A worker mans equipment on an oil rig of the State-owned Vietnam National Oil and Gas Group (Photo: pvn.vn) Hanoi (VNA) – Therecently-established Committee for the Management of State Capital atEnterprises (CMSC) will have a heavy workload to shoulder, needing great effortsexerted to overcome this challenge, according an expert.
Phan Duc Hieu, Deputy Director of the CentralInstitute for Economic Management (CIEM), made the remark at a forum on State-ownedenterprise (SOE) restructuring in Hanoi on November 30.
The CMSC, which made its debut last September,will manage 19 State-owned economic groups and corporations. According toconsolidated financial statements on December 31, 2017, the total value of stateequity at these 19 firms topped 1 quadrillion VND (43 billion USD) and thetotal asset value was 2.3 quadrillion VND.
Hieu said the establishment of the CMSC is amove to separate the State’s ownership and management of the SOEs. It is also astep towards setting up a modern and transparent governance framework for theSOEs.
The overlapping performance of the State’smanagement and ownership of its capital within various businesses has led tothe urgent need for reform.
Pointing out two of the major challenges facingthe CMSC, Hieu said this committee is a State agency but must work as aprofessional investor. Meanwhile, with such high requirements, the CMSC willhave to devise mechanisms for attracting quality personnel.
Nguyen Van Khach, Vice Chairman of the NationalFinancial Supervisory Commission, said the “super committee” needs to publiciseits functions and tasks in managing and monitoring the State capital left atequitised enterprises. It is also responsible for accelerating and promotingthe effectiveness of the divestment of State capital from the equitised firms.
Last year, Prime Minister Nguyen Xuan Phucapproved a plan for restructuring the SOEs, with a focus on State-owned groupsand corporations, between 2016 and 2020. The Party Central Committee alsoissued a resolution emphasising that enhancing the restructuring andre-organisation of SOEs is a task of utmost importance.
In the first half of 2018, more than 28.05trillion VND was collected from the work, including nearly 22.46 trillion VNDfrom equitisation and 5.6 trillion VND from State capital divestment.
The total revenue from equitisation anddivestment has reached approximately 198 trillion VND since 2016, according tothe Steering Committee for Enterprise Reform and Development.
At the forum, policymakers, experts andrepresentatives of SOEs discussed mechanisms, policies, and the currentsituation of SOE restructuring. They also looked into some obstacles facingequitisation and the impact of Industry 4.0 on this process. –VNA
VNA
