Billion-dollar SOEs to be made leading companies

A smart control centre operated by State-owned enterprise VNPT. (Photo: tuoitre.vn)

The Ministry of Planning and Investment has proposed engaging a selection of seven billion-dollar State-owned enterprises (SOEs) in a project that will turn them into the leading players in their field.

The seven SOEs will come from the four sectors of hi-tech, renewable energy, seaports and logistics, and finance and banking.

The project will focus on two goals, according to Le Manh Hung, General Director of the Ministry of Planning and Investment’s Agency for Enterprise Development. Firstly, it aims to reinforce and develop large-scale SOEs on the basis of forming supply chains and value chains, and promote innovation with orientations of bringing their untapped resources into full play and attracting private investments, Hung said.

Secondly, it will formulate mechanisms and policies to smooth the way for the State/SOEs to participate in new and untapped sectors in order to realise the goals of the country’s socio-economic development strategy.

Eligible SOEs must have total assets of more than 20 trillion VND, hold a market share of 30 percent and more, and apply the OECD Principles of Corporate Governance.

Minister of Planning and Investment Nguyen Chi Dung said the selected SOEs must play a leadership role in their sector and become a centre of innovation. He stressed the need for these SOEs to support and interact with other players, particularly those from the private sector./.