Empower Hierarchical Authorization, Corporates to be Autonomous and Accountable

The Ministry of Planning and Investment is finalizing the consultation process for the draft Decree on amending and supplementing certain provisions of Government Decree No. 10/2019/ND-CP on the exercise of rights and responsibilities of state capital representatives, and will soon submit it to the Government for approval. The proposed amendments align closely with the Prime Minister's directive to enhance decentralization and delegation of powers, empowering State-owned enterprises and holding them accountable.


This is the statement of Deputy Minister of Planning and Investment Tran Duy Dong at the working session between the Prime Minister and the State Capital Management Committee at Enterprises (SCMC) and 19 Groups and Corporations under SCMC.

Deputy Minister of Planning and Investment Tran Duy Dong speaking at the working session – Photo: VGP/Nhat Bac

Important contributions but lacking an ‘attacking’ spirit

At the working session, Deputy Minister of Planning and Investment Tran Duy Dong said that by the end of 2023: the total revenue of the 19 parent companies of Groups and Corporations reached nearly VND 1,136 trillion, equivalent to 105% of the plan. The total pre-tax profit reached about VND 53 trillion, equivalent to 166% of the plan. The total contribution to the state budget reached VND 79.2 trillion, equivalent to nearly 200% of the plan… These results have made significant contributions to the country’s economic development in the context of domestic businesses still facing many difficulties.

In 2023, the groups and corporations provided important products and services for the economy, meeting essential needs of the people such as electricity, coal, petroleum, and basic chemicals.

The units disbursed about VND 161 trillion, focusing on important projects in the energy sector (accounting for VND 130 trillion), with some groups achieving positive disbursement results.

In addition, SCMC actively directed enterprises to continue to overcome difficulties and obstacles to accelerate the implementation and completion of many important infrastructure projects such as Long Thanh International Airport Project, Ben Luc – Long Thanh Expressway Investment Project, and Thị Vải LNG Import Port Project… The rapid implementation of these large projects is expected to have a significant impact on the socio-economic development in 2024 and the coming period.

In addition to the above-mentioned noteworthy results, the leaders of the Ministry of Planning and Investment pointed out that there are still some existing issues in the investment and implementation of projects by the groups and corporations under SCMC.

Disbursement results for the entire year of 2023 only reached about 80% of the plan. Some groups had disbursement rates that did not meet the set plan, such as PVN with nearly 66%, VNPT reached 61%, and Mobifone reached 56%. SCIC has not disbursed funds for investment in 2023. New investment capital focuses on a few important sectors such as energy and transportation infrastructure; the investment results in other sectors are still limited. The proportion of investment capital in sectors and fields that play a leading role and create momentum, especially in new areas such as clean energy production, renewable energy, high technology (chip production, hydrogen…), does not have large-scale investment projects to create breakthrough momentum, ripple effects, support restructuring, and enhance the competitiveness of the economy…

Urgent implementation of the Resolutions of the Party and the Government

Resolution No. 01/NQ-CP of the Government on the key tasks and solutions for socio-economic development and State budget for 2024 has set out the task of strengthening the construction and development of a comprehensive, modern strategic infrastructure system, especially the system of highways, airports, seaports, urban infrastructure, regional infrastructure, digital infrastructure, social infrastructure, healthcare, education…

Firstly, it is necessary to focus on removing difficulties and speeding up the progress of implementing and constructing important national transport infrastructure works such as Long Thanh International Airport, Terminal T3 – Tan Son Nhat International Airport, early completion of upgrading maritime routes to Cai Mep – Thi Vai Port, Nam Nghi Son Port, Ben Luc – Long Thanh Expressway Project…

Secondly, timely and effective implementation of the National Power Development Plan for the period 2021 – 2030, vision until 2050; actively promote the implementation of important electricity projects such as Nhon Trach 3,4, Quang Tri Thermal Power Plant 1, launch the O Mon 3, O Mon 4 Power Plant projects… ensuring energy security, providing sufficient electricity and petroleum products for consumption, production, and business activities…

Thirdly, it is necessary to continue the transition, development, and popularization of traditional telecommunications infrastructure to digital infrastructure; promote the development of data centers and cloud computing, digital technology and platform, digital application to create momentum for digital economic development. Develop and popularize national digital platforms; complete the integrated, shared national data platform, contributing to creating a new development space; focus on building the National Data Center to serve online administrative direction, administration, and service provision.

