HÀ NỘI — The Ministry of Finance has set out three special mechanisms to boost the development of the State economic sector, focusing on strengthening strategic reserves and enhancing the role of State-owned enterprises (SOEs).

The measures are outlined in a draft National Assembly resolution submitted to the Ministry of Justice for appraisal, as part of efforts to implement the Politburo’s Resolution 79, which envisions expanding the State sector and placing one to three SOEs among the world’s 500 largest companies.

The draft highlights three key policies.

First, the Government would prioritise annual State budget allocations to increase national and strategic reserves of essential goods, including food, fuel, crude oil and high-tech products. It also emphasises investment in national reserve infrastructure, particularly strategic storage facilities for petroleum and crude oil.

Second, SOEs operating in key sectors with significant socio-economic impact would be required to allocate at least 10 per cent of their retained post-tax profits to the national reserve as assigned by the Government. 

Third, the draft proposes liability exemptions for objective risks arising in the management of strategic reserves, particularly for high-tech or specialised goods that may become unsuitable after storage. Exemptions would apply where proper procedures, risk management and transparency requirements have been followed and no legal violations have occurred.

Compared to the previous draft, the Ministry of Finance has dropped a proposal for a special mechanism related to the State Capital Investment Corporation (SCIC).

The ministry noted that current regulations do not clearly define mechanisms or funding sources for SOEs to participate in strategic reserves, which are considered crucial for economic stability and strategic autonomy. National reserves were estimated at only about 0.12 per cent of GDP by the end of 2025, well below long-term targets.

Việt Nam aims to raise national reserves to 1.5 per cent of GDP by 2035 and 2 per cent by 2045.

The ministry said it is therefore necessary to establish a legal framework allowing SOEs to use retained post-tax profits to contribute to strategic reserves.

The proposed mechanisms are expected to strengthen the capacity of SOEs while easing pressure on the State budget.

“Instead of relying solely on the limited State budget, the policy leverages SOE profits as a tangible source for national reserves, including goods and materials,” Deputy Minister of Finance Cao Anh Tuấn said.

The ministry added that participation by major SOEs in key sectors would help stabilise markets by preventing speculation and price manipulation during periods of volatility.

Economist Vũ Phan Mạnh said Việt Nam’s national reserve strategy to 2030, with a vision to 2045, is being developed under a multi-layered model, in which State-managed reserves play a central role.

He said it is therefore necessary to introduce policies allowing SOEs to use retained post-tax profits for reserves.

Bonus fund mechanism

The draft resolution also proposes a separate policy allowing SOEs to set aside up to 10 per cent of profits exceeding annual targets from undistributed post-tax earnings to establish bonus funds.

The policy is expected to help attract and retain high-quality personnel while improving enterprise efficiency, with the remaining 90 per cent of excess profits still remitted to the State budget.

Lê Công Hoàng, general director of Redriverco, a trading and services company, said existing laws do not specify mechanisms for retaining excess profits to form bonus funds, limiting incentives for SOEs.

Without sufficiently strong and flexible policies, the State sector may struggle to generate new growth momentum and fully play its leading role in supporting private sector development, he said.

The ministry cited statistics that 673 SOEs recorded combined pre-tax profits of VNĐ248.7 trillion (US$9.5 billion) in 2024, up 18 per cent year-on-year. — VNS