Six major SOEs handed over to ‘super committee’

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.
six major soes handed over to super committee

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 VND555 trillion (US$23.8 billion) 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 VND1 quadrillion (US$43 billion) and the total asset value was VND2.3 quadrillion (US$99 billion).

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.

Source: VNA

Related News

Responding to trade competition, businesses are forced to innovate technology

Responding to trade competition, businesses are forced to innovate technology

VCN - According to the Global Innovation Index (GII) 2024 Report published by the World Intellectual Property Organization (WIPO) a few days ago, Vietnam ranked 44th out of 133 countries, up from 46th in 2023 - continuing to improve its position since 2013.
Quang Ninh Customs attaches partnership development to reform activities

Quang Ninh Customs attaches partnership development to reform activities

VCN - The development of Customs-Business partnership will continue to be focused on by Quang Ninh Customs Department in the coming time, with the goal of further improving the quality and effectiveness of accompanying and supporting businesses, promoting import and export through the area.
Ho Chi Minh City Customs: Diversifying forms of support for businesses in compliance

Ho Chi Minh City Customs: Diversifying forms of support for businesses in compliance

VCN - The program received positive feedback from businesses as they enjoyed benefits such as reducing the rate of physical inspection of goods, supporting convenient customs procedures, and proactively preventing violations during import and export activities.
Businesses report Customs many issues

Businesses report Customs many issues

VCN - Although the production and import-export situation has gradually recovered in recent months, trade and import-export activities still face many risks and are difficult to predict. Therefore, all parties, including the Customs agency, need to introduce many solutions to continue accompanying businesses.

Latest News

Vietnam’s stainless steel exports under dual investigation

Vietnam’s stainless steel exports under dual investigation

The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) imported from Vietnam, alongside nine other countries and territories.
F&B industry to reach 30 billion USD in 2024

F&B industry to reach 30 billion USD in 2024

The Ministry of Industry and Trade (MoIT) forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92% this year, reaching more than 720 trillion VND (29.8 billion USD).
Self-sufficiency in raw materials critical for garment, footwear

Self-sufficiency in raw materials critical for garment, footwear

Vietnam needs breakthrough solutions to upgrade the value chains of the garment and footwear industries with the focus on achieving self-sufficiency in raw materials to increase added value and develop sustainably.
To successfully export fresh coconuts to China

To successfully export fresh coconuts to China

VCN - The large demand of the Chinese market not only exposes a "golden” opportunity to the Vietnamese coconut industry, but also poses potential risks for businesses if there is no systematic investment in raw material areas as well as strict control over the cultivation, harvesting, and processing processes...

More News

Standardising fruit quality can open up new markets for Vietnam: Insiders

Standardising fruit quality can open up new markets for Vietnam: Insiders

There is plenty of room for Vietnamese fruit and vegetables to enter more stringent markets such as the US, Australia, and the EU by focusing on high-quality fruit, accurate origin certificates, and food safety standards, according to insiders.
Five amended laws to untie investment knots

Five amended laws to untie investment knots

VCN - According to Tran Quoc Phuong, Deputy Minister of Planning and Investment, numerous provisions within the draft Law on Public Investment (amended) and the Law amending and supplementing a number of articles of the Law on Planning, the Law on Investment, the Law on Public-Private Partnership Investment, and the Law on Bidding, will effectively remove practical obstacles and unleash resources for growth upon enactment.
Ho Chi Minh City: Determined to become the leading logistics center in the region

Ho Chi Minh City: Determined to become the leading logistics center in the region

VCN - Promoting the potential of the largest city in the country, Ho Chi Minh City has a plan to develop the logistics industry, aiming to improve the capacity of seaports and become the leading logistics center in the region.
Vietnam's rice export turnover up 23.5% in nine months

Vietnam's rice export turnover up 23.5% in nine months

Vietnam exported over 7 million tonnes of rice worth 4.37 billion USD in the first three quarters of 2024, up 9.2% in volume and 23.5% in value compared to the same period last year, the Ministry of Agriculture and Rural Development (MARD) has reported.
How does the Fed

How does the Fed's interest rate cut affect Vietnam?

VCN - In the latest meeting of the Federal Open Market Committee (FOMC), the Fed decided to cut interest rates by 50 basis points to a range of 4.75%-5%. Analysts have given different perspectives on this decision.
Vietnam-France trade, investment ties expected to grow further

Vietnam-France trade, investment ties expected to grow further

The official visit to France by Party General Secretary and State President To Lam and his attendance at the 19th Francophonie Summit are expected to give a boost to the bilateral economic, trade, and investment ties.
Nine-month agro-forestry-fisheries exports rise 21%

Nine-month agro-forestry-fisheries exports rise 21%

Vietnam earned 46.28 billion USD from exporting agricultural, forestry and fishery products, while spending 32.42 billion USD importing them in the first nine months of 2024, up 21% and 7.5% year-on-year, respectively.
Vietnamese fruits have room to penetrate deeper into the Chinese market

Vietnamese fruits have room to penetrate deeper into the Chinese market

VCN - On September 29, the first Vietnam Fruit Festival opened in Beijing, China. The event is expected to open up more opportunities for fruit exports to this large market.
Positive signals for exports in remaining months of 2024

Positive signals for exports in remaining months of 2024

Vietnam’s exports are expected to thrive in the remaining months of the year thanks to local businesses' concerted efforts and robust results during the January – September period, according to insiders.
Read More

Your care

Latest Most read
Vietnam’s stainless steel exports under dual investigation

Vietnam’s stainless steel exports under dual investigation

The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) imported from Vietnam, alongside nine other countries and territories.
F&B industry to reach 30 billion USD in 2024

F&B industry to reach 30 billion USD in 2024

The Ministry of Industry and Trade (MoIT) forecasts that the revenue of the food and beverage (F&B) industry will grow by 10.92% this year, reaching more than 720 trillion VND (29.8 billion USD).
Self-sufficiency in raw materials critical for garment, footwear

Self-sufficiency in raw materials critical for garment, footwear

Vietnam needs breakthrough solutions to upgrade the value chains of the garment and footwear industries with the focus on achieving self-sufficiency in raw materials to increase added value and develop sustainably.
To successfully export fresh coconuts to China

To successfully export fresh coconuts to China

The large demand of the Chinese market not only exposes a "golden” opportunity to the Vietnamese coconut industry, but also poses potential risks for businesses
Standardising fruit quality can open up new markets for Vietnam: Insiders

Standardising fruit quality can open up new markets for Vietnam: Insiders

There is plenty of room for Vietnamese fruit and vegetables to enter more stringent markets such as the US, Australia, and the EU by focusing on high-quality fruit, accurate origin certificates, and food safety standards, according to insiders.
Mobile Version