Directive No. 09/CT-TTg dated March 21, 2025 on duties, solutions of state-onwed enterprises contributing to achieving double-digit economic growth and sustainable national development

DIRECTIVE

ON DUTIES, SOLUTIONS OF STATE-ONWED ENTERPRISES CONTRIBUTING TO ACHIEVING DOUBLE-DIGIT ECONOMIC GROWTH AND SUSTAINABLE NATIONAL DEVELOPMENT

In 2024, despite the instabilities and challenges in the global economic landscape, Vietnam's economy continues to show positive development trends thanks to the collective efforts of the political system, the People and the enterprises under the leadership of the Communist Party of Vietnam. It has achieved significant results and exceeded all 15 key targets set by the National Assembly. The macroeconomics remains stable with strong growth momentum. Big targets are secured. The state budget deficits, public debt safety indicators, Government debt are significantly lower than the prescribed limits. The GDP growth rate reaches 7,09% which places Vietnam among the high-growth nations in the region and the world. The average consumer price index is maintained at 3,63% despite increases in wages and prices for some goods and services managed by the State. The state budget revenue exceeds the estimate by 19,8% for the whole year, and the trade surplus reaches 24,77 billion USD. The state-owned enterprises play an important and active role with state-owned capital accounting for approximately 20,5% of the total capital in the business sector, and contributing nearly 24% of pre-tax profits. However, alongside the achievements, the state-owned enterprises also face limitations and shortcomings. Many enterprises operate inefficiently, fail to fully utilize their potential and existing resources. The contributions of a few large conglomerates and holding companies are uneven. Many enterprises have not made a positive contribution to driving strong economic growth for Vietnam.

The year 2025 holds special significance as a year of acceleration and breakthrough marking the successful implementation of the five-year socio-economic development plan during the 2021 – 2025 period. It also signifies the completion of the streamlining of organizational structure, the convening of Communist Party of Vietnam Party Congress at all levels leading up to the 14th Communist Party of Vietnam National Party Congress, and the preparation and consolidation of fundamental factors Vietnam to enter a new era - an era of rising, prosperity, and growth for Vietnamese people. The cabinet of Communist Party of Vietnam has reported to the central authorities for promulgation of the Conclusion; The Government has reported to the National Assembly for promulgation of Resolution No. 192/2025/QH15 dated February 19, 2025; The Government has promulgated Resolution No. 25/NQ-CP dated February 05, 2025 on setting the goal of achieving GDP growth of 8% or more in 2025 to create a solid foundation to aim for double-digit growth rates in the period from 2026 to 2030 with specific growth targets for each area and sector in 2025.

To continue to play a leading role, enhance the efficiency of production and business, promote investment and development of state-owned enterprises, and contribute to the successful implementation of the socio-economic development goals and tasks in 2025, especially in boosting double-digit economic growth and sustainable development in the following years, the Prime Minister has requested the Presidents of the Councils of Members, General Directors of conglomerates, holding companies, state-owned enterprises, Ministers, heads of authorities, and Presidents of People's Committees of provinces and central-affiliated cities to focus on directing the implementation of key tasks and solutions as follows:

1. Request the conglomerates, holding companies, state-owned enterprises to thoroughly grasp and implement the following requirements:

 (1) In the context of rapid, complex, and unpredictable developments in the regional, global, and domestic situations, state-owned enterprises are required to adapt more quickly, responsively, flexibly, and effectively to meet the demands of the new circumstances.

 (2) The state-owned enterprises continue to consolidate and enhance its leading role in key and essential sectors of the economy contributing to the construction and development of socio-economic infrastructure systems and economic restructuring. They are important tools to maintain macroeconomic stability, respond to market fluctuations, control inflation, fulfill national defense and security tasks, and implement social welfare policies. State-owned conglomerates and holding companies continue to hold pivotal positions and play a leading role in key economic sectors, satisfy consumer demand and provide essential goods for the People, serve the economic development of Vietnam, and ensure security and defense, especially energy security; ensure big targets and supply of important products and services for the economy such as electricity, coal, petroleum, basic chemicals, etc.

