Dang Quyet Tien, Director of the Corporate Finance Department of the Ministry of Finance (photo: baoquocte.vn)

Under the project, State-owned enterprises are encouraged to lead the development of the Vietnamese business community. SOEs are requested to operate within the market mechanism, improve their efficiency and competitiveness, and strengthen restructuring and innovation to take the lead. Because they are capable of investing in big projects, SOEs can access the State’s preferential policies.

Dang Quyet Tien, Director of the Corporate Finance Department of the Ministry of Finance, says: "We’re working closely with State Capital Management to set up a government investment fund like the State Capital and Investment Corporation which will promote investment in business projects. We will set up large economic groups called ‘Leader Cranes’ to create an ecosystem to mobilize resources from inside and outside the country to realize big goals."

Strengthening corporate governance in line with global best practices is the best way to improve business efficiency and competitiveness.

Economist Phan Duc Hieu, a standing member of the Economic Committee of the National Assembly, said: "Project 360 has made it clear that one of the focuses is to promote good governance in accordance with global best practices. Accordingly, we need to separate the ownership and business functions and give businesses a freer hand in production and trade. We need a good institutional framework and good governance practices."