Prime Minister Pham Minh Chinh underscored the pivotal role of state-owned enterprises (SOEs) in driving Vietnam’s economic growth at a conference in Hanoi on February 27, where permanent Cabinet members and SOE leaders discussed measures to achieve the double-digit growth target.

He urged them to embrace innovation, adopt new approaches, and integrate more deeply into global markets to drive rapid and sustainable national development.

Despite accounting for just 0.3% of the country’s total businesses, SOEs hold nearly VND3.9 quadrillion in assets, control 20.5% of total business capital, generate 23.9% of pre-tax profits (VND 348.3 trillion), and contribute nearly VND 366 trillion to the state budget. Their significant influence on the national economy makes them a key force in Vietnam’s development strategy.

PM Chinh  highlighted that in a constantly changing global environment, SOEs must be flexible and proactive in adapting to new economic realities. He emphasized that their role is not just to maintain stability but to spearhead breakthroughs that will help Vietnam "take off" in the coming years.

To do this, enterprises must prioritize innovation and digital transformation. They should focus on research and development, leveraging technology to enhance productivity and competitiveness. At the same time, improving governance, streamlining institutional frameworks, and modernizing infrastructure are essential steps toward building a more dynamic economy.

Beyond that, economic diversification is crucial. SOEs must explore new markets, expand their product lines, and integrate into global supply chains while ensuring operational stability. Vietnam’s economic strategy calls for strong participation in the digital economy, green industries, and sustainable business models, reinforcing the country’s commitment to environmentally responsible growth.

Another key priority is ensuring that economic progress translates into broader social benefits. SOEs are expected to contribute actively to social welfare programs, ensuring inclusive growth that leaves no one behind. Their role extends beyond generating profits to fostering an equitable and prosperous society.

Looking ahead, the Vietnamese Government chief set an ambitious target for 2025, aiming for a minimum GDP growth rate of 8%. This serves as a launchpad for achieving sustained double-digit expansion in the years to come. He urged SOEs to step up their efforts, collaborate with the private sector, and act as a driving force in creating a resilient, self-reliant economy that is globally competitive.

PM Chinh urged state-owned enterprises to uphold their pivotal role as a driving force in socio-economic development, leveraging their strengths and competitiveness. Working alongside the domestic private sector, they must accelerate growth and breakthroughs to build a self-reliant economy driven by internal strengths, paving the way for a prosperous, rapid, and sustainable national development.

PM orders SOEs to improve production, business efficiency

Prime Minister Pham Minh Chinh has requested State-owned enterprises (SOEs) to reform governance, improve production and business efficiency, and strongly promote development investment.