The Government always accompanies businesses, overcomes difficulties and challenges, and promotes development.

On March 3, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired the Government Standing Committee meeting with typical state-owned enterprises nationwide, launching an emulation movement to implement tasks in 2024, contributing to the successful completion of Resolution No. 01/NQ-CP of the Government.

Attending the conference were Deputy Prime Ministers Le Minh Khai and Tran Luu Quang; Ministers; Heads of ministerial-level agencies and government agencies; leaders of Hanoi and Ho Chi Minh City; and leaders of 130 typical state-owned enterprises nationwide.

Dominate and lead in important and essential industries and fields

According to the Ministry of Planning and Investment, by the end of 2023, Vietnam will have 676 state-owned enterprises, including 478 enterprises in which the State holds 100% of charter capital and 198 enterprises in which the State holds controlling shares.

By early 2023, the total assets of state-owned enterprises nationwide reached VND3.8 million billion, the total equity of state-owned enterprises reached VND1.8 million billion. The total value of state capital invested in state-owned enterprises is nearly VND1.7 million billion.

Synthesizing data from 605/676 state-owned enterprises, it is estimated that the production and business results of state-owned enterprises in 2023 will basically exceed the set plan. Of which, the total revenue of state-owned enterprises in 2023 is more than 1.6 million billion VND; the total amount of taxes and amounts payable to the state budget is more than 166 trillion VND. In addition, the revenue from dividends and after-tax profits payable to the state budget in 2023 is more than 60 trillion VND, reaching 110% of the approved plan...

Prime Minister Pham Minh Chinh delivered the opening speech at the Conference. Photo: Duong Giang/VNA

At the Conference, delegates discussed, analyzed the situation, evaluated the results, shared experiences, proposed tasks and solutions, removed difficulties, and overcame challenges to complete the tasks in 2024 and the coming time. These included removing difficulties in business management; having a more flexible mechanism to mobilize resources that businesses are holding; creating conditions for businesses to develop; supporting businesses to apply technology in management, operation, production, and business... There were a number of specific proposals on the business management mechanism, national petroleum reserves; the mechanism for developing rooftop solar energy...

After the ministers and leaders of ministries and branches spoke and answered the proposals and recommendations of enterprises, concluding the Conference, Prime Minister Pham Minh Chinh once again expressed his gratitude and sympathy to the business community; affirmed that the Government always accompanies enterprises, regardless of whether they are private enterprises or state-owned enterprises, to overcome difficulties and challenges together, promote development, in the spirit of harmonious interests, shared risks, ensuring harmony of interests between the State, people, enterprises...

Recalling the difficult period before the country's renovation, the Prime Minister said that with the viewpoint of pursuing, progressing together, keeping up and rising up, up to now Vietnam "has never had the foundation, potential, prestige and position as it does today" as General Secretary Nguyen Phu Trong pointed out.

Highlighting the fundamental factors for national development, Prime Minister Pham Minh Chinh emphasized that the Party and State's guidelines, policies and strategies have shaped the country's development path in line with Marxism-Leninism, Ho Chi Minh's thought, the nation's historical and cultural traditions and in line with the situation of each period of the Vietnamese revolution. In particular, the state economy plays a leading role in the economy; state-owned enterprises are the backbone in the country's economic development.

Representatives of State-owned enterprises attending the Conference. Photo: Duong Giang/VNA

Assessing the position and role of state-owned enterprises, the Prime Minister affirmed that state-owned enterprises hold large resources in terms of capital, assets, technology, and high-quality human resources, making significant contributions to the state budget; playing a dominant and leading role in important and essential sectors and fields of the economy; ensuring the provision of essential products and services to society.

In recent times, enterprises have continued to preserve and develop capital and assets, apply technology and modern management models, and improve production and business efficiency; many large enterprises have taken the lead in new technologies; some enterprises have reached world-class levels; enterprises have participated in implementing three strategic breakthroughs, especially in developing resources and infrastructure; contributing to accelerating the process of restructuring the economy associated with renewing the growth model...

