain. This orientation not only materializes Petrovietnam’s new strategy as the National Industry and Energy Group but also aligns with the Prime Minister’s directive to strengthen coordination among SOEs in the challenging international context.
To actualize its development strategy, meet the expectations of the Party and State leaders, and align with the energy transition trend, Petrovietnam has defined a new development model with three pillars: energy, industry, and services, with energy as the core. The group will lead and boost other sectors by building linkages and collaborating with leading corporations and enterprises in the region, expanding business scope, and enhancing national competitiveness.
Immediately after being renamed the Vietnam National Industry and Energy Group, Petrovietnam signed comprehensive cooperation agreements with SOEs in fundamental industries such as the Vietnam National Coal-Mineral Industries Group (TKV), Vietnam Airports Corporation (ACV), Vietnam Chemical Group (Vinachem), and the Vietnam Military Industry and Telecom Group (Viettel). Previously, Petrovietnam had also collaborated in the financial sector with the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietcombank) and the Vietnam Agricultural Bank (Agribank).
These agreements leverage the strengths and resources of the parties involved, especially in ensuring national energy security and seeking new development spaces, contributing to the country’s development goals in the new era.
COMBINED STRENGTH FROM THE LINKAGE OF STATE-OWNED AND PRIVATE ENTERPRISES
Petrovietnam’s collaboration extends beyond SOEs as it also forges linkages with private enterprises, acting as a bridge to boost the economy. With a pioneering spirit, the group has engaged with numerous leading private enterprises in fields such as e-commerce, digital technology, industrial production, and logistics.
Notably, Petrovietnam and the Hoa Phat Group agreed to cooperate comprehensively, with Petrovietnam providing energy and fuel and Hoa Phat supplying high-quality steel products. This coordination creates a mutually beneficial relationship, contributing to economic growth and enhancing the competitiveness of domestic manufacturing enterprises.
Previously, Petrovietnam had established multiple links with private enterprises through its subsidiaries: PV Power partnered with Vingroup, PVEP, PVOIL, and PVFCCo signed digital transformation agreements with FPT Digital, and PVcomBank collaborated with Prudential.
These collaborations demonstrate Petrovietnam’s proactive approach in connecting with private enterprises that possess advanced technology, strong financial capabilities, and international experience, thereby optimizing operations and disseminating the power of the energy-industry-service value chain.
Petrovietnam’s cooperation efforts with SOEs and private enterprises contribute to building a robust business ecosystem, connecting the public and private sectors, fostering sustainable economic development, and elevating Vietnam’s position on the global stage.
This is a practical step towards realizing the orientation of the Party and State in enhancing the effectiveness of linkages between economic groups, contributing to the country’s development aspirations in the new era.
Prime Minister Attends Groundbreaking Ceremony for Ninh Binh – Hai Phong Expressway: Vietnam’s Largest Public-Private Partnership Project to Date
On Monday, May 12th, Prime Minister Pham Minh Chinh attended the groundbreaking ceremony for the Ninh Binh – Hai Phong expressway project, which will traverse the provinces of Nam Dinh and Thai Binh. The project is being undertaken through a public-private partnership (PPP) model and also includes the development of the Hung Phu industrial park.
The New Artery Expressway: Unveiling a Vital Transportation Link in Thai Binh and Nam Dinh Provinces
On Monday, May 12th, Prime Minister Pham Minh Chinh attended the groundbreaking ceremony for the Ninh Binh – Hai Phong expressway project, which will traverse the provinces of Nam Dinh and Thai Binh, as well as the Hung Phu industrial park project. The expressway project is being developed through a public-private partnership (PPP) model, marking a significant step forward in Vietnam’s infrastructure development.
The Capital Connection: Unveiling Hanoi’s $3.4 Billion Airport Link
In the chair of the Deputy Prime Minister, Tran Hong Ha, a pivotal meeting was convened on the 8th of May. The agenda focused on the development of a pivotal road link connecting Gia Binh International Airport with the nation’s capital, Hanoi. Additionally, discussions revolved around the construction of a state-of-the-art logistics hub in the vicinity of Gia Binh Airport. This strategic initiative underscores the government’s commitment to bolstering infrastructure and logistical efficiency in the region.
The Great Bear Project Phase 3: Welcoming the First Commercial Oil Flow
On May 7, at 6:50 p.m., the Dai Hung Oil Field Development Project Phase 3 officially commenced its first oil flow with a remarkable production rate of 6,000 barrels per day, achieving its goal a full 20 days ahead of the revised schedule. This significant milestone coincides with the 50th anniversary of the foundation of the Vietnam National Oil and Gas Group (Petrovietnam), marking a historic moment for the industry.
A Visionary Infrastructure Project: Gia Binh Airport and the Road to Hanoi, Fit for a Nation’s Aspirations
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On May 10, Prime Minister Pham Minh Chinh chaired a meeting of the Government’s Standing Committee to discuss adjustments to the investment policy for the construction of Gia Binh Airport (Bac Ninh province). The airport, originally intended for security and defense purposes, will now be developed into a 4E international airport. Additionally, a new route connecting the airport to the center of Hanoi is also under consideration.
