Deputy PM Nguyen Chi Dung calls for strong reforms of State-owned enterprises: Deputy Prime Minister Nguyen Chi Dung speaks at a Government meeting on the role SOEs are to play in Vietnam's next development phase on June 16. (Photo: VGP)

On June 16, speaking at a meeting to review the implementation of Resolution 12-NQ/TW on SOEs, the Deputy Prime Minister directed the Ministry of Finance to finalise a proposal for the Politburo in June. The proposal may serve as the foundation for a new resolution to reshape the role and effectiveness of SOEs in the new development era.

Deputy Prime Minister Dung emphasised the need to clarify the SOEs' mission and strategic position under current conditions, especially in the context of Resolution 68-NQ/TW, which aims to boost private sector development.

“We must review and consolidate Party and State policies to redefine the role of SOEs in both traditional sectors and emerging industries,” he said.

Deputy Prime Minister Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.

“SOEs must adopt global best practices to enhance competitiveness and accountability,” he said.

He stressed the need for SOEs to lead technological transformation and innovation, adding: "SOEs must take the lead in adopting new technologies, acting as catalysts for improving national competitiveness."

The Deputy Prime Minister also called for a fundamental rethinking of the approach to capital divestment and investment.

“We must be strategic, identify which sectors the State must retain, where to divest and where to concentrate development efforts,” he said, adding that strategic infrastructure and emerging industries as top priorities.

Deputy Prime Minister Dung rejected a one-sided approach to reform, calling on SOEs to play an active role.

“Reform is not only the State’s responsibility. Enterprises must contribute ideas, take ownership and lead by example,” he said.

He also directed the Ministry of Finance to continue refining the proposal, incorporating feedback from ministries, localities and businesses. He proposed forming a committee that includes representatives from the National Assembly’s Economic and Financial Committees and major State groups and corporations.

“The new resolution must be concise, focused and aligned with the Party’s core guidelines. It should propose strong, strategic policies that break through existing bottlenecks and enable SOEs to fulfil their leadership role,” Deputy Prime Minister Dung concluded.