PM directs state enterprises to drive sustainable growth

PM directs state enterprises to drive sustainable growth

Prime Minister Phạm Minh Chính said in a rapidly evolving environment, all stakeholders, including SOEs, must adopt new mindsets and methods swiftly and flexibly.

Prime Minister Phạm Minh Chính has set out clear directives for State-owned enterprises (SOEs) to contribute more to the rapid, strong and sustainable development of the economy so as to help Việt Nam take off in the coming years.

Chairing a meeting in Hà Nội on Thursday, the PM stressed the importance of following the 'five clarities' – clear responsibility, clear tasks, clear deadlines, clear accountability and clear results – reminding leaders in SOEs that those who fail to comply will be held accountable.

He said in a rapidly evolving environment, all stakeholders, including SOEs, must adopt new mindsets and methods swiftly and flexibly.

Chính said the SOE sector manages assets worth nearly VNĐ4 quadrillion (US$163 billion), on the behalf of the Government, and holds 20.5 per cent of total enterprise capital, generating pre-tax profits of approximately VNĐ348.3 trillion and contributing nearly VNĐ366 trillion to the State budget.

However, he said contributions have not been even, with major contributors such as Petrovietnam and Viettel bearing most of the weight, while many SOEs still underperform, despite substantial resources given to them.

The PM said the roles of SOEs are well established in Party directives and State laws and they must drive rapid and sustainable economic growth. The goal for 2025 is to achieve 8 per cent GDP growth to end the final year of the 2021–25 socio-economic plan, setting the foundation for double-digit growth from 2026 to 2030.

This is a critical period for streamlining the State apparatus, reducing staffing and preparing for the 15th National Party Congress.

To meet these challenges, he called on SOEs to review and reform their internal processes and propose policies that act as leverage to maximise resource use.

He urged them to actively collaborate with major private companies in priority sectors such as renewable energy, high technology, artificial intelligence, digital transformation and green growth, and stressed the importance of diversifying markets, products and supply chains while integrating into global value chains.   

A Viettel sorting facility in the northern province of Bắc Ninh. — VNA/VNS Photo

SOEs were told to adopt new technologies to boost productivity, reduce waste and enhance product quality through smarter management and infrastructure development. He tasked Deputy Prime Minister Hồ Đức Phớc with overseeing the process and instructed the Ministry of Finance to finalise growth targets for the enterprises and State banks by March 15.

Additional measures, such as increasing charter capital, issuing bonds and securing loans, were identified as necessary to achieve these targets.

At the meeting, officials advised the Government to create additional opportunities by addressing issues and challenges faced by businesses and the public.

They insisted ministries and governmental agencies must resolve such issues promptly and if they fail to do so, enterprises should report such delays directly to the Prime Minister in a transparent manner.

In addition, SoEs urged ministries to design and implement macro-economic policies that maintain political stability, public order and overall economic stability while being responsive to actual conditions. 

The meeting concluded with the Prime Minister urging SOEs to assess their potential contributions and take action to support national growth. He reiterated that if the national growth target this year of 8 per cent is met, SOEs must aim higher than that benchmark.

Meeting with SMEs

The same day, Prime Minister Chính chaired a meeting between standing Cabinet members and domestic small- and medium-sized enterprises (SMEs) to identify and address challenges and obstacles facing the firms, and outline strategies for them to thrive and contribute to the country's rapid and sustainable growth.

In his opening remarks, PM Chính highlighted the rapidly changing global and regional landscape, stressing that countries must adapt quickly and effectively.

He noted that under the leadership of the Party, led by General Secretary Tô Lâm, and with the active engagement of the political system and the support and solidarity of the people and the business community as well as international partners and friends, Việt Nam has met or exceeded all 15 major targets, delivering strong results across multiple sectors. SMEs have played a vital role in this success, he underscored.

Holding that 2025 will continue to experience complexity in the international and regional situations, he stressed the need for stronger efforts and solidarity of the whole political system, the people, and the business community to achieve the target of at least 8 per cent growth for this year, laying the strong foundation for achieving double-digit growth in the years to come.

If each business, sector, or region achieves growth of at least 8 per cent, the entire country will exceed the benchmark, he stated.

As the Vietnamese business community is largely comprised of SMEs, the Government is drafting a new resolution on fostering the growth of private enterprises, to be presented to the Politburo and the Party Central Committee, according to the leader. 

He urged delegates to assess the current state of SMEs, engage in open discussions, identify key challenges, and propose practical solutions to enable collaborative progress and mutual success. 

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