"Super Committee" of state capital management is officially launched

19 Corporations and general corporations will transfer to the commission. At the launching ceremony, Minister, Head of the Office of the Government of Vietnam; Mai Tien Dung informed the basic contents of Decree No. 131/2018 / ND-CP on functions, tasks, powers and organizational structure of the State Capital Management Committee at the enterprise. This decree was signed by the Prime Minister on September 29. Accordingly, this committee is a governmental agency assigned by the Government to exercise the rights and responsibilities of the representative of the state owner to enterprises with 100% charter capital owned by State and the capital of investment at joint stock companies and the limited liability companies with two or more members in accordance with the law.

The Committee’s task is to formulate and submit to the Government and the Prime Minister the overall strategy for investment in development of enterprises under the management of the Committee in accordance with the socio-economic development strategy and planning under decision authority. The performance of duties and powers of enterprises with 100% charter capital of the State is entrusted to the Board as the owner's representative as follows: Deciding on charter capital when establishing and adjusting charter capital in the process of enterprises’ activities, except for enterprises established by the Prime Minister; To invest in supplementing charter capital to enterprises under the law on management and use of state capital of investment in production and business activities at enterprises.

Regarding the relations of the Commission with the State management agencies, the Commission exercises the rights and responsibilities of the representative office of the owner in accordance with the law on management, using the state capital of investment in production and business in enterprises; Complying with the regulations of the Government, the Ministry of Finance on financial management regime, financial monitoring mechanism for enterprises as the representative of the enterprise.

Regarding the principle of assigning responsibility for management of enterprises in the transition process, the decree stipulates that the principle of transfer of the right to represent the owner of state capital in enterprises shall comply with the provisions of the law on management and use state investment in production and business in enterprises.

At the same time, the hand-over of the dossiers on the right to represent the owner of the enterprise from the ministries, the ministerial-level agencies, the agencies attached to the Government, the provincial / municipal People's Committees (hereinafter referred to as the transfer agencies) handover status quo.

According to the decree, 19 corporations and general corporations will transfer capital to Super Commissions and other enterprises as decided by the Prime Minister. According to the contents of the decree, agencies must transfer the right of representatives of owners of State capital to enterprises to the Committee within 45 days after the date of this Decree and the transfer decisions take effect.

After receiving the transfer of state capital in 19 corporations and general corporations, the Commission will manage the capital of nearly 1 trillion dong, total assets of 2.3 trillion dong, accounting for two thirds of Total State-owned assets. Hard task Speaking at the launching ceremony, Nguyen Hoang Anh, Chairman of the State Capital Steering Committee for enterprises, said that the Commission has basically strengthened its staff and organization, including the original Committee Chairman: 1 chairman and 1 vice president. The Commission now employs 50 people. In addition, the Committee has completed the drafting of the functions, tasks and powers of the units attached to the Committee and the establishment of the Recruitment Council to seriously and fully carry out the processes, procedures for recruitment and reception of cadres according to the assigned staff.

"The commission expects to recruit 150 qualified staff in 2018 and 2019 to meet the workload," said Nguyen Hoang Anh.

According to Nguyen Hoang Anh, up to now, the board has basically completed a system of professional and internal management (more than 40 regulations) to ensure the Committee's activities immediately after its launch.

In addition, the Commission has completed the preparation of the activity plan, building a modern information system for governance of corporations.

The committee was prepared and ready to go into operation from 1/10/2018 to manage smoothly, not to operate the business interrupted during the transfer to the Commission. However, Mr. Nguyen Hoang Anh said that it is important to identify the work that needs to be done soon after the commission comes into operation. "In order to fulfill its mission, the Committee will consolidate the organization in a streamlined and efficient manner, select capable and ethical cadres, and innovate management and administration methods to manage the enterprise. It is more and more effective to push state of enterprises (SOEs) more and more and increase the contribution of SOEs to the economy," said Nguyen Hoang Anh.

Also at the launching ceremony, Deputy Prime Minister Vuong Dinh Hue handed over the decision to appoint Ms. Nguyen Thi Phu Ha, Director of Investment Supervision and Evaluation Department, Ministry of Planning and Investment, to serve as Vice Chairman of the Committee of State capital management in enterprises.

The signing ceremony of the memorandum of understanding between the Commission and the Ministries of Planning and Investment was held in the framework of the Launching Ceremony of the 19 corporations and general corporations.

Do not leave the legal space when transferred to the "Super Commission"

Speaking at the launching ceremony of the State Capital Management Committee at the enterprise, Prime Minister Nguyen Xuan Phuc said that the establishment of the State Capital Management Committee for enterprises was recorded in the document of the Party Congress. Improving the efficiency of SOEs contributes significantly to the economy of Vietnam. The establishment of the Commission is an important step in separating functions of state management and SOEs’ business

"After 19 corporations, general corporations in the Commission, the role of the ministry did not fall down but also increased. The industry leader must lead through many sectoral issues as well as fields such as sector planning, human resources training," the PM emphasized.

Judging the Committee's role, Prime Minister Nguyen Xuan Phuc stressed that the Committee was assigned by the Party and State to manage total assets of about 2.3 trillion dong, owners' equity of nearly 1 trillion dong, accounting for 2/3 of total state owned assets. The SOEs under the Committee are all important businesses of the economy such as electricity, petrol and food.

The head of the government stresses that there are two paths: the Commission must go on a professional and modern path and the second is to create the old bureaucracy, which is the burden of the economy. And we choose the first way. The Commission must become a professional and modern office; anyway, this is the more difficult path. It must be the promoter of development, promoting reforms to enhance the overall effectiveness of the SOE system. The Commission has not been bureaucratic, complicating SOEs.

The Prime Minister also urged the Commission to quickly consolidate the streamlined and efficient organizational structure, employing the right cadres, and having a set of indicators to assess the efficiency of each officer, the internal monitoring mechanism, completing tools of management. At the same time, the Committee must measure the performance of each SOE.

"The Commission should closely cooperate with leading technology companies to apply SOEs management tools under the 4.0 technology. After that, the Commission has to create a favorable business environment for SOEs," he said.

In addition, the Prime Minister asked the Committee to develop strategies, determine the performance targets of each SOE, and promote equitization of enterprises. At the same time, it is necessary to promote SOEs to improve labor productivity, raise the competitiveness of enterprises, manage and develop capital sources which are not allowed to contribute capital and the turnover of the next year must be higher than that of the previous year.

In particular, the Prime Minister requested that in the process of transfer, ministries and localities must cooperate and coordinate to quickly complete the dossier procedures and do not allow legal gaps in the transfer process.

Accordingly, the Prime Minister requested that with the handing over, the representation of state capital at enterprises, committees and related ministries should not be allowed to occupy the legal space, avoiding complexity, needing to tighten, correcting the right people. . Strengthening publicity, transparency in business activities, avoid loss of waste, corruption, front yard, back yard.