Executive Summary
On 8 June 2026, the Politburo issued Resolution No. 10-NQ/TW (the “Resolution 10”), establishing a new policy framework for the foreign-invested economic sector. Resolution 10 represents a fundamental recalibration of Vietnam’s foreign investment strategy. The focus is shifting away from capital volume and project quantity toward quality, integration, and long-term value creation.
The Resolution reaffirms that the foreign-invested sector remains integral to the national economy, supported on the basis of equality and fair competition. At the same time, foreign investment must align more closely with national priorities: technological upgrading, domestic linkages, human capital development, and sustainable growth.
Although not self-executing, Resolution 10 sets a clear policy direction that will shape future legislation, regulatory practice, and investment governance.
A Shift Toward a Strategic Investment Ecosystem
Vietnam is moving from a capital-attraction model to the development of a strategic investment ecosystem.
Foreign investment will be evaluated less on scale and more on its contribution to economic restructuring and long-term competitiveness. The Resolution emphasizes participation in global value chains, industry clusters, and innovation ecosystems, while reducing reliance on geographic competition among localities.
Performance-Linked Incentives
The incentive framework will shift from input-based criteria to performance-based outcomes.
Future incentives will be tied to investor commitments in areas such as technology, innovation, workforce training, and domestic integration. Authorities will strengthen post-investment supervision, assessing projects throughout their lifecycle. Incentives may be adjusted if commitments are not fulfilled.
These mechanisms aim to enhance policy effectiveness without signaling a restrictive approach.
Priority Sectors and Targeted Attraction
Resolution 10 identifies priority sectors including semiconductors, digital technologies, artificial intelligence, advanced manufacturing, biotechnology, clean energy, and high value-added services.
Policy encourages the establishment of R&D centres, data centres, regional headquarters, and operational hubs. Investor selection will increasingly be based on capability, and size alone will no longer be decisive.
Domestic Linkages as a Core Requirement
Domestic integration is now a core investment criterion, rather than a secondary consideration.
Foreign investors are expected to contribute to local value creation, support Vietnamese suppliers, and facilitate technology transfer and knowledge sharing. The Government will implement a national program to develop domestic suppliers and build platforms connecting foreign investors with local enterprises.
Projects demonstrating strong domestic linkages will receive greater policy support.
A More Facilitative and Modern Regulatory Model
The State’s role is shifting from administrative control to development-oriented facilitation.
Administrative procedures will be streamlined, investment processes digitalized, and a National One-Stop Investment Portal developed. Supervision will extend across the entire project lifecycle, relying more on data and risk-based monitoring.
The Resolution also confirms that laws should not be applied retroactively to the detriment of foreign investors except in limited public interest cases.
Human Capital Development
Resolution 10 adopts a balanced approach to human capital.
Conditions for foreign experts will be relaxed, especially in high-tech sectors and short-term assignments. At the same time, foreign-invested enterprises are expected to train Vietnamese employees and gradually localize technical and managerial roles.
Human capital development is treated as a key element of investment quality.
Sustainability and ESG Alignment
Sustainability is a core principle under Resolution 10.
The framework promotes green growth, digital transformation, and ESG integration. The Government encourages environmentally friendly and energy-efficient projects, circular economy models, and digital innovation.
Economic growth must not come at the expense of environmental protection, social welfare, or national security.
Capital Markets and M&A
Resolution 10 supports capital market development and indirect investment.
Foreign participation in equity markets, funds, and financial instruments is encouraged. M&A activity is welcomed, particularly transactions that bring technology, governance expertise, or market access.
Investments in sensitive sectors, such as critical infrastructure, data, and financial systems, will remain subject to appropriate controls.
Enhanced Compliance and Risk Management
The regulatory framework is becoming more structured and risk-based.
Authorities will strengthen oversight in areas including transfer pricing, tax compliance, origin of goods, beneficial ownership, and asset valuation. Greater emphasis will be placed on monitoring investor commitments throughout the project lifecycle, with non-compliance potentially leading to regulatory action.
Key Targets to 2030
Resolution 10 sets ambitious targets for 2026–2030, including:
- Registered foreign investment capital: USD 200–300 billion
- Disbursed capital: USD 150–200 billion
- 75% of total capital from developed economies
- 30% increase in Fortune 500 companies investing in Vietnam
- At least three leading global technology corporations establishing headquarters or R&D centres
- Localization rate of 45–50% in key industries
- 10,000 Vietnamese enterprises in supply chains, including 500–1,000 tier-one suppliers
- An 80% trained workforce
- 10% of industrial parks designated as eco-industrial parks
- MSCI stock market upgrade before 2030
By 2045, Vietnam aims to position itself as a highly competitive Asian hub for manufacturing, services, innovation, and regional operations.
Conclusion
Resolution 10 signals a strategic upgrade of Vietnam’s foreign investment model. It does not reduce openness but refines how investment is selected and supported.
Foreign investment will be judged on its substantive contribution to national development. Investors bringing technology, innovation, and long-term commitment, and integrating effectively into the domestic economy, will benefit from stronger policy alignment.
Vietnam remains an attractive destination for foreign investment. However, the operating environment is evolving toward a model that is more selective, more performance-based and more closely aligned with strategic development objectives.
