Assessing the outstanding differences of Resolution 79, Dr. Huynh Thanh Dien - lecturer at Nguyen Tat Thanh University said that it is a shift from affirming the role of SOEs to designing mechanisms to effectively implement that role in practice. The focus of this new approach is to grant greater initiative to owners and state capital representatives in enterprises.
Accordingly, the State capital representative is not only limited to the function of capital preservation, but is expanded in authority in investment decisions, technology innovation and organization of production and business activities, on the basis of closely linking authority with personal responsibility and output results. At the same time, the Resolution emphasizes the mechanism to protect decision-makers when they have followed the correct procedures and authority but generated objective risks, especially in the fields of long-term investment, innovation and new technologies.
This approach helps SOEs dare to decide, dare to do, dare to take responsibility, thereby promoting the leading role, creating markets and creating a positive spillover effect, resonating with the private economic sector" - Dr. Huynh Thanh Dien emphasized.
Talking to Lao Dong Newspaper, Dr. Huynh Thanh Dien said that to realize the spirit of Resolution 79, in the coming time, it is necessary to synchronously implement groups of solutions according to clear logic, from handling bottlenecks to perfecting the implementation institution.
First, focus on solving the core paradoxes of SOEs, especially the overlap between business goals, public interest tasks and management responsibilities.
Second, classify SOEs by functional groups to apply appropriate management mechanisms, instead of a one-on-one approach.
Third, ensure independence, standards and transparency in the operation of SOEs. The overarching principle is to minimize the direct administrative intervention of the State in production and business activities, and at the same time strengthen public disclosure and transparency of information on finance, governance and operational efficiency for society and the market to jointly supervise.
Fourth, improve the independence and capacity of the SOE supervisory agency. The supervisory agency needs to have sufficient authority and resources to conduct objective and effective supervision; and at the same time build a clear risk management framework as a basis for determining the responsibility of capital representatives.
In addition, it is necessary to complete the mechanism to definitively handle inefficient state-owned enterprises. In fact, there are many state-owned enterprises that stop or stagnate for a long time but cannot go bankrupt or dissolve, causing stagnation of capital and public resources. Therefore, it is necessary to legalize the mechanism for bankruptcy, dissolution and restructuring of state-owned enterprises according to market principles: Enterprises that are no longer capable of recovery are allowed to withdraw orderly; enterprises with potential are restructured or transformed appropriately.
