Average asset size of state-owned enterprises is 10 times higher than FDI enterprises, 109 times higher than domestic private enterprises.
According to information from the Ministry of Planning and Investment, currently, state enterprises holding large resources of capital, assets, technology and high-quality human resources; has revenue and contributes significantly to state budget revenue.
Only 100% state-owned enterprises are holding about 7% of total assets and 10% of equity of all enterprises in the market.
Specifically, according to preliminary calculations, the total assets of state-owned enterprises according to book value in 2021 is about 4 million billion dong; The average asset size of a state-owned enterprise is about 4,100 billion VND, 10 times higher than that of foreign-invested enterprises and 109 times higher than that of domestic private enterprises.
Accordingly, the production and business efficiency, the average pre-tax profit-to-equity ratio for the whole period 2016-2020 is 10.46%, higher than the bank interest rate in the period. The average pre-tax profit to total assets ratio is 4.87%, higher than the domestic private sector’s 1.26%.
Regarding contributions to the state budget, state enterprises contribute 28% of the total tax and other payables to the state budget. The average tax and payable amount of state-owned enterprises is 576 billion VND, 43 times higher than foreign-invested enterprises and 14 times more private enterprises.
In terms of labor efficiency, the state-owned enterprise sector reached 18.9 times. Next is the domestic private sector with 17 times and the lowest is the FDI sector with 13 times.
Previously, within the framework of the conference “Innovating and improving the performance of state-owned enterprises” held on March 24, Minister of Planning and Investment Nguyen Chi Dung said that although many achievements had been important results, but the performance and contributions of state-owned enterprises in recent years have not been commensurate with their potential, especially the resources they hold and the dominant market.
Specifically, corporations and corporations have basically failed to fulfill their role of leading and motivating the economy; The competitiveness, application of science and technology, and innovation of large-scale state enterprises are still limited, failing to meet the requirements of being the core force of the state economy.
The implementation of new investment projects by state-owned enterprises in recent years has not been promoted. In the period 2016-2020, very few new large-scale projects and works of state-owned enterprises were started. State-owned enterprises only continue to carry out unfinished projects or handle inefficient projects from the previous stage.
In addition, the comprehensive restructuring of state-owned enterprises is still a formality, mainly focusing on reorganization, equitization and divestment to have a more reasonable structure without paying attention to implementing the orientations. , breakthrough solutions in science and technology, innovation, high quality human resources and a highly feasible long-term business strategy.
In addition, there is a lack of strategic vision to develop businesses, especially participating in global value chains and reaching out to the world.
Minister Nguyen Chi Dung said that in the coming time, it is necessary to continue to perfect the laws, mechanisms and policies to ensure efficiency and effectiveness to “untie” State-owned enterprises. From there, promoting advantages, overcoming limitations, taking advantage of development opportunities, and realizing the role and position of state-owned enterprises in the economy.
Minister Nguyen Chi Dung proposed to increase investment, innovation and application of science and technology, improve operational efficiency so that state-owned enterprises can fulfill their position and role of paving the way, leading and together with the domestic private sector to build an independent, self-reliant and resilient economy.
At the same time, clearly identify key industries and fields that need the presence of state-owned enterprises in line with the country’s sustainable development orientation, such as: renewable energy, high-tech industry, infrastructure important strata of the nation….
Thereby, having appropriate orientation to improve production and business efficiency of state-owned enterprises; promote the application of information technology and digital transformation in information management of state-owned enterprises on the principles of measurement, objectivity, timeliness and transparency. This is to strengthen the immediate supervision of state-owned enterprises; early detection of risks, prevention of mistakes, losses and waste.
“The state-owned enterprise sector has always played a very important role in the development of the country in each period and each Party Congress.
Hopefully, after this conference, the Government and Prime Minister will make important and fundamental decisions to be able to “untie”, create strong motivation, and open up resources so that state-owned enterprises can make more contributions to the cause of national construction and development in the new period”, Minister Nguyen Chi Dung concluded.
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