These bright spots once again underscore the leading role of the state sector in promoting sustainable growth.

A notable example is State Capital Investment Corporation (SCIC), whose total revenue was estimated at $536.3 million, exceeding the annual plan by 12 per cent and rising 30 per cent compared to 2024.

Its net profit also surged strongly to around $448 million, equivalent to 128 per cent of the full-year target. In 2025, SCIC completed divestments from eight enterprises, generating proceeds of approximately $162.8 million.

Many state-owned businesses witnessed upbeat business outcomes in 2025

In terms of investment activities, SCIC disbursed about $414.9 million into key portfolios, including around $60 million in BIDV shares; using approximately $310.8 million to purchase additional shares issued by Vietnam Airlines; and spending about $40 million to raise charter capital at SCIC Investment Co., Ltd.

SCIC will continue to study opportunities to invest in equities and bonds of major banks such as Vietcombank, BIDV, and several other financial institutions.

In the finance-banking sector, state lender BIDV continued to affirm its position as the largest bank in Vietnam by assets, with total assets exceeding $130 billion by the end of 2025, up 20 per cent from 2024.

BIDV’s business performance recorded consolidated pre-tax profit of around $1.44 billion, up 12.5 per cent on-year, pushing return on equity (ROE) to 19.02 per cent, among the leading levels in the industry.

Capital mobilisation and outstanding credit balances also maintained positive growth, touching $96 billion and around $92 billion, respectively, while asset quality was tightly controlled with a non-performing loan ratio of 1.2 per cent.

Another bright spot was Vietnam National Chemical Group (Vinachem), with estimated industrial production value of approximately $2.46 billion, up 10.3 per cent on-year.

The group’s consolidated revenue approximated $2.57 billion, an increase of 8 per cent, while pre-tax profit was estimated at $154.4 million, soaring 73 per cent.

Profits at several Vinachem member units saw breakthrough growth, such as up 3.5 times at DAP – Vinachem JSC, up 2.6 times at DAP No.2 JSC, and up 2.5 times at Ninh Binh Phosphate Fertiliser JSC.

The parent company Vinachem cleared all accumulated losses, reaching this milestone six months ahead of the 2021-2025 plan.

Riding the same positive momentum, Vietnam Railways (VNR) reported consolidated revenue in 2025 of around $428 million, up 10 per cent from 2024. Its consolidated profit approximated $5.6 million, an increase of 5.3 per cent.

The parent company’s revenue alone amounted to $121.2 million, up 10.2 per cent. Entering 2026, VNR will focus on two strategic tasks: ensuring safe operations of its existing network and preparing resources to receive new railway lines, striving for double-digit growth and beyond.

The list of profitable state-owned businesses also included the strong recovery of Vietnam National Cement Corporation (Vicem), with pre-tax profit of around $11.5 million, officially returning to profitability.

Vietnam Rubber Group likewise recorded positive results, with estimated pre-tax profit of approximately $277.2 million, up nearly 24 per cent on-year.

Earlier, major players such as Vietnam National Coal and Mineral Industries Holding Corporation (Vinacomin), Vietnam Posts and Telecommunications Group (VNPT), and Vietnam National Textile and Garment Group (Vinatex) had also announced upbeat financial figures, further consolidating the strength of the state sector.

These achievements vividly demonstrate the spirit of Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on the development of the state economy, affirming a renewed vision: state-owned enterprises are not only a key force but also a macroeconomic regulatory instrument, playing a leading and pioneering role for other economic sectors.

State-owned enterprises are closely associated with the mission of taking the lead in building strategic infrastructure and ensuring energy and food security.

By promoting greater autonomy and clearly separating state management from corporate governance, state-owned enterprises are becoming strong economic groups, contributing to ushering the country into a new era of growth, building an independent and sustainably developing economy.

The 2023 tipping point for public investment It is anticipated that public investment will be further encouraged during 2023, signalling a significant advance for both the real estate sector and overall economic growth.

