Addressing a conference between permanent Cabinet members and leaders from SOEs on measures to achieve the double-digit growth target, Prime Minister Pham Minh Chinh lauded the firms' significant contribution to stabilizing the macro economy, boosting growth, and ensuring major economic balances over the past period, and to the state budget.
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Prime Minister Pham Minh Chinh |
However, he noted that these accomplishments are primarily driven by a handful of large enterprises, with the majority of the remainder still underperforming in production and business operations, falling short of expectations and failing to significantly propel the nation’s economic growth.
Therefore, there must be a shift in mindset and approach, closely aligned with reality, Prime Minister Pham Minh Chinh stressed, adding that public strength should be optimized, while institutions and laws should be reviewed, supplemented, and perfected to serve as a catalyst for national development.
Efforts should focus on diversifying markets, products, and supply chains, as well as deepening participation in global supply chains; applying new science and technology to boost labor productivity and reduce resource use, alongside modernizing governance with smart approaches.
The Prime Minister required state agencies to take feedback into account to address the practical challenges facing businesses.
He requested enterprises, especially SOEs, to implement six pioneering initiatives in innovation, digital transformation, and the development and application of science and technology; in making more positive and effective contribution to the three strategic breakthroughs of institutions, infrastructure, and human resources; and in accelerating and achieving breakthroughs to contribute practically to the inclusive, comprehensive, and sustainable growth and development of the country.
Prime Minister Pham Minh Chinh also highlighted the importance of pioneering in developing the digital economy, green economy, circular economy, sharing economy, knowledge economy, and creative economy; in ensuring social welfare, particularly in doing away with temporary and dilapidated housing and building social housing for workers; and in creating high value-added goods, joining global value, supply, and production chains, expanding regionally and internationally to enhance national competitiveness and brand.
The Government leader also requested the continued implementation of Resolution No.18-NQ/TW on restructuring and streamlining the organizational apparatus, and enhancing the effectiveness and efficiency of state management, along with more efforts to reduce costs to boost labor productivity and lower product prices.
According to the Ministry of Finance, in 2023, Vietnam had 671 SOEs, including 473 with 100% state-owned charter capital and 198 others in which the state holds more than 50% of the charter capital. Their total assets amounted to nearly VND 3.9 quadrillion (USD 152.6 billion), with total revenue exceeding VND 2.6 quadrillion, pre-tax profit reaching VND 211 trillion, and contribution to the state budget surpassing VND 365 trillion. State-owned enterprises play a pivotal and dominant role in several key sectors such as energy security, food supply, telecommunications, petroleum, and finance.
Source: VNA