The participation of large-scale enterprises in promoting economic growth seems very clear. But to achieve it, the problem is not just to set the task for enterprises.
Solving the growth problem in 2025: Not just setting the problem for businesses
The participation of large-scale enterprises in promoting economic growth seems very clear. But to achieve it, the problem is not just to set the task for enterprises.
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| Many state-owned enterprises have identified 2025 as the year of acceleration. Photo : Duc Thanh |
Need to contract growth for state-owned enterprises
“I have not seen any growth allocation for state-owned enterprises? In my opinion, the Government must assign tasks to this sector, specifically the 19 state-owned economic groups,” Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, raised the issue when analyzing this year’s growth drivers.
According to Dr. Thien, with a contribution rate of about 28-29% in GDP, if this sector only increases by 1-2%, the overall goal of the economy will be more favorable. In particular, in the public investment plan this year and many years to come, the presence of state-owned enterprises, especially corporations and general companies, is quite clear in infrastructure projects in transportation, airports, seaports, etc.
Moreover, many businesses have identified 2025 as the year of acceleration, with some businesses mentioning a double-digit growth target...
“But just like localities, when the Government has allocated growth, it must commit to implementing it. That is also the responsibility of the Government and central agencies in implementing this year's growth target, as well as preparing the foundation for the next stage,” Dr. Thien clarified.
Last year, 19 large state-owned corporations and groups made significant contributions to growth, with many enterprises far exceeding their planned targets. Vietnam Oil and Gas Group (PVN) exceeded its annual consolidated revenue plan by 32%, and its contribution to the state budget exceeded its annual plan by 64%. Vietnam Electricity Group (EVN)'s total revenue increased by 13.7% compared to the previous year. Vietnam National Shipping Lines (VIMC)'s consolidated revenue exceeded its annual plan by 30% and exceeded its 2023 target by 25%...
Assessing the results achieved, the representative of the state capital owner of 19 state-owned corporations and groups, the State Capital Management Committee at Enterprises, on the one hand mentioned the efforts of enterprises, and on the other hand clearly identified the role of Party, National Assembly and Government agencies in removing obstacles for this sector.
It can be said that the work of handling slow-progressing and ineffective projects and enterprises has achieved significant and breakthrough progress after the Politburo issued conclusions on orientations, principles, and handling procedures for a number of projects and enterprises such as the Thai Nguyen Iron and Steel Plant Phase II Expansion Project (Tisco 2), Dung Quat Shipbuilding Industry One Member Co., Ltd. (DQS)...
The problem is that large-scale state-owned enterprises are having to carry out ambitious business plans in a much more special context. Dr. Thien emphasized and mentioned the plan to transfer 18 state-owned corporations and groups to the Ministry of Finance, and 1 corporation to the Ministry of Public Security after the State Capital Management Committee at Enterprises ceases its operations.
“In the beginning, the move may cause problems in procedures and processes. If handled slowly, it will affect the progress of the business’s investment and business plans. At this time, businesses need commitment from government agencies to implement growth targets,” Mr. Thien analyzed.
Of course, Dr. Thien also suggested that state-owned corporations and groups must clearly identify their tasks, identify and name the obstacles and difficulties that need to be resolved in order to propose specific solutions.
Mechanism for business to lead
Referring to state-owned enterprises, Dr. Tran Dinh Thien commented that the mechanism to promote private enterprises is still the priority. Even supporting and facilitating state-owned enterprises to implement business investment plans is also with the goal of creating a spillover effect, leading to the development of private enterprises.
However, Mr. Thien said that a mechanism is needed to realize plans for large private enterprises to participate in major projects and works of the country, not just to set the tone for enterprises. "The role of the State and the Government in the current context will be one party to the bilateral development contract, in the sense that if they want enterprises to do these projects, the Government will meet those conditions and requirements...", Dr. Thien shared his opinion.
Thanks to the supervision of the National Assembly and the drastic direction of the Government, Vietnam Airlines Corporation (VNA) has received a liquidity support package of VND 12,000 billion; depreciation policy, allocation of repair and maintenance costs of aircraft and engines according to the actual operating hours; mechanism allowing VNA to continue to restructure debt repayment terms, maintain the debt group... Thanks to that, the enterprise will not fall into a state of illiquidity and risk of bankruptcy in 2021, creating conditions to reduce losses in the following years and have a consolidated profit before tax in 2024 that increases sharply compared to the same period last year and exceeds the annual plan by 38.5%... 
In fact, in meetings with the Government and the Prime Minister on the possibility of participating in national-scale projects and works, leaders of large private enterprises raised similar issues. Mr. Tran Dinh Long, Chairman of Hoa Phat Group, even proposed a legal commitment document from the Government to each enterprise. The reason is not only because of delays in administrative procedures and processes; legal problems that are not easy to resolve immediately..., but also the market problem of investment projects in steel rail production, train car construction...
However, Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competition Research, said that the immediate establishment of a policy system to support businesses leading priority industries and fields should be considered soon, instead of being reserved for specific businesses.
We must comply with international commitments in supporting businesses, which means we cannot have separate policies for specific businesses. The Government has mentioned solutions to build mechanisms and policies to support the development of the private economy, the development of ethnic enterprises, and small and medium enterprises.
“With this mechanism, it is necessary to clarify the criteria for enterprises to lead the industries and sectors that the economy needs, such as the automobile industry, railways, semiconductors, renewable energy, high-tech agriculture... At that time, any participating enterprise will receive support according to common principles, such as tax incentives, human resources, opportunities to access investment support funds, and companion commitments,” Mr. Thanh proposed.
However, Mr. Thanh believes that the recommendations of enterprises will be the basis for perfecting this mechanism. It may even be necessary to have specific policies, new regulations, and pilot mechanisms to encourage enterprises to invest in the production of raw materials, participate in the construction of high-speed railways, urban railways, offshore wind power, etc.
“If these mechanisms and policies are completed soon and submitted to the National Assembly in the upcoming May session with proposals beyond the framework, I believe the growth problem of the large private enterprise sector will be solved,” Dr. Thanh suggested.
Source: https://baodautu.vn/giai-bai-toan-tang-truong-nam-2025-khong-chi-dat-dau-bai-cho-doanh-nghiep-d248532.html
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