Hanoi (VNA) – The restructuring of state-owned corporations and enterprises must follow the spirit of “placing national interests above all else” to ensure that state capital is managed and developed optimally, serving national development in the new era, said Prime Minister Pham Minh Chinh.

Chairing the eighth meeting of the Government Steering Committee tasked with reviewing the implementation of the 12th Party Central Committee’s Resolution on continued reform and reorganisation of political system to ensure it is streamlined and operates more efficiently and effectively, PM Chinh, who is also its head, critiqued the existing model of managing state-owned enterprises (SOEs) and state capital, which he described as constrained by the Law on Management and Use of State Capital Invested in Production and Business of Enterprises.

He called for an urgent overhaul, advocating for a distinct separation between state management responsibilities and the stewardship of state capital in businesses.

The Government should directly manage only a select group of strategic corporations pivotal to the national economy, crucial for macroeconomic regulation and essential to national strategic tasks, he asserted.

To enact this transformation, he demanded swift action on amending the Law on Management and Use of State Capital Invested in Production and Business of Enterprises. These revisions aim to empower the Government and its ministries to concentrate on state management through strategic planning, policy-making, and ensuring robust oversight and inspection aligned with their respective functions and responsibilities.

In his directive, the PM underscored the importance of delegating the management and development of state capital to state ownership representatives, while granting state corporations and enterprises the autonomy they need to thrive.

He ordered a thorough review of global best practices and successful approaches to identify the most optimal solutions. The findings and recommendations from this review should be documented in a report for submission to the Central Steering Committee and the Politburo for consideration.

In a move to refine the organisational structure of the stat൲istics sector, he sought feedback from the Steering Committee members. This feedback, combined with political, 🍨legal and practical insights, alongside international models, should shape a proposal for an optimal structure of Vietnam's state statistics agency, he added./.