Prime Minister works with state-owned enterprises on digital transformation, promoting growth

Prime Minister Pham Minh Chinh chaired the conference. Also attending were Deputy Prime Minister Ho Duc Phoc, leaders of ministries, sectors and 68 typical state-owned enterprises (SOEs) operating in key sectors of the economy.

Every state-owned corporation and group needs to grow stronger at this time.

In his opening speech, Prime Minister Pham Minh Chinh stated that this was the second working session with state-owned enterprises in a short time.

In just a short time, the world situation has many rapid, complex and unpredictable changes, while Vietnam is a developing country, the economy is in transition, the economic scale is still modest, the openness is high, external shocks will have a strong impact on us.

According to the Prime Minister, in the face of difficulties and challenges in recent years such as the COVID-19 pandemic, conflicts in many places, supply chain disruptions, natural disasters, storms and floods, etc., we have overcome them all thanks to promoting the spirit of solidarity and unity, in which the role of state-owned enterprises is very important.

The Prime Minister asked delegates to focus on assessing the situation, emerging issues, and finding appropriate solutions.

The Prime Minister pointed out that the current difficulties are still not as difficult as those that Vietnam has faced in the past, such as during the period of national liberation, national reunification, siege, embargo or during the COVID-19 period. Therefore, the more difficulties and challenges there are, the more efforts the whole Party, the whole people and the whole society must make, including enterprises, especially state-owned enterprises when we determine that the state economy plays a leading role.

We must remain calm, not panic, fear, nor be subjective or negligent in any circumstances; continue to promote the spirit of self-control, self-confidence, self-reliance, self-strengthening, national pride, overcome our own limits to innovate, become stronger, more determined, more confident, and more courageous, the Prime Minister said.

The Head of Government said that currently, along with regular tasks, we are focusing on implementing strategic tasks such as making breakthroughs in science and technology development, innovation and national digital transformation; streamlining the organization of the political system; international integration in the new situation with the spirit of catching up, advancing together, surpassing, participating in leading and contributing responsibly to the international community...

Along with that, we strive to achieve the GDP growth target of 8% in 2025, double-digit growth in the following years and this is well-founded with internal resources being fundamental, strategic, long-term, decisive, external resources being important and breakthrough. Our country has a young, abundant labor force, a strategic geographical location, many untapped resources, a rich and heroic cultural and historical tradition. The Prime Minister said that many experts and scholars have affirmed that people are still the most important; in state-owned enterprises, the staff is the most important.

The Prime Minister requested that each state-owned corporation and group at this time need to grow stronger, take the initiative, make more efforts, and participate more strongly in implementing the three strategic breakthroughs, actively promote science and technology, innovation, and digital transformation; promote growth drivers, diversify markets, products, and supply chains, focus on exploiting the domestic market and seeking new markets, and participate in the global supply chain. We do not have just one growth driver, one market, one product, or one supply chain, the Prime Minister stated.

The Prime Minister gave examples: Vietnam Airports Corporation (ACV) needs to be more active in developing Long Thanh airport, Vietnam Expressway Corporation (VEC) needs to be more active in building Ben Luc - Long Thanh expressway...

The Prime Minister noted that with the highest responsibility, with the spirit of patriotism and exemplary pioneering, state-owned enterprises must coordinate with each other and with private enterprises better; make joint efforts to "make a storm out of a few", create breakthroughs; clearly assign people, tasks, time, products, responsibilities and authority.

The conference was held to unify the perception, actions, methods, and approaches when the trade war broke out, promoting the role of state-owned enterprises when facing trade difficulties. The Prime Minister set a goal of not only overcoming difficulties but also doing better, achieving the growth target of 8% this year, while controlling inflation, stabilizing the macro economy, ensuring major balances, ensuring livelihoods, jobs, and improving people's lives.

State-owned enterprises pay nearly 400,000 billion VND to the budget

Presenting a report at the Conference, Deputy Minister of Finance Nguyen Duc TamAccording to the report, in 2024, the total assets of 671 SOEs (473 enterprises with 100% state capital and 198 enterprises with more than 50% state capital) will reach over VND 5.6 million billion, an increase of 45% compared to 2023; equity will reach nearly VND 3 million billion, an increase of 61%, total revenue will reach nearly VND 3.3 million billion, an increase of 24%, pre-tax profit will reach nearly VND 227.5 trillion, an increase of 8% and the State budget will be paid nearly VND 400 trillion, an increase of 9%.