Restructuring business for development

The Prime Minister pointed out a number of limitations and weaknesses of state-owned enterprises in management and operation; production and business efficiency is not as expected, even causing losses; competitiveness, application of science and technology and innovation of enterprises are still limited; innovation in corporate governance in production and business operations is still slow; new projects of enterprises are still few, investment efficiency is not as expected; they have not demonstrated their leading role; some enterprises have committed violations...

The Prime Minister requested a thorough analysis, frank recognition of limitations, weaknesses and causes to overcome, and solutions to overcome, with the requirement of being politically sensitive, economically astute, scientifically and technologically profound, turning the situation around, transforming the state using all available thinking and experience combined with world experience, and being more proactive in proposing new ways to accelerate and overcome.

In that spirit, to continue to promote the leading, dominating and leading role in important and essential sectors and fields of the economy, making practical contributions to the construction, socio-economic development and national defense, the Prime Minister requested to well implement Directive No. 07/CT-TTg on innovation in governance, improving production and business efficiency and strongly promoting investment and development of corporations, general companies, state-owned enterprises and other relevant instructions and conclusions.

Accordingly, state-owned enterprises innovate their governance models in a modern direction, in line with international practices; arrange and streamline their apparatus; enhance competitiveness in domestic and international markets; improve production and business efficiency and promote investment and development; effectively implement enterprise restructuring.

In which, restructuring governance, specifically restructuring the management apparatus to be effective, efficient and reduce the number of workers, improve their quality; restructuring finance, focusing on investment and development; restructuring production, business, supply chain, respecting the rules of competition, market rules under state management; improving competitiveness, resilience to shocks both internal and external; promoting growth...

The Prime Minister requested to accelerate the implementation of major, key national investment projects in important, strategic areas; prioritize focusing resources on key business areas, overcoming the situation of scattered, ineffective investment; research and increase investment in innovation, must be a pioneering force, leading in the field of innovation, digital transformation and in emerging industries and fields; diversify markets, products, supply chains, promote linkages, create and participate in global value chains...

Along with that, focus on renewing traditional growth drivers of investment, export, consumption and promoting new drivers of digital transformation, green transformation, circular economy, knowledge economy, sharing economy, climate change response; focus on brand building, correctly assessing and promoting the potential differences, outstanding opportunities, competitive advantages of each enterprise to rise up; thoroughly handling existing problems and weak projects on the basis of considering overall benefits rather than local benefits.

The Prime Minister requested ministries, branches, agencies, People's Committees of provinces and centrally-run cities and representative agencies of owners to be active, proactive and responsible, coordinate effectively, create conditions and opportunities for enterprises to progress together, keep up with, and develop, "not to wait for enterprises to ask or beg for work". In particular, the State Capital Investment Corporation (SCIC) studies the separation between owners and state management functions in enterprises.

Ministries, sectors and localities must promote administrative procedure reform, improve the investment and business environment, proactively remove difficulties and facilitate business development; contribute to institutional building, staff development, and monitoring mechanisms to ensure healthy operations; thoroughly overcome evasion and shirking of responsibility in performing public duties; and at the same time, protect officials who dare to think, dare to do, and dare to take responsibility for the common good, including the interests of the people and businesses.

Emphasizing President Ho Chi Minh's vision that "the state-owned economy is a form of ownership of the entire people, it leads the national economy and the State must ensure its priority development", the Prime Minister believes that with the existing capacity and experience, the correct guidelines of the Party, the management of the State, state-owned enterprises will continue to maintain and promote the momentum of development, the ideology must be clear, the determination must be high, the actions must be drastic, the work must be focused, the work must be done thoroughly, for the strength and prosperity of the country, for the happiness and prosperity of the people.

According to VNA/Tin Tuc Newspaper

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