 (3) Recognize, identify the following duties and missions of state-owned enterprises: promoting the rapid and sustainable development of Vietnam’s economy, contributing to the achievement of two 100-year strategic objectives (striving to become a developing country with a modern industry with average high income to commemorate the 100^th anniversary of the establishment of Communist Party of Vietnam by 2030, and to become a developed country with high income to commemorate the 100th anniversary of the establishment of Vietnam by 2045). Therefore, state-owned enterprises shall continue to play a pioneering role in leading the way in the economy. To be specific:

- Continue to innovate, change mindset and working approaches with the principles of resources originating from innovative mindset, motivation stemming from the People and enterprises. Approaches and resolutions to issues must adhere to practicalities, derive from practicalities, respect practicalities, be measured by practicalities. Mobilize the strength of the People as the center and the subject of development.

- Conglomerates, holding companies, state-owned enterprises shall contribute more in proposing solutions to difficulties, obstacles and shortcomings arising in practice, propose solutions and recommendations to the authorities to amend, supplement and improve the mechanisms in line with market principles including the laws of value, supply and demand, and competition.

- Continue to diversify the market and products, proactively and actively participate in the global supply chain while ensuring stability and sustainable development.

- Actively and proactively research and transfer new technologies to increase labor productivity, reduce resource depletion, enhance intellectual content in products, and improve business efficiency.

- Enhance the application of scientific and technological advancements, innovation, smart management, and promote digital transformation in all aspects.

- Focus on developing infrastructure projects, especially key projects with high spillover effects that contribute to promoting socio-economic development, accelerating the investment progress of projects, ensuring construction progress, fund disbursement progress, striving to overachieve targets, and laying the groundwork for leading and mobilizing social investment capital.

- Continue to innovate in personnel management, recruit and effectively utilize human resources; train high-quality personnel; attract and prioritize talented individuals.

2. Request the conglomerates, holding companies, state-owned enterprises to uphold a patriotic spirit, aspirations, and contribute to the rapid and sustainable development of Vietnam. They shall have a broad and forward-looking perspective, think deeply, and act ambitiously with a practical approach, flexible, appropriate, and effective response to the rapidly changing reality. In 2025, in the context of the country accelerating and making breakthroughs to reach its goals, enterprises shall also accelerate, make breakthroughs, and reach their goals ahead of other entities. With the spirit of "flexible mechanisms, smooth infrastructure, and smart management", state-owned enterprises shall proactively establish specific tasks and solutions to develop their enterprises, contribute to the economic growth goals, and the development of Vietnam focusing on leading in the following six sectors:

 (1) Pioneer in innovation, creativity, digital transformation, development, and application of science and technology in accordance with the spirit of Resolution No. 57-NQ/TW dated December 22, 2024, of the Politburo.

 (2) Pioneer in making even more positive and effective contributions to the three strategic breakthroughs, especially in building institutions, institutional breakthroughs which are currently the bottleneck.

 (3) Pioneer in accelerating, making breakthroughs in growth, making practical and effective contributions to the rapid, comprehensive, and sustainable growth and development of Vietnam.

 (4) Pioneer in the development of the digital economy, green economy, circular economy, sharing economy, knowledge economy in investment in research and development.

 (5) Pioneer in actively participating in the implementation of social policies and social welfare, ensuring fairness, progress, and not leaving anyone behind in Vietnam's development process, especially in social housing programs and the eradication of temporary and dilapidated houses nationwide.

 (6) Pioneer in creating goods, products bearing the Vietnamese brand, participating in global supply chains, value chains, enhancing national brand value, increasing the value of Vietnamese products, emphasizing the influence of Vietnam, and leading the way in global value chain-related activities.

3. Request ministries, authorities, People’s Committees of provinces and central-affiliated cities and owner’s representative agencies to implement the following duties:

 (1) With the view that the State plays a formative role, listens, absorbs, and promptly synthesizes the difficulties and obstacles in practice based on the feedback of the People and enterprises, ministries and central authorities shall settle or propose competent authorities to settle or remove issues, especially in terms of mechanisms, policies within their jurisdiction with the spirit of "5 clears: clear on people, clear on tasks, clear on responsibilities, clear on timelines, clear on results."

 (2) Emphasize the design, establishment, and implementation of macroeconomic policies, maintain political stability, and social order to contribute to promoting the development of state-owned enterprises and other economic entities in the economy, ensure macroeconomic stability, control inflation, promote growth, and ensure the overall balance of the economy to aim for rapid and sustainable development.