Greener investment streams to propel real estate sector A surge in green capital is widely expected to provide a boost to Vietnam’s real estate market. Nguyen Ly Thanh Luong, lead analyst for Credit Rating Agencies at Vietnam Investors Services, spoke with VIR’s Hoang Minh about the sector’s potential.

Outlook for Vietnam’s interest and exchange rates remains cautious Economist Le Xuan Nghia provides an in-depth look at the factors shaping Vietnam’s interest and exchange rate trends as 2025 draws to a close.

Together, the companies aim to develop industrial and physical AI solutions that will bring AI-driven innovation to every industry and industrial workflow, as well as accelerate each other’s operations.

CEOs of Siemens AG and NVIDIA

To support development, NVIDIA will provide AI infrastructure, simulation libraries, models, frameworks, and blueprints, while Siemens will commit hundreds of industrial AI experts and leading hardware and software.

“Together, we are building the industrial AI operating system, redefining how the physical world is designed, built, and run, to scale AI and create real-world impact,” said Roland Busch, president and CEO of Siemens AG.

“By combining NVIDIA’s leadership in accelerated computing and AI platforms with Siemens’ leading hardware, software, industrial AI, and data, we’re empowering customers to develop products faster with the most comprehensive digital twins, adapt production in real time, and accelerate technologies from chips to AI factories,” he said.

“Generative AI and accelerated computing have ignited a new industrial revolution, transforming digital twins from passive simulations into the active intelligence of the physical world,” said Jensen Huang, founder and CEO of NVIDIA. “Our partnership with Siemens fuses the world’s leading industrial software with NVIDIA’s full-stack AI platform to close the gap between ideas and reality,- empowering industries to simulate complex systems in software, then seamlessly automate and operate them in the physical world.”

Accordingly, Siemens and NVIDIA will work together to build AI-accelerated industrial solutions across the full lifecycle of products and production, enabling faster innovation, continuous optimisation, and more resilient, sustainable manufacturing.

The companies aim to build the world’s first fully AI-driven adaptive manufacturing sites globally, starting in 2026 with the Siemens Electronics Factory in Erlangen, Germany, as the first blueprint.

Using an “AI Brain”, powered by software-defined automation and industrial operations software, combined with NVIDIA Omniverse libraries and NVIDIA AI infrastructure, factories can continuously analyse their digital twins, test improvements virtually, and turn validated insights into operational changes on the shop floor.

This results in faster, more reliable decision-making from design to deployment, raising productivity while reducing commissioning time and risk.

The companies aim to scale these capabilities across key verticals and several customers are already evaluating some of the capabilities, including Foxconn, HD Hyundai, KION Group, and PepsiCo.

With the partnership expansion, Siemens will complete GPU acceleration across its entire simulation portfolio and expand support for NVIDIA CUDA-Xlibraries and AI physics models, enabling customers to run larger, more accurate simulations faster.

By applying industrial AI operating logic to semiconductors and AI factories, Siemens and NVIDIA will accelerate the engines of the AI revolution.

Starting with semiconductor design and building on NVIDIA’s extensive use of Siemens’ tools, Siemens will integrate NVIDIA CUDA-X libraries, PhysicsNeMo, and GPU acceleration across its EDA portfolio with a focus on verification, layout, and process optimisation, to target 2-10x speed-ups in key workflows.

Siemens and NVIDIA will also jointly develop a repeatable blueprint for NextGen AI factories, accelerating the industrial AI revolution and providing the high-performance foundation for their AI-accelerated industrial portfolios.

This blueprint will balance the next-generation high-density computing demands for power, cooling, and automation while ensuring technologies are well positioned for both speed and efficiency, and optimising the full lifecycle, from planning and design to deployment and operations.

The combined effort bridges NVIDIA’s AI platform roadmap, AI infrastructure expertise, partner ecosystem, and the accelerated power of NVIDIA Omniverse library-based simulation with Siemens’ strengths in power infrastructure, electrification, grid integration, automation, and digital twins.

Together, the companies aim to accelerate deployment, increase energy efficiency, and improve resilience for industrial-scale AI infrastructure worldwide.

Siemens and NVIDIA aim to accelerate each other’s operations and portfolios by implementing technologies on their own systems before scaling them across industries.

