Prime Minister Pham Minh Chinh on September 14 chaired a meeting between Cabinet members and State-owned enterprises (SOE) across the country on the promotion of business, production and development investment.

Prime Minister Pham Minh Chinh addresses the meeting. (Photo: Tran Hai)

Opening the meeting, PM Chinh said that renovating and enhancing the efficiency of SOEs has been defined as one of the key tasks of the administration at all levels and all sectors.

SOEs should perform the key position and act as an important force of the State-owned economic sector, making important contributions to maintaining macro-economic stability and promoting socio-economic development, he underlined.

The Government leader hailed efforts by the business community in general and SOEs in particular in overcoming difficulties and challenges to make contributions to the national construction and defence.

He noted that in the first eight months of this year, despite impacts from the world situation, the country maintained an uptrend in socio-economic development, with all major balances ensured.

In the period, State budget collection reached 69.4% of the yearly estimate, while public debts, Government debts and foreign debts as well as State budget over-expenditure were kept under good control, he said, adding that the country enjoyed a trade surplus of 20.2 billion USD.

However, the economy has still faced many risks as well as difficulties due to inflation pressure and shrinking export markets, he stressed.

PM Chinh said that currently, the country has nearly 680 SOEs with a total asset value of 3.8 quadrillion VND (157.08 billion USD), including 1.7 quadrillion VND of State budget. But he pointed out that the enterprises have yet to fulfil their role and mission.

He asked participants to focus on evaluating the operations of SOEs and identifying reasons behind their weaknesses. The PM also asked ministries, sectors and localities to listen to the firms’ opinions and seek solutions to remove difficulties facing them, especially in manufacturing-processing industry.

The Government leader asked SOEs to optimise development opportunities brought about by the Party Central Committee’s resolution on the renovation and improvement of SOE performance, as well as the elevation of the Vietnam-US relations, and growing partnerships between Vietnam and partners such as the EU, Japan, the Republic of Korea, and ASEAN member countries.

According to a report by the Ministry of Planning and Investment, as of the end of 2022, Vietnam had 478 enterprises with 100% of charter capital held by the State and 198 others having State investment.

In the first six months of 2023, total revenue generated from SOE business and production activities hit 580.5 trillion VND, equivalent to 53.7% of the yearly target and representing 4% rise year on year.

SOEs with strong performance in the period include Vietnam Oil and Gas Group (Petrovietnam), Vietnam Electricity (EVN), Vietnam National Coal and Mineral Industries Group (Vinacomin), Vietnam National Petroleum Group (Petrolimex), Vietnam Posts and Telecommunications Group (VNPT) and Mobifone.