Illustrative image (Source: VNA)

The Party Committee for the Central Business Block, which features Vietnam’s biggest State-owned companies, released figures that indicate that the block as a whole has made considerable strides in the past five years.

According to Bui Van Cuong, an alternate member of the Party Central Committee and Secretary of the Party Committee for the Central Business Block, the block’s umbrella Party organisation groups 35 affiliates with 5,561 Party cells and more than 80,000 Party members.

Cuong said corporations, companies and banks in the block are important tools for the Party and State to regulate and stabilise the macro-economy, ensure welfare and boost defence and security.

The central business block contributes one third of the total State budget revenue yearly and ensures jobs and stable livelihoods for over 1.3 million employees.

In the past five years, despite the impacts of the global economic recession and local economic difficulties, the corporations and companies completed and surpassed goals set by the resolution issued in the block’s first Party Congress.

The block’s total revenue reached 6.49 quadrillion VND (295 billion USD) with a combined pre-tax profit worth 608.5 trillion VND (27.7 billion USD), contributing 1.05 quadrillion VND (47.6 billion USD) to the State budget during the period.

The revenue for 2010-2015 increased by an average 23.55 percent each year compared with the 2007-2010 period.

From 2010 to 2015, the capital held by State corporations and companies increased 74.3 percent, reaching 1.18 quadrillion VND (53.5 billion USD), and the total assets increased 66.4 percent, amounting to 5.74 quadrillion VND (261 billion USD).

Cuong said enterprises in the block continued affirming their important role in the national economy but are facing challenges and growing competition, requiring companies to seek new and more effective management models while still ensuring the leadership of the Party.

The second Party Congress of the Central Business Block will take place from October 14-15. According to the official, from 2015-2020, the block will focus on five main missions on economic development and four key party-building tasks.

The first one of the five economic missions is to organise the successful implementation of enterprise restructuring goals, accelerate the application of science and technology, double productivity and improve effectiveness in production and business.

The second mission is to reform and improve business administration capability, develop a high-quality workforce and build a pool of business leaders with the capability to face new missions.

The third major economic mission is to proactively integrate into the international economy, build and implement development strategies and improve competitiveness to integrate deeper into the regional and global economy.

The fourth task is to ensure jobs, increase incomes and improve the quality life of labourers, actively protect the environment, raise safety and sanitary standards in workplaces and implement social welfare in line with Party and State policies.

The final and fifth mission is to research and recommend management and organisation models to separate State management and State capital representatives.

The first of four key party-building tasks is to reform and improve leadership capability in carrying out political and party tasks as well as improve the quality of ideology education, personnel and organisation work, public relation works and the leadership of political and social organisations.

The second task is to boost supervision and ramp up the fight against corruption, wastefulness and the signs of political, moral and lifestyle corruption.

The third is to improve upon the organisation model and continue reforming leadership methods of party organisations in State-owned enterprises and joint stock companies with State capital.

The fourth task is to research and recommend the functions and tasks of Party organisations in joint stock companies with State capital.-VNA