Placing these two resolutions side-by-side raises a common concern: will these two drivers collide in practice?

That question surfaces repeatedly in development projects and in every controversial adjustment of electricity prices, reflecting a long-standing dilemma for state-owned enterprises: how to follow market principles without drifting away from social objectives.

Guidance cannot exist through role alone

When the state economic sector is required to operate under market principles, competition with the private sector becomes unavoidable. The real issue is whether such competition leads to shared growth or mutual destruction.

Resolution 79 is correct in its goals and orientation, but it needs a clear roadmap to avoid becoming a "paper-only" success that lags in real life. More importantly, without a clear boundary between the state and private sectors, Resolution 79 could inadvertently weaken the spirit of Resolution 68. When "guidance" is misunderstood as "doing it for them" or "infringing on their space," the most important growth engine can easily be harmed.

Experience from transport infrastructure highlights a long-standing paradox: some SOEs were assigned to implement multiple nationally important expressway projects, yet their charter capital was far too small relative to total assets and investment scale. Such a capital structure made it difficult to mobilize additional resources, causing them to miss critical opportunities.

Only after capital was increased in a substantive way did the situation change. The enterprises accelerated immediately, simultaneously implementing multiple large projects, including under PPP models.

The lesson is clear: assigning a leading role to SOEs without providing adequate resources places them in a high-risk position.

Resolution 79, therefore, should not be interpreted as strengthening SOEs to expand and dominate, but as assigning them to do exactly what they are meant to do, in truly key sectors with strong spillover effects.

If an economy only invests in ‘sure wins’ will struggle to achieve breakthroughs. Leading in the spirit of Resolution 79 means daring to move first and accepting controlled risks, especially in new sectors, high technology, and strategic infrastructure, where the private sector is not yet ready to participate.

This requires not only more flexible evaluation mechanisms, but also protection for those who dare to act and take responsibility for the common good. If all risks are automatically treated as violations, no one will have the courage to move ahead.

Market discipline and uncomfortable decisions

One notable shift is how some large state-owned groups are approaching Resolution 79 not by seeking more preferential mechanisms, but by putting pressure on themselves to tighten discipline.

Operating according to the market means accepting difficult, even sensitive, decisions. Electricity is a prime example. Market orientation does not mean ignoring social goals, but it cannot avoid cost transparency, reflecting true value, and encouraging efficient resource use. 

The boundary between market forces, social welfare, and political duties is where the guiding role of SOEs is most clearly tested.

Alongside this, governance reform is no longer an abstract concept. Many SOEs have begun pushing digital transformation, standardizing processes, and improving operational efficiency, creating real value rather than just changes on paper. This proves that market discipline, if strictly enforced, can yield "sweet fruit."

One important point of Resolution 79 that may be oversimplified is that it is not only about state-owned enterprises. Its deeper focus is on managing all resources of the state sector, including capital, land, infrastructure, public assets, and investment funds.

Assets owned by the people as a whole do not mean that only the state sector should be prioritized in their use. What matters is efficient allocation for society through transparent, market-based mechanisms. SOEs are just one tool among many, not an end in themselves.

Institutional bottlenecks

Ultimately, people remain the decisive factor. Under the same mechanism, some places perform very well while others barely move. The difference lies in capacity, courage, and sense of responsibility among implementers, especially leaders.

Leading is not about overwhelming the private sector, but about opening the way for the market to function better, allocate resources more efficiently, and lay the foundation for long-term growth.

If implemented properly, Resolution 79 will not contradict Resolution 68, but complement it, forming two parallel pillars: the state plays its role in strategic guidance and development creation, while the market, with the private sector as the main driver, is given sufficient space to grow.

Tu Giang