Vietnam SOEs need tailored mechanisms, greater autonomy to accelerate tech investment, innovation: execs

Vietnam's state-owned enterprises (SOEs) need flexible, tailored mechanisms to make rapid decisions, maintain a leading role, drive innovation, and boost competitiveness, said company executives.

At the forum on enhancing competitiveness and leading role of SOEs in Hanoi last Thursday, deputy CEO of telecom giant MobiFone Nguyen Dinh Tuan called for mechanisms allowing tech firms to make faster decisions with executives held accountable.

For SOEs like MobiFone, new technology investments, especially in AI, must be planned and quantified in detail over one-, two-, and three-year stages before submission for approval, he explained.

"In the fast-moving tech sector, even a six-month delay can leave a company behind, while current procedures can take up to three years, posing a major barrier for tech enterprises," Tuan added.

If specific mechanisms are put in place, SOEs will be unshackled, he said, unveiling that MobiFone plans to heavily invest in advanced 5G, 6G, and satellite systems in the near future.

Tuan noted that SOEs also face innovation pressure as a decade ago, individual mobile users often paid at least VND500,000 sometimes up to VND1 million per month ($19-38). Today, that figure has dropped to roughly VND200,000-300,000 per user, sharply cutting telecom revenues and driving the need for innovation.

MobiFone aims for non-telecom services to make up 50-70% of revenue over the next five years, according to the deputy CEO.

“MobiFone’s innovation is primarily powered by digital technology and AI. Looking ahead, all services the company provides will be AI-driven,” Tuan said.

Given the demand for double-digit growth in the coming period, he emphasized that the main impetus must come from the enterprises themselves.

“While the government has pushed ahead with digital transformation, businesses also need to accelerate to meet overall targets,” he added.

Ha Thu Hang, deputy head of planning and development at Vietnam Airlines, emphasized the company’s pioneering and leading role in the domestic aviation market.

She noted challenges arising from state management mechanisms, saying despite the Law on State-Owned Enterprises granting greater autonomy, Vietnam Airlines still faces difficulties implementing major projects, particularly aircraft acquisitions, due to complex capital approval processes and divided oversight between the Ministry of Finance and State Capital Investment Corporation (SCIC).

Hang also highlighted ESG (environmental, social, and governance) challenges, particularly for international flights, as Vietnam Airlines must offset carbon emissions under global regulations but has yet to receive specific guidance or support from domestic regulators.

“I hope the government will soon issue a special mechanism for the aviation sector, tailored to its high-investment, high-risk nature, enabling Vietnam Airlines to maintain its market-leading role, enhance international competitiveness, and fulfill commitments to digital transformation and ESG,” she said.

Dr. Ha Huy Ngoc, secretary of the Prime Minister’s Policy Advisory Council and director of the center for policy and strategy on local and territorial economy under the Institute of Vietnam and World Economy, also acknowledged that the biggest bottleneck for SOEs currently lies in financial mechanisms for science and technology investment.

Ngoc expressed hope that the draft documents for the 14th National Party Congress, to take place in early 2026, will truly focus on strategic breakthroughs, granting greater autonomy to SOEs so that key companies can lead the nation forward through science, technology, and innovation.