Proposals for special policies to develop the state economy

The Ministry of Justice has released the appraisal file for the draft National Assembly Resolution on mechanisms and policies to develop the state economy.

According to the Ministry of Finance, the lead drafting agency, Resolution No. 79-NQ-TW sets out the mission of the state economy to pioneer development, lead and pave the way for industrialization and modernization. It also calls for restructuring the economy and establishing a new growth model, with science, technology, innovation and digital transformation as key drivers.

The drafting work focuses on improving the legal framework to remove institutional bottlenecks, while adding special mechanisms and policies for components of the state economy to unlock, allocate, use and deploy resources more efficiently, in order to meet development objectives.

Privatization proceeds and state divestment to increase capital

The draft resolution comprises eight chapters and 15 articles. It emphasizes that large-scale, strong state-owned enterprises will play a leading role in key and strategic sectors, supported by preferential mechanisms.

The resolution applies to organizations, units and resources of the state economy, including land, natural resources, infrastructure assets, the state budget, the national reserve, off-budget state financial funds, state-owned enterprises, state credit institutions, the portion of capital owned by the State up to 50% of charter capital, and public service units.

Under the draft, enterprises may use all proceeds from privatization and state divestment in enterprises to increase charter capital. It also provides that up to 10% of the portion of profits above plan from annual after-tax profits that remain undistributed can be allocated to form a bonus fund.

The Ministry of Finance said current law does not specify the rate of profits above plan that can be used to form a bonus fund, and it does not specify the source of proceeds from privatization/divestment for increasing charter capital. The current rule is remittance to the state budget.

The draft also references provisions in Resolution No. 79-NQ-TW that define policies to focus investment and develop economic groups and state-owned enterprises with strong scale leading in key, strategic sectors, including policies to encourage the development of large-scale state-owned enterprises through increased charter capital.

It further includes measures such as allowing the use of all proceeds from privatization/divestment in enterprises, raising the proportion of after-tax profits retained by enterprises, and reviewing and re-evaluating assets that are fully depreciated but still usable.

The draft also encourages consolidation, mergers and transfers of enterprises to maximize overall sector advantages.

Stock bonus fund mechanism for talent retention

The draft includes a mechanism for enterprises to actively form a stock bonus fund to attract and retain highly skilled professionals. It requires governance that contributes significantly to enterprise development, based on transparency and objectivity, and without affecting the state’s control rights as shareholders.

The Ministry of Finance said this provision aims to promptly implement guidance from the Politburo.

Special mechanism for SCIC development

Under the draft resolution, the Government will issue a special mechanism to develop the State Capital Investment Corporation (SCIC), moving toward establishing a National Investment Fund by pooling resources from capital restructuring at enterprises. The pooled resources include proceeds from privatization, divestment and other state-assigned resources.

Budget impact and compliance requirements

On policy impact, the Ministry of Finance stated that proceeds from privatization/divestment are temporarily not included in the 2026–2030 state budget plan, meaning they will not affect the budget balance in the near term.

It also said that privatization/divestment for 2026–2030 must follow criteria for classifying state-owned enterprises and enterprises with state capital, in line with Law No. 68/2025/QH15 and relevant decrees on management and investment of state capital in enterprises, as well as the decree on restructuring state capital investment and the development orientation of state-owned enterprises.

SCIC target for 2026–2030

According to Ministry of Finance data for 2021 through July 2025, SCIC’s five-year business plan for 2026–2030 projects raising 18,794 billion dong from privatization/divestment.

The draft also states that the Government will issue a list of state-owned enterprises with strong scale that lead in key, strategic sectors, based on proposals from the Ministry of Finance.