(Mr): Phung Xuan Minh. [Chairman of the Board of Directors of PT Group & Saigon Ratings]
In the process of building a state-owned economy in the era of national development, state-owned enterprises need to be viewed not only as a production and business sector, but as a core force in achieving the nation’s strategic development goals. As the country enters a new stage of development, the demands placed on state-owned enterprises go beyond simply preserving capital, maintaining operations, or fulfilling public service duties. They must become a pioneering force in infrastructure development, market leadership, ensuring economic security, promoting innovation, and enhancing national competitiveness.
In the new era of national development, state-owned enterprises must shift strongly from a mindset of “holding onto resources” to one of “unlocking, developing, and generating profits from national resources.” This is a particularly important task, because state resources are only truly valuable when they are managed effectively, allocated strategically, used transparently, and create a ripple effect throughout the entire economy.
1. NATIONAL ROLE AND RESPONSIBILITIES OF STATE-OWNED ENTERPRISES
State-owned enterprises play a crucial role in key sectors of the economy such as energy, finance and banking, telecommunications, transportation infrastructure, logistics, oil and gas, mining, defense industry, public services, and other areas directly related to national economic security.
These are economic sectors with large capital investments, long investment periods, and high levels of risk, but they are fundamental to the growth, stability, and sustainable development of the national economy at different stages of development.
In the context of the nation’s development, state-owned enterprises need to clearly demonstrate their leading role through tangible results. This role should not only be established by asset size or competitive market position, but also proven by business performance, innovation capacity, budget contributions, pioneering and leadership in key economic sectors, creating a ripple effect on private enterprises, and responsibility towards national strategic goals.
The greatest responsibility of state-owned enterprises is to make the capital, assets, land, infrastructure, technology, and human resources entrusted to them by the State become a driving force for development. State-owned enterprises must lead in financial discipline, information transparency, risk management, prevention of losses and waste, and improved efficiency in capital utilization. Each state-owned corporation and general company should be considered a national capacity center in its respective field, capable of organizing resource exploitation, guiding investment, and creating new governance standards for the market.
2. ROLE OF COOPERATION, LEADERSHIP, AND INFLUENCE ON OTHER ECONOMIC SECTORS
In this new phase of development, Vietnam needs a massive amount of capital for infrastructure such as transportation, energy, urban development, seaports, logistics, digital transformation, environmental treatment, healthcare, education, and key national projects. Relying solely on the state budget or the resources of state-owned enterprises is insufficient to meet development needs. Therefore, public-private partnership models, especially PPPs, need to become a crucial method for mobilizing the combined strength of resources such as public investment budgets, state-owned enterprises, private enterprises, and international investors.
In PPP projects, state-owned enterprises can play a leading role in many stages of investment. Firstly, they can participate in project preparation, providing technical expertise, operational data, management capabilities, and practical industry knowledge. Secondly, they can participate as strategic partners, sharing initial risks and building trust with private investors. Thirdly, they can support the formation of domestic supply chains, enabling Vietnamese businesses to participate more deeply in design, construction, operation, maintenance, supply of materials and equipment, and technical services.
It is crucial that state-owned enterprises do not replace the private sector, but rather play a pioneering role in paving the way for greater, deeper, and more effective private sector participation in investment activities. In key national projects, state-owned enterprises need to play the role of “market leader,” helping to standardize technical standards, enhance project transparency, ensure construction quality, and contribute to reducing risks for the entire investment ecosystem.
When the PPP model is implemented correctly, state-owned enterprises will no longer be the sole force shouldering the responsibility of investing in major national projects, but will become the core link, capable of connecting public investment resources with private investment resources, domestic investment resources with international resources, and financial resources associated with technological expertise and modern corporate governance capabilities.
3. TAKE THE PROACTIVE LEADERSHIP IN DEEPER INTEGRATION INTO GLOBAL VALUE CHAINS
A new requirement for state-owned enterprises in this era of growth is to proactively participate more deeply in global production value chains. Vietnam cannot simply remain in the role of processing, assembling, or supplying low value-added stages. To elevate the economy, large Vietnamese enterprises, including state-owned enterprises, must move up to higher value-added stages such as research and development, design, core technology, technical standards, logistics, branding, data, and after-sales service.