Along with this, NVIDIA will assess Siemens offerings to streamline and optimise its own operations and offerings, and Siemens will assess its own workloads and collaborate with NVIDIA to accelerate them and integrate AI into Siemens’ customer portfolio.

By accelerating one another and improving themselves, Siemens and NVIDIA are creating concrete proof points of value and scalability for customers.

Siemens and AIT unveil digital switchboard tailored for high-end clients Siemens Vietnam and AIT Corporation have launched the SIVACON S8, a next-generation digital main switchboard, in Ho Chi Minh City.

How smart infrastructure and digitalisation power the systemic transition As COP30 in Brazil underscored the urgency of climate action, Dr. Thai-Lai Pham, CEO of Siemens ASEAN and Vietnam, shares how smart infrastructure and digitalisation are driving systemic change. Drawing on insights from the Siemens Infrastructure Transition Monitor 2025, he highlights pathways to decarbonisation, resilience, and a sustainable future.

VinSpeed and Siemens strengthen cooperation for high-speed rail development VinSpeed ​​High-Speed ​​Railway Investment and Development JSC (a member of Vietnam’s leading conglomerate Vingroup) and Siemens Mobility signed a deal on December 17 in Hanoi, launching a broad cooperation for high-speed rail in Vietnam.

Kim Le Huy, head of Country Leadership, DKSH Vietnam

Our sustainability strategy is developed collaboratively. All business units and relevant functions work together to identify priorities and translate them into actionable initiatives that are implemented across our organisation. This collective approach ensures alignment, ownership, and measurable progress towards our objectives

Besides being guided by the purpose of enriching people’s lives, our ambitions will enable our people to flourish, make our value chains more sustainable, help achieve net-zero emissions, and make a positive local impact.

At the group level, we ensure consistency through robust governance, transparent monitoring, and comprehensive global reporting frameworks. At the same time, local initiatives follow global directions while being tailored to meet market-specific needs. This dual approach, global consistency with local relevance, has proven for the governance and implementation of sustainability activities.

As a bridge-builder in the supply chain connecting international companies with local markets, we integrate sustainability into our operations through practical solutions. For example, in Vietnam we implement ISO14001 for environmental management and ISO45001 for occupational health and safety.

In our delivery operations, we have replaced bubble wrap with shredded cartons made from reused boxes, and we are exploring reusable, net-based pallet wrapping solutions to enhance durability and performance. This group-wide initiatives exemplify how small, thoughtful actions can generate significant impact, aligning closely with our corporate sustainability strategy.

Innovation is the engine that turns sustainability commitments into measurable outcomes. We consistently rethink how services are delivered and how value is created, ensuring that our business model aligns with circular economy principles, digital transformation, and social responsibility.

For instance, in response to growing customer demands and our commitment to environmental stewardship, our Business Unit Performance Materials have set the target of continuously expanding our product portfolio towards sustainability. We aim to significantly increase the share of materials that contribute to sustainable development in our portfolio by 2030.

For that, Business Unit Performance Materials uses a comprehensive framework that considers multiple factors, including natural-based ingredients, upcycled or recycled materials, biodegradability, circularity, sustainably sourced ingredients such as RSPO-certified palm oil, and ingredients with certified eco-labels.

As supply chain management forms the backbone of our services, we develop solutions in logistics and operations to minimise our environmental footprint. This includes optimising transportation routes, improving energy efficiency, and transitioning to renewable energy sources.

Reflected in one of our projects, Minimum Order Values aim to reduce the number of trips needed for the same order locations by consolidating multiple orders into single truck deliveries. In 2024, our Business Unit Consumer Goods implemented the project in Australia, New Zealand, Singapore, and Vietnam.

By automating transactions and digitalising systems, we enhance efficiency and accuracy while reducing environmental impact. Examples include the mCollector credit collection tool and the mPay cash-to-digital payment tool, which streamline credit and payment processes. Digital practices are also applied across daily sales operations, including ordering and billing, further reducing paper used on site.

