The Ministry of Finance proposes 7 solutions to promote sustainable development of state-owned enterprises

State-owned enterprises must be the driving force for growth

On the morning of April 15, at the Government headquarters, Politburo member and Prime Minister Pham Minh Chinh chaired a working conference with leaders of typical state-owned corporations and groups in many key economic sectors, with the theme "State-owned enterprises pioneer in digital transformation and growth promotion". The conference was attended by members of the Party Central Committee, Deputy Prime Minister Ho Duc Phoc, leaders of ministries, branches, localities and representatives of 68 State-owned enterprises (SOEs).

At the conference, Deputy Minister of Finance Nguyen Duc Tam said that in 2024, the financial situation and production and business results of the enterprise sector recorded positive growth. With 671 state-owned enterprises (of which 473 enterprises have 100% state capital and 198 enterprises hold over 50% capital), total assets reached nearly VND5.7 million billion, up 45% compared to 2023; equity capital was nearly VND3 million billion, up 61%; total revenue was VND3.3 million billion, up 24%; pre-tax profit reached more than VND227,000 billion, up 8%; taxes and budget payments were nearly VND399,000 billion, up 9% compared to the previous year.

Assigning a minimum growth target of 8% to state-owned enterprises

In order to further promote the role of state-owned enterprises in economic development, the Ministry of Finance proposes that state-owned enterprises need to focus on a number of key solutions:

First, organize the implementation and implementation of solutions to complete the 2025 business plan approved by competent authorities.

Second, perfect and implement the digital transformation plan. Arrange priority capital sources for digital transformation with specific progress.

Third, implement cooperation activities with domestic digital technology enterprises to increase the localization rate of platform technologies and digital transformation support solutions such as Cloud, AI, Big Data, etc. Encourage public-private cooperation models between Vietnamese individuals, organizations, and digital technology enterprises to implement digital transformation projects in state-owned enterprises.

Fourth, it is necessary to prioritize focusing on innovation in corporate governance, restructuring finance, capital, assets, personnel, organizing the management apparatus of enterprises, resources needing to focus on investing in key, sustainable industries and fields, applying strongly science and technology, innovation, digital transformation, green economy, digital economy, circular economy; projects with positive impacts and impacts in key industries and fields of the economy.

Fifth, promote investment in new technology and new services (5G, AI, XGSPON); focus on solid and sustainable network infrastructure, natural disaster prevention; prioritize and expand infrastructure for manufacturing industry, high-tech industry; continue to implement large, important basic construction projects to ensure facilities for production and business activities of enterprises.

Sixth, increase investment attraction, promote trade, develop science and technology, emerging industries and fields. Promote 5G commercialization; research on 6G technology; develop telecommunications satellites and upgrade national telecommunications axis infrastructure. Build a National Data Center, connect national and specialized databases.

Seventh, focus on implementing and promptly completing key and important national projects and works. Resolutely handle existing problems and problems to complete and put into use unfinished projects, especially projects that have been behind schedule for many years. Review, extend, and postpone investment projects that are not urgent, not eligible for implementation, and have not carefully assessed their effectiveness to focus resources on new investment projects with leading, spreading, and branded characteristics of state-owned enterprises.

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