80 percent of State-owned economic groups earn profits

Up to 80 percent of the 19 State-owned economic groups and corporations under the management of the Committee for Management of State Capital at Enterprises (CMSC) earned profits in the first half of this year.

Itsaid after receiving the groups and corporations from the Government and someministries and agencies, it had separate working sessions with them to learnabout their production and business, as well as their difficulties andproposals, thus optimizing capital and resources handed over by the State.

NguyenHoang Anh, CMSC President, said since its inception, the committee has beenaware of its role in supervising, controlling and implementing State capitalownership, compiling and issuing development policies and strategies and servingas a bridge between State-owned enterprises (SOEs) and legislative agencies.

Anhdescribed these enterprises as economic locomotives that contribute toregulating and orienting sectors in each period of time in a reasonable way,and realising the targets of socio-economic and business development.

CMSCVice President Ho Sy Hung said between January and June, the committeecontinued to consolidate its organizational structure and staff, and perfectits internal management regulations.

Italso ensured the administrative work and performed its functions, tasks andrights as a State ownership representative towards the above-mentioned groupsand corporates, he added.

Regardingthe restructuring, equitisation and State capital divestment, Hung said thecommittee has coordinated with competent agencies to remove bottlenecks duringthe process. However, the work remains sluggish.

Hungnoted that among the 19 enterprises, 16 earned profits, five fulfilled 50percent of yearly revenue targets, seven completed 50 percent of pre-taxrevenue targets and four reached 50 percent of state budget contributiontargets. 

Toachieve targets set for the last six months of the year, he suggested thecommittee focus on consolidating its organizational apparatus and staff, andclosely coordinate with relevant agencies, groups and corporations in business administration,State investment capital and financial supervision, restructuring, equitisation,State capital divestment and initial public offering.

The CMSC, known as the “super committee”, made its debut in Hanoi on September 30, 2018.

The 19 groups and corporates under its management include the Vietnam NationalOil and Gas Group (PetroVietnam), Vietnam Electricity (EVN), Vietnam NationalCoal and Minerals Holding Group (Vinacomin), Vietnam Post and TelecommunicationGroup (VNPT), MobiFone, Vietnam Airlines, Airport Corporation of Vietnam (ACV),Vietnam Railway, Vietnam Expressway Corporation (VEC), Vietnam NationalShipping Lines (Vinalines), Vietnam National Petroleum Group (Petrolimex),Vietnam National Chemical Group (Vinachem), Vietnam National Tobacco Corporation(Vinataba), Vietnam Rubber Group (VRG), Vietnam National Coffee Corporation(Vinacafe), Vietnam Forest Corporation (Vinafor), Vietnam Northern FoodCorporation (Vinafood 1), Vietnam Southern Food Corporation (Vinafood 2) andState Capital Investment Corporation (SCIC).


According to consolidated financial statements byDecember 31, 2017, the total value of State equity at the 19 groups andcorporations topped 1 quadrillion VND (43 billion USD) and the total value ofassets was 2.3 quadrillion VND (99 billion USD).-VNA

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