Most leading state-owned groups and corporations in the sectors of petroleum, electricity, oil and gas, chemicals, rubber, coal and minerals, as well as post and telecommunications are going to be run by the Committee for State Capital Management.

PetroVietnam is one of the19 groups and corporations to be managed by the "Super Committee”

These 19 state-owned groups and corporations managed by the Ministry of Industry and Trade, Agriculture and Rural Development, Information and Communications, and Transport, including the seven large groups Vietnam National Petroleum Group (Petrolimex), Vietnam Electricity Corporation (EVN), Vietnam National Chemical Group (Vinachem), Vietnam National Oil and Gas Corporation (PetroVietnam), Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin), Vietnam Rubber Group (VRG), and Vietnam Posts and Telecommunications Group (VNPT).

State Capital Investment Corporation (SCIC) is also one of the 19 corporations brought under the "Super Committee."

Yesterday afternoon (September 30), the Committee for State Capital Management has been launched under the witness of Prime Minister Nguyen Xuan Phuc, Deputy PM Vuong Dinh Hue, Head of the Central Organisation Commission Pham Minh Chinh, Vice Chairman of the National Assembly Do Ba Ty, and leaders of ministries, agencies, international organisations, and business associations.

The operations of the “Super Committee” will be governed by Decree No.131/2018/ND-CP dated September 29, 2018, stipulating its functions, tasks, powers, and organisation structure.

The prime minister asked to develop a modern and professional committee in order to improve the efficiency of all state-owned groups and corporations. "While this is a difficult task, I believe that everyone agrees it is necessary," emphasised the PM.

The PM proposed the committee to collaborate with the leading technology groups to develop and deploy 4.0 solutions in managing and monitoring the capital and assets of every state-owned group and corporation in order to strengthen transparency.

At the launching ceremony, the committee and the five ministries of Industry and Trade, Transport, Agriculture and Rural Development, Information and Communications, and Finance signed the memorandum of understanding on transferring the powers that come with representing the state ownership in the 19 corporations to the Committee for State Capital Management.

Deputy PM Vuong Dinh Hue handed over the decision of the prime minister on appointing Nguyen Thi Phu Ha, director general of the Ministry of Planning and Investment's Department of Investment Supervision and Appraisal as Vice Chair of the Committee for State Capital Management.

According to the financial statements of these corporations, at the end of 2017 the value of state-owned capital in these 19 groups and corporations was over VND1 quadrillion ($44.24 billion) and their total assets were valued at VND2.3 quadrillion ($101.8 billion).

Earlier, on February 12, 2018, Prime Minister Nguyen Xuan Phuc handed over the appointment of Nguyen Hoang Anh, former Secretary of the Cao Bang Party Committee, as Chairman of the Committee for State Capital Management.

VIR