Despite big investments, many State owned enterprises have yet to operate efficiently over the years. (Illustrative photo. Source: VOV)

The conference is to re-evaluate SOE restructuring to maximize resources for development and encourage SOEs to get involved in key projects nationally and locally.

The State-owned enterprise sector has huge resources and a complete institutional apparatus, but their operations have not yet lived up to expectations, according to an official of the Ministry of Finance.

The Prime Minister wants to make clear what has impeded SOEs unlocking the huge resources they hold, said Dang Quyet Tien, director of the Corporate Finance Department under the Ministry of Finance.

Tien said the PM is expected to reiterate the Government’s policy of accompanying businesses to weather the COVID-19 crisis and speed up the economic recovery process.

The government has accelerated the restructuring of SOEs that operate poorly and developed those that perform efficiently. It has embarked on strong administrative reform to ramp up the arrangement, equitization, divestment and restructuring of enterprises.

The government has recently approved a masterplan on SOE restructuring for the 2021-2025 period, aiming to complete the rearrangement and transformation of ownership of State-owned enterprises by 2025.

Currently, Viet Nam has 94 large-scale SOEs excluding defense, security and agro-forestry enterprises. Despite accounting for just over 10% of SOE numbers, these big businesses hold about 90% of total assets, 88% of total revenue and 86% of pre-tax profit of all SOEs nationwide.