Party General Secretary Nguyen Phu Trong has signed into issuance three resolutions adopted at the 12th Party Central Committee’s fifth plenary meeting that took place in early May.

Party General Secretary speaks at the 12th Party Central Committee’s fifth plenary meeting

The resolutions, signed on June 3, are on continuing to re-organise, renovate and improve the efficiency of State-owned enterprises, completing the socialist-oriented market economy institutions, and developing the private economy into an important driving force of the socialist-oriented market economy.

The resolution on continuing to re-organise, renovate and improve the efficiency of State-owned enterprises clarifies that State-owned enterprises (SOEs) is an important force of the State economy, which helps drive economic growth and ensure social progress and fairness.

SOEs are mostly operating in key and crucial sectors, important localities and areas that businesses in other economic sectors do not invest in.

SOEs operate in line with the market mechanism and compete on a equal basis with other business sectors under law. 

The resolution sets a target of restructuring, renovating and improving SOEs’ efficiency on the foundation of modern technology, innovation and governance basing on international standards, with the aim of mobilizing, distributing and using social resources efficiently, while preserving and developing State capital in enterprises.

In the 2017-2020 period, SOEs will be reformed on the basis of classification criteria for SOEs and enterprises with State capital.  By 2018 at the latest, a specialized agency will be set up to act as the representative of the State ownership and capital in SOEs.

It also sets a goal that in 2030, almost all SOEs have mixed ownership, with the majority being joint stock companies.

Meanwhile, the resolution on completing the socialist-oriented market economy institutions defines that this is a strategic task and an important breakthrough that create a driving force for rapid and sustainable development, renewing the growth model, restructuring the economy and boosting industrialization and modernization.

The goal is to complete and effectively operate institutions of the socialist-oriented market economy by 2030. 

Meanwhile, the resolution on developing the private economy into an important driving force of the socialist-oriented market economy targets the healthy, effective and sustainable development of the private sector, making it an important driving force of the socialist-oriented market economy, contributing to the rapid and sustainable socio-economic development.

Specifically, by 2020, the country is expected to have at least 1 million enterprises. The figure should increase to over 1.5 million in 2030 and to at least 2 million in 2030.

The private sector is hoped to account for around 50 percent of the GDP in 2020, 55 percent in 2025, and 60-65 percent in 2030.

In the 2016-2025 period, labour productivity should increase by 4-5 percent each year, while the competitiveness of the private sector is equal to top four ASEAN countries.

VNA