Business

Major SOEs’ ownership to be transferred to “super committee”

The ownership of 21 large State-owned groups and corporations is likely to be transferred from ministries and sectors to the Committee on State capital management at enterprises.
Major SOEs’ ownership to be transferred to “super committee” ảnh 1Customers at Vietnam Posts and Telecommunications Group (VNPT) (Photo VNA)

Hanoi (VNA) – The ownership of 21 large State-owned groupsand corporations is likely to be transferred from ministries and sectors to theCommittee on State capital management at enterprises.

This is part of a draft decree on the functions, tasks and organization ofthe committee, which is collecting comments.

According to the document, the State Capital Investment Corporation(SCIC) will no longer be managed by the Ministry of Finance, but the Committeeon State capital management at enterprises. It will, however, continue to bethe owner representative of State capital at enterprises set to be transferredfrom ministries and provincial People’s Committees.

The rest of 20 companies are parent companies of groups and corporationswhose charter capital is wholly owned by the State and run by the Ministries ofIndustry and Trade, Agriculture and Rural Development, Information andTelecommunications, and Transport.

They include seven groups – PetroVietnam Oil Corporation (PV Oil),Vietnam Chemicals Group, Vietnam Electricity, Vietnam National Oil and GasGroup (PetroVietnam), Vietnam Rubber Group, Vietnam Coal-Mining Group, and theVietnam Posts and Telecommunications Group (VNPT), along with 13 corporations,including Vietnam Multimedia Corporation (VTC), MobiFone, Vietnam CigaretteCorporation, Vietnam Aviation Corporation, and Vietnam Forestry Corporation.

Combined State capital at the 21 firms is equivalent to 50 percent oftotal capital owned by the State at State-owned enterprises. The committee willmanage an estimated sum of 5 quadrillion VND.

The establishment of the “super committee” is expected to deal withshortcomings of the current owner representative model. It is hoped to createmore favourable conditions for ministries and the People’s Committees to showbetter performance in State administrative management, thus contributing to improvingthe business environment and completing the market economy mechanism.-VNA
VNA
#State-owned groups #corporations #ownership #State Capital Investment Corporation (SCIC) #Ministries of Industry and Trade #Agriculture and Rural Development #Information and Telecommunications #and Transport #PetroVietnam Oil Corporation (PV Oil) #Vietnam Chemicals Group #Vietnam Electricity #Vietnam National Oil and Gas Group (PetroVietnam) #Vietnam Rubber Group #Vietnam Coal-Mining Group #and the Vietnam Posts and Telecommunications Group (VNPT)
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