Prime Minister Pham Minh Chinh speaks at the meeting with SOEs in Hanoi on April 15. (Source: VNA)

The Prime Minister highlighted the important role played by SOEs in the national economy, noting that although the number of groups and corporations represents only a small percentage of the nearly 1 million businesses operating in Vietnam, they hold a key position as a significant material force of the economy, and production and business activities in main economic and technical sectors.

He stated that the Government always supports, creates the best possible conditions for, and stands ready to address difficulties to help SOEs grow rapidly and sustainably, contributing to ensuring macroeconomic stability; controlling inflation; maintaining major economic balances; reducing public debt, government debt, foreign debt; and managing budget deficits effectively.

He stressed that digital transformation is an objective requirement, a strategic choice, and a top priority in the country's development process, including the development of businesses. Therefore, enterprises must take the lead in digital transformation, driving the process of building a digital government, digital society, and digital citizens.

The Government leader directed SOEs to proactively innovate and drive the three traditional growth engines, including consumption, exports, and investment, focusing on expanding and diversifying markets; promoting new growth drivers such as science and technology, innovation, digital transformation, green transformation, and circular economy; and applying smart governance solutions to reduce management costs and allocate funds for investment.

He asked for mutual support among groups, corporations, and SOEs in general, and demanded ministries and sectors to resolve any institutional obstacles, particularly the Law on Management and Use of State Capital Invested in Production and Business at Enterprises; remove unnecessary administrative procedures; develop strategic infrastructure to reduce logistics costs and lower input costs for enterprises.

The Prime Minister requested greater efforts in fighting corruption and negative practices, and managing monetary and fiscal policies effectively; and more solutions to promote connections between Vietnamese enterprises and foreign-invested (FDI) ones.

According to the Ministry of Finance, in 2024, Vietnam had 671 SOEs whose total asset exceeded 5.6 quadrillion VND (over 216 billion USD), with nearly 3 quadrillion VND in equity, total revenue of nearly 3.3 quadrillion VND, and pre-tax profit exceeding 227 trillion VND.