According to Deputy Minister Nguyen Duc Tam, state-owned enterprises in the field of digital technology, VNPT and MobiFone Telecommunications Corporation have clearly demonstrated their leading role in digital transformation, building digital infrastructure for government agencies and many localities, organizations, and enterprises; successfully developing and applying digital transformation products in customer services... Viettel has been realizing the goal of becoming a global technology and business group, successfully implementing digital transformation, pioneering in creating a digital society and being the core in building a high-tech defense industrial complex.

The "Big 4" group of the largest banks in Vietnam has also undergone strong digital transformation over the past years; Vietcombank, Agribank... have all deployed digital banking, easy to operate, integrating many superior security solutions on the modern digital banking service system...

However, in addition to the achieved results, SOEs still have some shortcomings in implementing digital transformation and innovation; operational efficiency is not commensurate with the resources held; competitiveness and science and technology are still limited; business management tools are slow to innovate, and core technologies in digital transformation have not been mastered.

Strive to have at least 10 digital technology enterprises on par with advanced countries

To promote the role of pioneering SOEs in digital transformation and promote double-digit growth, develop the country quickly and sustainably, the Ministry of Finance proposed that agencies and enterprises focus on a number of key solutions.

That is to create breakthroughs and strongly promote new growth drivers. Focus on perfecting regulations to specify the mechanisms and policies in Resolution No. 57-NQ/TW of the Politburo. Perfecting laws, mechanisms and policies on digital transformation; synchronizing legal regulations, mechanisms and policies to support and encourage enterprises to innovate technology, invest in information technology, artificial intelligence, renewable energy, high-tech agriculture, logistics and smart infrastructure...

Focus on restructuring industries and sectors; improve labor productivity and economic competitiveness. State-owned enterprises in the agricultural sector need to focus on shifting from agricultural production thinking to agricultural economic thinking, prioritizing the development of circular cultivation and low carbon emissions. State-owned enterprises in the service sector need to rely on modern technology platforms, develop a number of industries and service products with high knowledge and technology content and competitive advantages. Form a number of tourism service centers with high-quality, branded tourism products.

Assign specific tasks to each domestic technology enterprise to carry out the tasks of localizing platform technologies and solutions to support digital transformation such as Cloud, AI, BigData, etc. and have policies to support these enterprises in research.

Develop a mechanism to help state-owned enterprises access state technology investment funds, venture capital funds, etc. to have funding to test new technologies and innovate high-risk operating models.

Build a mechanism to help state-owned enterprises build salary and bonus mechanisms according to each specific job and flexibly according to market needs.

Develop a framework program to direct technology enterprises to cooperate and coordinate with state-owned enterprises to deploy synchronous and effective digital transformation solutions, ensuring requirements and capacity for data security and safety, and preventing cyber attacks.

Regarding the tasks in the coming time, Deputy Minister Nguyen Duc Tam said that SOEs need to prioritize capital resources to implement digital transformation with specific progress. Implement cooperation activities with domestic digital technology enterprises to increase the localization rate of platform technologies and solutions to support digital transformation such as Cloud, AI, BigData, etc. Promote investment in new technologies, new services (5G, AI); focus on solidifying and sustaining network infrastructure, preventing natural disasters; prioritize and expand infrastructure for manufacturing industry, high-tech industry; continue to implement large and important basic construction projects to ensure facilities for production and business activities of enterprises.

Ministries, sectors, localities, and ownership representative agencies need to prioritize national resources for investment in science, technology, innovation, and digital transformation. By 2045, strive to have the ratio of digital technology enterprises equal to that of developed countries; at least 10 digital technology enterprises on par with advanced countries.

The Ministry of Finance will urgently develop Decrees guiding the Law on Management and Investment of State Capital in Enterprises. The Ministry of Science and Technology will allocate at least 15% of the State budget for scientific career expenditure to serve strategic technology research.

The Government Portal continues to update information about this Conference.