The State Capital Management Committee at Enterprises ceased operations on March 1 and transferred 18 corporations and general companies to the Ministry of Finance for management.
At the ceremony on the morning of February 28, Deputy Prime Minister Ho Duc Phoc said that this transfer was unprecedented. According to him, the streamlining and rearrangement of the apparatus will help the economy accelerate and prepare for a new stage of development.
The transfer of 18 corporations and general companies to the Ministry of Finance will increase management efficiency and business potential. Mr. Nguyen Hoang Anh, Chairman of the State Capital Management Committee, said that this process will not affect or disrupt the production and business activities of enterprises. The transfer is also on schedule and within the time required by competent authorities.
The corporations under the management of the Ministry of Finance include: Vietnam Oil and Gas Group (PVN); Vietnam Electricity (EVN); Vietnam Coal and Mineral Industries Group (TKV); Vietnam Chemicals (Vinahem); Vietnam Posts and Telecommunications (VNPT); Vietnam Petroleum (Petrolimex); Vietnam Rubber Industry Group (VRG).
There are also the following corporations: State Capital Investment Corporation (SCIC); Vietnam Tobacco Corporation (Vinataba); Vietnam Airlines Corporation (VNA); Vietnam Maritime Corporation (VIMC); Vietnam Railway Corporation (VNR); Vietnam Expressway Investment and Development Corporation (VEC); Vietnam Airports Corporation (ACV); Northern Food Corporation (Vinafood 1); Southern Food Corporation (Vinafood 2); Vietnam Forestry Corporation (Vinafor); Vietnam Coffee Corporation (Vinacafe).
Particularly for the General Telecommunication Corporation MobiFone transferred to the Ministry of Public Security.
This year, the government has set a growth target of 8% or more. According to Deputy Prime Minister Ho Duc Phoc, economic growth must rely mainly on the strength of businesses. "After the transfer, businesses must develop better," he said.
He compared the Ministry of Finance to "the backbone and core driving economic development". The Government leader asked the Ministry to create conditions for state-owned enterprises to be "a breakthrough platform for development, doing difficult and effective tasks".
For businesses, he asked them to make efforts, have new thinking and ways of doing things to operate more effectively. "The Government will continue to improve institutions and create conditions for businesses to develop," the Deputy Prime Minister added.
The State Capital Management Committee at Enterprises was established in February 2018, and is an agency under the Government. This agency performs the function of representing the owner of enterprises in which the State holds 100% of the charter capital and the State capital invested in joint stock companies and limited liability companies with two or more members.
Before being transferred to the Ministry of Finance and the Ministry of Public Security, 19 corporations and general companies under the Committee had total equity of about 1.18 quadrillion VND, an increase of 11% after 5 years. The total assets held by these companies were about 2.54 quadrillion VND, equal to 65% of the total assets of state-owned enterprises nationwide.
Minister of Finance Nguyen Van Thang said that the 18 corporations and general companies that were transferred are all "leading birds", with stable and effective production and business activities and contributing greatly to the State budget. In the coming time, the operator will study and amend the Law on Management and Investment of State Capital in Enterprises in the direction of increasing decentralization and delegation of authority, creating conditions for enterprises to develop.
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