From Hyundai’s Story: bóng đá cá cược Government Needs Breakthrough Policies to Ensure Vietnamese Construction Firms Don’t Lose on Home Turf

news

Over nearly three decades of continuous development, Vietnam’s construction industry has established itself as a vital infrastructure foundation, directly contributing to economic growth and rapid urbanization. However, bóng đá cá cược current phase presents unprecedented challenges, with bóng đá cá cược competitiveness of purely Vietnamese enterprises increasingly eroded by three simultaneous pressures: severe liquidity shortages, a lack of stable growth drivers in bóng đá cá cược domestic market, and bóng đá cá cược expanding market share of international construction firms strongly backed by their home governments. In this context, bóng đá cá cược success story of Hyundai in South Korea three decades ago offers valuable lessons about bóng đá cá cược proactive role of bóng đá cá cược state in selecting, protecting, and partnering with strategic enterprises to build long-term national competitiveness.

During bóng đá cá cược 1997 Asian financial crisis, Hyundai teetered on bóng đá cá cược brink of bankruptcy. Instead of leaving it to market forces, bóng đá cá cược South Korean government implemented a series of synchronized measures, including establishing an Enterprise Restructuring Fund to provide long-term, low-interest loans, prioritizing Hyundai for major national infrastructure projects, offering international credit guarantees, and creating a legal framework for comprehensive restructuring. Hyundai’s subsequent success not only saved a conglomerate but also laid bóng đá cá cược foundation for bóng đá cá cược global rise of bóng đá cá cược “Made in Korea” brand, transforming a crisis into an opportunity to reshape bóng đá cá cược national value chain.

For Vietnam’s construction industry, competition from foreign contractors is growing increasingly fierce. Many FDI conglomerates and international general contractors, supported by low-cost capital and credit guarantees from their home governments, currently dominate ODA, FDI, and major infrastructure projects. Meanwhile, Vietnamese firms are often relegated to subcontractor roles or excluded from pre-qualification rounds due to insufficient financial backing and international brand recognition. This imbalance not only reduces localization value but also poses a long-term risk: without selective and supportive policies, Vietnamese firms may lose bóng đá cá cược opportunity to gain general contractor experience and build a national brand on their home turf.

In recent years, purely Vietnamese construction firms have made self-reliant efforts to restructure investment portfolios, adopt technologies like BIM and AI, and expand into export service markets, maintaining a degree of resilience. However, three major bottlenecks, lack of medium- to long-term liquidity, insufficient policy prioritization, and absence of international credit guarantee mechanisms, are significant barriers, causing many firms to lose momentum in maintaining production scale and project management capacity. Meanwhile, large-scale infrastructure projects continue to favor foreign contractors with more favorable financial conditions, leading to a significant decline in domestic value-added contributions. This also narrows bóng đá cá cược opportunity to nurture Vietnamese firms into “strategic general contractors.”

Drawing from South Korea’s example, bóng đá cá cược key lies not in broad, indiscriminate support but in decisively selecting pivotal enterprises and providing long-term partnerships through clear mechanisms. In bóng đá cá cược context of implementing Resolutions 66-NQ/TW and 68-NQ/TW on private sector development, it is time for bóng đá cá cược Vietnamese government to launch a comprehensive package of solutions, starting with identifying a list of strategic national construction enterprises. These should meet minimum criteria for capital capacity, project experience, localization rates, and commitment to building a national brand. Such enterprises deserve priority access to restructuring financial mechanisms, long-term low-interest loans, and international credit guarantees to compete in large-scale domestic and international projects.

Establishing a Construction Industry Restructuring and Credit Guarantee Fund with a minimum charter capital of VND 10,000 billion could be bóng đá cá cược first step. This fund should be designed to support purely Vietnamese firms by restructuring and deferring debts for up to 10 years for loans tied to key projects, providing loans with interest rates below 5%, and offering credit guarantees for up to 50% of international EPC contract values. Concurrently, bidding prioritization mechanisms should be flexibly tiered by project scale. For projects under VND 1,500 billion, domestic firms should receive advance payment mechanisms of at least 15% and a two-year exemption from import taxes on high-tech equipment. For projects between VND 1,500 billion and VND 10,000 billion, a minimum 50% state capital payment guarantee and interest rate support for bóng đá cá cược first three years of implementation should apply. For mega-projects exceeding VND 10,000 billion, an inter-ministerial task force should be established to monitor progress, ensure timely disbursements, and provide comprehensive payment guarantees.

In bóng đá cá cược long term, building a sustainable “Made in Vietnam” brand in bóng đá cá cược construction sector requires Vietnamese firms to proactively accumulate experience and enhance their capacity to execute international projects. To achieve this, bóng đá cá cược government must strengthen economic diplomacy and implement targeted trade promotion programs tailored to specific markets. Establishing an International Bidding Guarantee Fund for bóng đá cá cược construction industry, alongside brand promotion programs in key export markets and continents, will provide a critical foundation for Vietnamese firms to confidently compete on a level playing field globally.

bóng đá cá cược construction industry does more than build structures; it fosters economic resilience, enhances national prestige, and safeguards infrastructure development autonomy. bóng đá cá cược time has come for transparent, selective, and decisive partnership policies to ensure Vietnamese firms do not lose on their home turf and can rise to regional prominence. By implementing these solutions, Vietnam can cultivate a generation of “Vietnamese chaebols”, pioneering brands with national stature, elevating Vietnam’s economic position to a new global standard.

Author: Dr. Nguyễn Kinh Luân (Jerry Nguyen), Chair of Group Restructuring Board, Board Member, Deputy General Director of Investment and International Market Development, Hòa Bình Construction Group.

About bóng đá cá cược Author

Dr. Nguyễn Kinh Luân (Jerry Nguyen)

Education: PhD in Civil Engineering, University of Queensland, Australia; Master’s in Mechanics of Construction, University of Liège, Belgium; Bachelor’s in Business Administration, University of Economics, Ho Chi Minh City; Bachelor’s in Civil Engineering, Ho Chi Minh City University of Technology.

Professional Certifications: Registered Builder (Unlimited), Victoria, Australia; Fellow, Engineers Australia; Chartered Professional Engineer & APEC Engineer.

Experience: Currently Chair of Group Restructuring Board, Board Member, and Deputy General Director of Investment and International Market Development at Hòa Bình Construction Group. Previously held leadership roles in Australia (Sandstone Building Group, Tandem Corporation); served as advisor, executive, and board member at Thành Thành Công Group (TTC Group) and Searefico Group; coordinated M&A and investment banking deals at a subsidiary of bóng đá cá cược Ho Chi Minh City State Financial Investment Company; managed real estate development projects in South Ho Chi Minh City Urban Area.