Resolution 79-NQ/TW 2026 on the development of the state economy

RESOLUTION
OF THE POLITICAL BUREAU

On the development of the state economy

The state economy is an especially important component of the socialist-oriented market economy. The foundation of the state economy comprises resources held, managed, and controlled by the State for the purpose of carrying out activities to achieve socio-economic development objectives, macroeconomic stability, and the assurance of national security and defense, such as: land, mineral resources, water resources, sea areas, airspace, underground space, infrastructure facilities invested in and constructed by the State, the state budget, national reserves, off-budget state financial funds, state-owned enterprises, state-owned credit institutions, state capital in enterprises in which the State holds 50% or less of the charter capital, public non-business units, etc.

After 80 years of construction and development, especially after nearly 40 years of implementing the national renovation process, the state economy has consistently maintained a leading role, effectively performing the function of orienting, leading, and regulating economic activities, contributing to promoting growth, stabilizing the macroeconomy, maintaining major balances of the economy, ensuring national defense and security, promoting social progress and equity, improving the living standards of the people, and enhancing Vietnam’s position in the international arena.

However, there remain many limitations and shortcomings. Policies and laws on the state economy have been slow to innovate and have not kept pace with the practical development of the economy. The management, exploitation, and use of many state resources and assets have not been truly effective, have not been associated with the requirement of full economic accounting, and still involve waste and losses, and have not clearly demonstrated the leading and controlling role in the national economy. State-owned enterprises, the core force of the state economy, have operated inefficiently and have not been commensurate with their position and the resources they hold; the international competitiveness remains limited; they have not played a pioneering role in innovation and in leading a number of key and essential sectors and fields. The system of public non-business units has not been streamlined, the operational mechanisms and financial autonomy have been slow to innovate; the roadmap for adjusting service prices has been slow, the quality of services has not met requirements. A number of prolonged shortcomings and obstacles have not been promptly addressed, causing waste and losses.

There are many causes leading to the above-mentioned situation, but primarily due to limitations in thinking and awareness regarding the position, role, and scope of the state economy in the socialist-oriented market economy, under State management and under the leadership of the Party; the relationship between the State, the market, and society has not been properly resolved; the legal institutional framework has not been synchronized and still contains obstacles and inadequacies; implementation in some instances and localities has not been strict; coordination in management, use, and action among agencies has not been truly effective; the capacity of the management staff has not met development requirements; the sense of responsibility, especially of heads, in the management and use of state assets has not been high, and there have even been intentional violations for corruption; inspection, examination, auditing, and supervision has in some respects remained limited and has not met management requirements.

In order to further promote the role of the state economy, contributing to the realization of the objective of turning our country into a developing country with modern industry and upper-middle income by 2030, on the occasion of the 100^th anniversary of the founding of the Party, and becoming a developed, high-income country with a socialist orientation by 2045, on the occasion of the 100^th anniversary of the founding of the State, the Political Bureau requires a focus on thoroughly grasping and resolutely, synchronously, and effectively implementing a number of guidelines and policies on the development of the state economy.

I- GUIDING VIEWPOINTS

1. The state economy plays the leading role in the socialist-oriented market economy, ensuring macroeconomic stability, the major balances of the economy, orienting strategic development, maintaining national defense and security; contributing to promoting cultural values and social progress, equity, and social security; serving as an important resource for the State to exercise control and to intervene in a timely manner to respond to arising unexpected and urgent requirements.

2. The state economy is equal before the law with other economic sectors, developing together on a long-term basis, cooperating and competing in a healthy manner; having fair, public, transparent access to resources, markets, and development opportunities; together with other domestic economic sectors, building an autonomous, self-reliant, and resilient economy, ensuring economic security, and promoting deep, substantive, and effective international integration.

3. State economic resources must be reviewed, inventoried, evaluated, and fully accounted for in accordance with market principles, in association with socio-economic development objectives and ensuring national defense and security. To remove bottlenecks and unlock resources; to manage, exploit, and use effectively, preventing losses and waste. To conduct impact assessments and analyze the social cost-benefit of investments of the State’s material resources in accordance with international practices. To properly address the relationship between the State, the market, and society. To separate the use of state resources in the provision of public goods and services and in the performance of political tasks from business activities.

