Building superior policy mechanisms specifically for the state-owned economic sector has become a top priority in order to transform state-owned enterprises into a leading force.

Immediately after the Government issued Resolution No. 29/NQ-CP dated February 24, 2026, on the Action Program to implement Resolution No. 79-NQ/TW of the Politburo, proposals on several special mechanisms and policies for the development of the state-owned economy, drafted under the leadership of the Ministry of Finance, are attracting significant public attention. The most important highlight of this Action Program is the fundamental shift in the thinking behind the management of state capital in enterprises. Instead of deeply interfering in daily operational activities, the State focuses on its role as the owner of invested capital. The new mechanism aims to clearly separate ownership rights from the business management rights of enterprises.

Following the government's issuance of Resolution 29/NQ-CP and other new policies, a major turning point is expected in separating ownership and governance within enterprises.

One of the biggest bottlenecks has long been the lengthy approval process for state-funded investment projects, involving multiple layers of intermediaries. The government's action plan has identified the need to strengthen decentralization to the boards of directors of corporations and state-owned enterprises in deciding on key investment portfolios. This will help businesses seize market opportunities and minimize opportunity costs arising from waiting for administrative procedures.

Furthermore, investment performance evaluation will be conducted across the entire portfolio rather than scrutinizing each project individually. This approach gives business managers more confidence when undertaking high-risk research and development (R&D) projects with the potential to create technological breakthroughs.

Regarding this issue, Mr. Dang Quyet Tien, former Director of the Department of Corporate Finance (Ministry of Finance), believes that institutional reform must begin with liberating the mindset of business leaders. If the "fix it as it happens" mechanism, implemented in a fragmented manner, continues, businesses will never dare to invest in new, challenging, and leading-edge fields. The special mechanism needs to create a safe "space" for state-owned corporations to experiment with new business models, especially in the green economy and digital transformation. This is also the core spirit that Resolution 79-NQ/TW aims for in building a generation of dynamic and efficient state-owned enterprises.

Furthermore, the Action Program also outlines the improvement of a more flexible salary and bonus mechanism for senior management positions and leading experts. Applying income levels closer to international market rates will help state-owned enterprises attract truly talented individuals to contribute. Instead of a uniform administrative salary scale, the income structure will be linked to business performance and the added value that the enterprise creates for the national budget. This change is expected to create a turning point in improving the quality of governance at large corporations and conglomerates, enabling them to compete fairly on the global stage.

Defining the core role and building a safe legal framework.

In discussions with the press on this issue, Professor Hoang Van Cuong, former Vice Rector of the National Economics University, emphasized the need to redefine the role of state-owned enterprises. According to Professor Cuong, the State should not spread its resources too thinly across too many sectors, but instead focus on key areas where the private sector is unable or unwilling to invest due to large capital requirements and high risks. Special mechanisms should be designed to support these leading enterprises in fulfilling national missions such as developing energy infrastructure, telecommunications, the semiconductor industry, and other high-tech sectors.

Furthermore, assigning tasks to state-owned enterprises must be accompanied by the provision of commensurate resources. The state could consider supplementing charter capital from the enterprises' own after-tax profits or from funds supporting enterprise restructuring. This would help enterprises have sufficient financial resources to carry out international mergers and acquisitions or invest in modern production lines. However, along with these special privileges come the highest level of accountability and transparency. Every dollar invested must be quantified by its socio-economic effectiveness and its contribution to the self-reliance of the national economy.

From a business perspective, a representative from an energy corporation shared that the biggest challenge currently is defining the boundary between business risk and the loss of state assets. Businesses hope that the concretization of Resolution 29/NQ-CP will include specific regulations on "exemption from liability" for cases of force majeure or risks during the testing of innovative ideas. Without a legal framework to protect those who dare to think outside the box, even the best special mechanisms will be difficult to implement in practice because of the ever-present fear of wrongdoing. Businesses need a legal environment that is broad enough to expand but also clear enough to protect genuine efforts.

According to economic experts, specific mechanisms should encourage state-owned enterprises to play a "core" role, creating output markets and providing technical support to the small and medium-sized enterprise community. This connection will not only help the state economy develop sustainably but also enhance the overall strength of the national economy.

Broadly speaking, the development of a Resolution on special mechanisms for the state-owned economy is an inevitable step in the process of modernizing the socialist-oriented market economy. Actual data from the General Statistics Office (Ministry of Finance) shows that this sector continues to make a significant contribution to GDP growth and the state budget. With the decisive action of the Politburo through Resolution 79-NQ/TW, the urgency of the Government through the recently issued Action Program, and the efforts of the Ministry of Finance in perfecting the institutional framework, we can fully believe in a new golden age for state-owned corporations and enterprises. These will be businesses that are not only strong in capital but also leading in technology and management, contributing to Viet Nam's steady progress on the path of industrialization and modernization by 2026.

When resources are unleashed, the state-owned economy will maximize its leading role, ensuring macroeconomic stability while creating space for the development of all other economic sectors. This is a great responsibility but also a historical opportunity for the state-owned economic sector to renew itself and affirm its core position in the cause of building a prosperous and happy nation.

Source: VTV