Overview

• The Communist Party’s May Resolution 68 proclaims private firms the economy’s “most important force” and promises to ease state-owned and foreign dominance through incentives and government contracts.
• Vietnam reportedly agreed to a 20% levy on its U.S. exports after a $123.5 billion trade surplus in 2024 and threats of higher tariffs from President Donald Trump.
• Authorities have unveiled strategic bets on high-tech sectors like semiconductors, artificial intelligence and renewable energy, alongside major infrastructure projects including civilian nuclear plants and a $67 billion North–South high-speed railway.
• Institutional reforms under way include merging ministries, eliminating low-level bureaucracies and plans to consolidate 63 provinces into 34 regional talent hubs.
• Analysts caution that local private companies still face credit and market-access barriers, while escalating climate costs and a shrinking workforce threaten long-term resilience before the 2045 target.