4. The state economy must take the lead in creating development, guiding, paving the way, and promoting industrialization, modernization, restructuring the economy and establishing a new growth model, taking science, technology, innovation, and digital transformation as the main driving forces, enhancing national competitiveness. To accelerate the restructuring of state-owned enterprises; to focus on improving operational efficiency, applying advanced technologies, adopting modern governance models in accordance with international standards. To place emphasis on building and developing state-owned economic groups, state corporations, state-owned enterprises, and large state-owned commercial banks that play a pioneering and leading role, creating driving forces to promote key and strategic sectors and fields with regional and global competitiveness or essential sectors and fields. To promote the role of state-owned enterprises and public non-business units in linkages and cooperation in research and development of science and technology.

5. To strengthen the leadership role of the Party; to enhance the capacity, effectiveness, and efficiency of State management over the state economy, especially in orienting the use of resources and organizing implementation. To accelerate administrative procedure reform, decentralization and delegation of authority in association with inspection and supervision; to strengthen publicity, transparency, autonomy, accountability, and to emphasize accountability mechanisms; to focus on preventing and combating corruption, waste, and negativity in management and operations and on improving the effectiveness of the state economy.

II- OBJECTIVES

1. General objectives

To improve efficiency, to promote the leading, pioneering, and strategic orientation role of the state economy in key, essential, and strategic sectors and fields; to lead and support other economic sectors to develop together; to contribute to promoting rapid and sustainable development, ensuring national defense and security; to promote social progress and equity, to improve the living standards of the people; to contribute to the successful implementation of the objective of becoming a developing country with modern industry and upper-middle income by 2030; and to realize the vision of becoming a developed, high-income country by 2045.

2. Specific objectives to 2030

- In terms of land and resources: To manage, exploit, mobilize, and use rationally, economically, efficiently, publicly, and transparently, meeting the requirements of rapid and sustainable economic growth; ensuring national defense and security, economic security, environmental protection, and adaptation to climate change.

- In terms of infrastructure assets: To develop a strategic, synchronous, and modern infrastructure system meeting the requirements of national development in the new era; to focus on completing infrastructure projects of national importance, large scale, and with inter-regional, inter-provincial, regional, and global connectivity.

- In terms of the state budget, national reserves, and off-budget state financial funds: The rate of mobilization of state budget resources in the period 2026-2030 shall be approximately 18% of GDP; the budget deficit shall be approximately 5% of GDP; public debt shall not exceed 60% of GDP; the proportion of development investment expenditure shall be approximately 35-40% of total state budget expenditure, and the proportion of recurrent expenditure shall be approximately 50-55% of total state budget expenditure. To strive for national reserves to reach at least 1% of GDP by 2030. To review, reorganize, and improve the efficiency of the management and use of off-budget state financial funds.

- In terms of state-owned enterprises: To strive to have 50 state-owned enterprises among the 500 largest enterprises in Southeast Asia and from 1 to 3 state-owned enterprises among the 500 largest enterprises in the world; to build a number of strong state-owned economic groups and state-owned enterprises of large scale, with modern technology and regional and international competitiveness, playing a pioneering and leading role, guiding domestic enterprises to participate deeply in a number of global production and supply chains, especially in key and strategic fields of the economy; 100% of state-owned enterprises shall implement modern corporate governance on a digital platform; 100% of state owned economic groups and state corporations shall apply the OECD corporate governance principles.

- In terms of state-owned credit institutions: To strive to have at least 3 state-owned commercial banks among the top 100 banks in Asia in terms of total assets; to develop 4 state-owned commercial banks taking the lead and being pioneering in technology and governance capacity, playing a key and leading role in terms of scale, market share, and capacity to regulate the market within the entire banking system.

- In terms of public non-business units: To continue to strongly promote the socialization of the provision of public services; to continue to streamline organizational focal points, striving to retain only public non-business units serving political tasks, state management, and the provision of basic and essential public services.

3. Vision to 2045

The state economy shall become a solid foundation ensuring strategic autonomy, self-reliance, and comprehensive competitiveness of the economy; characterized by modern, transparent, and efficient governance, with high competitiveness and deep integration into the global economy, providing high-quality public services, affirming the superiority of socialism; together with other economic sectors, realizing the objective of becoming a developed, high-income country by 2045.

To strive that by 2045, national reserves reach 2% of GDP; approximately 60 state-owned enterprises are among the 500 largest enterprises in Southeast Asia; 5 state-owned enterprises are among the 500 largest enterprises in the world; at least 50% of public non-business units are self-financing in recurrent expenditures and investment expenditures or are self-financing in recurrent expenditures and operate effectively in accordance with market mechanisms.

