In recent years of innovation, the Party and the State have consistently pursued policies to foster a multi-sector economy, functioning under a market mechanism guided by state management within a socialist orientation. Within this economic structure, state-owned enterprises (SOEs) are designated to play a pivotal role. Despite the ongoing process of equitisation, which has reduced the number of SOEs and their share within the overall enterprise sector, they continue to command substantial resources in terms of capital and assets, generate considerable revenue, and make significant contributions to the state budget. This article highlights the achievements and challenges encountered in the transformation of SOEs and offers recommendations for improving the effectiveness and efficiency of this process in Vietnam's evolving economic context.