State corporations and groups have been found to have committed violations worth nearly VND350 trillion (US$15.5 billion) in State capital usage and management during the 2011-2016 period, according to the Government Inspectorate.

The figure was counted following 19 inspections carried out by the Government Inspectorate during the period.

Most violations found at State businesses and corporations related to investment procedures, the purchasing of public assets, and weak management capacity that led to other violations in economic management and regulations.

Limitations in inspection and supervision tasks of relevant ministries and agencies are also blamed for the wrongdoings in State capital management at these businesses, according to the Government Inspectorate’s report.

The Government Inspectorate proposed to take nearly VND1 trillion (US$44 million) from the money in violations for the State budget, and proposed other relevant agencies handle the remaining money.

The Inspectorate also proposed administrative punishments on individuals and teams for violations and suggested relevant ministries and agencies follow regulations and policies to deal with shortcomings in management tasks.

A special State capital management committee was formed by the Government in early February this year which has taken charge of supervising State capital in 21 State-owned enterprises.

The committee is expected to help the Government to efficiently manage and supervise State capital and assets at enterprises as well as implement restructuring and State capital divestments. It also aims to boost the efficiency of State-owned enterprises. — VNS