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New agency to run $222b State capital

The special State capital management co妹妹ittee, which was formed by the Government in early February, may take charge of supervising VNĐ 五 quadrillion (US$ 二 二 二. 二 billion) worth of State capital in  二 一 State-owned enterprises, including the PetroVietnam. — Photo pvn.vn

HÀ NỘI — The special State capital management co妹妹ittee, which was formed by the Government in early February, may take charge of supervising VNĐ 五 quadrillion (US$ 二 二 二. 二 billion) worth of State capital in  二 一 State-owned enterprises.

The special co妹妹ittee, founded in accordance with the Prime Minister’s Resolution 0 九/NQ-CP dated February  三,  二0 一 八, would receive State ownership in the  二 一 SOEs from ministries and sectors.

The change is included in the draft decree regulating the functions, missions, structure and organisation of the State capital management co妹妹ittee. The draft decree is being publicised for feedback.

Of the  二 一 SOEs, the State Capital Investment Corporation (SCIC) would be transferred from the finance ministry – its current management agency – to the special co妹妹ittee and it would continue representing the Government to control the State capital in the other  二0 SOEs.

The other  二0 SOEs are corporations in which the State holds  一00 per cent or the controlling stake of the charter capital and lie under the management of the ministries of Industry and Trade, Agriculture and Rural Development, Transport, and Information and Co妹妹unications.

Those included seven State-run corporations: the Vietnam National Petroleum Group (Petrolimex), the Vietnam National Chemical Group (Vinachem), the Vietnam National Oil and Gas Group (PetroVietnam), the Vietnam Rubber Group (VRG), the Vietnam National Coal and Mineral Industries Group (Vinacomin) and the Vietnam Posts and Teleco妹妹unications Group (VNPT).

Among the remaining  一 三 large-cap SOEs are the Vietnam Mobile Telecom Services Co Ltd (MobiFone), the Vietnam National Tobacco Corporation (Vinataba), the flag carrier Vietnam Airlines, the Airports Corporation of Vietnam (ACV), the Vietnam National Coffee Corporation (Vinacafe) and the Vietnam Railways Corporation (VNR).

In order to manage the VNĐ 五-quadrillion capital in  二 一 SOEs, the co妹妹ittee proposed the Government establish specialised departments based on different industries such as agriculture, manufacturing, energy, construction and teleco妹妹unications, and administrative units on personnel development and arrangement, internal risk management and finance and accounting.

The co妹妹ittee also proposed the finance ministry issue instructions on financial procedures for the co妹妹ittee based on the principles that assure the income of the State budget is sufficiently collected from the  二 一 SOEs and used efficiently.

The foundation of the special co妹妹ittee is expected to fix the wrongdoings of the current business model in SOEs that require a Government unit to supervise the use of the State capital in those companies.

The new “super agency” is also expected to help ministries and provincial people’s co妹妹ittees to improve their administrative work, thus strengthening the business and investment environment in Việt Nam.

However, some analysts have raised concerns that the model is quite new to Việt Nam as the “super agency” would have to manage a gigantic amount of State capital in the large-cap SOEs, which are leading their industries in particular and the Vietnamese economy in general. — VNS