Committee for Management of State Capital debuts
Hanoi (VNA) – The Committee for Management of State Capital (CMSC), known as the “super committee”, made its debut in Hanoi on September 30 in the witness of Prime Minister Nguyen Xuan Phuc.
The CMSC will manage 19 State-owned economic
groups and corporations. According to consolidated financial statements by
December 31, 2017, the total value of State equity at these 19 groups and corporations
reached more than 1 quadrillion VND (43 billion USD) and the total value of
assets was 2.3 quadrillion VND (99 billion USD).
According to the 2018 decree guiding its
establishment, the committee is responsible for managing State capital at the
enterprises where the State holds a 100 percent stake and at joint stock
companies and limited liability companies with multiple members where the State
have invested its capital.
The committee, established by the Government,
has one chairperson and at most four vice chairpersons appointed or dismissed
by the Prime Minister.
The aforementioned 19 enterprises are run by
five ministries. Topping the list is the State Capital Investment Corporation
(SCIC) under the management of the Ministry of Finance. The remaining 18 SOEs
are managed by four ministries, including the Ministries of Industry and Trade
(MoIT), Transport (MoT), Agriculture and Rural Development (MARD), and
Information and Communications (MIC).
Most of the names on the list are enterprises
under the management of MoIT and MoT, comprising of six groups and six
corporations.
At the launching ceremony, the committee and
these five ministries signed memoranda of understanding (MOU) on the transfer
of the rights of State representatives at these aforementioned enterprises to
the committee.
Addressing the ceremony, Prime Minister Nguyen
Xuan Phuc said improving the efficiency of the use of the State capital, thus
enhancing the competitiveness of the whole economy, was a basic requirement to
boost the role of the State sector.
This is the reason for the establishment of the
committee, he said, emphasising the great expectations of not only the
Government but the public on great changes in the thinking and governance of
the committee.
The Prime Minister said these enterprises are at
the core of the national economy. The committee must work to overcome the
weakness and create a big difference to the State sector and each enterprise to
increase its efficiency, he said.
He requested the committee to
quickly strengthen and streamline its operations. It needs to set objectives
and indicators to evaluate the effectiveness of each department and staff.
PM Phuc also required the committee to reinforce
its accountability and build the monitoring mechanism for representatives at
these enterprises to limit the loss of State capital.
Each department in the committee should have a
measure of its performance and improvement each year, he said, and added that
the committee and its subordinate units must apply state-of-the-art technology
in governance.
He requested the committee after one year of
operation to evaluate its progress towards “contributing to growth, employment
and State budget, and moreover to develop a fair and equal playing field for
all economic sectors”.
The government leader asked relevant ministries
and these State enterprises to coordinate with the committee to carry out the
transfer immediately, without affecting the management of State capital and
equitisation process of State-owned enterprises.
Also at the ceremony, the CMSC signed an MOU
with Singapore’s Temasek Holdings to exchange business information and
share experiences in modern capital management in accordance with the market
mechanism.-VNA