On the afternoon of November 29, the National Assembly discussed the draft Law on State Capital Management and Investment in Enterprises. One day after taking office, the new Minister of Finance Nguyen Van Thang participated in the explanation session.
Wherever state money goes, the state monitors and manages it.
Commenting on the bill, delegate Bui Thi Quynh Tho (Ha Tinh delegation) said that the draft law applies to entities with more than 50% state capital, and does not regulate enterprises with less than 50% state capital.
The delegate gave the example of a joint stock company in which the state capital accounts for 49%, the rest is divided among 5 other major shareholders, each owning less than 10% of the shares.
Delegate Bui Thi Quynh Tho (Ha Tinh delegation).
So state capital will dominate, if there is no regulation it will be unclear who will be responsible for management, implementation and monitoring?
The female delegate wondered how the state capital in these enterprises would be managed and used, how the profits from capital investment would be handled, or how violations would be punished?
Therefore, the delegate suggested that it is necessary to expand the scope of management for enterprises with less than 50% state capital. At the same time, regulations on the principle of managing state cash flow must be followed and managed by the state, and only managed based on the ratio of equity ownership.
According to the delegate, only then can the principles of financial management be ensured.
Another issue that delegates are concerned about is that the draft law lists 15 tasks, powers, and responsibilities of enterprises in management and operation, compliance with legal regulations, and a number of tasks regarding enforcement.
However, delegates said it is necessary to add regulations on enterprises being responsible for output from using state capital for business.
Accordingly, except for enterprises that carry out public interest goals of the state, investment and business enterprises must be responsible for the effective use of state capital, ensuring economic benefits (excluding risks due to objective causes such as natural disasters, war, or economic, political and social shocks).
"If there were no regulations on this responsibility, businesses only needed to maintain enough capital to meet the requirements," said the delegate.
Regarding profit distribution, according to the delegate, the draft law stipulates distribution for enterprises with 100% and 50-100% state capital. However, the Law on Management and Use of State Capital at Enterprises No. 69/2014 does not stipulate whether it is profit before tax or after corporate income tax.
Delegates proposed that it is necessary to clearly define that distributed profits here must be profits after corporate income tax.
At the same time, it is necessary to supplement regulations related to enterprises with state capital investment of less than 50%, how profits are distributed.
Delegate Doan Thi Le An (Cao Bang Delegation) is concerned about the issue of capital ownership representative agencies.
The delegate cited Resolution No. 12-NQ/TW which gives the guiding viewpoint: Separate and clearly define the function of State ownership of assets and capital from the function of State management of all types of enterprises and the function of business administration of State-owned enterprises.
Delegate Doan Thi Le An (Cao Bang Delegation).
However, this article stipulates that the capital owner representative agency includes: Ministries, ministerial-level agencies, government agencies, People's Committees of provinces and centrally run cities.
Therefore, the delegates requested the drafting agency to explain and clarify the basis and practical requirements of the regulation that a number of ministries, branches and localities continue to perform the function of representing capital owners for the National Assembly to consider and decide.
The delegate also suggested that the drafting committee review relevant laws referring to regulations on capital management and use in current laws, for example the Investment Law... to avoid legal gaps in the law enforcement process.
Finance Minister: Salary scales will never attract talented people
One day after taking office, new Minister of Finance Nguyen Van Thang directly explained at the discussion in the hall about the Law on State-owned Enterprises (amended).
The Minister of Finance expressed his gratitude to the National Assembly delegates for their trust, confidence, election and approval of him to the position of Minister of Finance and for the opportunity to speak today.
New Minister of Finance Nguyen Van Thang explains and clarifies.
He pledged to make efforts to fulfill his assigned duties and tasks, meeting the trust and expectations of the Party, the State and the National Assembly deputies.
Receiving the delegates' comments, Minister Thang said that the promulgation of the law aims to improve the efficiency of state capital investment management in enterprises.
The State truly plays the role of an investor, an owner with equal rights, obligations and responsibilities with other investors in the enterprise, ending intervention in enterprises by administrative orders or integrating state management into investment and business activities, and preserving the capital of enterprises.
It is necessary to separate the state management function from the capital investment function and the management and operation activities of enterprises to ensure that enterprises must operate in accordance with market principles.
This is the fundamental, consistent and comprehensive innovation in the method of law-making this time.
Clarifying the issue related to building business strategies and plans, according to Mr. Thang, currently, in the draft Law, in some cases, the representative must submit the business strategy to the capital representative agency.
He said that the Ministry of Finance (as the presiding agency) needs to study and accept it, to see if it is necessary or not. If it must be presented, what is the specific content, otherwise it will continue to create unnecessary barriers.
He gave an example that in the past, businesses had to report directly to capital representative agencies, but now instead of businesses reporting, representatives also have to report.
If the capital representative agency believes that in the strategy and plan there are important issues that need to be discussed, even presented to higher authorities, then it is "mudding the boat".
Therefore, this needs to be studied to have a regulatory direction.
"If strategic and planning reports are required, they must be very concise and specific, otherwise there will be other barriers," Mr. Thang emphasized.
Regarding the opinions on the capital representative of the enterprise, the new Minister of Finance said that this position plays an important role in determining the success of business activities, preserving and developing capital. Therefore, there needs to be a management and evaluation mechanism associated with appropriate remuneration and tools to ensure efficiency.
"If we introduce a strict mechanism, they will have to work very hard, but if salaries and bonuses are based on scales and ranks, there will never be talented people. Even if there are talented people, they will not fulfill their responsibilities. Enterprises in other industries pay 5-10 times more, while representatives of state capital are paid very low, which is clearly unacceptable," said Minister Thang.
Accordingly, Mr. Thang agreed to have objective and transparent regulations for managers. When doing well, effectively, exceeding profits, there will be bonuses, and when doing poorly, there can be warnings, even dismissal depending on the level and affirmed that only then will there be fairness.
Mr. Thang said that it is necessary to apply the same mechanism as private enterprises to increase efficiency in management to solve the most difficult problem today, which is the salary and bonus regime of representatives of state capital in enterprises.
Source: https://www.baogiaothong.vn/tan-bo-truong-tai-chinh-tien-luong-theo-thang-bac-thi-khong-bao-gio-co-duoc-nguoi-tai-192241129184546375.htm
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