Hanoi (VNA) - The Politburo has set a target of having 50 State-owned enterprises (SOEs) ranked among Southeast Asia’s top 500 companies and one to three SOEs among the world’s top 500 by 2030, according to Resolution No. 79 on the development of the State-run economic sector.
The resolution, recently signed by Party General Secretary To Lam, affirms that the State-run economy remains a particularly important pillar of the socialist-oriented market economy in Vietnam.
The State economy is defined as comprising resources owned, managed and regulated by the State to achieve socio-economic development goals, maintain macroeconomic stability, and safeguard national defence and security.
These include land, mineral, water resources, sea and air space, underground space, State-invested infrastructure, the State budget, national reserves, off-budget State financial funds, SOEs, State-owned credit institutions, State capital in enterprises where the State holds 50% or less of charter capital, and public service units.
The Politburo reiterated that the sector plays a leading role, operates on an equal legal footing with others, and develops alongside them through fair competition and cooperation.
Clear targets
By 2030, the resolution sets out key fiscal and structural targets, including State budget revenue mobilisation of around 18% of GDP during 2026 - 2030, a budget deficit of about 5% of GDP, and public debt capped at 60% of GDP. Development investment is expected to account for 35–40% of total State spending, while recurrent expenditure will be kept at 50–55%. National reserves are targeted to reach at least 1% of GDP by 2030.
The Politburo aims to build several large-scale, technologically advanced State economic groups with regional and global competitiveness, capable of playing a pioneering role and leading domestic firms into key global production and supply chains, particularly in strategic sectors.
In the banking sector, at least three State-owned commercial banks are expected to rank among the top 100 in Asia by total assets, while four major State-owned banks will take the lead in technology, governance capacity, market share and system-wide stabilisation.
Looking ahead to 2045, national reserves are expected to reach 2% of GDP, around 60 SOEs to rank among Southeast Asia’s top 500, and five others to enter the world’s top 500. At least 50% of public service units are expected to become financially autonomous and operate effectively under market mechanisms.
The resolution underscores land as a special production resource under unified State management, with a target to complete nationwide land measurement, digitisation and data cleansing by the end of 2026.
Enterprises, especially SOEs, are encouraged to invest abroad in mineral exploration, extraction and processing for resources that are scarce or unavailable domestically. No new off-budget State financial funds will be established, except in urgent cases approved by the Politburo and the Party Central Committee.
The resolution also calls for strengthened internal control systems to prevent violations, conflicts of interest, wastefulness and losses, and for decisive replacement of ineffective or irresponsible leadership.
In addition, SOEs are urged to implement competitive wage and bonus mechanisms linked to performance, accelerate substantive restructuring and consolidation, and enhance the effectiveness of the Vietnam Asset Management Company (VAMC) and the Vietnam Debt and Asset Trading Corporation (DATC) to support financial restructuring and bad debt resolution under market principles./.
