Prime Minister: Corporations, Enterprises must focus on investment and development

The Prime Minister has called for a focus on removing legal barriers to unlock obstacles, creating a legal framework for business operations, with a spirit of decentralization and resource allocation accordingly.


Prime Minister Pham Minh Chinh working with the State Capital Management Committee at Enterprises and 19 Groups, Corporations. (Photo: Duong Giang/TTXVN)

On the morning of February 5, at the Government Headquarters, Prime Minister Pham Minh Chinh worked with the State Capital Management Committee at Enterprises and 19 Groups, Corporations under the State Capital Management Committee at Enterprises (State-owned Groups, Corporations) on production, business in 2024 and promoting investment for socio-economic development.

Attending the meeting were Deputy Prime Ministers: Le Minh Khai, Tran Hong Ha; leaders of ministries and leaders of 19 State-owned Groups, Corporations.

Increased revenue, profits, and budget contribution

In 2023, the total revenue of the parent company of the 19 groups, corporations reached nearly 1,135 trillion VND, equivalent to 105.15% of the 2023 plan. Pre-tax profit reached 53,256 billion VND (excluding Vietnam Electricity Group-EVN), equivalent to 166.09% of the 2023 plan and 110.92% compared to the same period in 2022.

The State-owned Groups and Corporations contributed more than 79,252 billion VND to the state budget, equivalent to 199.96% of the 2023 plan and 120.22% compared to the same period in 2022.

15 out of 19 Groups, Corporations have completed and exceeded the plan for revenue; 16 out of 19 Groups, Corporations have completed and exceeded the plan for pre-tax profit (Vietnam Airlines Corporation alone reduced losses compared to the plan); 16 out of 19 Groups, Corporations have completed and exceeded the plan for contributions to the state budget.

At the conference, leaders of ministries, sectors, groups, and corporations analyzed and assessed the results of their activities in 2023 and proposed tasks and solutions to promote production, business, and contribute to the socio-economic development in 2024 and the future. Especially, the delegates reviewed the necessity of improving the regulations, mechanisms, policies, and laws related to the effective operation of groups and corporations.

Taking note of the opinions of the delegates, concluding the conference remarks, Prime Minister Pham Minh Chinh highly appreciated the efforts and achievements of the State Capital Management Committee at Enterprises (Committee) and the 19 groups, corporations in the past time, contributing to fulfilling the socio-economic development plan of the country in 2023.

In the spirit of not being complacent with achievements, subjective, careless, and neglectful, Prime Minister Chinh clarified the limitations and weaknesses such as: remaining obstacles in regulations, mechanisms, policies; limited investment for development; contribution to GDP growth not matching assets and financial resources; low efficiency of business investment…

These limitations are due to the positive thinking, proactive creativity, daring to think and do of some leaders of groups and corporations that have not been fully promoted; legal difficulties, especially in land and public investment, unresolved issues of decentralization and decentralization; policies on business executives and capital management are still inadequate and not suitable for the actual situation; the business management system is not truly suitable for the market economy, with many levels and intermediaries causing bottlenecks, requiring continued implementation and learning lessons; still affected by COVID-19…

Analyzing the future situation, Prime Minister Chinh said that 2024 is of great significance as it marks the implementation phase of the 2021-2025 Socio-Economic Development Plan; the requirements and tasks of 2024 are higher than those of 2023. While forecasting international and domestic situations, there continue to be advantages, opportunities, difficulties, and challenges, in which difficulties and challenges are more.

Focus on investment and development

To successfully accomplish the assigned goals and tasks in 2024 and the 2021-2025 period, the State Capital Management Committee at Enterprises and the 19 Groups, Corporations must grasp the situation, thoroughly understand and closely follow the conclusions and resolutions of the Central Party, National Assembly, Government, and concretize them to implement the goals and tasks in 2024 under the theme: “Sense of responsibility, timely proactivity, innovative acceleration, sustainable effectiveness”; state-owned enterprises must operate under a market mechanism with a socialist orientation.

Prime Minister Pham Minh Chinh working with the State Capital Management Committee at Enterprises and 19 Groups, Corporations. (Photo: Duong Giang/TTXVN)

The Head of Government directed the State Capital Management Committee at Enterprises to build and implement the development strategy of groups and corporations, showing a more clear role in leading, creating motivation, opening up opportunities, promoting the development of other economic components; at the same time, regularly and timely summarize difficulties, obstacles, bottlenecks in production, business, investment, restructuring, equitization, divestment, rearrangement of houses and land… of businesses; urgently resolve issues within its jurisdiction, timely advise and recommend relevant authorities to resolve issues beyond the jurisdiction of the Committee and businesses; best fulfill the tasks of production, business, and contribute to ensuring major balances for the economy, macroeconomic stability, ensuring revenue for the state budget, and resolving employment for workers.

Prime Minister requested a focus on removing legal obstacles to facilitate business operations, with decentralization and empowerment in line with appropriate resource allocation, enhancing the capacity of lower levels, strengthening inspection, supervision, and control of power; reducing administrative procedures and promoting a spirit of daring to think, daring to do, daring to be responsible, especially for those in leadership positions.

Focus on investment and development, with emphasis and focus on the Party’s 3 strategic breakthroughs, namely perfecting institutions, developing infrastructure, training human resources; refreshing the 3 driving forces of growth which are investment, exports, consumption; supplementing new driving forces including green development, digital transformation, green transformation, circular economy, knowledge-based economy, sharing economy; restructuring groups and corporations, with a focus on governance, finance, input materials, and industries in line with development trends.

Prime Minister requested to promote the tradition, spirit, confidence, create new atmosphere, new impetus, create new victories; actively prevent corruption, negative phenomena, group interests, and opportunistic thinking; improve the material and spiritual life of workers next year higher than the previous year; perform well in social welfare.

Ministries, sectors, and the State Capital Management Committee at Enterprises must closely coordinate, remove, and promptly resolve difficulties and obstacles related to businesses, with the spirit of “all for the national interests, for the development of groups and corporations.” Deputy Prime Ministers assigned to follow and direct in their assigned areas; the Government Office and the State Capital Management Committee at Enterprises proactively monitor the situation, give recommendations to timely resolve issues related to the development of groups and corporations.

“Special attention should be paid to ensuring major balances in electricity, coal, petroleum, petroleum products, supplying products as raw materials for manufacturing sectors and for national defense and security, passenger and cargo transportation, agricultural and forestry products,” Prime Minister emphasized.

Prime Minister required Vietnam Electricity Group to absolutely not allow power shortages, adjust electricity prices to suit the market, not hastily and fully satisfy; Vietnam Oil and Gas Group must ensure sufficient oil and gas as planned. The Coal and Mineral Corporation must exploit coal and minerals with long-term and sustainable plans; strengthen decentralization, empowerment, and not leave the mechanism of “asking-giving.”

Vietnam Steel Corporation must ensure steel production, complete the Tisco 2 project. Vietnam Airlines Corporation must strive to reduce losses and completely resolve outstanding issues. Petrolimex must not allow fuel shortages. The Ministry of Industry and Trade must improve the management mechanism of petroleum business points towards simplicity, ease of inspection and supervision, and not allow the situation of too many petroleum business points…

Prime Minister requested the State Capital Management Committee at Enterprises and the groups, corporations to seriously implement the directions of the Government, the Prime Minister, with the goal of effective business, investment, contributing to the budget, implementing social welfare work, anti-negatives, corruption and waste, the year 2024 must be more effective than 2023./.

Pham Tiep

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