Sunday, 17 Feb 2019

"Super Committee" urged to finalize organizational structure

Updated at Tuesday, 15 May 2018, 16:49
The Hanoitimes - The Deputy Prime Minister Vuong Dinh Hue requested the State Capital Management Committee - dubbed as the "Super Committee" to finalize its organizational structure.
The Deputy PM also requested the Committee to draft the Prime Minister's decision on the procedure, responsibilities and coordination mechanism between related government agencies during the transfer process of state owned economic groups and general corporations to the Committee's administration. 
Illustration photo.
Illustration photo.
The Committee is expected to supervise state assets worth up to VND5,000 trillion (US$220 billion), informed Deputy Minister of Planning & Investment Nguyen The Phuong. 

The Committee will operate differently than the current State Capital Investment Corporation (SCIC) under the Ministry of Finance, said Phuong at the government's press conference on February 2, thus, specializing in acting as the representative of the State at state owned enterprises, and capital contributor to enterprises. 

It is expected that 22 state-owned economic groups and general corporations operating in the fields of energy, transport, agriculture, and food will be put under control of the super committee. 

They currently belong to five ministries, including the Industry and Trade (MoIT), Transport (MoT), Agriculture and Rural Development (MARD), Finance (MoF), and Information and Communication (MIC). Most of the names on the list are enterprises belonging to MoIT and MoT, comprising of six groups and six general corporations. Fifteen names on the list are enterprises where the state still holds a 100% stake.

These include Electricity of Vietnam (EVN) and PetroVietnam, the two largest state-owned conglomerates in terms of stockholder equity (VND431 trillion or US$18 billion and VND205 trillion or US$9 billion, respectively, according to the 2016 audited reports) and total assets (VND770 trillion or US$33.8 billion and VND692 trillion or US$30.3 billion).

The Committee's responsibilities included the support to Government in efficiently managing and supervising State capital and assets at enterprises, as well as implement restructuring and state capital divestments at SOEs.

Setting up the Super Committee is aimed to boost the efficiency of SOEs and create a more transparent business climate, stressed Prime Minister Nguyen Xuan Phuc at a government meeting on January 4.

The Committee will have its own legal status, a seal bearing the national emblem and a bank account opened at the State Treasury. The committee will not manage SOEs' performance, but only look after State capital and assets. 

On January 15, Prime Minister Nguyen Xuan Phuc issued Decision No.66 setting up the working group tasked with establishing the State Capital Management Committee. Deputy Prime Minister Vuong Dinh Hue was appointed as head of the working group and Nguyen Hoang Anh, the would-be Chairman of the Committee, as standing deputy head. 

Other deputy heads include Minister Mai Tien Dung, head of the Government Office; Nguyen Chi Dung, Minister of Planning and Investment; and Dinh Tien Dung, Minister of Finance.
Nguyen Tung
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