Renewing governance thinking and removing administrative barriers to build a professional and highly skilled workforce is an urgent requirement for state-owned enterprises.

The Politburo’s resolution on the development of the state sector (Resolution 79) marks an important shift in thinking, aiming to nurture large-scale state-owned enterprises capable of driving long-term growth.

In response to new development requirements of the stock market, accelerating the equitisation of state-owned enterprises (SOEs) and initial public offerings (IPOs) by foreign direct investment (FDI) enterprises has become an important task to unlock supply and enhance the efficiency of capital mobilisation for the economy.

As Viet Nam accelerates its process of industrialisation, modernisation and the building of an independent, self-reliant economy, state-owned enterprises (SOEs) continue to be identified as the central force, playing a leading role in key national industries.

Equitisation is not aimed at selling land or assets but improving the capacity and efficiency of State-owned enterprises (SOEs) to strengthen the national economy, Deputy Prime Minister Ho Duc Phoc said at a meeting in Ha Noi on October 14.

Prime Minister Pham Minh Chinh has urged ministries, agencies, local authorities, and State-owned groups and corporations to take comprehensive and decisive measures to improve the performance of State-owned enterprises (SOEs), tighten land and asset management, to realise the national economic growth target of over 8% in 2025.

Viet Nam aims to see at least 30 State-owned enterprises (SOEs) with net revenue exceeding 1 billion USD each by 2030, according to a finance ministry strategy on developing the State economic sector.

Revenue and profit growth in the first six months of the year among state-owned enterprises represented by the Ministry of Finance was notably positive. Many key output indicators are estimated to reach about 50 - 60% of the annual plan. Some sectors recorded growth rates of 5 - 15% over the same period.

In the new era, comprehensive, holistic, and breakthrough solutions are required for state-owned enterprises (SOEs) to advance steadily on the path to development, continue to play a leading and pioneering role, and contribute to realising the goal of rapid and sustainable national growth.