Vietnam to Foster 10 Tech Giants by 2030

Under the national plan for 2026–2030, Vietnam aims to develop at least 10 large strategic technology enterprises by 2030. Each of these enterprises is targeted to generate annual revenue of at least 1 billion USD, employ over 5,000 workers, operate a recognized science and technology organization, and spend at least 3% of annual revenue on research and development. This initiative is a key component of Vietnam's broader strategy to harness global supply chains and consolidate its position as one of Asia’s economic bright spots. The government is committed to removing bottlenecks that hinder the growth of its technology sector and supporting domestic firms in their expansion. Prime Minister Phạm Minh Chính has actively encouraged deepening investments in core technologies and semiconductors, urging global players like Qualcomm to bolster their presence in these critical areas. This reflects Vietnam's ambition to transition beyond its role as a manufacturing base towards becoming a center for higher value-added technological development. Within Vietnam's one-party political structure, state-directed long-term planning has consistently served as a crucial engine for economic progress. Following the Đổi Mới (Renovation) reforms initiated decades ago, the nation has experienced substantial economic growth, with manufacturing being a primary driver. More recently, the technology sector has witnessed a surge in investment. In the context of its relations with China, and against the backdrop of global geopolitical tensions prompting supply chain diversification, Vietnam has emerged as an attractive destination for foreign investment. The strategy to cultivate national tech giants is thus a manifestation of these intertwined international trends and domestic development aspirations.