State firms should contribute more to development in disadvantaged localities: President

ABO/NDO- State-owned enterprises should play a more active role in promoting the development in disadvantaged localities, President Nguyen Xuan Phuc said on October 10.

At a meeting with leaders of outstanding State firms in Hanoi ahead of Vietnam Entrepreneurs Day (October 13), the leader stressed that the enterprises have helped to deal with socio-economic challenges while playing the pioneering role in protecting socialism.

The leader lauded the Party Committee of the Central Business Bloc, and Party Committees of groups, corporations and banks in the bloc for their leadership in Party building and the fulfillment of political tasks.
The businesses contribute more than 20% of the national budget collection annually, and take the lead in social welfare, he emphasised.

Pointing to limitations and challenges to the State firms, the President asked the Party Committee of the Central Business Bloc and Party organisations to work harder in order to prevent losses and negative phenomena.

President Nguyen Xuan Phuc and delegates pose for a group photo. (Photo: VNA).

He also urged the enterprises to accelerate restructuring, digital transformation and scientific-technological application, and make better forecast based on domestic and world situation analysis to make use of opportunities and reduce risks.

The business administration system should be upgraded to meet modern standards, and competitiveness of the enterprises improved, he said, suggesting the issuance of indexes to monitor and evaluate production and business efficiency.

President Phuc noted that the State firms should take the lead in research and innovation, build an ecosystem of small- and medium-sized enterprises, form value chains, and optimise the domestic market to integrate into the world.

He called for more contributions from the firms to maintaining macro-economic stability and ensuring security for the national economy, particularly energy and food security, and environmental protection.

The Party Committee reported that the combined revenue of the entire bloc in the first nine months of this year was estimated at 1.54 quadrillion VND (64.47 billion USD), up nearly 39%.

The enterprises contributed nearly 225 trillion VND to the State budget, a rise of some 24%.

Notably, they provided nearly 32.2 trillion VND for the COVID-19 fight and contributed close to 5 trillion VND to social welfare.

(Source: NDO)