 (3) Focus on designing and using policy tools to maximize the mobilization of social resources, using public investment to lead private investment, mobilizing all social resources for development, and promoting public-private partnerships. Research, amend, and improve regulations on public-private partnership investments; study and propose mechanisms, policies with a leverage approach to maximize the resources of enterprises, promote the development and breakthrough of state-owned enterprises and other enterprises.

 (4) Continue to thoroughly implement and improve mechanisms and policies in accordance with Resolution No. 58/NQ-CP dated April 21, 2023 of the Government on key policies and solutions to support enterprises in proactively adapting, quickly recovering, and achieving sustainable development by 2025, Resolution No. 158/2024/QH15 dated November 12, 2024 of the National Assembly on the socio-economic development plan for 2025, Resolution No. 01/NQ-CP dated January 8, 2025 of the Government on the key solution tasks to implement the socio-economic development plan and the state budget estimate for 2025, Resolution No. 25/NQ-CP dated February 5, 2025 of the Government on the target of achieving a overall national growth target of 8% or higher for various sectors and regions in 2025, etc. Focusing on building and improving institutional structures and policies; promptly addressing or reporting to the competent authorities to resolve suggestions, remove obstacles and difficulties for businesses, reviewing and cutting administrative procedures to save costs for citizens and businesses, contributing to innovation, promoting economic growth, and national development.

 (5) Vigorously and effectively implement the policy of streamlining and restructuring the organizational structure of authorities and organizations in the political system ensuring the quality and progress; urgently improve the institution for the operation of the administrative system from central to local authorities in accordance with Resolution No. 18-NQ/TW and the directives of the central authorities, contribute to enhancing the capacity and efficiency of state management over the enterprises, including state-owned enterprises.

 (6) Based on the assigned functions and tasks, promptly review and effectively settle the suggestions from enterprises attached in the Appendix of this Directive, provide settlement results to the enterprises; send the settlement results to the Ministry of Finance before March 29, 2025 for reporting to the Prime Minister before March 31, 2025.

 (7) The Ministry of Finance shall urgently report to the Government on the plan to review and improve the draft Law on Management and investment of state capital in enterprises (replacing the Law on management and utilization of state capital invested in the enterprise’s manufacturing and business activities - Law No. 69/2014/QH13); pay attention to issues such as decentralization, personnel, salary policies, and increase charter capital for enterprises, etc with the spirit of evaluating the overall effectiveness of enterprises, accepting risks, setting targets, not micromanaging, creating favorable conditions for enterprises to leverage their intellect, creativity, and taking accountable to the law; in case of violations, handle them in accordance with the law; closely coordinate with the Economic - Financial Committee of the National Assembly and other authorities of the National Assembly to report to the Standing Committee of the National Assembly and the National Assembly for promulgation at the Congress of the 15th National Assembly of Vietnam.

 (8) The State Bank of Vietnam shall study and implement the suggestions from relevant banks regarding the application of Basel III standard, sandbox mechanism to make a space for innovation and efficiency evaluation; direct credit institutions to continue cost reduction, enhance the application of information technology, simplify administrative procedures, review and restructure the organizational structure, be prepared to share profits to strive for reduced lending rates in the spirit of "balanced benefits, risk sharing"; review and streamline target groups to reduce procedures, loan conditions to accelerate and make credit more efficient, especially for schemes, projects, and sectors driving growth, digital transformation, green growth; ensure the safety and logic of banking operations; continue researching and implementing preferential credit packages to promote economic growth drivers, develop social housing, and create favorable conditions for individuals under 35 years old to purchase social housing.

4. The Prime Minister Ho Duc Phoc is assigned to take charge of the implementation; other Prime Ministers shall direct ministries, central authorities, local authorities, owner’s representative agencies to promptly organize the implementation of the duties assigned in this Directive, settle emerging issues within their jurisdiction, and promptly report to the competent authorities in cases that exceed their authority.

5. The Office of the Government shall urge ministries, authorities, local authorities, conglomerates, holding companies and state-owned enterprises to carry out the tasks within their jurisdiction in accordance with this Directive./.