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SOEs urged to boost business efficiency

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

February 23, 2024 2:12 PM GMT+7
SOEs urged to boost business efficiency- Ảnh 1.

Illustration photo

The Government chief also tasked SOEs to fruitfully and efficiently implement the plan on enterprise restructuring for the 2021 - 2025 period, their development strategies, annual and five-year production, business, and investment plans.

National key projects in important fields must be accelerated to create momentum for sectors and the entire economy to grow, carry out timely capital disbursement to accelerate investment projects, and consider increasing investment in innovation and emerging sectors.

The enterprises were asked to prioritize resources for their core business fields, address the scattering and ineffectiveness of investment, improve the innovation capacity, reform and align their corporate governance models with international practices, re-organize apparatuses, enhance competitiveness.

Last year, SOEs reported nearly VND 1,66 quadrillion (US$67.1 billion) of revenue and their pre-tax profit around VND 125.8 quadrillion, 4 percent and 8 percent higher than the respective targets.

They also contributed about VND 166 quadrillion to the state budget, 8 percent higher than the target.

SOEs have increasingly shown their leading role in important and essential sectors of the economy, helping stabilize the macro-economy, control inflation, boost growth, guarantee major economic balances, and promote socio-economic development and national defense.

However, some SOEs have yet to fully capitalize on the state resources, capital, and assets assigned to them or meet investment disbursement targets; some posted losses; their competitiveness, science - technology application, innovation, and digital transformation remain limited; and corporate governance reform remains modest./.