Prime Minister Pham Minh Chinh on September 22 chaired a meeting of the Government Party Committee’s Standing Board to review the draft proposal and resolution on developing the state economy before submitting it to the Politburo.

The Prime Minister underscored that Vietnam is building a socialist-oriented market economy under Party leadership and state management. He emphasized that the state economy is one component of the national economy, which consists of multiple sectors, and its development plan must be comprehensive, systematic and aligned with other “pillar” resolutions of the Politburo.

The Prime Minister identified key areas of focus for the proposal: land and natural resources, public assets, the state budget and reserves, state-owned enterprises, credit institutions, and public service units. The goal, he said, is to enhance the quality and efficiency of the state economy so it can assume a leading, pioneering and regulatory role safeguarding economic, financial, energy and food security, while ensuring social welfare and equity.

“The state should do what the private sector cannot, and should not do what the private sector can do better,” Prime Minister Chinh said. He added that state resources must be managed strictly and used transparently, ensuring fairness and healthy competition among all economic sectors. He also called for further privatization to improve the efficiency of state-owned enterprises and prevent the loss of state assets.

The Prime Minister stressed the need to streamline state management of resources and SOEs toward greater efficiency, flexibility and accountability. He urged stronger decentralization, fewer administrative procedures, reduced pre-approval requirements and greater post-inspection.

The Prime Minister also called for breakthroughs in science, technology, innovation and digital transformation to drive state-sector reform. He instructed the Ministry of Finance and relevant agencies to refine the draft proposal and resolution, incorporating feedback from the meeting to ensure timely submission and quality.