Major SOEs transferred to state capital management committee

11/13/2018 - 3:41:10 PM

The Committee for Management of State Capital at Enterprises (CMSC) and the two Ministries of Finance and Information and Communications reached deals on November 12 to transfer the ministries’ right to represent the owner of State capital at their firms to the CMSC.

The transferred SOEs include the State Capital Investment Corporation (SCIC) under the Ministry of Finance and the Vietnam Posts and Telecommunications Group (VNPT) and MobiFone Telecom Corporation (MobiFone) under the Ministry of Information and Communications.

Of which, VNPT and MobiFone have total assets of over VND128 trillion (US$5.48 billion), accounting for 8.2% of the State capital and 5.6% of the total assets of 19 enterprises transferred to the CMSC.

Speaking at the transfer ceremonies, Deputy Prime Minister Vuong Dinh Hue emphasised that the transfer does not limit the power of the ministries but facilitates them in a "hands-free" manner to focus on management functions.

After the handover, the related agencies should cooperate in solving problems arising in management and administration, such as organisation, personnel, assets and capital issues, while facilitating restructuring at the transferred enterprises, encouraged the deputy PM.

He added that ICT is a critically important area in the fourth Industrial Revolution era, as well as in the realisation of the digital economy, shared economy, e-commerce strategy and e-government development. As strong companies, VNPT and MobiFone need to ensure that, after the hand-over to the CMSC, they become even stronger and more innovative, Deputy PM Hue stressed.

The Ministry of Finance transfers its State Capital Investment Corporation to the Committee for Management of State Capital at Enterprises, November 12.

On the occasion, the government senior official issued the decision appointing Ho Sy Hung as vice chairperson of the CMSC. Previously, Hung was Head of the Enterprise Development Agency under the Ministry of Planning and Investment.

On the same day, the Ministry of Transport also transferred its right to represent the owner of State capital at its five enterprises to the CMSC. They are strong companies in the transport sector with a total asset of over VND275.5 trillion (US$11.8 billion) and current State-owned capital at over VND46 trillion (US$1.97 billion).

Deputy PM Hue stressed that transferring the right to represent the owner of State capital to the CMSC aimed to exercise centralised ownership. After the transferring, all these enterprises need to work together to accomplish their assigned tasks and regularly report to the Ministry of Industry and Trade to improve regulations on preservation and development of State capital in enterprises.

The CMSC should facilitate the transferred businesses to operate smoothly, becoming a bridge to connect them with the concerned ministries and sectors and the Government for the common cause of national development, said Deputy PM Hue.

Source: NDO

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