Transactions at Vietcombank, a State-owned commercial bank. Prime Minister Phạm Minh Chính has asked the State-owned enterprises to pilot the recruitment of foreign chief executive officers (CEOs) to improve efficiency. — VNA/VNS Photo Trần Việt

This aims to revamp the leadership and improve the operation efficiency of SOEs in the context that the role of SOEs in the economy is fading with many struggling with losses and slow in innovation.

Emphasising the importance of quality personnel, Chính asked SOEs to consider recruiting high-quality staff, especially foreign CEOs, with appropriate salary and remuneration mechanisms.

He also urged SOEs to pioneer in innovation, application of science and technology, in international integration and investing abroad as well as in fighting against corruption.

In addition, SOEs must take the role in promoting socio-economic development coupled with ensuring social security and in enhancing quality of human resources and smart governance.

Focus must be on speeding up digital transformation, green transition, circular economy, semiconductor, hydrogen and artificial intelligence, he asked.

Statistics of the Ministry of Planning and Investment showed that there were 676 SOEs as of the end of 2023 with the State holding 100 per cent of charter capital at 478 SEOs and controlling stakes at 198.

In 2023, SOEs generated total revenues of VNĐ1,652 trillion ($64.82 billion) and VNĐ125 trillion ($4.9 billion) in profits. — VNS