State-owned enterprises streamline and play a leading role in strategic sectors
In the journey of 4 decades of renovation, the structure of Vietnam's economy has changed strongly with the rise of the private economic sector and the increasingly deep integration process. In that context, the leading and leading role of the State economy is increasingly affirmed, in line with the development requirements of a modern, competitive and open market economy.
Stepping into a new development stage, the requirement is to form growth drivers based on science and technology, innovation and foundational industries. These are areas that require large resources, long-term vision and the ability to lead the entire system, thereby setting the requirement that the state economic sector must promote strongly.
Resolution No. 79-NQ/TW dated January 6, 2026 of the Politburo has set out a clear direction: The State economy must "pioneer in creating development, leading, paving the way, promoting industrialization, modernization, restructuring the economy and establishing new growth models, taking science, technology, innovation and digital transformation as the main driving forces, improving national competitiveness. Focus on building and developing large state-owned economic groups, corporations, SOEs, and state-owned commercial banks, playing a pioneering role, leading, creating motivation to promote key, strategic sectors and fields with regional and global competitiveness or essential sectors and fields".
This is not only a policy requirement, but is being concretized through the process of restructuring state-owned enterprises and reshaping the operating methods of this sector.
According to Mr. Doan Thanh Tuan - Deputy Director of the State Enterprise Development Agency (Ministry of Finance), the restructuring process of the state-owned enterprise sector over the years has fundamentally changed the scale. From about 12,000 enterprises before, there are currently only 473 enterprises with 100% state-owned capital and about more than 800 enterprises if including units with state-controlled capital.
Mr. Tuan said that the remaining businesses mainly operate in key and essential areas, associated with macroeconomic stability, ensuring major balances and national economic security. This change shows that the number of state-owned enterprises has been narrowed but are all associated with strategic functions and tasks.
In the coming time, the number of state-owned enterprises may continue to decrease, but not mechanically. The retention or reorganization of enterprises will be based on the ability to perform the assigned mission, operational efficiency and role in the economy. It is not about reducing as much as possible, but what is important is whether that enterprise is really necessary and does a good job of strategic tasks or not" - Mr. Tuan emphasized.
According to Mr. Tuan, restructuring does not mean only narrowing down. The State can still invest in new establishments or strengthen the role of state-owned enterprises in key sectors with great spillover effects, especially high-tech industries, innovation, and strategic infrastructure. This is also a force expected to take the lead in implementing science and technology orientations and growth model transformation.
The ultimate goal is to build a streamlined, efficient, competitive state-owned enterprise system that plays a leading role in key areas. The number will not be a rigid criterion, but depends on practical development requirements and the ability to fulfill the mission of each enterprise in each stage.
Clear role allocation to create motivation for economic sectors
Parallel to the process of restructuring state-owned enterprises is the strong development of the private economic sector. The promulgation of resolutions on the development of the private and state-owned economies poses a requirement to clearly establish the relationship between these two sectors.
Prof. Dr. Hoang Van Cuong - economic expert - said that the private economy is identified as an important driving force, while the state economy plays a leading and pioneering role. When state-owned enterprises operate according to market principles, competition is inevitable, but if not handled well, it can lead to competition that harms each other.
According to him, it is necessary to clearly define the scope of operation of each region. Fields related to sovereignty and security such as aviation and maritime management need to be held by the State. Other fields may involve private sector, but roles must be clearly defined to ensure coordination instead of confrontation.
Along with that, the allocation of resources in the state sector also needs to be focused. Investment cannot be spread out, but must focus on businesses with the ability to master technology, lead the industry and connect other economic sectors.
In fact, the redefinement of roles between the State and private sectors has been and is being implemented. At the Ministry of Construction, the state capital divestment process has been accelerated at many large enterprises such as Song Da, Lilama and other units.
Mr. Vu Ngoc Anh - Director of the Enterprise Management Department, Ministry of Construction said that the divestment according to the principle of letting the private sector implement what is not important has created conditions for private enterprises to rise up and master most of the key expressway and airport projects.
The remaining state capital is focused on areas of national defense and special public interest that private sectors cannot participate in, such as air traffic management and maritime safety assurance.
Orienting to 2030, state-owned enterprises will take on the role of paving the way in the fields of social security. Tasks such as developing social housing are assigned to key enterprises to shape the market and move towards a suitable price level.
Another direction is to hold key links in the construction material supply chain to limit price fluctuations and ensure market stability. Capital raised from divestment will be reinvested in strategic areas, creating a shift in resources in the right direction.
Repositioning national investors, leading long-term capital flows
Besides the role of production and business enterprises, the reorganization of state capital investment entities is also an important content.
According to Mr. Le Thanh Tuan - Deputy General Director of the State Capital Investment Corporation (SCIC), SCIC's current investment portfolio includes more than 100 enterprises, with a market value of about 8 billion USD. Although certain results have been achieved, the current model also reveals limitations and needs to be adjusted.
“SCIC is building a new strategy with a focus on repositioning its role as a national investor. Investment activities will focus on the fields of innovation, technology, digital transformation and research to participate in establishing venture capital funds to create a spillover effect,” Mr. Tuan said.
Mr. Tuan also said that referring to the experience of national investment funds shows the trend of shifting to operating according to market principles, focusing on increasing the value of national assets. The Temasek model of Singapore is considered a model that SCIC aims for.
In this approach, the efficiency evaluation criteria also need to be changed, not only based on revenue and profit but also on the level of net asset value increase. This is a condition for SCIC to truly become a tool to lead long-term capital flows for the economy.