Our strategy comprises the aforementioned objectives. To track progress, we use scorecards that include KPIs at the group level. Specific targets have been set through 2030, covering all objectives, providing clear milestones for accountability. We underpin our ambitions with transparency and credibility. DKSH annually published its sustainability reports in accordance with GRI standards, disclosed our carbon footprint, and submitted decarbonisation targets to the Science-Based Targets initiative.

Sustainability at DKSH also extends to social impact, advancing education, health, gender equality, and fostering a diverse and inclusive workplace. In 2022, DKSH joined the UN Global Compact, committing to responsible business conduct in line with its 10 principles and actively contributing to the Sustainable Development Goals. Many of the goals are reflected in our material topics, and the priorities reflect our belief that people and communities are critical drivers of long-term progress.

This marks the fourth consecutive year that Viet Research and VIR have jointly conducted and released two core ranking groups: value-creating enterprises and employers.

The value-creating enterprise rankings comprise the Top 500 Value-Creating Enterprises in Vietnam (VALUE500) and the Top 10 Value-Creating Enterprises by Industry 2025 (VALUE10), while the employer rankings include the Top 500 Employers in Vietnam (VBE500), the Top 50 Most Attractive Employers 2025 (MAE50), and the Top 10 Best Places to Work in Vietnam 2025 across key economic sectors (VBW10). The rankings cover most major sectors of the economy.

VBE500 and VBW10 recognise enterprises with strong performance in building professional and positive working environments, improving employee experience and supporting workforce development. MAE50 honours enterprises that have maintained a position in the VBE500 for three consecutive years, reflecting sustained credibility and appeal to domestic and international talent.

These annual studies aim to recognise enterprises that have made notable contributions to improving human resource governance, organisational culture, employee welfare and workplace experience.

VALUE500 and VALUE10 recognise enterprises that demonstrate leadership in value creation, innovation and sustainable development, generating long-term value for businesses, shareholders, employees and society. As global economic uncertainty persists, supply chains continue to restructure and environmental, social, and governance (ESG) standards become more demanding, value creation is increasingly viewed as a core capability supporting resilience, market expansion, capital mobilisation and talent development.

“2025 continues to record highly commendable efforts by the business community in creating value for both their enterprises and the wider economy,” Le Trong Minh, deputy editor-in-chief of VIR, said at the event. “Despite ongoing global volatility and domestic restructuring, many enterprises have delivered strong results in both the pace and quality of growth, reinforcing their position in domestic and international markets.”

Companies in the VALUE500 and VALUE10 are moving away from growth models reliant on traditional resources towards value creation driven by ESG and innovation. More than 90 per cent have improved or developed environmentally friendly products and services, nearly 64 per cent have integrated sustainability principles across operations, and 73 per cent have incorporated environmental and social factors into risk management during the 2022–2025 period.

Tran Thi Ngoc Ha, CEO of Viet Research, said the survey results show a clear shift in development thinking among Vietnamese enterprises.

“Results further highlight the central role of human capital in long-term value creation,” Ha said. “More than 70 per cent of enterprises have digitalised human resource management, while 85 per cent prioritise workers with skills in AI, data and automation, alongside continued investment in welfare, culture and flexible working models.”

Viet Research also introduced its latest report on value-creating enterprises, which outlines key trends shaping Vietnam’s labour market during a period of deep restructuring. The study points to a rapid shift in skills demand, with repetitive roles declining and demand rising for analytical, data, technology, compliance, risk management and ESG-related positions.

Competition for talent is intensifying, the report said, with enterprises placing greater emphasis on purpose, learning opportunities, career pathways, mental wellbeing and employee experience. Organisations with sustainable strategies, transparent governance, advanced technology adoption and a people-centred approach are seen as holding a clear advantage in talent attraction.

Within this context, the rankings serve as benchmarks for enterprises seeking to strengthen governance capacity and contribute to higher-quality economic growth.

As part of the ceremony, a seminar on creating and leading sustainable transformation in finance and human capital was held. Nguyen Viet Long, deputy managing director of Consulting at EY Vietnam, said two major forces will shape the future of finance and accounting towards 2030: AI-driven digital transformation and ESG-led sustainable development.

