Prime Minister Pham Minh Chinh chairs the Prime Minister's Conference working with state-owned enterprises pioneering in digital transformation and promoting growth - Photo: VGP/Nhat Bac

Attending the conference were Deputy Prime Minister Ho Duc Phoc; leaders of ministries, branches, central agencies; leaders of provinces and centrally run cities; representatives of associations, especially 68 state-owned enterprises representing sectors and fields of the economy.

Promoting the role of state-owned enterprises in difficult times

In his opening remarks, Prime Minister Pham Minh Chinh stated that this was the second working session with state-owned enterprises in a short time. Previously, on February 27, 2025, the Government Standing Committee held a working conference with state-owned enterprises with the theme "Tasks and solutions to contribute to double-digit economic growth, rapid and sustainable national development".

According to the Prime Minister, in just a short time, the world situation has had many rapid, complex, and unpredictable changes, while Vietnam is a developing country with a transitional economy, modest economic scale, and high openness, so external shocks will have a strong impact on us.

According to the Prime Minister, in the face of difficulties and challenges in recent years such as the COVID-19 pandemic, conflicts in many places, supply chain disruptions, natural disasters, storms and floods, etc., we have overcome them all thanks to promoting the spirit of solidarity and unity, in which the role of state-owned enterprises is very important.

The Prime Minister pointed out that the current difficulties are still not as difficult as those that Vietnam has faced in the past, such as during the period of national liberation, national unification, being surrounded, embargoed, carrying out the renovation process from "empty hands"... or during the COVID-19 period. Therefore, the more difficulties and challenges there are, the more efforts the whole Party, the whole people, and the whole society must make, including enterprises, especially state-owned enterprises when we determine that the state economy plays a leading role.

The Prime Minister requested that state-owned enterprises be more proactive, pioneer digital transformation and promote growth - Photo: VGP/Nhat Bac

We must remain calm, not panic, fear, nor be subjective or negligent in any circumstances; continue to promote the spirit of self-control, self-confidence, self-reliance, self-strengthening, national pride, overcome our own limits to innovate, become stronger, more determined, more confident, and more courageous, the Prime Minister said.

The Head of Government said that currently, along with regular tasks, we are focusing on implementing strategic tasks such as making breakthroughs in science, technology, innovation and national digital transformation; streamlining the organization of the political system; international integration in the new situation with the spirit of catching up, advancing together, surpassing, participating in leading and contributing responsibly to the international community... At the same time, we are promoting the implementation of 3 strategic breakthroughs in building and perfecting institutions; developing strategic infrastructure; and training high-quality human resources.

Along with that, we strive to achieve the GDP growth target of 8% in 2025, double-digit growth in the following years and this is well-founded with internal resources being fundamental, strategic, long-term, decisive, external resources being important and breakthrough. Our country has a young, abundant labor force, a strategic geographical location, many untapped resources, a rich and heroic cultural and historical tradition. The Prime Minister said that many experts and scholars have affirmed that people are still the most important; in state-owned enterprises, the staff is the most important.

The Prime Minister requested that each state-owned corporation and group at this time need to grow stronger, take the initiative, make efforts, and participate more strongly in implementing the country's important, strategic goals and tasks.

The Prime Minister noted that with the highest responsibility, patriotism, and exemplary pioneering spirit, state-owned enterprises must coordinate with each other and with private enterprises better, and make joint efforts to "make a big difference" and create breakthroughs.

Deputy Prime Minister Ho Duc Phoc chaired the discussion session - Photo: VGP/Nhat Bac

The conference was held to unify awareness, actions, methods, and approaches when the trade war broke out, promoting the role of state-owned enterprises when facing trade difficulties. The Prime Minister set a goal of not only overcoming difficulties but also doing better, achieving the growth target of 8% this year, while controlling inflation, stabilizing the macro economy, ensuring major balances, ensuring livelihoods, jobs, and improving people's lives.

