PM urges SOEs to participate in global supply chains

PM urges SOEs to participate in global supply chains

In his directive, the PM emphasised the need for SOEs to stay ahead of the curve by adapting quickly and flexibly to the rapidly changing, complex global environment.

A production line at Garment 10 Corporation, a State-owned enterprise (SOE). The PM has called for SOEs to focus on increasing the value of their products. — VNA/VNS Photo

The Prime Minister has called for State-owned enterprises (SOEs) to take the lead and participate in the global supply chain to help achieve the nation's economic development goals.

In his Directive 09/CT-TTg dated March 21, Prime Minister Phạm Minh Chính noted that SOEs should focus on increasing the value of their products, particularly in key sectors such as energy, coal, petroleum and basic chemicals. By doing so, they can enhance the Vietnamese brand and contribute to the nation's economic growth objectives.

The PM also emphasised the need for SOEs to stay ahead of the curve by adapting quickly and flexibly to the rapidly changing and complex global environment. 

SOEs are expected to embrace innovation and modernise their operations to keep pace with global economic shifts while maintaining their crucial roles in domestic sectors.

State-owned corporations continue to play a pivotal role in important sectors of the economy, including energy security, infrastructure development and the stabilisation of the macroeconomy. 

They are also critical in ensuring the supply of essential goods and services, including electricity, coal and petroleum, which are necessary to support the nation’s economic development and national defence.

The directive underscores the importance of SOEs as anchors of economic restructuring, contributing to socio-economic infrastructure and supporting national defence and security policies. 

Their role is also indispensable in stabilising the economy, mitigating market fluctuations and controlling inflation, all while ensuring that the Government can implement social security policies effectively.

SOEs need to invest in research, development and innovation to enhance their products' value. This is particularly critical in industries that have a significant impact on the national economy. 

The PM has encouraged SOEs to take a leading role in technological advancements and product diversification, ensuring that they remain competitive in the global marketplace.

The directive also highlights the importance of workforce development. SOEs are urged to focus on building a skilled labour force that can adapt to rapidly changing circumstances. 

Training, talent attraction and innovation in personnel management are seen as essential components in helping SOEs maintain and expand their leadership roles.

The PM’s directive also stresses the importance of cooperation between ministries, agencies and local authorities to address challenges faced by SOEs. 

Ministries are tasked with researching and proposing policies to support SOEs in their sustainable development and encourage investments in emerging areas such asdigital transformation and green growth.

Moreover, the public-private partnership (PPP) model is highlighted as an important mechanism for mobilising social resources. 

Collaboration between the Government and private enterprises can provide the necessary leverage to drive the growth of SOEs and enhance their performance in the global economy.

The Ministry of Finance has been assigned to report on the draft Law on the Management and Investment of State Capital in Enterprises. 

This law is intended to address critical issues, such as salary policies and the increase of charter capital for SOEs. It is expected to be aligned with the evolving needs of state-owned enterprises, particularly as they face modern economic challenges. 

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