Prime Minister emphasizes solutions to promote growth of state-owned enterprises

On April 15, Politburo member and Prime Minister Pham Minh Chinh chaired a Prime Minister's meeting to work with state-owned enterprises (SOEs) that are pioneers in digital transformation and growth promotion.

In his concluding remarks, the Prime Minister stated that although the number of corporations and general companies only accounts for a small proportion of the total of nearly 1 million operating enterprises in our country, they play an important role and position, holding an important material force of the economy.

Therefore, large enterprises must develop, grow, grow, and become more and more mature, on the basis of promoting science and technology, innovation, digital transformation, green transformation, and increasing labor productivity.

Regarding solutions to promote growth, the Prime Minister stated that businesses must pay attention to renewing the 3 traditional growth drivers of investment, export, consumption and promoting new growth drivers.

Regarding exports, the Prime Minister assessed that there are currently difficulties but not to the extent that we have overcome them; not only is the export market now narrowed but has been narrowed since the COVID-19 pandemic, conflicts, and supply chain disruptions.

Enterprises must diversify markets, products, supply chains, focus on exploiting domestic markets and be dynamic and creative in searching for new markets in the world such as the Middle East, Central Asia, Halal, Latin America, and Africa.

Saving more to focus on investment, expand investment, improve investment efficiency, reduce the Capital Use Efficiency Coefficient (ICOR).

The Prime Minister noted that state-owned enterprises must coordinate with each other, learn, support each other and with private enterprises better.

For ministries and branches, the Prime Minister requested to review, propose, and immediately remove institutional problems, especially those related to the law on management and investment of state capital in enterprises according to the principle of "manage what you know, do not manage what you do not know", and strengthen decentralization and delegation of power.

Review and eliminate all cumbersome administrative procedures for businesses; cut at least 30% of procedures, costs and compliance time.

Along with that, develop strategic infrastructure to reduce input costs for businesses; train high-quality human resources for businesses; contribute to preventing corruption, negativity, and waste; boldly assign jobs to businesses.

Regarding monetary policy, the Prime Minister noted that it is necessary to stabilize exchange rates, make efforts to reduce interest rates, have preferential credit packages for sectors and defer debt and postpone debt when businesses are in difficulty.

fiscal policy needs to focus on public investment disbursement; tax, fee, and land rent exemption and postponement; VAT refunds quickly and conveniently.

The Ministry of Science and Technology must cut administrative procedures for science and technology. The Ministry of Foreign Affairs and the Ministry of Industry and Trade will promote the implementation of Resolution 59-NQ/TW of the Politburo on international integration in the new situation, promoting the connection of domestic enterprises with enterprises in the world, domestic and foreign markets.

The Prime Minister also directed a number of specific tasks to ministries and branches to remove many difficulties and specific obstacles for businesses such as reducing export taxes on cement clinker products and reusing waste in coal mining.

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