Introduction
On 8 June 2026, the Politburo of Vietnam issued Resolution No. 10-NQ/TW on the development of the foreign-invested economic sector (“Resolution“).
The Resolution is an important policy-oriented document that sets out Vietnam’s evolving approach to the foreign-invested economic sector in the coming period. It reaffirms that the foreign-invested sector remains an important component of the Vietnamese economy, while emphasising the need to enhance the quality, effectiveness, and substantive contribution of foreign investment to Vietnam’s next stage of economic development.
Rather than focusing primarily on attracting investment capital, Vietnam is increasingly seeking investments that contribute technology, innovation, research and development (“R&D“), human capital development, supply-chain integration, sustainability, and long-term economic competitiveness.
More significantly, the Resolution positions foreign investment within Vietnam’s broader development agenda, including the establishment of international financial centres, development of capital markets, promotion of innovation ecosystems, digital transformation, green transition, and enhancement of national strategic autonomy.
For investors, the Resolution provides useful insight into the sectors, investment models, and economic contributions that may receive greater policy attention and support in the years ahead.
Key Developments
Beyond Capital Attraction: A More Strategic Investment Framework
For much of the past four decades, Vietnam’s foreign investment policy has been closely associated with attracting capital, generating employment, expanding exports, and integrating into global production networks.
While these objectives remain important, the Resolution signals a shift towards a more strategic approach to investment selection, management, and support.
The Resolution calls for a transition from a policy primarily focused on attracting investment capital towards a broader approach built around industrial clusters, value chains, and innovation ecosystems. Under this approach, investment quality becomes increasingly important.
Technology transfer, innovation capacity, supply-chain participation, localisation, and value creation are identified as key measures of investment effectiveness. In practical terms, the Resolution suggests that Vietnam intends to evaluate foreign investment not only by the amount of capital committed, but also by the broader economic capabilities and long-term benefits that such investment may generate.
What Makes the Resolution Different?
While Vietnam has long encouraged high-quality foreign investment, the Resolution stands out because it places foreign-invested economic development within a broader national development framework.
Rather than treating foreign direct investment (FDI) as a standalone economic policy, the Resolution links foreign investment to a wider set of strategic priorities, including international financial centres, capital market development, free trade zones, innovation centres, high-tech parks, digital infrastructure, logistics infrastructure, energy security, and strategic industrial clusters.
This reflects a policy approach under which foreign investment is expected not only to contribute capital, but also to strengthen Vietnam’s productive capacity, technological capabilities, innovation ecosystem, and position within global value chains.
Another notable feature is the Resolution’s emphasis on moving away from investment promotion based primarily on geographic competition among provinces and cities. Instead, the focus shifts towards industrial ecosystems, strategic sectors, and integrated value chains.
The Resolution also suggests a gradual transition from traditional input-based incentives towards support mechanisms that may take into account investor commitments and broader economic contributions.
Strategic Sectors and Emerging Opportunities
The Resolution identifies a number of strategic sectors expected to receive particular policy attention in the coming years.
These include semiconductors and electronic equipment, artificial intelligence (AI), cloud computing and big data, Internet of Things (IoT) and blockchain technologies, biotechnology and advanced biomedical technologies, advanced materials and energy technologies, green industries and sustainable infrastructure, modern logistics and supply-chain services, and financial, commercial and innovation-related services.
The common feature across these sectors is their potential to improve productivity, technological sophistication, resilience, and long-term competitiveness.
The Resolution also contemplates the development of special mechanisms for strategic investors and projects involving strategic technologies, innovation activities, and high value-added contributions to the economy.
Although implementing measures remain to be developed, investors operating in these sectors may wish to monitor future policy developments closely.
Local Linkages and Domestic Value Creation
A notable theme throughout the Resolution is the emphasis on strengthening linkages between foreign-invested enterprises and domestic businesses.
The objective is not only to attract foreign capital, but also to enhance the participation of Vietnamese enterprises in supply chains, technology ecosystems, and higher value-added activities. This is consistent with the Resolution’s broader focus on localisation, supplier development, workforce upgrading, and the creation of domestic productive capacity.
For foreign investors, this may mean that future investment planning will increasingly need to consider local supplier development, workforce training, technology cooperation, and engagement with Vietnamese enterprises as part of a broader long-term investment strategy.
For Vietnamese businesses, the Resolution may create opportunities to participate more deeply in supply chains connected to multinational corporations, particularly in strategic industries and high-value sectors.
From Incentives to Performance-Based Support
Historically, Vietnam’s investment promotion framework has relied significantly on tax incentives, land-related incentives, and market access commitments.
The Resolution suggests that future support mechanisms may increasingly take into account investors’ commitments and broader economic contributions.
Particular emphasis is placed on technology transfer, R&D activities, workforce training and development, supplier development, localisation efforts, green transition initiatives, and digital transformation programmes.
The Resolution also refers to stronger lifecycle management of investment projects, indicating that policy attention may increasingly focus on the implementation and long-term impact of investments rather than solely on project licensing and capital commitments.
Although the Resolution does not create new legal obligations, it provides a useful indication of the direction future investment policies and support mechanisms may take.
Key Takeaways for Investors
For multinational corporations, the Resolution reinforces Vietnam’s commitment to attracting investment that contributes to long-term economic transformation rather than merely increasing capital inflows.
For technology companies, the Resolution signals continued policy attention for projects involving semiconductors, AI, cloud infrastructure, digital technologies, advanced manufacturing, and innovation activities.
For private equity and venture capital investors, the emphasis on innovation ecosystems, strategic industries, and technology development may create additional opportunities across emerging sectors.
For financial institutions and financial services providers, the linkages between foreign investment policy, capital market development, and the establishment of international financial centres may present new opportunities as Vietnam continues to modernise its financial ecosystem.
For manufacturing investors, localisation, workforce development, technology upgrading, and integration into domestic supply chains may become increasingly important factors when engaging with Vietnamese authorities and evaluating long-term investment strategies.
Looking Ahead
The Resolution should be viewed as more than a policy document concerning foreign-invested enterprises. It forms part of a broader evolution in Vietnam’s development strategy, from an economy competing primarily on labour costs and manufacturing capacity to one seeking to strengthen its position through technology, innovation, human capital, sustainability, and strategic economic integration.
The Resolution also appears to align with a wider set of institutional and regulatory reforms currently underway in Vietnam. These include ongoing efforts to develop international financial centres, strengthen capital markets, promote innovation ecosystems, and further refine the legal framework governing business and investment activities. In this context, investors may also wish to monitor developments relating to the anticipated revision of the Law on Enterprises and other legislation that could affect corporate governance, business structuring, transparency requirements, and investment operations in Vietnam.
While the Resolution itself does not introduce immediate legal changes, it provides an important indication of the policy direction that may influence future legislation, government action plans, and investment promotion measures. Investors should therefore monitor not only investment-specific developments, but also broader reforms that may affect corporate structuring, governance, financing, technology development, and participation in emerging strategic sectors.
For investors evaluating opportunities in Vietnam, the message is increasingly clear: Vietnam continues to welcome foreign investment, but is placing greater emphasis on investment that contributes to innovation, productivity, technology development, and long-term economic value creation.
Further Information
Please feel free to reach out to our contact partners should you have queries on the above development.
For regional foreign investment matters, please see Rajah & Tann Asia’s Foreign Investment Practice for more information.
Contribution Note
This Update was authored by Dr. Chau Huy Quang, Mr. Cao Dang Duy, and Dr. Le Hong Phuc (also a lecturer at Phenikaa University).
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