Vietnam’s economic development is entering a pivotal phase, in which growth models based on capital intensity and low-cost labor are gradually being replaced by strategies centered on governance efficiency and the optimization of financial resources. Within this broader context, the divestment of state capital is no longer a situational option but has become an inevitable requirement — a critical lever to address complex macroeconomic imbalances, upgrade strategic infrastructure, and modernize the financial market. Vietnam’s macroeconomic stability in the 2024–2026 period is facing new challenges, as the prolonged cycle of trade surpluses shows signs of slowing and foreign exchange reserves come under pressure from global volatility. A clear understanding of the relationship between foreign exchange reserves, the trade balance, and infrastructure financing needs is essential to grasp why state divestment has become so urgent. Shifting trade balance and pressure on foreign exchange reserves Data from early 2026 indicated a concerning structural shift. In the first two months of 2026, Vietnam recorded a trade deficit of nearly US$3 billion, in stark contrast to a surplus of US$1.77 billion during the same period a year earlier. By the end of the first quarter of 2026, the trade deficit persisted, reaching approximately US$3.6 billion. […]