State economic sector plays leading role in Vietnam’s economy: Politburo's Resolution

Accordingly, the state economic sector is an important resource enabling the state to stabilize the macroeconomy.

State economic resources must be monitored and used in accordance with market principles.

The state sector needs to take the lead in innovation, digital transformation, and green transition, and spearhead key industries and fields.

The state economic sector comprises resources owned, managed, and controlled by the state, such as land, natural resources, infrastructure, the state budget, national reserves, off-budget financial funds, state-owned enterprises and credit institutions, state capital in enterprises, and public service units.

Vietnam aims to become a developing country with modern industry and upper-middle income status by 2030, and a developed and high-income country by 2045.

By 2030, the Politburo targets having 50 state-owned enterprises (SMEs) among the 500 largest companies in Southeast Asia, and 1-3 SMEs among the world's top 500. Vietnam will also have at least three state-owned commercial banks among the 100 largest banks in Asia.

By 2045, the state economic sector will become a solid foundation ensuring the autonomy and self-reliance of the economy. During this period, national reserves are expected to reach two percent of the nation's GDP, and about 60 SMEs will be ranked among the 500 largest companies in Southeast Asia.

The Resolution emphasizes that the state will create a fair competitive environment for all economic sectors in exploiting and using national resources, while encouraging public-private partnerships.

The Politburo requires the completion of the national database and stronger supervision and evaluation of the efficiency of state capital and asset use.

By the end of 2024, the total assets of 671 state-owned enterprises (473 wholly state-owned and 198 with more than 50 percent state ownership) exceeded VND5.6 quadrillion (US$213 billion), up 45 percent from the previous year.

State-owned enterprises hold large market shares in several sectors such as energy, telecommunications, and banking, contributing about 29 percent to the nation's GDP.

These enterprises recorded total revenue of nearly VND3.3 quadrillion ($125.6 billion), up 24 percent.

Pre-tax profits reached nearly VND227.5 trillion ($8.6 billion), up eight percent.

They contributed nearly VND400 trillion ($15.2 billion) to the state budget, an increase of 9 percent.