Prime Minister Nguyen Xuan Phuc witnesses the launch of the Committee for Management of State Capital (CMSC) in Hanoi on September 30. (Photo: VNA)Hanoi (VNA) – The Committee for Managementof State Capital (CMSC), known as the “super committee”, made its debut inHanoi on September 30 in the witness of Prime Minister Nguyen Xuan Phuc.
The CMSC will manage 19 State-owned economicgroups and corporations. According to consolidated financial statements byDecember 31, 2017, the total value of State equity at these 19 groups and corporationsreached more than 1 quadrillion VND (43 billion USD) and the total value ofassets was 2.3 quadrillion VND (99 billion USD).
According to the 2018 decree guiding itsestablishment, the committee is responsible for managing State capital at theenterprises where the State holds a 100 percent stake and at joint stockcompanies and limited liability companies with multiple members where the Statehave invested its capital.
The committee, established by the Government,has one chairperson and at most four vice chairpersons appointed or dismissedby the Prime Minister.
The aforementioned 19 enterprises are run byfive ministries. Topping the list is the State Capital Investment Corporation(SCIC) under the management of the Ministry of Finance. The remaining 18 SOEsare managed by four ministries, including the Ministries of Industry and Trade(MoIT), Transport (MoT), Agriculture and Rural Development (MARD), andInformation and Communications (MIC).
Most of the names on the list are enterprisesunder the management of MoIT and MoT, comprising of six groups and sixcorporations.
At the launching ceremony, the committee andthese five ministries signed memoranda of understanding (MOU) on the transferof the rights of State representatives at these aforementioned enterprises tothe committee.
Addressing the ceremony, Prime Minister NguyenXuan Phuc said improving the efficiency of the use of the State capital, thusenhancing the competitiveness of the whole economy, was a basic requirement toboost the role of the State sector.
This is the reason for the establishment of thecommittee, he said, emphasising the great expectations of not only theGovernment but the public on great changes in the thinking and governance ofthe committee.
The Prime Minister said these enterprises are atthe core of the national economy. The committee must work to overcome theweakness and create a big difference to the State sector and each enterprise toincrease its efficiency, he said.
He requested the committee toquickly strengthen and streamline its operations. It needs to set objectivesand indicators to evaluate the effectiveness of each department and staff.
PM Phuc also required the committee to reinforceits accountability and build the monitoring mechanism for representatives atthese enterprises to limit the loss of State capital.
Each department in the committee should have ameasure of its performance and improvement each year, he said, and added thatthe committee and its subordinate units must apply state-of-the-art technologyin governance.
He requested the committee after one year ofoperation to evaluate its progress towards “contributing to growth, employmentand State budget, and moreover to develop a fair and equal playing field forall economic sectors”.
The government leader asked relevant ministriesand these State enterprises to coordinate with the committee to carry out thetransfer immediately, without affecting the management of State capital andequitisation process of State-owned enterprises.
Also at the ceremony, the CMSC signed an MOUwith Singapore’s Temasek Holdings to exchange business information andshare experiences in modern capital management in accordance with the marketmechanism.-VNA