In order to continue to promote the role and effectiveness of investment by the groups and corporations in successfully implementing the socio-economic development tasks in 2024, the Ministry of Planning and Investment recommends that relevant agencies and enterprises focus on implementing a number of solutions.

The ministries need to expeditiously complete the submission of mechanisms and policies on state capital investment in enterprises to the National Assembly, the Government, implement the rights and responsibilities of the state shareholder representatives; build and propose mechanisms and policies specifically for large-scale groups, corporations, and enterprises to play a leading role in important sectors and fields of the economy…

The Ministry of Finance needs to urgently review and improve the proposal documents to amend the Law No. 69/2014/QH13 for submission to the National Assembly for decision-making, in which it is necessary to fully institutionalize the principles and orientations regarding continued focus on decentralization and empowerment; state owner representation agencies only decide on important, strategic issues and focus on inspection and supervision. The Council of Members and representatives of state capital in enterprises are the ones proactively deciding on the production, business activities of the enterprises.

The ministries and sectors should continue to review and propose to the competent level to improve the legal framework on salary, bonus for managers and employees in state-owned enterprises; representatives of state capital in enterprises; urgently submit to the Government guiding decrees on Bidding Law, New Land Law towards simplifying administrative procedures, creating favorable conditions for enterprises to implement investment projects, procurement for production, and business activities…

SCMC, the groups, and corporations need to continue to implement the solutions and directions specified in Resolution No. 68/NQ-CP; resolutely review and implement large-scale and focal investment projects according to the directives of the Prime Minister in Directive No. 12/CT-TTg. Coordinate closely with the ministries and sectors to thoroughly resolve or report to the competent level, recommend immediate solutions to resolve legal obstacles in the process of implementation. Study and build a regular mechanism for exchange with ministries, sectors, establish special working groups to thoroughly resolve and remove obstacles in the implementation of large, important investment projects.

The enterprises need to strengthen innovation and apply advanced technology in investment and development projects; apply new technologies, use clean energy; transform the business model towards green economy, circular economy, sustainable development as committed…

It is necessary to implement Resolution No. 68/NQ-CP and Resolution No. 41-NQ/TW to meet the requirements of the country’s economic development in the new context of the 4th industrial revolution. The Ministry of Planning and Investment has studied and proposed to the Prime Minister a Draft Plan “Building mechanisms, policies for the formation and development of ethnic enterprises to promote a pioneering role in some emerging sectors and fields, with competitive advantages to develop an independent, self-reliant economy”.

At the working session, Deputy Minister Tran Duy Dong also provided specific answers to the questions raised by some leaders of Groups and Corporations.

Deputy Minister Tran Duy Dong said that the Ministry of Planning and Investment is collecting opinions and suggestions on the draft Decree amending and supplementing some articles of Decree No. 10/2019/ND-CP of the Government regarding the exercise of rights and responsibilities of state ownership representatives and will soon submit it to the Government. Accordingly, the amendment is in line with the spirit of the Prime Minister’s direction to promote decentralization and empowerment. Accordingly, the groups and corporations are autonomous and responsible.

“In terms of financial mechanisms, the Ministry of Finance needs to complete the files to submit to the competent levels, based on the spirit of separating the functions of state management, representative functions of state ownership, functions of management and production business activities in enterprises, it is necessary to focus on promoting decentralization and empowerment,” emphasized the representative of the Ministry of Planning and Investment.

Nhat Quang

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