In order for enterprises to grow, expand their operation scale, and improve production and business efficiency, the issue of investment and development is vital. Therefore, many state-owned enterprises (SOEs) propose to be decentralized, empowered to take greater initiatives in investment, production and business activities. Only then can they be flexible, seize opportunities, and react quickly to the market.

SOEs can develop and demonstrate their roles and positions when they are assigned big, important, pioneering tasks. For example, the Oil and Gas Group pioneered the construction of offshore oil and gas projects; The Electricity Group pioneered building large hydroelectric projects, Viettel pioneered in the field of the defense industry.

In addition, it is said that businesses need the companionship of the Government, ministries, branches and localities. Currently, SOEs are very diverse in size, nature and areas of operation, so specific mechanisms need to be designed for each group of enterprises.

Speaking at the National Online Conference with SOEs on "Continuing innovating and improving operational efficiency to mobilize resources of state-owned enterprises in socio-economic development", Minister of Finance Ho Duc Phoc said that in difficult situations, storms and floods, or when there are fluctuations in the market, it will be clearer to see the important role of SOEs, including the role of leading, regulating and sharing.

State-owned commercial banks have enhanced the effectiveness of the State Bank's monetary policy implementation, contributing to maintaining macroeconomic stability, controlling inflation, and stabilizing the exchange rate.

Viettel proposed increasing the size of capital and assets for state-owned enterprises to improve competitiveness, expand the scope and field of operations, and reach out to the international market. Photo: H.Dịu.

From the perspective of SOEs, Colonel Cao Duc Thang, Chairman and General Director of Viettel Group, made eight recommendations for state-owned enterprises to continue to innovate, improve operational efficiency, and promote their role in socio-economic development.

Firstly, Viettel proposed that the Government assign specific tasks to state corporations to implement a number of important tasks of the economy.

Second, the Government needs to step up decentralization and increase the initiative in investment work for SOEs. In order for enterprises to grow, expand the scale of operations, improve production and business efficiency, the issue of investment and development is vital.

Third, Viettel proposed that the Government promote decentralization for SOEs to actively establish, organize and rearrange internal units.

Fourth, the Government stipulates that the performance evaluation of SOEs should be assessed according to the overall evaluation method, not by evaluating each project separately in order to create motivation in production and business activities.

Fifth, Viettel proposed that the Government quickly issue specific instructions for SOEs to set up venture capital funds. The establishment of a venture capital fund to invest in new technologies, start-ups, businesses of other economic sectors, thereby, promoting technological innovation, new business models, development links, creating an ecosystem for businesses to develop together.

Sixth, Viettel proposed to increase the size of capital and assets for state-owned enterprises to improve competitiveness, expand the scope and field of operations, and reach out to the international market. In addition to supplementing charter capital from the development investment fund, Viettel asked the Government to consider adding charter capital from the remaining profit to the state budget.

Seventh, it is proposed that the Government continue to create favorable conditions for foreign investment. Foreign investment will contribute to expanding foreign relations, and cultural exchanges and affirming Vietnam's position in the international arena, contributing to training a dynamic staff with international business experience.

Eighth, Viettel proposed a specific mechanism for SOEs. Currently, SOEs are very diverse in size, nature and areas of operation, so specific mechanisms need to be designed for each group of enterprises or even for each enterprise.