In a dynamic exchange with Prime Minister Pham Minh Chinh, Vietnamese business leaders proposed ambitious solutions to propel the country’s business development into a new era of growth. The meeting, held in Hanoi on February 10, 2025, saw industry titans advocating for policy flexibility, investment in critical infrastructure, and a sharp focus on green technology and digital transformation.
Nguyen Viet Quang, CEO of Vingroup, emphasized the pivotal role of energy modernization in driving Vietnam’s transition to eco-friendly vehicles and digital technology. He called for more adaptable policies to attract domestic and foreign investors to the electricity sector, ensuring sufficient supply and reducing costs. Quang highlighted Vingroup’s strategic investments in energy infrastructure, green economy, and digital technology, underscoring the company’s commitment to sustainable development. VinFast, Vingroup’s subsidiary, is not only manufacturing electric vehicles but also building a comprehensive industrial chain, including battery production and charging stations. This vertical integration aims to boost localization rates and promote domestic supporting industries, positioning VinFast at the forefront of Vietnam’s green transition.
Quang’s proposals could significantly reshape the energy market. Flexible policies may attract a wave of investments, stimulating competition and innovation. The emphasis on public-private partnerships (PPP), including BOT, BOO, and BT models, could leverage private sector efficiency and public sector oversight, potentially fast-tracking infrastructure development. However, the success of these initiatives hinges on transparent regulations and robust legal frameworks, ensuring investor confidence and project sustainability.
Truong Gia Binh, chairman of FPT Corporation, stressed the urgency of integrating AI into education and training programs. He called for state direction to transform Vietnam into an AI-powered nation. Binh’s proposal, if implemented, could revolutionize the job market, fostering a new generation of AI-savvy professionals. However, it also raises questions about workforce displacement and the need for reskilling programs to mitigate potential unemployment.
In the agriculture sector, Tran Ba Duong, chairman of Thaco, shared the company’s successful organic farming model, expressing hope that it could elevate Vietnam’s agricultural brand. Duong’s vision could strengthen Vietnam’s position in the global agricultural market, but it also necessitates robust quality control measures and international certification standards to build trust with importing countries.
Tran Dinh Long, chairman of Hoa Phat Group, proposed exploiting the Thach Ke iron ore mine to secure raw material supply for the steel industry. Long’s proposal, while addressing a critical need, also brings environmental concerns to the forefront. Sustainable mining practices and stringent environmental regulations will be crucial to mitigate ecological impacts.
Le Van Kiem, chairman of KN Holdings, urged the government to expedite the approval of the revised National Power Development Plan VIII and the renewable energy implementation plan up to 2030. Kiem’s call for investing in energy storage systems for solar projects underscores the need for technological advancements to optimize renewable energy integration. Swift implementation of Decree 80 on direct power purchase mechanisms could enhance businesses’ access to clean energy, bolstering their competitiveness in the global supply chain.
Nguyen Thi Nga, chairwoman of BRG Group, advocated for financial support policies for carbon-neutral projects, including tax incentives and simplified administrative procedures. Nga’s proposal for research and innovation centers could catalyze the adoption of clean technology and renewable energy, aligning with Vietnam’s commitment to reducing greenhouse gas emissions to Net Zero by 2050.
Ho Minh Hoang, chairman of Deo Ca Group, expressed the need for clear guidelines on private enterprise participation in strategic projects like high-speed rail and urban rail systems. Hoang’s call for specified ordering processes could enhance transparency and fair competition in infrastructure development.
The proposals from these business leaders signal a dynamic shift in Vietnam’s development strategy. The emphasis on green technology, digital transformation, and strategic infrastructure investments could propel the country towards sustainable growth. However, realizing these ambitions requires a delicate balance between policy flexibility, robust legal frameworks, environmental sustainability, and social equity. The government’s response to these proposals will shape the trajectory of Vietnam’s economic development, with potential ripple effects across global markets. As Vietnam navigates this new era of growth, the world watches with anticipation, eager to witness the transformative impact of these bold initiatives.