At the Conference, delegates focused on assessing the role of state-owned enterprises in pioneering digital transformation and promoting economic growth; proposing mechanisms, policies and solutions to remove difficulties and obstacles of state-owned enterprises in the process of production, business and digital transformation, implementing Resolution 57 of the Politburo; the implementation of tasks and solutions to contribute to rapid growth, towards double-digit growth and sustainable economic development; consulting and giving advice from enterprises to the Government to proactively, appropriately and effectively respond to the current complex and unpredictable developments in international trade and investment.

According to the report of the Ministry of Finance, in 2024, the country will have 671 state-owned enterprises, including 473 enterprises in which the State holds 100% of the charter capital and 198 enterprises in which the State holds more than 50% of the charter capital. In 2024, the total assets of state-owned enterprises will reach more than 5.6 million billion VND, equity will reach nearly 3 million billion VND, total revenue will reach nearly 3.3 million billion VND, and pre-tax profit will reach more than 227 thousand billion VND.

Businesses attending the Conference - Photo: VGP/Nhat Bac

Reports and opinions at the recent assessment meeting stated that in the context of the complicated and unpredictable developments in the world and domestic economy, the role of the state-owned enterprise sector was once again affirmed and promoted as an effective tool for the State to regulate and stabilize the macro-economy, create motivation, lead and develop enterprises in other economic sectors, support and overcome shortcomings of the market economy, and contribute to promoting the socio-economic development of the country.

By the end of 2024, state-owned enterprises have focused on implementing investment projects to improve their capacity and scale of production and business. All basic projects have been urgently implemented by state-owned enterprises to ensure progress, efficiency and savings according to the approved plan. State-owned enterprise projects focus on important and key sectors and fields of the economy, contributing to the implementation of the socio-economic development goals of the whole country.

Opinions say that, with their role, state-owned enterprises need to lead and set standards for technical standards, digital models, and effective operating procedures to guide the entire industry.

State-owned enterprises must be an important force in implementing the Government's strategies in building a digital government, digital economy and digital society. Enterprises can take the lead in deploying shared platforms, online public services, open data, etc., and in investing in new technologies such as AI, IoT, Blockchain, Big Data, etc. with the goal of modernizing management, increasing competitiveness, promoting international integration and expanding service scope. Specifically, it is necessary to increase investment in development, improve competitiveness on the basis of modern technology platforms and innovation capacity, build a business ecosystem, form value chains, promote cooperation and linkages that are competitive enough in the region and internationally.

Along with that, the National Assembly, the Government, and the agencies representing the owners need to urgently develop mechanisms and legal corridors with appropriate and feasible solutions and policy mechanisms to encourage state-owned enterprises to pioneer in digital transformation and promote growth, taking advantage of their strengths, striving to achieve the goals and targets of each industry, sector, and the common goals of the whole economy.

Leaders of ministries and branches attend the Conference - Photo: VGP/Nhat Bac

Develop yourself and your country

In his concluding remarks, Prime Minister Pham Minh Chinh highly appreciated the dedicated and responsible opinions of ministries, localities and state-owned enterprises, which were in line with the Conference's theme; assigned the Government Office to coordinate with the Ministry of Finance to absorb opinions, prepare and submit for promulgation the Conference's product, which is a Notice of Conclusion of the Prime Minister.

The Prime Minister stated that although the number of corporations and general companies only accounts for a small proportion of the total of nearly 1 million operating enterprises in our country, they play an important role and position, holding an important material force of the economy.

Therefore, state-owned enterprises must develop, grow, become increasingly strong and mature, on the basis of promoting science and technology, innovation, digital transformation, green transformation, and increasing labor productivity; both developing for themselves and contributing to the rapid and sustainable development of the country, contributing to the implementation of the two 100-year goals (by 2030 and 2045) set out.

The Prime Minister emphasized the need for stability and development, including internal and external stability, public confidence, political stability, ensuring social order and safety; rapid, sustainable, inclusive, comprehensive development, leaving no one behind; and constantly improving the material and spiritual life of the people.

According to the Prime Minister, digital transformation is an objective requirement, a strategic choice and a top priority in the development of the country and for each enterprise; enterprises must be pioneers in digital transformation because they have resources, conditions, and people, participating in leading the country's digital transformation, building a digital government, digital society, and digital citizens. At the same time, enterprises must grow at a high double-digit rate, grow rapidly and sustainably to contribute to the country's GDP growth of 8% or more in 2025 and double-digit growth in the coming years, stabilize the macro economy, control inflation, ensure major balances, control public debt, foreign debt, government debt, and budget deficit.