III- TASKS AND SOLUTIONS

The Political Bureau requires continuing to resolutely, synchronously, and effectively organize the implementation of the guidelines, orientations, tasks, and solutions as identified in the resolutions and conclusions of the Party Central Committee, the Political Bureau, and the Secretariat regarding land resources, mineral resources, infrastructure assets, the state budget, national reserves, state-owned enterprises, public non-business units, etc., at the same time, to focus on strongly and substantively implementing the following tasks and solutions:

1. General tasks and solutions

- To ensure the thorough and deep dissemination and implementation, throughout the entire political system and the whole society, of the Party’s viewpoints and guidelines on the state economy. To continue to strongly renew thinking in leadership and direction; to shift decisively from administrative management to development creation, modern governance, and decisive action.

- To perfect a synchronous, transparent legal system, promptly removing institutional bottlenecks and obstacles; to ensure strict, effective, and efficient implementation of the law; to strengthen discipline and order, in conformity with international commitments. To clearly define the functions, tasks, powers, and responsibilities of each agency and organization in activities of developing the state economy; to clearly distinguish the ownership function, the economic management function, the function of performing political tasks, non-profit tasks, and the business function.

- To establish a favorable, fair, and transparent environment for economic sectors in exploiting and using national resources; to encourage public-private cooperation in the management, exploitation, and use of resources, infrastructure, and the provision of public non-business services. To accelerate administrative procedure reform, decentralization and delegation of authority, enhance autonomy and accountability, conduct socio-economic and national defense-security accounting, and effectively use the State’s material resources associated with accountability mechanisms; to minimize direct administrative intervention, reduce compliance costs; to apply risk management principles and strongly shift from ex-ante inspection to ex-post inspection.

- To build and improve the quality of human resources, especially the contingent of leaders, managers, and experts in agencies and organizations of the state economy, ensuring income commensurate with the labor market. To adopt effective policies to attract and utilize talents, associated with standards of competence, professional ethics, and performance results.

- To establish sufficiently strong mechanisms to protect officials who dare to think, dare to act, and dare to take responsibility for the common interest in cases where there are no elements of corruption or personal gain. To establish an independent, comprehensive, and transparent review process to assess whether the nature of a case constitutes an objective mistake or a violation of law, to ensure proper handling of the right person and the right offense.

- To continue to complete the national database; in which data on entities and resources of the state economy shall be standardized, managed uniformly, regularly updated, ensuring interconnection, integration, sharing, information and data safety and security, and firmly protecting national sovereignty in cyberspace; to exploit and use data to promptly monitor and evaluate the effectiveness of management and use of state capital, assets, and resources, serving as a basis for policy formulation, allocation, and regulation of resources.

- To put an end to overlapping, duplicative, prolonged, and unnecessary inspection, examination, audit activities; to promote the application of science and technology in inspection, examination, audit on digital platforms, ensuring consistency with the roadmap for digital transformation plans at ministries, agencies, localities, and enterprises. To strictly and promptly handle acts of abuse of inspection, examination, audit to cause difficulties for organizations and units; cases causing losses, waste, and negativity, ensuring deterrence and early prevention from the outset; to recover to the maximum extent for the State assets and funds used for improper purposes or misappropriated, not allowing consequences that adversely affect the economy and the people’s lives. To adopt specific solutions to accelerate the handling of prolonged backlog projects and works to unblock and maximize the effectiveness of resources.

2. Specific tasks and solutions

2.1. In terms of land and resources

- To continue to synchronously improve the legal system on land and resources; to reasonably decentralize and delegate authority in management, exploitation, and use. To build institutions to effectively mobilize, use, and promote resources of land, sea, islands, biodiversity, natural reserves, and marine conservation.

To affirm that land is a special means of production, owned by the entire people, and uniformly managed by the State. To strive that by the end of 2026, the measurement, inventory, digitization, and cleansing of the nationwide land data system are completed, ensuring connectivity, sharing, and interconnection with other national data systems; to accurately review land categories to develop appropriate planning adjustment solutions on the basis of ensuring national food security in combination with improving land use efficiency, creating a reasonable land fund for industrial and service development and urban development, and promoting economical and efficient land management and use in accordance with actual needs and with a long-term vision. To continue to improve legal provisions on land management, in the immediate term, to complete in 2026 the formulation and promulgation of the amended Land Law and guiding documents to remove obstacles in land management and to unlock resources from land. To adopt mechanisms and policies ensuring equality among economic sectors in access to land; to prioritize the allocation of land funds for the development of infrastructure systems, industry, services, urban development, and social housing; to clarify the responsibilities of competent organizations and individuals and to resolutely recover land that is left unused, used for improper purposes, or wasted.

