SOEs must play key role in economic development, Gov’t leaders say
15:10 | 10/03/2010

VGP – State-owned corporations and groups must strive to grow beyond 10% this year to lead the national economy out of crisis, stressed PM Nguyễn Tấn Dũng.

Working with the State-owned enterprises (SOEs) in Hà Nội on March 10, 2010, the Government leaders hails the SOEs for their key role in stabilizing macro-economy, controlling inflation, and maintaining the safety of the business system – Photo: VGP/Nhật Bắc

 
PM Nguyễn Tấn Dũng made the remark this morning during his meeting with representatives of over 100 State-owned enterprises (SOEs) to discuss the implementation of the socio-economic development plan of 2010.

Vietnamese SOEs have contributed at least 40% of the gross domestic product annually, playing a key role in the national economy, especially when the economy tumbled last year.

PM Dũng praised SOEs for their outstanding achievements in successfully overcoming difficulties and maintaining their high growth rate despite being strongly hit by the global economic turmoil.

The PM showed his appreciation when SOEs had joined hands with the Government to stabilize the market prices of essential commodities such as electricity, coal, transport, rice, and rubber.

He encouraged them to help the Government achieve the GDP growth rate of 6.5% while keeping the inflation under 7% in 2010 - the last year of the country’s five-year socio-economic development plan.

Four major tasks

After analyzing the existing strong and weak points of each SOE, the Government chief outlined four major tasks for better performance which are as follows:

First, SOEs must focus on improving production and business activities; increasing their productivity, socio-economic efficiency, and competitiveness.

“At this moment, the establishment of an effective electricity plant or fertilizer factory, or the drop of a coin into export value will create a huge significance,” the PM commented while calling for more investment.

He also reaffirmed that the Government will create a friendly and transparent investment environment for the business community, including overseas ones, to develop.

Second, SOEs need to take into consideration the right time to adjust market prices of key commodities, and to hold hands with the Government to control inflation, maintain social security, and reduce poverty.

The Government leader confirmed that prices of electricity and coal will be kept unchanged this year; the exchange rate and interest rate levels will be regulated flexibly in conformity with the reality.

Third, SOEs have to speed up their re-arrangement and renovation while highlighting the role of their management team.

Fourth, ministries and SOEs must hold monthly or quarterly meetings to  settle obstacles and difficulties in time in favor of business and production activities.

Some statistic figures of the SOEs in 2009

- Total capital resources: VND 492,579 billion, increasing 9.7% compared to the 2008 figure

- Aggregate turnover: VND 1,164,469 billion, up 2.9% against 2008. PetroVietnam, Viettel, Vinasugar I, Sài Gòn Transportation Mechanical Corporation (SAMCO) boasted for biggest sales.

- Pretax profits rose by 5% against the previous year’s data, reaching VND 80,799 billion.

- State budget contribution: VND 175,406 billion.

By Hải Minh

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