Viettel Chairman Proposes National Flagship Enterprises to Drive Vietnam's Technological Growth

Mr. Thang, Chairman of Viettel, Vietnam's leading state-owned telecommunications company, has proposed the establishment of a unified ecosystem where state-owned, private, and foreign-invested enterprises collaborate to drive national technological growth. He supports the Ministry of Finance's proposal to shift the national development mindset. Mr. Thang advocated for the government to issue a list of large-scale enterprises that will lead key industries. These "flagship" entities should be assigned tasks aligned with their specific strengths, such as developing national technologies and expanding domestic supply chains. He believes that flagship companies must generate a ripple effect across the entire economy, rather than focusing solely on individual business targets. He also called for specific guidelines allowing state-owned enterprises to prioritize high-quality Vietnamese products and recommended new evaluation metrics for these firms, including localization rates and the number of small businesses they support. Such initiatives are crucial to ensure that flagship projects elevate the entire Vietnamese business ecosystem. Regarding innovation, Mr. Thang argued that enterprises must be at the center of product development. He urged the government to remove bottlenecks in public procurement, technology testing, and research commercialization, stating these are essential prerequisites for long-term investment and increased economic contribution. Furthermore, he emphasized the need for a synchronized national logistics master plan. Integrating seaports, airports, railways, and distribution centers will significantly lower costs and improve national competitiveness, catalyzing e-commerce, exports, and overall economic activity. To support international expansion, Mr. Thang proposed allowing state-owned enterprises to create "Investment Promotion Funds" from pre-tax profits. He noted that international market research involves high risks and significant costs, often creating hurdles for state-owned entities. A clear legal framework for these expenses would broaden growth horizons and strengthen Vietnam's standing in the global market.