Hanoi (VNA) - At the 9th session of the 15th National Assembly, delegates held lively discussions on financial measures to spur growth, highlighting the complementary roles of SOEs and the private sector.
Party and National Assembly resolutions affirm SOEs as leaders in critical industries, while the private sector is considered the most important driver of the economy. Raising SOE efficiency and strongly supporting private businesses reflects the determination of policymakers to unlock resources and power both sectors to drive growth and breakthroughs in the coming period.
Unlocking the potential of SOEs
As of early 2024, SOEs managed assets worth more than 4 quadrillion VND, state investment capital exceeding 1.75 quadrillion VND, and nearly 1 million jobs, according to the Ministry of Finance. They remain dominant in key sectors of the economy.
But their performance has been mixed. Capital and assets have not been fully tapped, as major investment decisions are still bound by regulations that limit enterprise autonomy. National Assembly deputies stressed the need to accelerate equitization and divestment, improve oversight mechanisms, and hold leaders accountable for restructuring.
Finance Minister Nguyen Van Thang admitted that SOEs have yet to fully adopt international governance standards, hindered by outdated regulations and mindsets.
He underscored the importance of revising the Law on Management and Use of State Capital (Law No. 69) and called for reforms to increase autonomy, transparency, accountability, and professional management.
On the other hand, on June 5, 2025, the Prime Minister issued Official Dispatch No. 4941/VPCP-ĐMDN, assigning the Ministry of Finance to take the lead, in coordination with relevant agencies, in finalizing the project, studying, and proposing the issuance of a Politburo Resolution on the development of state-owned enterprises.
Deputy Prime Minister Nguyen Chi Dung emphasized the need to clarify SOEs’ role and mission under Resolution 68-NQ/TW, while aligning with international standards and best practices.
Fueling private sector growth
Alongside SOE reform, boosting private enterprise remains a top priority. Politburo Resolution 68 and National Assembly resolutions set a strategic target of 2 million operating enterprises by 2030.
Delegates called for easing land and infrastructure access, prioritizing high-tech firms, and expanding support for startups, green projects, and disadvantaged regions. They also urged financial incentives such as preferential loans, tax breaks, and targeted subsidies.
Minister Thang said the Ministry of Finance has already integrated tax and investment incentives for SMEs and will continue to refine the legal framework, support startups, and mobilize private capital through public-private partnerships (PPP). Recent PPP reforms now allow the state to cover up to 50–60% of project costs, creating opportunities for smaller firms to participate.
To encourage household-to-enterprise transformation, the Minister proposed offering support, including free software, boosted promotion and three years of corporate income tax exemption. He also pledged to simplify compliance procedures and provide training to ease the transition.
The Minister confirmed that the Ministry is working to institutionalize Politburo Resolution 68 and National Assembly Resolution 198, and will present comprehensive amendments to enterprise-related laws at the 10th session of the National Assembly./.
