Committee for Management of State Capital debuts
Prime Minister Nguyen Xuan Phuc witnesses the launch of the Committee for Management of State Capital (CMSC) in Hanoi on September 30.
The CMSC 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 groups and corporations reached more than VND1 quadrillion (US$43 billion) and the total value of assets was VND2.3 quadrillion (US$99 billion).
According to the 2018 decree guiding its establishment, 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.
The committee, established by the Government, has one chairperson and at most four vice chairpersons appointed or dismissed by the Prime Minister.
The aforementioned 19 enterprises are run by five ministries. Topping the list is the State Capital Investment Corporation (SCIC) under the management of the Ministry of Finance. The remaining 18 SOEs are managed by four ministries, including the Ministries of Industry and Trade (MoIT), Transport (MoT), Agriculture and Rural Development (MARD), and Information and Communications (MIC).
Most of the names on the list are enterprises under the management of MoIT and MoT, comprising of six groups and six corporations.
At the launching ceremony, the committee and these five ministries signed memoranda of understanding (MOU) on the transfer of the rights of State representatives at these aforementioned enterprises to the committee.
Addressing the ceremony, Prime Minister Nguyen Xuan Phuc said improving the efficiency of the use of the State capital, thus enhancing the competitiveness of the whole economy, was a basic requirement to boost the role of the State sector.
This is the reason for the establishment of the committee, he said, emphasising the great expectations of not only the Government but the public on great changes in the thinking and governance of the committee.
The Prime Minister said these enterprises are at the core of the national economy. The committee must work to overcome the weakness and create a big difference to the State sector and each enterprise to increase its efficiency, he said.
He requested the committee to quickly strengthen and streamline its operations. It needs to set objectives and indicators to evaluate the effectiveness of each department and staff.
PM Phuc also required the committee to reinforce its accountability and build the monitoring mechanism for representatives at these enterprises to limit the loss of State capital.
Each department in the committee should have a measure of its performance and improvement each year, he said, and added that the committee and its subordinate units must apply state-of-the-art technology in governance.
He requested the committee after one year of operation to evaluate its progress towards “contributing to growth, employment and State budget, and moreover to develop a fair and equal playing field for all economic sectors”.
The government leader asked relevant ministries and these State enterprises to coordinate with the committee to carry out the transfer immediately, without affecting the management of State capital and equitisation process of State-owned enterprises.
Also at the ceremony, the CMSC signed an MOU with Singapore’s Temasek Holdings to exchange business information and share experiences in modern capital management in accordance with the market mechanism.
Related News
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Improving legal framework, ensuring accessibility to green bonds
15:42 | 13/04/2024 Finance
Businesses manage to relieve cash flow pressure
08:22 | 31/03/2024 Finance
Latest News
After six consecutive increase years, tax revenue from real estate transfer plunges
08:49 | 19/05/2024 Finance
Improve processes and enhance experience to rebuild trust in life insurance
20:25 | 17/05/2024 Finance
PM chairs meeting on fiscal, monetary policy management
20:20 | 17/05/2024 Finance
Many tax management solutions for e-commerce
10:01 | 16/05/2024 Finance
More News
Completely resolve problems and accelerate public investment disbursement
14:41 | 15/05/2024 Finance
Tax, land rent payment deadlines to be extended this year
14:21 | 15/05/2024 Finance
Tax compliance management in the digital economy
11:32 | 15/05/2024 Finance
Hai Phong: Budget revenue reached more than VND40,000 billion
13:57 | 14/05/2024 Finance
Price adjustment should be in implemented in appropriate time to control inflation
13:56 | 14/05/2024 Finance
Fiscal policy is expanded and flexible to promote economic growth 2024
13:28 | 13/05/2024 Finance
Closely follow the situation, research and propose many solutions about taxes and fees to support the economy
08:16 | 12/05/2024 Finance
Prevent corruption and group interests in developing financial laws
10:07 | 11/05/2024 Finance
"Creativity in revenue collection to achieve set goals in difficult contexts"
14:55 | 10/05/2024 Finance
Your care
After six consecutive increase years, tax revenue from real estate transfer plunges
08:49 | 19/05/2024 Finance
Improve processes and enhance experience to rebuild trust in life insurance
20:25 | 17/05/2024 Finance
PM chairs meeting on fiscal, monetary policy management
20:20 | 17/05/2024 Finance
Many tax management solutions for e-commerce
10:01 | 16/05/2024 Finance
Completely resolve problems and accelerate public investment disbursement
14:41 | 15/05/2024 Finance