Regarding digital transformation solutions, the Prime Minister emphasized a number of important points: Enterprises must complete processes, regulations, and standardize according to digital transformation; build databases, digitize documents and records to promote, develop, and use artificial intelligence; develop digital infrastructure and contribute to the development of the country's digital infrastructure; develop digital products of enterprises in all fields of operation, in line with the development of enterprises; develop digital quickly, strongly, and effectively but must be manageable, ensure digital security and safety, contributing to national digital security and safety; train and develop digital human resources, contributing to the development of digital citizens because humans are the most valuable asset to use artificial intelligence and must overcome artificial intelligence.

The Prime Minister noted that all these tasks must be integrated into the digital transformation process of the whole country, including the digital popular education movement.

Regarding solutions to promote growth, the Prime Minister stated that businesses must pay attention to renewing the three traditional growth drivers of investment, export, and consumption and promoting new growth drivers.

Regarding exports, the Prime Minister assessed that the current situation is difficult, but not as difficult as the difficulties we have overcome; the export market is not only shrinking now, but has been shrinking since the COVID-19 pandemic, conflicts, and supply chain disruptions. Enterprises must diversify markets, products, and supply chains, focus on exploiting the domestic market and actively and creatively seek new markets in the world such as the Middle East, Central Asia, Halal, Latin America, Africa, etc. and consolidate traditional markets, participate in the global supply chain in the spirit of "harmonious benefits, shared risks".

Save more to focus on investment, expand investment, improve investment efficiency, reduce the capital efficiency ratio (ICOR). Regarding consumption, it is necessary to focus on expanding to meet domestic consumption needs, taking advantage of the market opportunity of 100 million people.

Along with that, promote new growth drivers such as digital transformation, green transformation, circular economy, sharing economy, creative economy, knowledge economy; innovate operations, smart governance, reduce management costs.

The Prime Minister noted that state-owned enterprises must coordinate with each other, learn from each other, and support each other and private enterprises better. Agencies and enterprises need to evaluate, encourage, and reward in a timely manner, and encourage those who dare to think, dare to do, dare to innovate, and dare to take responsibility for the common good.

Regarding ministries and branches, the Prime Minister requested to review, propose and immediately remove institutional obstacles, especially those related to the law on management and investment of state capital in enterprises according to the principle of "only manage what you know, do not manage what you do not know", and strengthen decentralization and delegation of authority. Review and eliminate all cumbersome administrative procedures for enterprises; cut at least 30% of procedures, costs and compliance time.

Along with that, develop strategic infrastructure to reduce input costs for businesses; train high-quality human resources for businesses; contribute to preventing corruption, negativity, and waste; boldly assign work to businesses.

Regarding monetary policy, the Prime Minister noted the need to stabilize exchange rates, make efforts to reduce interest rates, have preferential credit packages for various sectors, and defer debt when businesses are facing difficulties. Fiscal policy needs to focus on disbursing public investment; exempting and deferring taxes, fees, and land rents; and quickly and conveniently refunding VAT.

The Ministry of Science and Technology must cut administrative procedures on science and technology. The Ministry of Foreign Affairs and the Ministry of Industry and Trade must step up the implementation of Resolution 59-NQ/TW of the Politburo on international integration in the new situation, promoting the connection of domestic enterprises with enterprises around the world, domestic and foreign markets.

The Prime Minister also directed a number of specific tasks to ministries and branches to remove many specific difficulties and obstacles for businesses such as reducing export tax on cement clinker, reusing waste in coal mining, etc.

Emphasizing that "The Party has directed, the Government has agreed, the National Assembly has agreed, the people have supported, the Fatherland is waiting, then we only discuss and do, not back down", reiterating the requirement to clearly assign people, tasks, time, products, responsibilities, and authority, the Prime Minister believes that state-owned enterprises will do well in national digital transformation and promote growth according to the policies of the Party, the State and the direction of General Secretary To Lam.