A strong shift in foreign investment mindset
The Politburo’s Resolution No. 10 was issued following a review of the Party’s policy on opening up and attracting foreign investment over the last 40 years, which turned Vietnam into one of the region's most attractive investment destinations. The foreign-invested sector has provided additional resources for development and contributed to export growth, job creation, economic restructuring, and Vietnam's deeper integration into the global economy.
At the national conference on Tuesday on disseminating and implementing Resolution No. 10, Party General Secretary and State President To Lam said Vietnam's total import-export turnover accounts for more than 180 percent of GDP, with the foreign-invested sector making approximately 75 percent of the export value. These figures reflect the increasingly important part the foreign-invested sector plays in driving economic growth. Mr. Lam said it’s time for Vietnam to adopt a new approach.
“Today, Vietnam has a different stature. We are no longer asking how to attract more foreign capital. Instead, we must answer a more challenging question: How can we make effective use of international resources to strengthen our capabilities, enhance technological capacity, improve competitiveness, and reinforce the self-reliance of our economy?”
The Resolution adopts this new approach to the foreign-invested sector. “The objective of attracting foreign investment is to transform those resources into capabilities for Vietnam's economy. To achieve this, domestic private enterprises must have opportunities to participate, learn, and gradually move up the value chain. The State sector must invest in and lead strategic and foundational industries, creating infrastructure and development space for other sectors. These three economic sectors should not develop separately but cooperate and complement one another within a common national strategy,” said Mr. Lam
Attracting capital for internal capacity building
Resolution No. 10 identifies sectors prioritized for foreign investment, including electronics, semiconductor chips and digital devices, artificial intelligence, big data, cloud computing, the Internet of Things, blockchain, advanced biotechnology and biomedicine, energy technology and advanced materials, green industries, modern logistics, and supply chain services.
The orientations outlined in Resolution No. 10 have received positive responses from the international business community.
Dominic Scriven, Founder and Chairman of Dragon Capital, said: “This Resolution matters much to foreign investors because it recognizes that the foreign-invested sector is an integral part of Vietnam's national economy. It means foreign investors will be treated on an equal footing. The Resolution emphasizes that what matters is not simply capital itself, but capital accompanied by quality, technology, technology transfer, and advanced governance practices. We are encouraged to see that the Resolution identifies the capital market and investors in that market as an essential component of the economy.”
To realize the Resolution's objectives, localities are actively creating new drivers of growth. As Vietnam's leading destination for foreign direct investment (FDI), Ho Chi Minh City has identified the development of an International Financial Center as one of its strategic solutions for attracting high-quality investment.
Chairman of the Ho Chi Minh City People's Committee Nguyen Van Duoc said: “First, the International Financial Center will host global investment funds, banks, asset management companies, and financial technology centers. These institutions have the capacity to channel long-term capital into Vietnam's and Ho Chi Minh City's strategic infrastructure projects. Second, we will gain access to the intangible value brought by FDI. While capital is tangible, intangible value includes financial technology, advanced management capabilities, international transparency standards, data systems, networks of experts, and stronger connections to global value chains. Third, the International Financial Center will provide Vietnamese enterprises with greater access to global capital at reasonable costs and help them participate more deeply in global value chains.”
Resolution No. 10 underlines a fundamental shift in development mindset. It sends a clear message that foreign investment should not replace domestic capacity but strengthen it and enhance national self-reliance. The overarching goal is to achieve faster growth, while ensuring sustainable, inclusive, and high-quality development.
