HÀ NỘI — Việt Nam needs to fundamentally rethink how it restructures State-owned enterprises (SOEs), shifting from administrative reorganisation towards improving resource allocation and building nationally competitive corporations capable of leading strategic industries.

The call was made by Nguyễn Đức Hiển, deputy head of the Party Central Committee's Commission for Policies and Strategies, at a seminar on restructuring State-owned enterprises held in Hà Nội on Tuesday.

Hiển said in his address at the event that reforming the State sector would be critical to achieving the country's ambitions for rapid and sustainable economic growth in the next few years.

The seminar took place as policymakers are reviewing socio-economic performance in the first half of the year and preparing to carry out new development priorities through 2030.

According to Hiển, Việt Nam currently has 695 SOEs overseen by 45 ministries, agencies and local authorities acting as State capital representatives. Of these, 497 are wholly State-owned, while 198 have majority State ownership.

Collectively, the sector holds total assets of approximately VNĐ4.5 quadrillion (US$172 billion) and owner’s equity of around VNĐ2 quadrillion in 2025, making it one of the country's largest concentrations of economic resources.

While acknowledging the sector's contributions, Hiển said its overall performance has yet to match either the scale of resources under its control or the demands of the country's new development stage.

He noted that many SOEs have played a leading role in strategic industries, generated significant budget revenues, created jobs and contributed to economic growth. However, progress in restructuring, equitisation and State capital divestment has remained slow, particularly from 2021 to 2025.

At the same time, some enterprises continue to report losses, while labour productivity, corporate governance, technological capability, innovation capacity and overall competitiveness remain limited across much of the sector.

According to Hiển, the Politburo's Resolution 79 introduces a new vision for SOE reform, requiring State enterprises not only to reorganise but also to transform their governance models so they can genuinely lead the country's essential and strategic sectors.

"The objective is no longer simply to rearrange enterprises, but to restructure and reallocate resources more effectively," he said.

Hiển called for discussions on how SOEs should evolve to become anchor companies capable of connecting State corporations with private businesses and small and medium-sized enterprises, thus strengthening domestic supply chains and enhancing national competitiveness.

Another priority is to clearly define which industries should remain under the leadership of SOEs, focusing on strategic infrastructure, foundational technologies, essential public services and sectors where private investment remains insufficient, he said.

The Party official also stressed the need to clearly separate commercial activities from political and public service responsibilities, while removing institutional bottlenecks that limit business autonomy.

He said that SOEs should be granted greater authority and accountability in investment and business decisions, while putting effective oversight mechanisms in place.

Governance reform will be another key pillar of the restructuring process.

Under Resolution 79, all SOEs are expected to adopt governance standards based on the Organisation for Economic Co-operation and Development (OECD) framework by 2030.

Hiển said this would require a shift away from evaluating enterprises solely using annual financial indicators towards broader performance assessments that encourage long-term investment in innovation, science and technology, including projects carrying higher levels of risk.

He also called for continued equitisation, State capital divestment and mergers under clear principles and roadmaps.

In addition, he proposed accelerating the comprehensive restructuring of the State Capital Investment Corporation, with the longer-term goal of establishing a National Investment Fund capable of financing strategic investments and handling poorly performing enterprises more efficiently.

"If we want strategic self-reliance, our enterprises must be strong," he said. "Small and medium-sized enterprises can only grow when there are sufficiently strong leading companies to support and connect them."

Participants at the seminar also pointed to several persistent obstacles slowing SOE reform.

Doãn Thanh Tuấn, deputy director general of the Department of State-owned Enterprise Development under the Ministry of Finance, said implementation capacity remains a major challenge.

Beyond legal complexities, he noted that many officials remain hesitant to make decisions due to concerns over regulatory compliance and personal accountability, resulting in delayed restructuring and missed investment opportunities.

He called for stronger legal protection for officials acting in accordance with regulations, further simplification of rules governing asset valuation and land-use issues, and greater decentralisation accompanied by effective post-audit supervision.

Other speakers highlighted practical challenges faced during State capital divestment.

Representatives from the Northern Food Corporation (Vinafood 1) said many subsidiaries generate only marginal profits, making them unattractive to investors, while unresolved land-use rights and business valuation issues continue to delay divestment.

Meanwhile, the Việt Nam Expressway Corporation said its recent charter capital increase from VNĐ1.1 trillion to VNĐ39 trillion has significantly strengthened its financial capacity, enabling it to mobilise additional funding and participate in major national infrastructure projects.

Officials also emphasised the role of the stock market in improving SOE governance and transparency.

Vice Chairman of the State Securities Commission Hoàng Văn Thu said public listings and transparent auctions provide an effective mechanism for valuing State assets during equitisation, while reducing the risk of capital losses.

He added that stock market participation also helps diversify ownership structures, improve corporate governance and reduce dependence on bank financing, while supplying investors with high-quality listed companies such as Vietcombank, BIDV, VietinBank, PV GAS and Airports Corporation of Việt Nam. — VNS