Paving the way for the "leading crane" to spread its wings.

VTV.vn - Resolution 79-NQ/TW (Resolution 79) was issued in the context of Vietnam standing at the threshold of epochal changes.

The breakthrough of the Resolution is clarifying the "leading" role of the state-owned economy in the economic structure. Instead of spreading resources thinly, the State focuses on key sectors, essential fields, and strategic industries. This is the space for the formation of strong economic conglomerates, "national Big Tech" companies capable of competing on the global economic map.

Institutional "shields" and groundbreaking mechanisms for achieving greater heights.

According to economic experts, Resolution 79 is not only a guiding document but also creates a significant institutional impetus for the state-owned enterprise (SOE) sector. For the first time, the principles of "overall benefit" and "acceptance of risks in innovation investment" are emphasized as a legal framework to protect those who dare to think and act.

This helps to overcome the "fear of making mistakes"—a psychological and institutional barrier that has caused many state-owned enterprises to stagnate for extended periods.

Previously, the state capital management mechanism was often seen as a "tight garment" for corporations seeking breakthroughs. Any investment errors, even those due to market fluctuations, could be attributed to asset losses. With Resolution 79, this mindset has been adjusted to accept experimental risks in exchange for groundbreaking, pioneering innovations. This is the "institutional shield" that helps business leaders confidently venture into difficult and new fields.

A notable new feature in the implementation roadmap of Resolution 79 is the permission for large-scale state-owned enterprises to use all revenue from equitization and divestment for reinvestment. This is a breakthrough in financial mechanisms, creating a substantial source of resources for development.

Instead of having to remit the entire amount to the central budget as before, the capital will be retained to act as "seed capital" for strategic projects such as core technologies, renewable energy, and national digital infrastructure. This will give businesses more resources to invest in capital-intensive and high-tech sectors, such as semiconductor manufacturing or the construction of large-scale data centers.

Furthermore, the mechanism of increasing the retained after-tax profit ratio linked to capital efficiency helps businesses be more proactive in their long-term development strategies. Instead of a "request-and-grant" mechanism, corporations have the right to proactively allocate resources based on market signals.

The government has also tasked the Ministry of Finance with researching and developing a list of state-owned enterprises (SOEs) that are capable of applying special mechanisms, such as preferential interest rate support or access to green credit packages for key projects. The synergy of these policies creates a favorable ecosystem for key enterprises to play a leading role in the economy.

The bridge between "giants" and the business ecosystem

One of the strategic objectives of Resolution 79 is to promote the role of state-owned enterprises in activating the endogenous strength of the private economic sector.

The image of the "leading crane" is emphasized with the message: cranes don't fly alone. The role of large enterprises is to create a ripple effect, helping hundreds of thousands of small and medium-sized enterprises (SMEs) to participate more deeply in the global value chain.

In fact, large corporations will play a central role in industrial and service clusters. When a state-owned enterprise invests in new infrastructure or technology, SMEs have the opportunity to participate as auxiliary suppliers, thereby promoting localization and reducing dependence on imported components.

This linkage extends beyond supply relationships, fostering a ripple effect of improved governance standards. Resolution 79 encourages state-owned enterprises to cooperate with FDI companies and large private sector businesses to form strong economic alliances, thereby absorbing international best practices in governance and enhancing competitiveness.

In particular, the separation of socio- political tasks from commercial business tasks is considered a significant step forward in financial transparency. When all activities are clearly defined, businesses are compelled to operate according to market standards and efficiency principles.

Resolution 79 marked the starting point for the shift from a managerial mindset to a development-oriented mindset – where state-owned enterprises became the driving force paving the way for the country's aspirations for industrialization and economic self-reliance.

This transparency will make it easier for businesses to access international capital, issue green bonds, or list on foreign stock markets through credit ratings from international organizations.

According to Dr. To Hoai Nam, Permanent Vice President and General Secretary of the Vietnam Association of Small and Medium Enterprises (VINASME), Resolution 79 shapes a new approach to the relationship between state-owned enterprises and the private sector. He believes that concerns about state-owned enterprises encroaching on the private sector are gradually being allayed as the role of state-owned enterprises is defined as that of "pioneers."

When large corporations take the lead in investing in high-risk areas such as green hydrogen, microchips, or large-scale transportation infrastructure, they simultaneously create markets and growth opportunities for small and medium-sized enterprises (SMEs).

From a financial perspective, Dr. Nguyen Tri Hieu believes that the goal of having 1-3 state-owned enterprises (SOEs) among the world's top 500 largest companies by 2030 is feasible if a risk-taking mechanism in innovation is consistently applied. However, he also emphasized the need for a transparent monitoring mechanism, the application of digital technology, and independent auditing to ensure the efficient use of state capital.

The aspiration for "national Big Tech companies"

Resolution 79 has opened up a more open policy space, but whether businesses can take advantage of the opportunity depends on the management capacity and innovative spirit of the corporations themselves.

The goal of having at least 50 state-owned enterprises (SOEs) among the top 500 in Southeast Asia by 2030 is not only a target for enterprise development but also linked to the goal of enhancing Vietnam's position in the global value chain.

The moves by Viettel and VNPT in developing digital infrastructure, or PVN and EVN in the process of transitioning to green energy, are showing positive signs of this process.

When key businesses are freed from institutional barriers and gain access to new financial mechanisms, they have the opportunity to transform into "national Big Tech" – technology and industrial corporations capable of competing internationally.

This aspiration is linked to the mission of mastering core technologies, from semiconductors and artificial intelligence (AI) to biotechnology and new materials. These are the technological foundations of the future economy.

However, to achieve that goal, change needs to begin with the corporate governance model itself. Adopting international governance standards as recommended by the OECD will be a crucial condition for businesses to integrate into the global financial and technological flow.

More broadly, the success of this roadmap will contribute to shaping a new face of the Vietnamese economy in the next phase of development. When the state-owned economy truly plays a leading role and creates momentum for the entire business ecosystem, Vietnam has a solid foundation to rise strongly in the global value chain.

Source: https://vtv.vn/mo-duong-cho-seu-dau-dan-sai-canh-100260411185732955.htm