Six major businesses with State ownership represented by the Ministry of Industry and Trade (MoIT) were handed over to the Committee for Management of State Capital at Enterprises (CMSC) on November 10.

MoIT Minister Tran Tuan Anh (front, right) and CMSC Chairman Nguyen Hoang Anh (front, left) at the ceremony to transfer the six SOEx to the CMSC on November 10 (Photo: tapchicongthuong.vn)

These firms are Vietnam Oil and Gas Group (PetroVietnam), Vietnam Electricity (EVN), Vietnam National Coal – Mineral Industries Holding Corporation Ltd. (Vinacomin), Vietnam National Chemical Group (Vinachem), Vietnam National Petroleum Group (Petrolimex), and Vietnam National Tobacco Corporation (Vinataba).

The State currently holds more than 555 trillion VND (23.8 billion USD) at these businesses, or half of total State capital at the 19 State-owned enterprises (SOEs) transferred to the CMSC.

MoIT Minister Tran Tuan Anh said all of them are strong firms in the fields they operate in, have great influence on the economy and make considerable contributions to the State budget.

He expressed his hope that with new management mechanisms under the CMSC, the enterprises will have more conditions and opportunities for development so as to meet new requirements for SOEs in the new context and remain a pillar and a driving force of the national economy amid regional and international economic integration.

The transfer of SOEs to the CMSC is to realise Resolution 12-NQ/TW, issued at the fifth session of the 12th Party Central Committee, on setting up a specialised body representing State ownership at SOEs and State capital at businesses. This agency is hoped to be more professional and accountable for this work.

The removal of the function of representing State ownership at enterprises from state administrative management agencies is necessary to create a fair business environment for all businesses. It is also meant to help state agencies focus on their management tasks that are increasingly complex in socio-economic development.

The CMSC, established by the Government, made debut in late September.

Considered a “super committee”, it will manage 19 State-owned economic groups and corporations. According to consolidated financial statements by December 31, 2017, the total value of State equity at these 19 firms reached more than 1 quadrillion VND (43 billion USD) and the total asset value was 2.3 quadrillion VND (99 billion USD).

The committee is responsible for managing 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 have invested its capital in.-VNA