Prime Minister: State-owned corporations and groups must restructure and focus on investment and development.

On the morning of February 5, at the Government Headquarters, Prime Minister Pham Minh Chinh worked with the State Capital Management Committee at Enterprises and 19 corporations and general companies under the State Capital Management Committee at Enterprises (state-owned corporations and general companies) on production and business in 2024 and promoting investment in economic and social development.

Photo caption — Prime Minister Pham Minh Chinh works with the State Capital Management Committee at Enterprises and 19 corporations and groups. Photo: Duong Giang/VNA

Also attending were Deputy Prime Ministers Le Minh Khai and Tran Hong Ha; leaders of ministries, branches and leaders of 19 state-owned corporations and groups. Revenue, profit, budget payment increase In 2023, the total revenue of parent companies of 19 corporations and general corporations reached nearly 1,135 trillion VND, equal to 105.15% of the 2023 plan. Pre-tax profit reached 53,256 billion VND (excluding Vietnam Electricity Group - EVN), equal to 166.09% of the 2023 plan and 110.92% over the same period in 2022. Corporations and general corporations paid more than 79,252 billion VND to the state budget, equal to 199.96% of the 2023 plan and 120.22% over the same period in 2022. Of which, 15/19 corporations and general corporations completed and exceeded the revenue plan; 16/19 corporations and general corporations completed and exceeded the plan for pre-tax profit (except for Vietnam Airlines Corporation, which reduced its loss compared to the plan); 16/19 corporations and general corporations completed and exceeded the plan for paying the state budget. At the conference, leaders of ministries, branches, corporations and general corporations analyzed and evaluated the performance results in 2023 and proposed tasks and solutions to promote production and business, contributing to promoting socio-economic development in 2024 and the coming time. In particular, delegates reviewed the need to improve institutions, mechanisms, policies and related laws so that corporations and general corporations can operate more effectively. Taking note of the opinions of the delegates, concluding the conference, Prime Minister Pham Minh Chinh highly appreciated the efforts, attempts and performance results of the State Capital Management Committee at Enterprises (the Committee) and 19 corporations and general corporations in the past time, contributing to the implementation of the country's socio-economic development plan in 2023. In the spirit of not being intoxicated with victory, being subjective, negligent, or losing vigilance, the Prime Minister pointed out the limitations and weaknesses such as: There are still problems with institutions, mechanisms, and policies; investment for development is still limited; contribution to GDP growth is not commensurate with assets and finance held; business investment efficiency is not high... These limitations are due to the positivity, proactiveness, creativity, daring to think, daring to do of a number of leaders of corporations and general corporations that have not been strongly promoted; legal problems, especially regarding land, public investment, and decentralization and delegation of powers have not been promptly handled; Policies for cadres working in enterprises and capital management are still inadequate and not suitable for the actual situation; the enterprise management system is not really suitable for the market economy, there are many layers, intermediate stages causing congestion, requiring continued implementation and experience; still affected by COVID-19... Analyzing the situation in the coming time, the Prime Minister said that 2024 is very important, being the pivotal year for implementing the 5-year socio-economic development plan 2021 - 2025; the requirements and tasks of 2024 are higher than those of 2023. While forecasting the international and domestic situations, there will continue to be advantages, opportunities and difficulties and challenges intertwined, of which the latter are more numerous. Focus on investment and development To successfully complete the assigned goals and tasks in 2024 and the entire period of 2021 - 2025, the State Capital Management Committee at Enterprises and 19 corporations and general corporations must grasp the situation and thoroughly grasp and closely follow the conclusions and resolutions of the Central Committee, the National Assembly, and the Government, concretizing and implementing the goals and tasks in 2024 with the theme: "Discipline, responsibility, proactiveness, timely, accelerating innovation, sustainable efficiency"; State-owned enterprises must operate according to the socialist-oriented market mechanism. The head of the Government directs the State Capital Management Committee at Enterprises to develop and implement the development strategies of corporations and general corporations, more clearly demonstrating the role of leading, creating motivation, paving the way, promoting the development of other economic sectors; At the same time, regularly and promptly summarize difficulties, obstacles, and bottlenecks in production, business, investment, restructuring, equitization, divestment, and rearrangement of houses and land... of enterprises; promptly resolve issues within its authority, promptly advise and recommend competent authorities to resolve issues beyond the authority of the Committee and enterprises; best complete production and business tasks, contribute to ensuring major balances for the economy, stabilize the macro-economy, ensure revenue for the state budget, and create jobs for workers. In particular, the Prime Minister requested to focus on removing legal difficulties to clear obstacles, create a legal framework for enterprises to operate, with the spirit of decentralization, the sharing of power coupled with appropriate resource allocation, improve the capacity of subordinates, strengthen inspection, supervision, and control of power; cut down on administrative procedures and promote the spirit of daring to think, daring to do, daring to take responsibility, especially of the leaders.

Focus on development investment, with focus and key points, focusing on the 3 strategic breakthroughs of the Party and State: perfecting institutions, developing infrastructure, training human resources; renewing the 3 growth drivers: investment, export, consumption; adding new drivers: green development, digital transformation, green transformation, circular economy, knowledge economy, sharing economy; restructuring corporations and general companies, focusing on restructuring governance, finance, input materials and industries according to development trends.

The Prime Minister requested to promote tradition, courage, confidence, create new momentum, new motivation, create new victories; actively prevent and combat corruption, negativity, group interests and the mentality of waiting and relying; improve the material and spiritual life of workers year after year; do a good job of social security. Ministries, branches and the State Capital Management Committee at Enterprises closely coordinate, remove and promptly resolve difficulties and problems related to enterprises, in the spirit of all for the benefit of the nation, people, for the development of corporations and general corporations. Deputy Prime Ministers according to assigned fields monitor and direct; the Government Office and the State Capital Management Committee at Enterprises proactively follow the situation, advise to promptly handle related issues for the development of corporations and general corporations. "Corporations and general corporations should pay special attention to ensuring major balances in electricity, coal, oil and gas, and the supply of raw materials for manufacturing industries and for national security and defense, passenger and cargo transportation, and agricultural and forestry products," the Prime Minister noted. Accordingly, the Prime Minister requested that the Vietnam Electricity Group absolutely must not allow power shortages, adjust electricity prices in accordance with the market, not jerkily, but not be perfectionist, not hasty. The Vietnam National Oil and Gas Group must ensure enough oil and gas according to plan. The Coal and Minerals Group must exploit coal and minerals with a long-term and sustainable plan; strengthen decentralization and delegation of authority, and must not allow the "ask-give" mechanism. The Vietnam Steel Corporation must ensure steel production and completely handle the Tisco 2 project. The Vietnam Airlines Corporation must make efforts to cut losses and completely handle outstanding issues. Petrolimex must not allow a shortage of gasoline and oil. The Ministry of Industry and Trade must reform the mechanism for managing petroleum business contacts in a simple, easy-to-check and monitor manner, and avoid having too many petroleum business contacts... The Prime Minister requested the State Capital Management Committee at Enterprises and corporations and general companies to seriously implement the directions of the Government and the Prime Minister, with the goal of making business efficiency, investment, budget contribution, social security work, fighting negativity, corruption and waste in 2024 more effective than in 2023.