Vietnam establishes state capital management commission

Tuesday, 2018-02-06 11:21:46
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EVN is one of the state companies to be managed by the commission.
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NDO - A commission for the management of state capital in enterprises has been formally established in a move to enhance the efficiency of State-owned businesses in Vietnam.

The commission, which is designated as a government agency, came into being following a resolution signed by Prime Minister Nguyen Xuan Phuc on February 3.

Under the resolution, the commission will be the representative owner of wholly state-owned enterprises (SOEs) and of the government’s stakes in those which have been equitised.

It is expected that 30 state groups and corporations worth a total of over US$237 billion will be transferred to the commission.

Several notable names include the national oil and gas group PVN, the power utility EVN, the mining group Vinacomin, the chemical group Vinachem, the textile group Vinatex, and the telecoms giant VNPT.

In January, Deputy Prime Minister Vuong Dinh Hue stated that when the commission begins to take charge of SOEs, ministries must not evade the responsibility for those formerly under their authority.

He emphasised that there remains a number of ailing projects under the Ministry of Industry and Trade and other ministries, and the Government and Prime Minister’s instructions regarding their responsibilities still hold.