Deputy PM urges reforms to boost State-owned enterprises

Deputy PM urges reforms to boost State-owned enterprises

The Ministry of Finance says the draft resolution sets ambitious targets for Việt Nam’s State-owned enterprises, aiming to place three SOEs among the world’s top 500 revenue-generating companies and achieve full application of OECD governance principles across all SOEs.

Deputy Prime Minister Nguyễn Chí Dũng chaired a high-level meeting on a draft resolution aimed at strengthening the role and performance of the State-owned economic sector on Tuesday. — Photo baochinhphu.vn

Deputy Prime Minister Nguyễn Chí Dũng on Tuesday called for research and proposals on breakthrough solutions to remove obstacles for State-owned enterprises (SOEs) and enhance the efficiency of the State economy.

He made the remarks while chairing a high-level meeting on a draft resolution aimed at strengthening the role and performance of the State-owned economic sector.

The meeting was attended by leaders from the Ministry of Finance, the Government Office, and representatives from 26 major SOEs, focusing on strategic measures to drive SOE development.

According to the Ministry of Finance, the draft resolution sets ambitious goals for Việt Nam’s State-owned enterprises (SOEs), including placing three SOEs among the world’s top 500 revenue-generating companies (Fortune Global 500) and achieving 100 per cent application of OECD governance principles across all SOEs.

At the meeting, delegates focused on strategies to achieve these goals, emphasising investment and development in large-scale economic groups and SOEs that hold leading roles in key and strategic sectors of Việt Nam’s economy.

The discussions also included breakthrough mechanisms to help enterprises mobilise sufficient capital, secure favourable interest rates, and obtain enough credit to meet investment demands for key national projects assigned by competent authorities.

Strong policies were proposed to optimise the use of State resources for developing large-scale SOEs, such as allowing the full use of revenue from equitisation and divestment of State capital, increasing the proportion of after-tax profits retained by enterprises, and streamlining land allocation through leasing and leasing without auction. 

Meanwhile, large-scale SOEs were urged to establish dedicated research and development (R&D) centres and laboratories to promote investment and accelerate the development of science and technology. These institutions would spearhead efforts in digital and green transformation across key sectors.

During the event, representatives from various ministries, government agencies and enterprises also discussed policy measures to enhance the competitiveness of SOEs.

Key topics included the introduction of effective salary and bonus schemes aimed at attracting and retaining top-tier talent, as well as mechanisms for forming bonus stock funds within joint-stock companies to incentivise highly skilled employees.

At the same time, efforts to restructure State capital within enterprises, in addition to modernising and reorganising SOEs to improve operational efficiency, were highlighted as another crucial focus.

Concluding the meeting, Deputy Prime Minister Nguyễn Chí Dũng affirmed the central role of the State economy, saying that SOEs must continue to serve as pioneers and leaders in driving national economic growth.

He urged State-owned enterprises to clearly define their responsibilities and strategic missions in today’s evolving economic landscape, and to proactively develop long-term growth strategies that reflect their leadership role in the national economy.

The Deputy Prime Minister encouraged businesses to continue contributing feedback to the draft resolution throughout the consultation period.

He also recommended that the Ministry of Finance continue its research and carefully consider all recommendations to ensure the final resolution drives meaningful change in the management and use of State resources. The goal, he emphasised, is to create favourable conditions for SOEs to achieve significant breakthroughs in the near future. 

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