- To modernize governance to regulate, allocate, and use water resources economically, efficiently, fairly, and rationally among users and economic sectors, ensuring water security, food security, and energy security. To apply economic and financial instruments to create mechanisms for accounting and sharing benefits in the management, exploitation, and use of water in an economical, fair, and sustainable manner, enhancing the value of water resources.

- To investigate, explore, and fully invent all types of resources, minerals for unified management and effective use. To adopt appropriate mechanisms and policies to promote access to, and progressively master, technologies for the extraction and deep processing of minerals, especially strategic minerals for high-technology industries. To encourage enterprises, particularly state-owned enterprises, to invest abroad for the purpose of exploring, extracting, and processing minerals that are not available domestically or are of limited reserves.

- To establish centralized and inter-sectoral management mechanisms to ensure efficient and sustainable exploitation of marine and island resources. To strengthen basic surveys and build data systems on types of resources in marine and island areas, with plans for efficient exploitation and use serving economic development in combination with ensuring national defense, security, and protection of national sovereignty. To rapidly and sustainably develop types of clean and green energy from the sea; to prioritize the development of offshore wind power. To enhance capacity for forecasting and monitoring the marine environment; to adopt mechanisms to promote aquaculture and fishing in offshore areas using modern, sustainable technologies in accordance with international law. To build and develop fisheries logistics service centers and dual-use military-civilian ports on islands and at strategic locations. To prioritize the construction of other key marine and island infrastructure works to ensure economic development objectives and strengthen national defense and security. The marine economy must become an important component of the state economy.

- To improve mechanisms for management, exploitation, and protection of airspace and air defense identification zones; to modernize air traffic management systems, ensuring safety and security of the airspace. To promulgate breakthrough mechanisms, creating a synchronous legal corridor and implementing controlled experimental frameworks (sandbox) to promote the development of the space economy and low-altitude economy, and the aviation and aerospace industry.

- To focus on building and improving institutions, mechanisms, and policies for management, exploitation, and use of underground space. To promote integrated planning of underground space with urban and infrastructure planning; to develop unified and modern data systems and digital maps of underground space. To encourage forms of mobilizing social resources and public-private partnerships in investment in and exploitation of underground works; to strengthen research and application of advanced science and technology.

- To synchronously improve the legal framework for the management, exploitation, and use of digital resources and telecommunications resources to develop the data market, data exchanges, and the data economy. To promote public-private cooperation in the development of artificial intelligence applications and advanced digital technologies. To strengthen state management of security in activities of digital economy development. To proactively combat and prevent activities abusing digital technologies and electronic transactions to infringe upon the interests of the People, economic security, and national security. To effectively implement policies to make digital resources and national data become strategic resources.

2.2. In terms of infrastructure assets

- To develop strategies and plans for infrastructure development with a long-term vision, synchronous, modern, and forward-looking, anticipating development trends and shifts of economic sectors in the region and the world, promoting rapid and sustainable development, green transition, digital transformation, and adaptation to climate change, and enhancing resilience to extreme weather phenomena. To ensure synchronized, interconnected, multi-sectoral, and multi-objective planning to effectively exploit and maximize the functions of infrastructure types. To encourage expansion of the application of investment forms under public-private partnership such as “public investment - private management”, “private investment - public use”, and other forms of public-private cooperation to build and most effectively manage and operate infrastructure works.

- To urgently supplement the legal framework on the management, exploitation, and use of types of cultural, sports, and tourism infrastructure assets, infrastructure of industrial parks, high-tech parks, export processing zones, economic zones, free trade zones, international financial centers, etc., invested by the State to mobilize off-budget resources to participate on the basis of ensuring efficiency, publicity, transparency, and preventing losses and waste.

2.3. In terms of the state budget, national reserves, off-budget state financial funds, and state capital in enterprises in which the State holds 50% or less of the charter capital

a) The state budget

- To innovate the management and administration of the state budget to meet development requirements in the new period, in the overall context of restructuring the economy and in association with establishing a new growth model. To clearly define the roles, responsibilities, and relationships among the State, the market, and society in mobilizing, allocating, and effectively using budgetary resources.

- To proactively study and develop an appropriate roadmap for the implementation of new types of taxes related to assets, carbon emissions, etc., ensuring comprehensive coverage of revenue sources, expansion of the tax base, enhancement of the sustainability of the revenue structure, improvement of publicity, transparency, in accordance with international practices; to minimize the integration of social policies into revenue policies; to modernize procedures and revenue administration, minimizing compliance costs; to adopt policies to generate and nurture revenue sources and to unlock resources for development.

