Vietnam's State-Owned Enterprises to Lead National Competitiveness Enhancement

In this new phase of development, Vietnam's Communist Party has clearly positioned state-owned enterprises (SOEs) as a "development subject," strengthening their role. SOEs will bear the significant responsibility of "paving the way, leading, and creating" to enhance national competitiveness. This policy is considered a crucial strategy for Vietnam's economy to achieve sustained growth and boost its competitiveness in the international arena. In particular, the restructuring and efficiency improvement of SOEs are urgent tasks, and the Party intends to strongly promote this. Specifically, regulations are being formulated to strengthen the role of Party committees within SOEs, and cooperation between the state, educational institutions, and businesses for sustainable development is being enhanced. Through this, the aim is to foster innovation and build a more robust economic foundation. Furthermore, to ensure national energy security, the initiative of SOEs proposing to lease national reserve oil and petroleum product warehouses to the government is noteworthy. This suggests the importance of the role SOEs must play in establishing a stable supply system for strategic national materials. Additionally, the establishment of Party organizations is progressing in the non-state enterprise sector, indicating a move to further strengthen the Party's leadership in the overall economic development. Under Vietnam's one-party system, economic policies are advanced under the Party's guidance. SOEs, as drivers of economic growth and executors of national strategies, are increasing in importance. In relations with China, as Vietnam seeks its own development path while reducing economic dependence, strengthening the international competitiveness of SOEs will be an indispensable element in enhancing diplomatic and economic independence.