Vietnam targets 10 billionaires and top Asian business leaders by 2030

May 10, 2024 | 19:21
(0) user say
Vietnam has set ambitious targets to have at least 10 billionaires and five of Asia’s most influential entrepreneurs by 2030, according to a newly issued resolution by the Vietnamese government.

On May 9, the government announced an action plan to implement Resolution No.41-NQ/TW, aimed at strengthening and enhancing the role of Vietnamese entrepreneurs in the modern era.

Resolution 41, issued late last year, outlines Vietnam’s goal to develop a robust and skilled entrepreneur community by 2030, with several companies achieving regional and global recognition. This includes large enterprises leading in key industries, integrating into global value chains, and mastering industrial and agricultural value chains.

Vietnam targets 10 billionaires and top Asian business leaders by 2030

The Vietnamese government's recent resolution sets specific goals: by 2030, Vietnam aims to have at least 10 entrepreneurs listed as global dollar billionaires and five among Asia’s most influential entrepreneurs, as recognised by reputable organisations.

According to Forbes’ 2024 billionaire list published in April, Vietnam currently boasts six billionaires: Vingroup chairman Pham Nhat Vuong, Vietjet chairwoman Nguyen Thi Phuong Thao, Hoa Phat chairman Tran Dinh Long, Techcombank chairman Ho Hung Anh, Thaco chairman Tran Ba Duong, and Masan chairman Nguyen Dang Quang.

The Wealth Report by Knight Frank, released in March, estimated that Vietnam had approximately 750 ultra-high-net-worth individuals (UHNWI) in 2023, a 2.4 per cent increase from 2022. Knight Frank projects that by 2028, the figure will reach around 980, a 30 per cent increase from 2023 and placing it among the top five fastest-growing UHNWI populations in the Asia-Pacific region, ahead of South Korea, Hong Kong, and Singapore.

The government’s resolution also aims to have at least 2 million enterprises by 2030, focusing on developing strong economic conglomerates to lead various sectors. Additionally, the corporate sector is expected to contribute 65-70 per cent of the country’s GDP and approximately 32-38 per cent of total employment.

Regarding gender equity, the target is for women to own 20-25 per cent of businesses nationwide, with over 30 per cent of companies having female directors. The government also aims to increase the number of enterprises with the highest brand value by 10 per cent annually.

Looking to 2045, Vietnam aspires to have entrepreneurs leading conglomerates capable of driving industrial and agricultural value chains. Additionally, the goal is to develop a cadre of entrepreneurs with the competence and qualifications to meet national development objectives.

To achieve these goals, the government has tasked ministries, localities, and associations with raising awareness about the crucial role of entrepreneurs in national development. Authorities are also urged to refine legal policies to create an equitable investment and business environment.

The government is also focused on building business ethics and culture to foster national spirit and inspire a prosperous and happy nation, involving collaboration among workers, intellectuals, and others to enhance cooperation and development.

Vietnam remains focused on EVs for sustainable growth Vietnam remains focused on EVs for sustainable growth

According to a recent HSBC report, Vietnam is advancing its green energy transition rapidly while prioritising electric vehicles (EVs) as a key driver of sustainable economic growth.

By Tri Lam

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional