In an interview with People’s Army Newspaper on the occasion of Vietnamese Entrepreneurs’ Day (October 13), Maj. Gen. Dao Minh Dao discussed the achievements of military-owned enterprises (MOEs), their distinctive responsibilities, and the key priorities for achieving double-digit growth from 2026.
Pioneering on economic front
Military entrepreneurs have carried the dual responsibility of leading enterprises in fulfilling military and defense tasks while managing assigned resources efficiently to promote socio-economic development, generate state budget revenue, and advance Viet Nam’s industrialization and modernization.
Although many military entrepreneurs lack specialized training in economics, they have drawn on the determination and discipline of Uncle Ho’s Soldiers to acquire the knowledge and experience needed to fulfill their responsibilities. The discipline instilled through military service has become a distinctive strength of MOEs, while the reputation of the Viet Nam People’s Army has provided a valuable foundation for building business credibility and maintaining product and service quality.
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Lieutenant General Le Van Huong, Deputy Chief of the General Staff, inspects production activities at One-Member LLC 76. |
Maj. Gen. Dao Minh Dao said that the trust of business partners and the public reflects these efforts. In recent years, MOEs have achieved significant results in combining economic activities with national defense, contributing to Viet Nam’s gross domestic product (GDP) growth.
In 2025, the sector generated more than VND 428 trillion in revenue, with pretax profits exceeding VND 70 trillion. Enterprises recording strong growth included the the Military Industry-Telecoms Group (Viettel), Saigon Newport Corporation (Corps 20), Military Commercial Joint Stock Bank (MB), Dong Bac Corporation (Corps 19), Truong Son Construction Corporation (Corps 12), Lung Lo Construction Corporation, Corporation 319, Corporation 789, Aviation Construction Corporation (ACC), Corporation 28, the Economic Cooperation Corporation, Mechanical and Chemical One-Member LLC 13, and Chemical One-Member LLC 21.
Their performance has made MOEs a notable part of the state-owned enterprise sector, providing a solid foundation for further development. Military-owned companies and their business leaders are also regularly recognized in national awards honoring outstanding enterprises and entrepreneurs.
Mission beyond economic performance
According to Maj. Gen. Dao Minh Dao, military-owned enterprises are not established solely to pursue commercial interests. Their foremost responsibility is to fulfill assigned military and national defense missions while using available resources to contribute to economic development. Their effectiveness, therefore, cannot be assessed solely through financial indicators.
MOEs play an important role in developing Viet Nam’s modern defense industry, including researching and manufacturing weapons, equipment, and high-tech dual-use products.
They also contribute to strengthening public support for national defense and building an all-people defense posture in strategically important areas, particularly border regions and islands. Corps 15, Corps 16, Coffee One-Member LLC 15, and economic-defense units have established a presence in remote and challenging areas where other economic sectors often struggle to operate.
Through their activities, these units create jobs, improve living standards for tens of thousands of workers, particularly ethnic minority communities, and support poverty reduction, gratitude programs, and social welfare initiatives.
Military infrastructure enterprises also serve as a trusted force in implementing major national projects, emergency construction works, and social welfare initiatives. Their contributions are evident in reconstruction projects such as Nu Village and Phong Chau Bridge, as well as the North-South Expressway. These projects demonstrate their ability to overcome difficulties, accelerate construction, and serve the public.
Meanwhile, Viettel’s overseas investments and Saigon Newport’s logistics services generate substantial revenue while helping enhance the international image of Uncle Ho’s Soldiers.
Double-digit growth and global ambitions
The Central Military Commission and the MND have set a target for MOEs to achieve double-digit growth starting in 2026, with the aim of making a greater contribution to Viet Nam’s economic development.
To achieve this target, the Deputy Chairman of the Finance Department outlined four key priorities.
First, MOEs must uphold the qualities of Uncle Ho’s Soldiers by continuing to fulfill their role in working and producing, successfully completing military and national defense tasks, and ensuring that production and business activities comply with the law and meet the highest safety standards.
Second, they must take the lead in innovation, science, and technology. This requires investment in and mastery of new, core, and strategic technologies, as well as efforts to increase production value rather than focus solely on output volume.
Third, MOEs should transition from contractors to investors, particularly in major infrastructure projects. The objective is to strengthen their capacity to directly invest in economic projects that combine development with national defense. The MND and relevant agencies are working to address bottlenecks related to charter capital and create conditions for enterprises to expand their operations, enabling them to lead and support other economic sectors in line with the policies of the Party and the State.
Fourth, MOEs must restructure their internal organizations and operations to improve efficiency, streamline their structures, and expand their scale and capabilities. The long-term goal is to build enterprises with regional and global reach.
Viettel and Saigon Newport are expected to maintain and strengthen their positions, while more military-owned enterprises are encouraged to enter the ranks of the 500 largest companies in Southeast Asia and Asia, with the ambition of achieving prominent positions in global rankings.
Translated by Tran Hoai