 (Photo: VGP) |
Resolution 79 adopts a comprehensive reform approach, shifting the management mindset of SOEs from maintaining scale to generating higher value added for the economy.
Breaking long-standing bottlenecks
Over nearly 40 years of national renewal, SOEs have served as the backbone of the economy, contributing to macroeconomic stability and safeguarding major economic balances.
Economist Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, said: "SOEs have ensured key economic balances, particularly in energy, thereby safeguarding national energy security. In sectors such as finance, banking, and telecommunications, SOEs have acted as leading enterprises, driving the development of key industries. However, continued reform is essential to enable SOEs to play a greater and more effective role in fulfilling the tasks assigned by the State."
Highlighting the advantages SOEs currently have, Dr. Nguyen Duc Kien, former Vice Chairman of the National Assembly’s Economic Committee, emphasized the importance of clearly defining their role in building value chains.
Kien said: "While SOEs account for just 12.2% of total tax revenue, they contribute as much as 27.5% of total investment in production and development. This indicates that SOEs’ investment intensity is significantly higher than that of other economic sectors, which is an advantage in implementing the country’s strategic economic orientations."
Resolution 79 aims to dismantle long-standing bottlenecks, including dependence on protective mechanisms, an overlap of state management and ownership functions, and a mismatch between authority and accountability that has fostered risk aversion and resistance to innovation. The Resolution underscores the importance of linking the accountability of leaders to production and business outcomes, identifying that as a critical lever for substantive improvements in SOE governance.
Resolution 70 opens a new action framework
In addition to removing entrenched obstacles, Resolution 79 sets clear targets. By 2030, Vietnam aims to have 50 SOEs among the 500 largest enterprises in Southeast Asia, and up to 3 SOEs among the world’s top 500. The Resolution also calls for the development of a number of state economic groups and SOEs with regional and global competitiveness, capable of playing a pioneering role and leading domestic enterprises to greater participation in global production and supply chains, particularly in strategic and key sectors of the economy.
With clearer institutional frameworks and dismantled mindset barriers, national enterprises will have better conditions to enhance their governance capacity and strongly invest in science, technology, digital transformation, and long-term strategic sectors. Pham Tuan Anh is a member of the Members’ Council of the Vietnam National Industry-Energy Group (Petrovietnam), one of the national enterprises aspiring to enter the world’s top 500 by 2030.
Mr. Tuan Anh said: "Enterprises must upgrade competitiveness through comprehensive digital transformation, green transition, and sustainable development, integrating green criteria into performance evaluation. It’s important to shift from traditional business models to service-, data-, and platform-based models, increase investment in research and innovation, and internationalize operations. SOEs serve the domestic market and should also become spearheads in exporting infrastructure technology services and engaging in global technology licensing partnerships."
Resolution 79 opens a new action framework for SOEs in the next phase of development. They will no longer be measured by asset size or number, but by their contribution to economic growth, national competitiveness, and sustainable development goals. Innovation is no longer an option, it’s the only way for SOEs to continue playing a core role in the national economy.