Business

Six major SOEs handed over to ‘super committee’

Six major businesses with State ownership represented by the Ministry of Industry and Trade (MoIT) were handed over to the Committee for Management of State Capital at Enterprises (CMSC) on November 10.
Six major SOEs handed over to ‘super committee’ ảnh 1MoIT Minister Tran Tuan Anh (front, right) and CMSC Chairman Nguyen Hoang Anh (front, left) at the ceremony to transfer the six SOEx to the CMSC on November 10 (Photo: tapchicongthuong.vn)

Hanoi (VNA) – Six major businesseswith State ownership represented by the Ministry of Industry and Trade (MoIT)were handed over to the Committee for Management of State Capital atEnterprises (CMSC) on November 10.

These firms are Vietnam Oil and Gas Group (PetroVietnam), Vietnam Electricity(EVN), Vietnam National Coal – Mineral Industries Holding Corporation Ltd.(Vinacomin), Vietnam National Chemical Group (Vinachem), Vietnam NationalPetroleum Group (Petrolimex), and Vietnam National Tobacco Corporation(Vinataba).

The State currently holds more than 555 trillionVND (23.8 billion USD) at these businesses, or half of total State capital atthe 19 State-owned enterprises (SOEs) transferred to the CMSC.

MoIT Minister Tran Tuan Anh said all of them are strong firms in the fieldsthey operate in, have great influence on the economy and make considerablecontributions to the State budget.

He expressed his hope that with new management mechanisms under the CMSC, theenterprises will have more conditions and opportunities for development so asto meet new requirements for SOEs in the new context and remain a pillar and adriving force of the national economy amid regional and international economicintegration.

The transfer of SOEs to the CMSC is to realise Resolution 12-NQ/TW, issued atthe fifth session of the 12th Party Central Committee, on setting up aspecialised body representing State ownership at SOEs and State capital at businesses.This agency is hoped to be more professional and accountable for this work.

The removal of the function of representing State ownership at enterprises fromstate administrative management agencies is necessary to create a fair businessenvironment for all businesses. It is also meant to help state agencies focuson their management tasks that are increasingly complex in socio-economicdevelopment.

The CMSC, established by the Government, made debut in late September.

Considered a “super committee”, it will manage 19 State-owned economic groupsand corporations. According to consolidated financial statements by December31, 2017, the total value of State equity at these 19 firms reached more than 1quadrillion VND (43 billion USD) and the total asset value was 2.3 quadrillionVND (99 billion USD).

The committee is responsible for managing State capital at the enterpriseswhere the State holds a 100 percent stake and at joint stock companies andlimited liability companies with multiple members where the State have investedits capital in.-VNA
VNA
#Committee for Management of State Capital at Enterprises #State-owned enterprises #SOEs #PetroVietnam #EVN #Vinacomin #Vinachem #Petrolimex #Vinataba #State ownership #State capital at businesses #updated Vietnam news #Vietnamplus #Vietnam News Agency
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