“Vingroup Completes a Top-10 World Wonder in Just 10 Months: The Power of Private Enterprise in Achieving the Unimaginable.”

Vietnam’s National Exhibition Center: A Remarkable $300 Million Project Completed in Record Time

Located in Dong Anh, Hanoi, the National Exhibition Center is a remarkable project that has garnered attention recently. Spanning over 900,000 sq. m., with 304,000 sq. m. of indoor exhibition space, it is a top-tier exhibition, economic, and cultural complex, ranking among the top 10 largest exhibition centers in the world and the biggest in Southeast Asia.

On August 19, it served as the central venue for the groundbreaking and inauguration of over 250 projects, with a total investment of approximately VND 1.2 quadrillion. From August 28 to September 5, the center will host the Exhibition of National Achievements to commemorate the 80th National Day (September 2, 1945 – 2025).

The project, with a total investment of VND 7 trillion ($300 million), was developed by the Vietnam National Fair and Exhibition Center Joint Stock Company, a subsidiary of the Vingroup conglomerate.

According to the initial plan, the project was to be completed in two years. However, to meet the National Day deadline on September 2, the construction timeline was significantly shortened. Both main items were completed in record time – less than ten months from the groundbreaking, and by June 2025, the site was officially handed over to the Ministry of Culture, Sports, and Tourism.

At the handover ceremony, Mr. Nguyen Van Hung, Minister of Culture, Sports, and Tourism, emphasized the significance of the National Exhibition Center among the country’s crucial projects. He expressed the expectation that the center would be a world-class venue from the very beginning. As a result, the government entrusted Vingroup with the task of investing in and constructing the center within a very short period.

“Private Enterprises Can Accomplish Great Things When Given the Opportunity”

Economist Pham Chi Lan shared her thoughts on the sidelines of the workshop, “Private enterprises can accomplish great things when given the opportunity, delivering exceptional quality and progress beyond imagination.”

According to Ms. Lan, if the project had been assigned to a foreign or state-owned enterprise, achieving a timeline that allowed for use in August would have been challenging. Completing the project within ten months is something that almost no other enterprise could have accomplished.

“The Exhibition Center project showcases the private enterprise’s ability to deliver outstanding quality and resource mobilization. This proves that when private enterprises take the initiative, they can showcase their strength,” emphasized economist Pham Chi Lan.

She also noted that the project demonstrates the private enterprise’s decisiveness, creativity, and prowess and reflects the government’s openness. Besides accommodating significant events, the project offers long-term value, a departure from previous exhibition centers that only served a few events annually.

Ms. Lan analyzed that when a large enterprise undertakes a project, it creates opportunities for smaller businesses to participate. In the case of the National Exhibition Center, Vietnamese enterprises made a significant contribution. It can be said that opportunities for large enterprises also open doors for small businesses.

She pointed out a crucial difference: in foreign investment projects, Vietnamese enterprises often serve as subcontractors, struggling to assert their role. However, in this project, with a Vietnamese enterprise in the lead, they could independently make choices, including hiring foreign contractors for specific items.

Private Enterprises Continue to Strengthen Their Role

Looking back at the recent transformations in the private sector, Ms. Pham Chi Lan emphasized: “The most evident aspect for society to witness is the bold initiative of prominent private enterprises in participating in key projects, both centrally and locally.”

She provided examples, stating that with the requirement for infrastructure connecting Long Thanh and Tan Son Nhat airports, private enterprises immediately expressed their desire to contribute as soon as the policy was announced. Similarly, in Ho Chi Minh City, after the merger, several private enterprises registered to support the development of the urban railway system. These instances showcase the private sector’s strong response to significant projects.

The most prominent highlight is the North-South high-speed railway project. With Resolution 68, the government not only encourages but also directly invites private enterprises to participate in key projects, which were previously reserved for state-owned or foreign enterprises.

“This is unprecedented. In the past, the private sector was completely sidelined, deemed incapable of involvement. But this time, with Resolution 68 and the government’s concrete actions, we’ve seen a strong response from enterprises,” Ms. Lan analyzed.

According to the expert, not only at the national level but also locally, there is a growing interest in the role of private enterprises in planning and development, especially in the context of rearranging administrative units. This also sends a very positive signal.