Finance ministry urges SOEs to lead tech drive for growth

Minister of Finance Nguyen Van Thang

Speaking at the meeting, Minister Thang said Vietnam’s ambition to achieve double-digit growth over the current term faced mounting external headwinds, with global conditions evolving rapidly and largely in an unfavourable direction.

Despite this, he noted that the government remained firmly committed to its growth targets, calling for coordinated policy action and stronger contributions from across the system, particularly from state-owned enterprises (SOEs).

The minister instructed state corporations and groups to reassess their 2026 business targets within the first quarter and adjust plans where necessary to aim for double-digit growth.

A key priority, he noted, was the role of SOEs in advancing sci-tech. Echoing directives from senior leadership, Thang stressed that state firms must act as pioneers in developing and deploying strategic technologies and products.

“If Vietnam is to achieve sustainable, long-term double-digit growth, it cannot continue to rely on capital or land. Science, technology and innovation must be the core drivers,” he said, adding that firms should seize unprecedented policy incentives and investment support currently being rolled out.

At the same time, greater autonomy granted to SOEs under the new legal framework must go hand in hand with stricter accountability. Thang highlighted the need for a “commercial mindset,” urging business leaders to rigorously assess both financial and socioeconomic returns before approving investment projects.

“We must carefully evaluate project efficiency before making decisions,” he said.

According to a report presented by Vu Hong Phuong, director general of the Department for State-Owned Enterprise Development, SOEs maintained positive momentum in the first quarter despite global uncertainties.

In 2025, total consolidated revenue reached VND1.6 quadrillion ($64 billion), exceeding the annual plan by 7.4 per cent, while pre-tax profit rose to $4.6 billion, surpassing targets by 19 per cent.

This momentum continued into early 2026, with first-quarter revenue estimated at $16.3 billion, equivalent to 23 per cent of the full-year plan and up 9 per cent on-year. Pre-tax profit is projected at about $655 million, while budget contributions are estimated at $1.3 billion.

Notably, no enterprise in the portfolio reported losses, supporting the preservation and growth of state capital. Strong gains were seen in energy, aviation and telecommunications.

However, the report also highlighted mounting pressures from geopolitical tensions in the Middle East, which have driven up fuel prices and input costs.

Major firms such as Vietnam National Petroleum Group, Vinachem, and Vietnam Electricity are facing rising import costs and supply challenges.

Institutional delays remain another concern. Delays in issuing guidance for the new Law No.68/2025/QH15 have created uncertainty for businesses, while obstacles in accessing investment capital, land procedures and divestment processes continue to slow major projects.

To support the 2026 growth target, authorities are urging SOEs to update business scenarios and accelerate the development of five-year strategies aligned with national policy frameworks.

One key initiative expected in the second quarter is a proposal to establish and operate a national investment fund, based on restructuring State Capital Investment Corporation.

At the same time, agencies are calling for a comprehensive review of ongoing investment projects, particularly large-scale and strategic ones, to resolve obstructions and accelerate implementation.

For delayed or underperforming projects, clear accountability must be assigned and decisive measures taken to avoid inefficiencies and losses of state capital.

“All investment decisions must be based on thorough analysis, with clear assessments of both economic and social returns,” Phuong said.

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