- State-owned firms asked to help motivate growth of other economic sectors
- PM chairs meeting to seek solutions to improve State-owned enterprises' performance
Prime Minister Pham Minh Chinh requested that State-owned enterprises (SOEs) play the pioneering role in innovation, application and mastery of science and technology in the Industry 4.0, and in international integration and effective foreign investment while meeting with executives from over 150 major SOEs on June 15.
SOEs should also lead the way in effectively exploiting the country's resources, actively promoting the prevention and combat of corruption and other negative phenomena; researching, proposing and implementing breakthrough mechanisms and policies to develop the country; and training high-quality human resources and smart management in business development, said Chinh.
He asked leaders of State-owned groups and corporations to bear in mind the leading role of the State economy and SOEs as the core important force to implement socio-economic development tasks, maintain stable macroeconomic growth and keep major balances of the economy stable.
The Government leader urged SOEs to focus on digital transformation, green transformation, and circular economy, particularly the semiconductor manufacturing and artificial intelligence (AI) industries.
Assigning specific tasks to SOEs in each industry and field, the PM requested ministries, sectors and localities to reform administrative procedures, improve the business and investment environment, and create favourable conditions for and always support and accompany businesses, including state-owned enterprises.
Ministries and sectors should continue to improve the legal framework for managing SOEs and design special mechanisms for ordering their products as well as incentives related to finance and administrative procedures, and review and address difficulties and obstacles to speed up the implementation of key investment projects.
At the conference, leaders of ministries, sectors and enterprises evaluated the roles and contributions of SOEs to socio-economic development, and proposed solutions to curbing inflation and bolstering growth. Amidst complicated and unpredictable global situation, the macro-economy has been stable with inflation rate put under control and major balances ensured thanks to the Government and Prime Minister’s resole and drastic direction.
Total state budget collection in the first five months of this year accounted for 52.8% of the estimate, up 14.8% year-on-year while import-export revenue rose 16.6% from the same time last year, and the index of industrial production was estimated to grow 8.9% year-on-year. Many international organisations have relished rosy prospects for Vietnam’s economic growth in 2024.
State-owned enterprises made great contributions to the nation’s achievements, with 19 groups and corporations under the management of the Commission for the Management of State Capital at Enterprises (CMSC) posting a combined before-tax profit of over 28 trillion VND (more than 1 billion USD) and contributed more than 70 trillion VND to the state budget.
However, several SOEs suffered losses, capital disbursement at several large-scale firms lagged behind plans, while the SOEs' proportion of investment in new areas such as clean energy and semiconductors remained low and their competitive capacity and the application of the advanced technologies and innovation, green transition and digital transformation showed limitations.
