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MoIT proposes transfer of 11 SOEs to CMSC, SCIC

The Ministry of Industry and Trade (MoIT) has proposed transferring 11 State-owned enterprises (SOEs) in which it represented the State ownership to the Commission for the Management of State Capital at Enterprises (CMSC) and the State Capital Investment Corporation (SCIC) at the same time and in their status quo in 2022-2025.
MoIT proposes transfer of 11 SOEs to CMSC, SCIC ảnh 1

Production at Habeco. (Photo: VNA)

Hanoi (VNA) - The Ministry of Industry and Trade (MoIT)has proposed transferring 11 State-owned enterprises (SOEs) in which it representedthe State ownership to the Commission for the Management of State Capital atEnterprises (CMSC) and the State Capital Investment Corporation (SCIC) at thesame time and in their status quo in 2022-2025.

The proposal was raised in the ministry’s recent report to theGovernment about the supervision on the conversion of State-wholly-ownedenterprises into joint stock companies.

The ministry wanted to handover all 11 SOEs at the same time andin their status quo to avoid the situation that only efficient SOEs werereceived while inefficient ones were rejected, the ministry said.

The 11 SOEs include Vietnam Motors and Agricultural MachineryCorporation (VEAM); Hanoi Beer Alcohol And Beverage Joint Stock Corporation(Habeco); Vietnam Paper Corporation (Vinapaco), Machines and IndustrialEquipment Corporation (MIE); Vietnam Industrial Construction Corporation(Vinaincon); General Construction and Export – Import Joint Stock Company; VietnamAgricultural Products Joint Stock Company; Investment, Construction andBuilding Materials Joint Stock Company, BMC Commercial Construction andBuilding Materials One Member Limited Liability Company; Vietnam TextileResearch Institute Joint Stock Company; and Industrial Machinery andInstruments Holding.

The ministry’s report showed that among the 11 above SOEs, manyhad huge revenues and profits, reaching up to trillions of VND per year.

Specifically, VEAM which had a charter capital of 13.288 trillionVND (563 million USD) and a State stake of 88.47% reported a profit of morethan 6.1 trillion VND in the second quarter of this year, up 33.3% against thesame period and an after-tax profit of 6.071 trillion VND, up 33.2%. VEAM wasconsidered a “golden goose” which reported an after-tax profit of more than 56trillion VND in 2022, 25% higher than the plan.

Habeco reported an after-tax profit of 184.6 billion VND in thefirst half of this year.

However, some companies were not very efficient, the ministrysaid.

For example, Vinapaco earned a revenue of more than 2.7 trillion VNDbut the after-tax profit was modest, just 10.33 billion VND in 2022.

Vinaincon reported a revenue of 254.9 billion VND, only 64% of theplan in 2022, while the profit was just 14.7 billion VND and the liabilities upto 181.2 billion VND.

MIE earned a very modest profit of just 105 million VND in 2022.

Currently 19 corporations were under the management of CMSC,including SCIC, Vietnam Oil and Gas Group, Vietnam Electricity, VietnamNational Petroleum Group./.
VNA
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