At a meeting of the Government Standing Committee and SOEs on February 27, which discussed the tasks and solutions to obtain double-digit GDP growth rates and rapid, sustainable national development, SOEs noted that they had set big goals for 2025 and upcoming years, but need more autonomy to implement their business plans.

PetroVietnam General Director Le Ngoc Son said that Petrovietnam expects to exceed all 13 targets of its five-year plan by the end of 2025. Regarding investment, the national oil and gas group aims to grow 15 percent compared to 2024.

Emphasizing the importance of the Politburo’s Resolution 76 and the government’s Resolution 38, Son said these resolutions would open new development space and create resources for the oil and gas industry and Petrovietnam to grow. 

Therefore, strong support from the government and relevant ministries is needed to institutionalize these policies. The process should start with immediate amendments of Petrovietnam’s charter and financial regulations.

Regarding regulations on decentralization and investment policies in the draft Law on Management and Investment of State Capital in Enterprises, the company hopes for a clear decentralization mechanism based on absolute figures or percentages of charter capital, with stronger decentralization to enterprises.

PetroVietnam’s leadership also requested the PM to authorize the company to approve certain issues arising during oil and gas exploration and exploitation activities.

Nguyen Anh Tuan, General Director of Vietnam Electricity (EVN), said EVN has prepared plans to ensure sufficient power supply if electricity demand in 2025 grows by 12-13 percent, corresponding to the national growth target of 8 percent or higher for 2025.

EVN aims to complete 253 power transmission projects of 110-500 kV and improve the capacity of transmission infrastructure, thus meeting the development needs of localities. 

It also aims to complete key projects such as the Hoa Binh Hydropower Plant Expansion, Quang Trach Hydropower Plant (power generation unit 1), the 500 kV Lao Cai – Vinh Yen power line, the 500/220 kV Nho Quan – Phu Ly – Thuong Tin power line, and electricity supply for Con Dao Island.

EVN proposed accelerating the realization, reform and improvement of legal frameworks, as well as establishing policies to create new development space for SOEs.

In terms of investment decentralization, EVN suggested reviewing the Enterprise Law. Since most of EVN’s projects are capitalized at over VND5,000 billion, reasonable conditions should be considered to enable the company to proactively work in production and investment.

Vinachem chair Phung Quang Hiep stated that the group has set targets aligned with the government’s 8 percent growth rate goal. Accordingly, Vinachem has devised solutions.

First, it will implement the restructuring plan and 2021-2025 development plan approved by the government, laying a crucial foundation for double-digit growth from 2026-2030. Based on this, the group has established working teams to collaborate with each company to ensure the 8 percent growth target this year.

Next, it aims to strengthen its leading role in the chemistry industry by implementing the group’s strategy to develop new products, particularly those serving the semiconductor industry, and researching and developing technical rubber products for high-speed railways.

Additionally, it seeks to participate in Vietnam’s leading production chains and expand globally.

Hiep noted that the group currently runs six factories in the Bien Hoa 1 Industrial Zone in Dong Nai Province. The provincial authorities have decided that these factories must be relocated by the end of 2025, but the group has not yet received a relocation policy plan.

“If the relocation must be implemented by this year-end, this is not feasible. The six factories contribute significantly to the group’s overall business results. We hope the government will guide the province to act promptly,” Hiep said.

Meanwhile, Vu Anh Tuan, General Director of Vietnam National Coal - Mineral Industries Group (Vinacomin), proposed the exemption of auctioning mineral exploitation rights so that Vinacomin can expeditiously apply for exploration and exploitation permits for mineral deposits, particularly in Lao Cai, Lam Dong and Dak Nong provinces.

Furthermore, he hoped the government would direct central ministries and agencies to review, amend and supplement legal documents for submission to competent authorities, issuing regulations that enhance autonomy and accountability for enterprises. 

Binh Minh