The event, taking place in Binh Thuan Province on March 29, attracted the participation of former PM Nguyen Thien Nhan, former State Bank Governor Nguyen Van Giau, leaders of the Finance and Budget Committee, Vietnamese and German experts.

According to Deputy Minister of Finance Cao Anh Tuan, the law will be amended so as to:

• Fully institutionalize the Vietnam Communist Party's policies
• Be constitutional and consistent with international conventions
• Promote remarkable reform of administrative procedures and decentralization
• Match with principles of capital investment, ownership, clearly distinguish owners and operators, improve governance capacity, publicity and transparency in business operation.

German Lawyer Leif Schneider, Vice-chair of Eurocham’s Legal Sector Committee, recommended that Vietnam can maximise the benefit and mitigate the pitfalls of state ownership in commercial enterprises by:

• Implementing effective governance, transparency, and accountability mechanism.
• Exercising stringent governance and monitoring
• Adhering to international best practice for governance and structure

By following these guidelines, enterprises with state capital can enhance their efficiency, ultimately delivering value to stakeholders and contributing to the country’s continued sustainable development, the expert concluded.