- To continue to improve mechanisms for decentralization of revenue sources between the central budget and local budgets, on the basis of consolidating the leading role of the central budget while increasing proactiveness and autonomy of local budgets; To decentralize budget expenditure tasks in direct association with the rights and responsibilities of each level of government, ensuring the principle that tasks shall be assigned to the level of government that can perform them most effectively and promptly.

- To allocate public investment capital in a concentrated manner, avoiding dispersion and fragmentation. The central budget shall focus on investing in strategic infrastructure works, inter-regional, regional, and international connectivity, projects of a breakthrough nature in socio-economic development. Localities shall proactively decide on investment in accordance with planning and the capacity to balance resources, best serving socio-economic development objectives, ensuring national defense and security in areas, in the spirit of “localities decide, localities implement, localities take responsibility”. To continue to review and improve the law on public investment management to enhance the efficiency of allocation, use, and disbursement of public investment capital.

- To minimize the specification of fixed ratios of state budget expenditure for each sector, field, or subject (except for sectors and fields with separate provisions under resolutions of the Party), to ensure flexibility and efficiency in the allocation and arrangement of state budget resources, in line with policy priorities in each year and each specific period.

- To diversify channels for mobilizing capital for the budget. To ensure the principle that the budget shall only borrow for development investment expenditure and within debt repayment capacity. To develop and improve a database system on public debt with connectivity between the central and local levels, serving proactive and effective fiscal management. To enhance transparency and disclosure of information on public debt; to formulate medium-term public borrowing and repayment plans associated with risk control and repayment capacity; to arrange sufficient and timely resources for annual debt repayment.

b) National reserves

- To continue to review and improve the institutional framework for national reserves to ensure synchronization; to integrate guiding requirements for maintaining national reserve resources into strategies on national defense, security, economic security, and social security, ensuring that no passivity or surprise arises in any situation.

- To review the list of goods, consolidate the warehouse system, increase investment, reform procedures for release and allocation so that national reserves truly become strategic reserve resources, enabling the State to have sufficient capacity to intervene, regulate, provide relief, and support in a timely and effective manner in situations of natural disasters, epidemics, and catastrophes, quickly stabilizing the lives of the people, meeting urgent national defense requirements, contributing to the implementation of social security, maintaining market stability, social order and safety, and participating in foreign relief activities and external relations of the Party and the State.

- To plan and invest in the development of warehouse systems and preservation infrastructure, applying modern technologies, and building a smart national reserve storage system. To study mechanisms for investment in warehouses and preservation of national reserve goods under public-private partnership modalities.

- To study to develop specific mechanisms for the purchase, sale, import, export, change of use purposes, and circulation of national reserve goods to ensure proactiveness, flexibility, and timeliness, meeting requirements in all situations. To adopt mechanisms to encourage enterprises to participate in certain national reserve activities in accordance with market principles.

- To strengthen international cooperation, exchange, and share experience in the field of national reserves with advanced countries in the region and the world; to study mechanisms for sharing necessary resources, especially through regional reserve mechanisms such as ASEAN, ASEAN+3, etc., to enhance timeliness, proactiveness, and effectiveness in handling emergency situations.

c) Off-budget state financial funds

- To continue to improve the institutional framework and enhance the effectiveness and efficiency of management of off-budget state financial funds.

- To review, merge, or dissolve off-budget funds that are overlapping, ineffective, inconsistent with development requirements; to reduce focal points to increase scale and improve the efficiency of capital use of funds; to strengthen inspection and supervision of the management and use of funds; to promote digitalization, disclosure of information, and operational results. To strengthen mechanisms for entrusting financial management of funds to banking organizations and professional financial companies; state agencies should focus only on developing criteria, conditions for mobilization and disbursement of capital from funds. To enhance mobilization of socialized resources and reduce dependence on the state budget.

- Not to establish new off-budget state financial funds, except in urgent and necessary cases as required by the Political Bureau, the Party Central Committee.

d) State capital in enterprises in which the State holds 50% or less of the charter capital

To transfer state capital invested in enterprises in which the State holds 50% or less of the charter capital to enterprises with functions of state capital investment and business, to state-owned enterprises operating in the same sector, for management and investment development, for performing the responsibilities of the owner with respect to the State’s capital contribution in enterprises (restructuring, capital supplementation, or divestment), ensuring the effectiveness of the State’s investment capital.

