Vietnam considers hiring foreign CEOs for state-owned enterprises

By Phuong Dung June 16, 2024 | 05:00 am PT

Prime Minister Pham Minh Chinh speaks at a meeting with executives from over 150 major state-owned enterprises on June 15, 2024. Photo by Vietnam Government Portal

Prime Minister Pham Minh Chinh has asked state-owned enterprises to consider hiring foreign executives and leaders who are not Communist Party members to innovate human resources.

Innovating human resources is a "key factor," Chinh said during a meeting with executives from over 150 major state-owned enterprises on Saturday.

He urged state-owned enterprises to adjust remuneration and salary policies to attract high-quality human resources as most businesses locally managed showed limited capacity and low business efficiency.

Previously, at a meeting in March, Minister of Planning and Investment Nguyen Chi Dung said that currently state-owned enterprises did not have autonomy and employees, especially at management levels, were not encouraged to maximize their capability.

Last year, the total revenue of state-owned enterprises was estimated at over VND1.652 quadrillion (US$67.1 billion) and their pre-tax profit around VND125 trillion.

State-owned enterprises made great contributions to the nation’s achievements, with 19 groups and corporations under the management of the Commission for the Management of State Capital at Enterprises posting a combined revenue of VND1.3 quadrillion and contributed more than VND166 trillion to the state budget.