Prime Minister Pham Minh Chinh instructed State-owned enterprises (SOEs) to play a pioneering role as a locomotive of the economy, while addressing a meeting in Hanoi on June 15 with executives from over 150 major SOEs.

The PM suggested SOEs to pioneer in five key fields, including innovation, application and mastery of science and technology in the Industry 4.0; international integration and effective overseas investment;
effectively exploiting the country's resources, actively promoting the prevention and combat of corruption and other negative phenomena; researching, proposing and implementing breakthrough mechanisms and policies to develop the country; and training high-quality human resources and smart management in business development.

The Government also assigned specific tasks for relevant ministries and agencies to support businesses, including continuing to reform administrative procedures, improve the business and investment environment, and create favorable conditions for and always support and accompany businesses, including SOEs.

Ministries and sectors should continue to improve the legal framework for managing SOEs and design special mechanisms for ordering their products as well as incentives related to finance and administrative procedures, and review and address difficulties and obstacles to speed up the implementation of key investment projects.

There are 19 State-owned groups and corporations under the management of the Commission for the Management of State Capital at Enterprises. They registered a combined before-tax profit of over VND28 trillion ($1.1 billion) in the first five months of 2024.