Scientific conference "Solutions for financial and investment management to enhance the leading role of state-owned enterprises in economic development"
9/5/2022 5:32:11 PM
In recent years, state-owned enterprises (SOEs) have developed, contributing to the implementation of the leading role of the economy, making an important contribution to the cause of socio-economic development. The Government and the Prime Minister have drastically, expeditiously and promptly issued resolutions, directives and directed ministries and branches to promptly and promptly issue regulations to support and remove difficulties for local governments. enterprises, including SOEs, thereby promoting and improving the efficiency of production and business activities, proactively responding to the Covid-19 pandemic, making an important contribution to maintaining and recovering the land economy. country.
Mr. Vu Quoc Tuan, Editor-in-Chief of Business and Commerce Magazine, delivered the opening speech
Speaking at the opening of the seminar, Mr. Vu Quoc Tuan, Editor-in-Chief of Business and Commerce Magazine, said that with the accelerating process of equitization, the number of SOEs gradually decreased, accounting for a low proportion of the total number of enterprises. the business sector, but still holds a large resource in terms of capital and assets, generates revenue and makes a significant contribution to the state budget.
However, the development of this business sector is posing many problems such as limited operational efficiency and competitiveness, not commensurate with the resources held; SOEs with a large amount of capital have not been able to bring into full play their capacity in economic development; The progress of equitization and divestment of SOEs has been slow in recent times and has not yet reached the set plan; a number of large-scale SOEs in key fields have not brought into full play their potentials and strengths...
At the seminar, Assoc.Prof.Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics, said that after more than 30 years of reorganizing and renovating the SOE sector with a focus on equitization, the number of SOEs has decreased significantly, but this sector is still holds large resources in terms of capital and assets, generates revenue and makes significant contributions to the state budget. Specifically, at present, the number of SOEs is not large, accounting for only 0.07% of enterprises in the country, but contributes up to 7% of total assets, 10% of total capital of enterprises in the market and more than 30% of GDP. , not to mention the contribution to labor, employment and the role of regulation, stabilizing the market when there is instability, contributing to ensuring social security, national defense and security. Along with that, this business sector is contributing to creating jobs for workers, regulating and stabilizing the market when there is instability. With the process of accelerating equitization, the number of state-owned enterprises gradually decreased, accounting for a low proportion in quantity in the entire enterprise sector. However, SOEs still hold large resources in terms of capital and assets, generating revenue and making significant contributions to the state budget...
Assoc.Prof.Dr. Bui Quang Tuan, Director of the Vietnam Institute of Economics gave a welcome speech
However, in addition to efforts to ensure its role in the economy, the development of the SOE sector has been posing many problems such as the limited operational efficiency and competitiveness of SOEs, not commensurate with the resources held. Specifically, at present, SOEs contribute nearly 40% of GDP, the rest 60% of GDP is contributed by private enterprises and foreign-invested enterprises (FDI), while about 60% of social resources. are focusing on SOEs, thus, the SOE sector has not used capital efficiently. Besides, the corporate governance mechanism is still slow to innovate, not in line with international practices, publicity and transparency are still limited.
At the seminar, experts, managers and businesses focused on discussing the following topics: Some major policies need to be changed to develop SOEs today; The current state of large-scale SOE operations, focusing on economic groups and corporations, and proposing a number of breakthrough solutions to strengthen and develop economic groups and corporations in the new period; Operational efficiency and competitiveness of SOEs; Operational efficiency and governance of SOEs in the new development context: Problems and solutions; The "bottlenecks" and problems posed in the current mechanisms and policies for the development and governance of state-owned enterprises; Completing mechanisms and policies to develop technology enterprises: the case of Military Industry and Telecommunications Group (Viettel)...
In the framework of the seminar program, Mr. Nguyen Duc Trung, Deputy Director, Enterprise Development Department (Ministry of Planning and Investment) said: Some large-scale SOEs operate in important and key fields. of the economy but has not really brought into full play its potential and strengths due to a number of shortcomings and limitations. “SOEs lack autonomy, which prevents SOEs from engaging in venture capital and innovation. Besides, the performance of these enterprises is not commensurate with the resources held; competitiveness, especially international competition is still limited. This problem stems from the fact that SOEs have not fully promoted their initiative in production and business activities.”
Mr. Nguyen Duc Trung, Deputy Director, Department of Enterprise Development gave a speech
Currently, a number of ministries are assigned to manage SOEs, but there is no specific document specifying which agency has general management tasks for the SOE system. The management and supervision system is cumbersome because of many regulations, does not keep up with practical requirements, is ineffective and inefficient.
