Prime Minister Nguyen Xuan Phuc urged State-owned enterprises to take the lead in research and development and technological innovations in a bid to secure their vanguard role in the national economy.

PM Nguyen Xuan Phuc chairs the meeting on renewing and
improving the effectiveness of SOEs on October 16 in Ha Noi
- Photo: VGP/Quang Hieu 

 The Government chief stressed the point while addressing a conference on innovating and improving the effectiveness of SOEs in Ha Noi on Wednesday.

Phuc said enhancing technological capacity of SOEs will not only help SOEs improve its competitiveness but also create domino effect as it will build up an ecosystem for small and medium companies to thrive around them in the era of globalization and fierce competition.

He also urged SOEs to take greater role in socio-economic development in disadvantaged areas and sensitive sectors related to national defense and security.

Phuc mentioned the above directions amid modest performance of several SOEs and slow equitization process with only 36 enterprises having been equitized since 2016, meeting 28% of the Government’s plan.

Leaders of some SOEs still remain reluctant to carry out reforms or try to slow down equitization roadmap, or intentionally hide wrongdoings and violations, he added.

Regarding policy orientations, Phuc tasked inferior levels to review legal framework and put forwards necessary amendments in order to empower greater autonomy to and further clarify responsibilities of the SOEs.

The Ministries of Planning and Investment, Finance, Labor, Invalids and Social Affairs, the State Bank of Viet Nam and relevant authorities were tasked to promptly specify regulations on strengthening performance of the SOEs.

This is the 4th conference presided over by PM Phuc since the beginning of his tenure in 2016./.