2.4. In terms of state-owned enterprises

a) To continue to consolidate, develop, ensure that state-owned enterprises truly constitute an important material force of the state economy, contributing to economic development and the implementation of social progress and equity

- To focus on investing in and developing a number of strong state-owned economic groups and state-owned enterprises of large scale that play a leading role in key and strategic sectors and fields of the economy such as: national defense and security; energy; transport, logistics; finance and banking; science and technology, electronics and telecommunications, digital infrastructure; exploitation and processing of strategic minerals; chemicals; construction and construction materials; agriculture and forestry; etc.

To adopt policies to encourage the development of large-scale state-owned enterprises through increasing charter capital, including: permitting the use of the entire proceeds from equitization and state capital divestment at enterprises; increasing the proportion of after-tax profits retained by enterprises; reviewing and re-evaluating assets that have been fully depreciated but still have use value. To encourage consolidation, merger, and transfer of enterprises to promote the overall advantages of economic sectors.

For national key projects and overseas investment projects assigned by competent authorities beyond the enterprise’s plan, the State shall adopt policies to ensure sufficient capital, provide interest rate support, and supply adequate credit.

- To encourage state-owned enterprises to invest and to cooperate with other enterprises within value chains in core business sectors or with technology enterprises, innovation enterprises, and digital transformation enterprises to form pioneering and leading enterprises or enterprise groups that master core technologies and strategic technologies, promote advantages, and most effectively utilize social resources, avoid overlap and unhealthy competition, ensure harmonized benefits, and create momentum to promote innovation.

- State-owned enterprises shall use resources to proactively lead, activate, and strongly mobilize social resources to participate in investment, creating spillover and synergistic effects in economic development.

b) To promote investment in and development of science, technology, innovation, digital transformation, green transformation for effective and sustainable business operations

- To encourage state-owned enterprises to promote and take the lead in scientific research, technological development, innovation, and digital transformation; economic groups and corporations must establish and develop research and development centers and laboratories to take the lead in implementing digital transformation and green transformation, gradually mastering strategic and core technologies and enhancing sustainable competitiveness of enterprises; to support ministries, sectors, and localities and to accompany other economic actors in implementing digital transformation. To encourage state-owned enterprises to invest in sectors that reduce greenhouse gas emissions, absorb greenhouse gases, and develop a circular economy using input materials that have environmental impacts.

- Research and development results successfully achieved by state-owned enterprises must be applied in practice in production and business stages of enterprises, especially core and strategic technologies, and at the same time, to establish commercial mechanisms to share and disseminate technologies to promote enterprises in other economic sectors to develop together. The State shall adopt mechanisms to place orders for technological products researched and manufactured by domestic enterprises that are of equivalent quality to imported goods, to support enterprises in accessing markets and enhancing capacity to further improve and develop products.

- State-owned enterprises are entitled to decide on the use of science and technology development funds to proactively implement or commission external research and development under product-based contracting mechanisms. To establish mechanisms allowing state-owned enterprises to independently establish, or to cooperate with the State and other enterprises to establish venture capital funds. To encourage state-owned enterprises to participate in expanding and enhancing competitiveness through participation in investment projects, technology transfer contracts, and mergers and acquisitions associated with technology transfer activities.

c) To strengthen innovation, improve the effectiveness of the enterprise governance system

- To improve regulations clearly defining the tasks, powers, and responsibilities of managerial positions within the governance system of state-owned enterprises, ensuring that responsibilities are commensurate with powers; mechanisms for supervision of operations, accountability mechanisms of representatives of state capital, managerial positions at enterprises associated with raising standards and conditions, strengthening assignment and decentralization.

- To establish effective internal inspection and control systems for preventing, detecting, stopping, and handling violations of law and conflicts of interest. To resolutely replace, dismiss persons who lack responsibility or with limited capacity, causing losses, waste, negative impacts, and hindering and restraining the development and operational efficiency of enterprises.

- To effectively implement salary mechanisms, ensuring the competitiveness of state-owned enterprises with enterprises of other economic sectors in attracting high-quality human resources. To establish bonus mechanisms at enterprises based on a proportion of profits exceeding planned targets, associated with improving the quality of planning and assignment of plans of enterprises, ensuring strictness and practical relevance. To adopt mechanisms allowing joint-stock enterprises to proactively establish bonus share funds to attract, retain highly qualified personnel in expertise, management who make significant contributions to the development of enterprises, on the principle of ensuring transparency, objectivity, not affecting the control rights of state shareholders. To pilot specific mechanisms for hiring, recruitment, appointment of directors/general directors in a number of state-owned enterprises.

