Based on your investment experience in Vietnam, what changes in the business environment have enabled investors to move beyond opportunity-seeking and engage more deeply in developing domestic enterprises?

Vietnam has made clear progress in improving its investment environment, enabling investors to shift from being mere capital providers to long-term strategic partners in value creation. The legal framework has become increasingly transparent, stable, and aligned with international practices, significantly reducing compliance costs and legal risks. This has encouraged investors to make longer-term commitments and participate more actively in corporate governance and strategic direction.

At the same time, the equitization process and State divestment, along with the rapid development of the private sector, have created more room for strategic investors to participate in a substantive way. Investors not only bring capital but also contribute technology, management expertise, and operational capabilities. 

Combined with improvements in infrastructure and digital transformation, these factors enable investors to work alongside enterprises in restructuring, improving operational efficiency, and upgrading value chains.

In a volatile global context, Vietnam’s political stability remains a key advantage in shaping an investment environment where value is generated not only from capital but from strategic partnerships between investors and Vietnamese enterprises.

How would you assess Vietnam’s shift from attracting capital to creating value, and what signals point to a move toward quality- and innovation-driven advantages?

Vietnam is steadily moving up the global value chain and is no longer merely a low-cost manufacturing base. Investment flows are increasingly directed toward technology, the digital economy, and green growth. At the same time, multinational corporations are expanding their presence into higher value-added activities, such as establishing R&D centers or strategic functions in Vietnam.

The quality of human resources continues to improve, driven by greater investment in education, skills training, and digital transformation. The country’s next phase of development is being shaped by deep reforms and long-term vision. Investment attraction policies are also shifting toward prioritizing project quality, environmental standards, technology transfer, and stronger linkages with domestic enterprises, rather than relying solely on cost advantages or tax incentives.

As Vietnam continues to attract FDI and promote the private sector, how can funds like VinaCapital better link international capital and domestic enterprises to enhance investment spillover?

For more than two decades, VinaCapital has played the role of a bridge between international capital flows and Vietnam’s long-term growth opportunities. Today, we focus on forward-looking sectors aligned with policy priorities, including clean energy, high-quality domestic consumption, digital transformation, and logistics.

Beyond providing capital, we position ourselves as a strategic partner to enterprises, supporting improvements in governance, enhancing financial transparency, developing growth strategies, and connecting businesses with international technology and markets. Environmental, social, and governance (ESG) practices and sustainable development are core pillars of this approach, helping Vietnamese enterprises improve operational quality, meet global investor expectations, and integrate more deeply into regional and global value chains.

As Vietnam approaches 40 years of attracting FDI, what key changes have made its market more supporting of long-term, strategic investment decisions?

Vietnam continues to affirm its position as an attractive destination for long-term investment. Legal reforms, notably Politburo Resolution No. 66-NQ/TW [on innovating law-making and law enforcement in response to Vietnam’s development demands in the new era] and amendments to the Law on Investment are bringing the legal framework closer to international practices and improving predictability for investors.

Clear policy signals on innovation and technology-driven growth, particularly through Politburo Resolution No.57-NQ/TW [on science and technology, innovation, and digital transformation], demonstrate Vietnam’s determination to move up the global value chain.