Their combined equity was worth VND1.15 quadrillion, up 10% from 2018 when they were transferred to the SCIC, Pham Van Son, head of the sovereign fund’s general department, said.

Petrovietnam Gas workers are seen in a factory.

Oil and gas giant Petrovietnam and coal mining company Vinacomin last year reported the highest revenues in their history.

State-owned companies play an important role in a number of key sectors.

For instance, Vietnam Electricity, Petrovietnam and Vincomin account for around 87% of the country’s total electricity supply.

State-owned firms also account for around 84% of the retail fuel market.

But Son said these companies have yet to reach their full potential or produce hi-tech products that could transform the economy.

Deputy Minister of Planning and Investment Do Thanh Trung said these companies, despite holding large amounts of assets, have not been able to compete globally.

The SCIC needs to be make them efficient at utilizing their assets worth VND1.1 quadrillion ($45.08 billion).

Economist Vo Tri Thanh said to achieve that goal state-owned companies need to change their operation structure.

"They should operate as investors similar to fund management companies."

The investment ministry has called on the government to adopt a sandbox model for state-owned companies to test new technologies and products.

Trung said: "We need to learn from global state-owned companies to be flexible in managing state funds."

Industries such as offshore wind energy, green hydrogen and semiconductor need the participation of large state-owned enterprises, he added.

"State-owned companies should do the big, difficult and new things to stimulate economic growth while allowing room for private companies to grow."

Vietnam remains attractive to foreign businesses: HSBC

Vietnam remains an attractive destination for foreign businesses and customers throughout the HSBC network have continued to show very strong interest in the Vietnam story, the Hongkong and Shanghai Banking Corporation Limited (HSBC) said in its recent survey.

Bac Giang supports businesses to recruit more than 20,000 workers

BAC GIANG - Following the direction of the provincial People's Committee (PPC), Department of Labor, War Invalids and Social Affairs (DoLISA), since August 2023, the human resource supply establishments in Bac Giang province have coordinated with districts and cities to implement many solutions to support businesses in employment.

PM delivers speech at ASEAN Business and Investment Summit

The Association of Southeast Asian Nations (ASEAN) is fully capable of affirming its position as a polar in a multipolar world as well as its centrality in the regional cooperation and architecture, Vietnamese Prime Minister Pham Minh Chinh said at the ASEAN Business and Investment Summit in Jakarta, Indonesia, on September 4.

Bac Giang businesses recover quickly, make strong breakthroughs

BAC GIANG - Amid the difficulties facing the global economy, in the past time, many businesses could not stand. However, with the dynamism and initiative in seeking new orders, enterprises in Bac Giang’s industrial parks have made strong breakthroughs, making great contributions to the local economic growth.

Vietnamese businesses urged to achieve sustainable development goals

Nature-related policies should be integrated into business strategies and plans, said Deputy Prime Minister Tran Hong Ha at the 10th Vietnam Corporate Sustainability Forum in Hanoi on August 23.

Source: VnExpress