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Vietnam premier hints at hiring foreign CEOs for state enterprises

Vietnam premier hints at hiring foreign CEOs for state enterprises

Sunday, June 16, 2024, 14:40 GMT+7
Vietnam premier hints at hiring foreign CEOs for state enterprises
Prime Minister Pham Minh Chinh delivers his speech at a working session with state-owned enterprises in Hanoi on June 15, 2024. Photo: Vietnam Government Portal

Vietnamese Prime Minister Pham Minh Chinh has asked state-run enterprises to map out a plan to pilot the hiring of foreign chief executive officers, the Vietnam Government Portal reported.

The prime minister issued the directive at a working session with state-owned firms in Hanoi on Saturday afternoon. 

PM Chinh urged these companies to reform and leverage their production, cooperation, workforce, governance, and technology application.

The government leader also underlined the importance of reforms in the workforce.

As such, it is vital to hire high-quality employees and pilot the recruitment of foreign CEOs and executives who are non-Party members for state-run enterprises, he said.

Besides, PM Chinh told the state-owned firms to offer appropriate salaries and better employee benefits to attract workers.

The cabinet leader stated that the current employee benefits and regulations on handling responsibilities at state-owned firms have yet to create motivation commensurate with accountability according to market mechanisms.

The prime minister assigned the Ministry of Home Affairs and other relevant bodies to put forward schemes on executive recruitment and employment management that must be in harmony with Vietnam's political situation.

In 2023, state-run enterprises’ total revenue topped VND1,165 trillion (US$64.8 billion), meeting 104 percent of the target. They made over VND125 trillion ($4.9 billion) in profits last year.

Of the total, 19 groups and corporations under the management of the Commission for the Management of State Capital at Enterprises, and military-run telecom group Viettel posted a combined revenue of over VND1,300 trillion ($51 billion).

These state-run enterprises contributed more than VND166 trillion ($6.5 billion) to the national coffers in 2023.

Between January and May this year, the enterprises reported a total turnover of VND823 trillion ($32.3 billion), and a combined before-tax profit of VND28 trillion (over $1 billion), up 12 percent and 33 percent year on year, respectively.

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Tuoi Tre News


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