- To improve mechanisms for evaluating the performance of state-owned enterprises on the principle of comprehensive evaluation based on assigned objectives and tasks, fully reflecting advantages, resources assigned by the State through quantified, transparent financial and non-financial performance indicators, in accordance with international practices; to account separately for production, business tasks and political, national defense, and security tasks and non-profit tasks.

- To urgently review and handle ineffective investment projects and enterprises with prolonged losses, to clearly determine and handle the responsibilities of relevant organizations, individuals in accordance with regulations, to create conditions for enterprises to go bankrupt or to continue restructuring, return to healthy operation, avoiding prolonged situations causing waste, loss of assets and capital, minimizing losses to the State and enterprises.

- To study, innovate, improve the model of the agency representing the owner, the model of the Members’ Council, ensuring effectiveness, efficiency, flexibility, and suitability to practical conditions in each period.

d) To continue restructuring state capital in enterprises and to innovate and reorganize state-owned enterprises

- To focus on restructuring state-owned enterprises in a substantive, effective manner, reducing focal points, increasing scale to better perform the role of state-owned enterprises in the new context; to encourage economic groups, corporations to invest abroad in sectors where enterprises have comparative advantages, large market demand, the ability to access new technologies, contributing to expanding traditional export markets and developing new markets in order to form multinational corporations. To promote economic diplomacy to support enterprises in expanding markets abroad, participating deeply in global supply chains, promoting cooperation in technology transfer and human resource training.

- To continue implementing the roadmap for equitization to improve enterprise performance, attract greater participation from other economic sectors to enhance governance capacity, improve technology, financial resources for enterprise development after equitization. Equitization must ensure that it does not affect State control in key and strategic sectors, does not result in the loss of reputable national brands, and does not cause loss of State assets.

- For enterprises in which the State does not need to hold controlling shares, capital contributions, appropriate mechanisms and roadmaps shall be in place to: (i) Merge with other state-owned enterprises to form value chains, increase scale, improve operational efficiency. (ii) Transfer to enterprises with functions of state capital investment and business at the central or local level to review, comprehensively assess the current situation, and classify to adopt appropriate solutions for restructuring capital. The restructuring of state capital in enterprises must be based on public, transparent, effective criteria, in compliance with legal regulations, following the principle that the State shall do what the private sector does not do or is unable to do, and for what the private sector can do, the State must do better; reputable national brands must continue to be invested in to operate more effectively.

- To comprehensively restructure the State Capital Investment Corporation (SCIC) towards professional state capital business, progressing toward the formation of a national investment Fund. To concentrate resources from restructuring capital in enterprises and other state-assigned resources to: (i) Invest in the development of large-scale enterprises, highly efficient enterprises. (ii) Invest in projects in sectors and fields of technology, innovation, digital transformation that are important to the economy. (iii) Implement direct investment and support resources for state-owned enterprises to invest abroad; carry out mergers and acquisitions to access new technologies, core technologies, and strategic technologies and industries or for high-profit objectives. To establish independent supervision mechanisms for the process of transfer and management of SCIC’s capital in enterprises, ensuring that enterprise restructuring and capital investment are carried out effectively, at market value, and in full compliance with legal regulations.

- To enhance the capacity, operational efficiency of the Vietnam Asset Management Company of credit institutions (VAMC) and the Debt and Asset Trading Corporation (DATC) to support the restructuring process, particularly financial restructuring, the handling of non-performing loans of the state-owned enterprise sector and commercial banks in accordance with market mechanisms.

2.5. In terms of state-owned credit institutions

- To apply modern governance standards, enhance risk management capacity; to ensure transparency of information and accountability mechanisms. To develop comprehensive digital transformation strategies for state-owned credit institutions; to digitize services, data, capital management in real time; to develop digital banking services, expand the provision of online financial products to all regions of the country.

- To organize, restructure the network of state-owned commercial banks to improve operational efficiency. To continue to increase charter capital for state-owned commercial banks to enhance financial capacity, capital adequacy ratios, and operational efficiency.

- To improve mechanisms, policies for the development of the Vietnam bank for social policies; to comprehensively restructure the Vietnam development bank to diversify resources, increase capital, streamline operations, improve efficiency, promoting the strength of the State in investment and social security, linking policy tasks with socio-economic development; to focus on important sectors, fields, infrastructure, strategic areas, remote areas, areas inhabited by ethnic minorities.

