The Ministry of Transport (MoT) has handed over five corporations under its management to the Committee for Management of State Capital at Enterprises (CMSC). 

On November 12, Vietnam Posts and Telecommunications Group (VNPT) and MobiFone Telecommunications Corporation (MobiFone) were transferred from the Ministry of Information and Telecommunications (MoIT) to the CMSC.

The corporations are Vietnam Airlines, Airports Corporation of Vietnam (ACV), Vietnam Railway Corporation (VNR), Vietnam Expressway Corporation (VEC) and Vietnam National Shipping Lines (Vinalines). 

Addressing a hand-over ceremony on November 12, Deputy Prime Minister Vuong Dinh Hue lauded efforts by the MoT and the CMSC in the transfer. 

The corporations have cumulative assets worth more than 275 trillion VND (11.8 billion USD), total charter capital of more than 48 trillion VND (2.6 billion USD) and State capital of 46 trillion VND (1.9 billion USD), he said. 

Minister of Transport Nguyen Van The said the transfer aims to implement a new management model, improve the operational efficiency of the corporations and raise the efficiency of the use of State capital. 

The MoT will propose solutions to the CMSC to help improve the corporations, he promised. 

Also on November 12, Vietnam Posts and Telecommunications Group (VNPT) and MobiFone Telecommunications Corporation (MobiFone) were transferred from the Ministry of Information and Telecommunications (MoIT) to the CMSC. 

Among 19 businesses set to be run by the committee, VNPT and MobiFone make up 8.2 percent of the State capital and 5.6 percent of asset value. Their turnover totals 87.7 trillion VND (3.7 billion USD).

MoIT Minister Nguyen Manh Hung said his ministry will continue working with the CMSC to spur the growth of the businesses. 

Deputy PM Hue urged VNPT and MobiFone to carry out more innovations and creations, and the CMSC to tighten its management of State assets in businesses, especially at groups and corporations, and complete contingents of leaders and experts capable of managing the huge amount of capital and assets. 

CMSC Chairman Nguyen Hoang Anh pledged the committee would continue to work with the MoIT to instruct and manage the businesses, helping them improve their operational efficiency. 

On this occasion, Deputy PM Hue presented a decision appointing Ho Sy Hung as CMSC Vice Chairman. 

On November 12, the Ministry of Finance also handed over the State Capital Investment Corporation to the CMSC. The Ministry of Industry and Trade transferred six major enterprises under its wing to the CMSC on November 10. 

The transfer of the State-owned enterprises (SOEs) to the CMSC is to realise Resolution 12-NQ/TW, issued at the fifth session of the 12th Party Central Committee in June 2017, on setting up a specialised body representing the owner of SOEs and of State capital at businesses.

The CMSC, established by the Government, debuted late September.

It will manage 19 State-owned economic groups and corporations. According to consolidated financial statements by December 31, 2017, the total value of the State equity at these 19 firms topped 1 quadrillion VND and total asset value was 2.3 quadrillion VND.

The committee is responsible for managing the State capital at the enterprises where the State holds a 100 percent stake and at joint stock companies and limited liability companies with multiple members where the State has invested its capital.-VNA