“AI is already widely applied, improving efficiency, reshaping workflows and allowing professionals to focus on higher-value tasks, while ESG is driving new roles in green finance and the integration of sustainability into traditional positions,” he said.

Dang Thuy Ha, Northern Region director and corporate strategy advisor at Talentnet, also highlighted the growing impact of GenAI on workforce management.

“Technologies, particularly GenAI, are redefining core job functions across most professions,” said Ha. “This shift requires enterprises to redesign their operating models and human resource strategies.”

Top 500 private firms responsible for 18.4 per cent of revenue Vietnam’s top 500 private enterprises (VPE500), were responsible for 18.4 per cent of the nation’s domestic private sector revenue between 2019 and 2021, according to an August 30 report from the Institute for Development Strategy and the Department of Industrial and Construction Statistics, under the General Statistics Office.

Vietnam’s 500 most profitable firms for 2023 unveiled The latest PROFIT500 rankings, released on September 8 in partnership with Vietnam Report and Vietnamnet, highlight the 500 most profitable companies in Vietnam for 2023, with industry titans like Vietnam Oil and Gas Group (PetroVietnam) and Samsung Electronics topping the chart.

70 Vietnamese firms among ASEAN’s Top 500 70 Vietnamese businesses have been listed on the first-ever Southeast Asia Fortune 500 list, which operate in various sectors of the economy, most notably banking, energy, services, and production.

Several products from Saigon Beer–Alcohol–Beverage Corporation (SABECO) were recognised at established international beer competitions, a development analysts view as a positive signal as the brewer upgrades its portfolio and expands its presence in higher-value segments.

At the Brussels Beer Challenge 2025 in Belgium, with results announced on November 18, 333 Pilsner won a Gold Medal in the Light Lager category, while Saigon Chill secured Gold in the Ice Lager category. Saigon Export Premium also received a Silver Medal in the same category.

The accolades continued in Asia, as Saigon Export Premium secured a Silver Medal at the Japan International Beer Cup 2025, a competition with more than 25 years of history and participation from brewers in over 30 countries. This marked the third year, and the second consecutive year, that SABECO products have been recognised in the Japanese market.

According to the company, the award-winning beers are part of the product lines prioritised for upgrades during the 2021–2025 period, when SABECO accelerated its strategy towards the mid- to high-end segments in line with changing urban consumption trends and international standards. While 333 Pilsner and Saigon Chill are designed to meet demand for more diverse drinking experiences, Saigon Export Premium is positioned as an international-standard premium lager.

SABECO noted it has collected more than 50 international awards in recent years, reflecting the outcomes of sustained investment in technology and operational improvements. The company is pursuing a three-pillar strategy encompassing people development, operational standardisation, and efficiency enhancement. Among these, improving efficiency is viewed as critical to cost optimisation and margin expansion, metrics that investors are closely monitoring as competition in the beer market intensifies.

According to Lester Tan, CEO of SABECO, the brewer is strengthening its product portfolio through diversification and clear positioning across price segments. “We aim to offer consumers more choice, from heritage brands to modern products. Each plays a strategic role in SABECO’s growth structure,” he said.

Tan added that the group’s ambitions extend beyond consolidating its domestic position. “As Vietnam sets its sights on stronger regional competitiveness, SABECO seeks to grow alongside the country,” he noted.

Market conditions show domestic beer consumption has been affected by stricter road safety regulations, evolving consumer behaviour, and broader economic pressures. However, the premium segment is expected to maintain solid growth, particularly in major cities. Analysts believe SABECO’s newer product lines could help the company strengthen its presence among younger consumers who favour more contemporary beer-drinking styles.

Industry experts suggest that the increasing presence of Vietnamese brands, including SABECO, at international competitions highlights a clear improvement in the quality of domestic beer. This trend could enhance investor confidence and raise brand visibility in export markets.

Over the longer term, SABECO’s portfolio upgrade strategy is expected to support gross margin improvement and provide a foundation for sustainable growth as Vietnam’s beer market becomes increasingly polarised between mass-market and premium segments.