Mr. Nguyen Duc Trung, emphasized, there should be 4 breakthrough solutions to strengthen and develop economic groups and corporations. Firstly, focus on building a system of mechanisms and policies in the direction of owner's management innovation, creating conditions for SOEs to operate equally, proactively and compete with other enterprises; Secondly, boldly empower or assign tasks to a number of SOEs to develop fundamental infrastructures to be able to apply the sharing economy, promote digital technology development in the future with some experimental policies. have control over new products, services and business models applying digital technology; Third, clearly define an agency with general management tasks for the SOE system; Fourth, create mechanisms and policies for the State or SOEs to participate in the development of fields with high technology content, new, capable of dominating the market and reaching out to the world through the use of resources. of the State Capital Investment Corporation or in cooperation with other SOEs…
Also at the seminar, Assoc.Prof.Dr. Ho Si Hung - Vice Chairman of the Committee for the Management of State Capital at Enterprises stated his views on land and public property... currently, enterprises are the users to review, while localities and ministries and branches control this problem. The second is the socio-political task that no one has assigned to this issue. If assigned, the SOE will use its resources to do it, the effect is okay, but if it is not effective, the person who assigns this task must also shoulder the responsibility of the enterprise. For example, food, when there is a fluctuation, is important, must be stored to sell stably, which will lead to loss ...
Currently, there is a lack of focal points to synchronize policies of ministries and sectors together. For example, the list of equitization and divestment of the Ministry of Planning and Investment is made every year, but it takes several years for the Ministry of Finance to issue. Only the steps from decision to implementation take 15-16 months. How should ministries and sectors be coordinated to speed up and facilitate investment procedures? Increasing decentralization, without increasing monitoring and evaluation, is not effective. Because, the management agency is not the expert, it will be difficult to evaluate the technical factors... Therefore, Assoc.Prof.Dr. Ho Si Hung proposed to the authorities, it is necessary to change some major policies to develop the current SOEs. He emphasized, it is necessary to focus on building a system of mechanisms and policies in the direction of innovation, creating conditions for SOEs to operate equally, proactively and compete with other enterprises; consolidating and developing large-scale, efficient, and brand-name SOEs, besides the growing domestic private sector, will be one of the important solutions...
Assoc.Prof.Dr. Ho Si Hung - Vice Chairman of the Committee for State Capital Management at Enterprises gave a speech
Assoc.Prof.Dr. Hoang Van Hai, Director of the Institute of Business Administration, University of Economics, Hanoi National University, also said that the bottleneck in the current policy mechanism for SOE development is the unstable and unclear legal framework. clearly inhibited innovation in development investment.
Sharing the same opinion, Dr. Le Xuan Sang, Deputy Director of the Vietnam Institute of Economics, said that it is necessary to clarify that the state economy is the mainstay, SOEs are the core; perfecting equal and consistent governance between SOEs and other enterprises, especially in weak stages such as recruitment and appointment. Accordingly, consider amending the Law on Management and Use of Capital invested in production and business at enterprises and guiding documents for implementation with breakthrough orientations, creating initiative for SOEs….
Dr. Le Xuan Sang, Deputy Director of the Vietnam Institute of Economics gave a speech
According to Mr. Nguyen Quang Tuan - Production Research Department, Military Industry and Telecommunications Group (Viettel), SOEs are still hindered from participating in venture investment and innovation. Although the Party has a policy "to have a policy for SOEs to invest in technology development, venture capital and invest in innovation", it has not been institutionalized...
Faced with the above situation, Mr. Nguyen Quang Tuan recommended that, first of all, it is necessary to expand the autonomy for SOEs, change policies from input management to goal management and results-based management. Along with that, it is necessary to improve the capacity of state management agencies, promote innovative thinking in building a constructivist state, a service state; better support businesses in forecasting, orientation as well as giving good warnings to businesses. It is necessary to issue specific guiding policies so that SOEs can participate in venture capital, investment in innovation, etc.; At the same time, develop and implement specific policies to develop pioneering and leading enterprises in technology to keep pace with the industrial revolution 4.0 and develop the digital economy...
Mr. Nguyen Quang Tuan - Production Research Department, Viettel Group gave his speech
The workshop received 06 presentations and many opinions from experts. The seminar is an opportunity for ministries, sectors, economic experts and SOEs to share solutions to effectively implement the Government's direction in financial and investment management, especially policies to support financial services. finance in order to promote enterprises to implement technological innovation activities and improve governance capacity in the context of international and regional fluctuations with many complex changes.
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