State capital management commission to be dissolved

19 State-owned enterprises and corporations under the management of the Commission for Management of State Capital at Enterprises (CMSC). — Photo kinhtedothi.vn

The Commission for Management of State Capital at Enterprises (CMSC), which currently oversees 19 State-owned enterprises and corporations, will cease its operations and transfer the management of these entities to the Ministry of Finance and other ministries.

The move is in accordance with Resolution No 18 of the Central Party Committee on streamlining and improving the efficiency of organisational structures.

The information was released by Deputy Prime Minister Hồ Đức Phớc during the year-end conference of the commission on Friday in Hà Nội.

Deputy PM Hồ Đức Phớc acknowledged the commission's achievements, noting that the total revenue for the year increased by 7 per cent compared to the same period last year, and contributions to the State budget rose by 5 per cent.

Many enterprises and corporations have made significant efforts to overcome challenges, exceeding their targets and contributing to the country’s development, he said.

According to the plan, the commission will conclude its activities and transfer 19 enterprises and corporations to the Ministry of Finance and other relevant agencies.

The Deputy PM suggested that the commission meet with these enterprises and corporations to discuss how to ensure efficiency and alignment in this transition.

“This is an issue that needs to be done, and it must be done quickly,” he said.

In his report at the conference, Deputy Chairman of the commission Nguyễn Ngọc Cảnh said that the operations of the 19 corporations and State-owned enterprises have been stable over the past five years since being transferred to the committee.

Despite the difficulties caused by the COVID-19 pandemic over nearly three years, total revenue, profits, State budget contributions, investment value, and average worker income all increased.

To date, the total equity of the 19 corporations and State-owned enterprises has reached VNĐ1.18 trillion (US$46.5 million), up 11 per cent from 2018, total assets have reached VNĐ2.54 trillion, a 5 per cent increase.

Their consolidated revenue reached VNĐ1.85 trillion, a 44 per cent increase. State budget contributions for the period 2018-23 reached VNĐ1.28 trillion, accounting for 10-12 per cent of the country’s total State budget revenue annually.