2.6. Regarding public non-business units

- To review, reorganize the list of public non-business services using the state budget; to reorganize, restructure the system of public non-business units in conformity with the two-tier local government model, ensuring streamlining, effectiveness, and efficiency. To ensure funding for basic, essential public services; to resolutely prevent any shortage of resources (human, financial, etc.) leading to a decline in the quality of services to the people; to transfer public non-business services with high potential for socialization to be implemented under market mechanisms.

- To strongly innovate financial mechanisms for public non-business units, to continue to shift strongly from direct budget allocations to public non-business units to direct support for policy beneficiaries, in the direction of fully calculating costs in the use of basic, essential public non-business services, associated with control mechanisms; to simplify procedures for ordering, assigning tasks, or procurement; to adjust prices, fees of public services in the direction of full cost recovery with a roadmap appropriate to the people’s affordability and the balance of the state budget, while ensuring publicity, transparency, and competition.

- To encourage the private sector and social organizations to participate in the provision of public non-business services. To expand, improve the effectiveness of public-private partnership mechanisms in public non-business service sectors with competitive potential; to emphasize cooperation mechanisms in human resources, branding, and technology on the basis of ensuring the full implementation of assigned functions and tasks.

- To develop mechanisms, policies for transforming public non-business units in suitable sectors and fields into single-member limited liability companies with 100% charter capital held by the State.

- Public non-business units that are self-financing at least recurrent expenditures shall have autonomy in organizational structure, salaries, and other remuneration, benefits, in recruitment and use of personnel based on operational results, similar to enterprises with 100% charter capital held by the State. To focus on investment and development of a number of important public non-business units with potential, competitiveness in certain fields of basic research, strategic technology sectors.

- To adopt mechanisms to enhance operational efficiency and transparency of public non-business units. To study, implement governance and management models for public non-business units in accordance with advanced, modern, transparent standards, associated with the responsibility of the head. To pilot the establishment of units with specialized advisory functions within large-scale units and the hiring of chief executive officers in public non-business units. Not to establish Management Councils in public non-business units; to consolidate, promote the leadership, direction role of party committees within units in accordance with regulations.

- To promote accreditation, independent evaluation, and public disclosure of the quality of public non-business services in accordance with standards, criteria issued by sectoral and field management ministries. To improve criteria for ranking public non-business units in accordance with specialized laws. To apply digital technologies so that people can directly evaluate the quality, effectiveness, and level of satisfaction with public non-business services.

IV- ORGANIZATION OF IMPLEMENTATION

1. The Party Committee of the National Assembly shall lead, direct the review, supplementation of the law and ordinance development Program, prioritizing draft laws directly serving the implementation of Resolution; to strengthen the supervision by the National Assembly, the National Assembly Standing Committee, the Ethnic Council, and the Committees of the National Assembly over the implementation in accordance with regulations to enhance the effectiveness of the state economy.

2. The Party Committee of the Government shall establish a National Steering Committee for the implementation of Resolution; direct the formulation of an Action Program; coordinate with the Party Committee of the National Assembly to promptly institutionalize fully the guidelines, policies set out in this Resolution and to allocate sufficient resources for implementation; take the lead in preparing materials for dissemination, together with the Central Commission for Information, Education and Mass Mobilization, organize the dissemination of the Resolution.

3. The Party Committees of ministries, ministerial-level agencies, agencies attached to the Government, the Supreme People’s Court, the Supreme People’s Procuracy, provincial Party Committees, municipal Party Committees, Party Committees directly under the Central Committee shall formulate action plans with appropriate tasks, solutions, roadmaps and assign specific responsibilities to agencies and units for implementation.

4. The Party Committee of the Vietnam Fatherland Front, central mass organizations shall lead, direct the formulation of programs, plans to guide and mobilize the People to implement the Resolution, promote the role of supervision, social criticism, participate in the formulation of laws, mechanisms, policies on the development of the state economy.

5. The Central Commission for Information, Education and Mass Mobilization shall take the lead, coordinate with the Party Committee of the Government, relevant agencies to advise the Political Bureau, the Secretariat on organizing the dissemination and strengthening communication, popularization of the contents of the Resolution to Party cells.

6. The Party Committee of the Government shall take the lead, coordinate with the Central Policy and Strategy Commission, the Office of the Party Central Committee, Party Committees directly under the Central Committee and local Party Committees to regularly monitor, inspect, urge, conduct preliminary reviews, final reviews, and periodically report to the Political Bureau, the Secretariat on the results of implementation of the Resolution.

This Resolution shall be disseminated to Party cells.