State-owned enterprises possess numerous advantages in terms of scale, experience, infrastructure, organizational capacity, and long-term investment capabilities. These advantages need to be translated into international competitiveness. Economic groups in the telecommunications, technology, energy, oil and gas, logistics, banking, and infrastructure sectors should boldly cooperate with global corporations, participate in cross-border projects, make selective overseas investments, and simultaneously encourage Vietnamese private enterprises to participate in the supply chain.
In the context of digital transformation, green transformation, and the shift in global supply chains, state-owned enterprises (SOEs) have an even greater responsibility to take the lead in technological innovation. Without mastering technology, data, and modern operating standards, SOEs will struggle to maintain their leading role. Conversely, by leveraging the advantages of science and technology, innovation, and digital transformation, SOEs can become a crucial force in helping Vietnam elevate its position in the global production, trade, and investment network.
4. LEVERAGING COMPETITIVE ADVANTAGES AND PROMOTING THE DEVELOPMENT OF THE PRIVATE ECONOMY IN THE NEW ERA
In the context of the state-owned economy during the nation’s period of growth, the relationship between state-owned enterprises and the private sector needs to be established on the principle of synergy, not opposition. Strong state-owned enterprises should not be used to overwhelm the private sector, but rather to create space for development, paving the way for private enterprises to grow, participate in higher-value sectors, and contribute to national competitiveness.
State-owned enterprises can create advantages for the private sector through infrastructure development, provision of platform services, credit support, the formation of logistics centers, expansion of digital infrastructure, promotion of green and quality standards, and the construction of domestic production ecosystems. When a state-owned enterprise invests in electricity, seaports, telecommunications, data, railways, aviation, or finance infrastructure, the ripple effect extends beyond the enterprise itself, opening up business opportunities for thousands of private enterprises to participate in the value chain.
Conversely, private enterprises are also important partners in helping state-owned enterprises innovate faster, become more flexible, and more competitive. Cooperation between state-owned and private enterprises needs to be promoted in areas such as digital technology, renewable energy, industrial manufacturing, high-tech agriculture, e-commerce, logistics, financial services, healthcare, education, and the green economy.
The appropriate business development model in the new era is for the State to create a favorable business environment, for state-owned enterprises to lead in strategic sectors, for private enterprises to excel in competitive market sectors, and for the FDI sector to play a connecting role in technology, capital, management, and international markets. When these three economic sectors cooperate and operate harmoniously and effectively, the Vietnamese economy will have greater resilience, higher impetus, and more sustainable competitiveness.
5. PERFORMING REGULATIONAL FUNCTIONS TO ENSURE NATIONAL ECONOMIC STABILITY AND SECURITY
One of the special roles of state-owned enterprises is to participate in the task of regulating and stabilizing the macroeconomic economy. In essential economic sectors such as electricity, petroleum, finance, telecommunications, transportation, food, clean water, and public services, state-owned enterprises are responsible for ensuring a stable supply of goods, minimizing disruptions, contributing to inflation control, and maintaining stable production and people’s lives.
During periods of economic hardship, external shocks such as energy price fluctuations, supply chain disruptions, financial crises, natural disasters, epidemics, or geopolitical instability, state-owned enterprises (SOEs) are a crucial force enabling the government to intervene promptly, protect major balances, and maintain market confidence. This strategic value cannot be measured solely by the short-term profits of SOEs.
However, the role of macroeconomic regulation does not mean that state-owned enterprises can operate without market discipline. On the contrary, the more important the role, the more transparent, efficient, and accountable state-owned enterprises must be. Policy objectives need to be clearly defined, accounted for, compensated, and separated from commercial business activities. Only then can state-owned enterprises effectively fulfill their assigned public service duties and roles while preserving and developing state capital.
In the era of national development, state-owned enterprises must become a leading force that is modern, professional, efficient, and of international stature. They are a crucial economic force, playing a pivotal role in stabilizing and ensuring macroeconomic security, a core element in strategic infrastructure development, a major partner of the private sector, a driving force in global value chain integration, and an important regulatory tool for the State to achieve its key objectives in the process of striving to become a prosperous and powerful nation.
Saigon Ratings [06/10/2026]
