Hanoi (VNA) – Beyond redefining the role of State-owned enterprises (SOEs), Resolution No. 79-NQ/TW issued by the Politburo sets out a broader framework for optimising public resources, emphasising that the State sector should lead through efficiency and internationally aligned governance rather than institutional advantages, while ensuring a level playing field for all economic actors.
According to Phan Duc Hieu, standing member of the National Assembly’s Economic and Financial Committee, this is the first policy document to address the management and use of State resources “in all forms.” The new perspective recognises that public resources extend beyond State capital in SOEs and are embedded across various mechanisms and channels throughout the economy.
Under this approach, the State sector is expected to consolidate its role as a key material force guiding development in strategic industries and sectors considered the “lifelines” of the economy. Maintaining a stable State presence in these areas is essential to safeguarding economic security and strengthening the country’s international competitiveness.
The resolution also charts a development path for SOEs, focusing on improving both quality and scale in critical sectors. For enterprises where the State no longer needs to maintain a controlling stake, the policy direction is clear: accelerate restructuring and consolidation to create stronger entities or proceed with full equitisation.
The relationship between the State sector’s “leading role” and the principle of equal treatment among economic sectors has long been debated. From a legal standpoint, Nguyen Hong Chung, chairman of the DVL Law firm, said Resolution 79 clarifies that the two principles are not contradictory. Instead, the State should focus on areas where the market alone cannot function effectively, such as building core infrastructure, ensuring energy security, and managing systemic risks.
In this sense, the State’s leadership is not about crowding out market players or relying on privileges, but about setting standards that enable the wider economic ecosystem to develop. To avoid overextension of resources, Chung proposed establishing five clear criteria to determine strategic sectors: national security, natural monopolies, market failure mitigation, systemic risk management, and technological leadership.
He also stressed the importance of clear “entry and exit conditions.” When effective private-sector competition emerges, the State should gradually shift from direct production to a regulatory and rule-making role, ensuring transparency and fair competition.
From a macroeconomic perspective, Minister of Finance Nguyen Van Thang, speaking at a discussion session of the 14th National Party Congress, noted that the 2026–2030 period will require the country to accelerate its development momentum. Vietnam aims to raise GDP per capita to about 8,500 USD by 2030 while sustaining annual growth above 10%, placing considerable expectations on all economic sectors.
To support these objectives, the Government issued Official Dispatch No. 06/CD-TTg at the beginning of 2026, urging State economic groups and corporations to target output or revenue growth of at least 10%. The Prime Minister emphasised that the SOE sector must act as a driving force as the 2026–2030 five-year development plan gets underway.
Alongside efforts to strengthen domestic capacity, the Government is also prioritising the full disbursement of public investment and the attraction of high-quality foreign direct investment into advanced sectors such as semiconductors and artificial intelligence. Together with the reform agenda under Resolution 79, these measures are expected to inject fresh momentum into the economy.
The resolution also calls for sweeping reforms of public service units. According to Hieu, the guiding principle is clear: The State will retain only those entities that deliver essential public services or carry out political tasks that the private sector cannot or is unwilling to undertake.
In areas where the market can operate effectively, the State will gradually step back to allow greater social participation, thereby streamlining the administrative system and improving public service quality./.
