The Capital Management Committee has successfully completed its mission.

Speaking at the conference to review the work of 2024 and deploy tasks for 2025 of the State Capital Management Committee at Enterprises (the Committee) and 19 corporations and general corporations held on the afternoon of December 6, Deputy Prime Minister Ho Duc Phoc highly appreciated the activities of the Committee and the corporations and general corporations in 2024 and affirmed that the Committee had "excellently completed its tasks" in the past year.

The Deputy Prime Minister highly appreciated the businesses that were in loss but have risen up. Key projects have been implemented very quickly, such as EVN's completion of the 500kV line 3 project, which is considered a miracle.

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Deputy Prime Minister Ho Duc Phoc gave a speech at the conference. Photo: Thanh Tuan

According to Resolution 18-NQ/TW of the Central Committee on restructuring and streamlining the apparatus, the State Capital Management Committee will cease its operations and transfer its functions and tasks to the Ministry of Finance, specialized ministries and relevant agencies.

The Deputy Prime Minister said that allowing corporations and general companies to be proactive in production and business will create equal competition with the private sector, avoiding the situation of "both playing football and blowing the whistle".

The Deputy Prime Minister emphasized that the multi-layered apparatus structure lacks synchronous coordination, leading to difficulties and inadequacies in management. Therefore, the Committee's implementation of Resolution 18 will help businesses truly grow, creating a breakthrough in the spirit of Resolution 18-NQ/TW.

“The idea is to bring businesses under ministries and branches, but how should the relationship between businesses and capital management agencies be most effective? This is an issue that will be addressed and must be addressed very quickly, and must be completed before February 25,” the Deputy Prime Minister emphasized.

The Deputy Prime Minister requested the Committee to carry out the merger and separation in the most scientific and effective manner, avoiding disruption and confusion among staff.

According to the Deputy Prime Minister, the work of the units cannot be interrupted, it is necessary to continue to improve the efficiency of state capital management, so that state-owned enterprises can truly be "iron fists", attracting resources. We must unite to fulfill this requirement.

Speaking at the conference, Mr. Nguyen Hoang Anh - Chairman of the State Capital Management Committee at Enterprises affirmed that corporations and general companies need to continue to promote investment, development, and resolutely and effectively restructure enterprises according to appropriate conditions and roadmap.

Mr. Hoang Anh also affirmed that the Committee highly agrees with the Party Central Committee's policy on streamlining the apparatus according to Resolution 18. Accordingly, the Committee will end its function of managing state capital.

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Mr. Nguyen Hoang Anh, Chairman of the State Capital Management Committee. Photo: Thanh Tuan

“The Committee has established a Steering Committee and implemented the contents according to the Government’s instructions. Next week, the Committee will seek the Prime Minister’s opinion before meeting with the ministries and branches. Regardless of their position, the staff in the corporations and general companies always make great efforts,” said Mr. Nguyen Hoang Anh. “We have asked the Prime Minister to arrange staff to work in Government agencies to create conditions for them to continue to contribute to the cause of the Party and the State.”

More than 5 years without corruption or negativity

According to Mr. Nguyen Ngoc Canh, Vice Chairman of the State Capital Management Committee, to date, the total equity of 19 state-owned corporations and groups managed by the Committee has reached VND 1.18 million billion (up 11% compared to 2018); total assets have reached VND 2.54 million billion (up 5%); total consolidated revenue has reached VND 1.85 million billion (up 44%). Total state budget contribution for the 2018-2023 period has reached VND 1.28 million billion, accounting for an average of 10-12% of the country's total annual state budget revenue.

Some enterprises that have suffered losses for many years or were at risk of losing money when transferred to the Committee, after restructuring, reorganization and replacement of key leaders, have now been operating profitably in production and business, such as the Vietnam Chemical Group, the following corporations: Highway Investment and Development, Vietnam Maritime, Southern Food, Vietnam Coffee, Vietnam Railways...

The total investment value in the 2018-2023 period of 19 corporations and general companies reached 777 trillion VND, mainly focusing on the fields of energy, transport infrastructure, telecommunications, etc.

Projects that were delayed for many years before being transferred to the Committee have also had their difficulties and obstacles resolved to continue implementation.

Large projects that have been stuck for many years by enterprises before being transferred to the Committee have been actively handling the problems, specifically projects of the Vietnam Oil and Gas Group (PVN) including: oil and gas projects investing abroad, Long Phu 1, Lot B, O Mon 3-4, Blue Whale... EVN projects include: Quang Trach 2; Lao Cai - Vinh Yen 500kV Line... TKV projects include: Tan Rai and Nhan Co Bauxite projects; Thach Khe Iron; joint venture coal mining project with Vietmindo, Co Dinh Chromite project...

The Committee said that there are still limitations such as: not showing superiority compared to before in terms of professionalism and efficiency, activities are still administrative in nature; not achieving the initial goals and expectations set for the Committee, which was to create a breakthrough in professional and effective management of corporations and general companies immediately after its establishment.

Reiterating General Secretary To Lam's words about the goal of bringing the country into a new era, in which the most prominent is removing institutional bottlenecks and streamlining the apparatus, Mr. Nguyen Ngoc Canh affirmed that the Committee will seriously implement the policy of restructuring and streamlining the apparatus according to Resolution 18-NQ/TW. Mr. Canh also affirmed that corporations and general companies will absolutely comply and not let restructuring and streamlining the apparatus disrupt production and business activities.