The SCIC was handed over the Committee for Management of State Capital at Enterprises on November 12 (Photo: dangcongsan.vn)Hanoi (VNA) – The State Capital InvestmentCorporation (SCIC) was transferred from the Ministry of Finance to theCommittee for Management of State Capital at Enterprises (CMSC) onNovember 12.
Finance Minister Dinh Tien Dung said hisministry has performed the State ownership at the SCIC over the past years.
The main functions of this corporation arereceiving and performing the right to represent the owner of the state capitalat firms; investing, doing business with and managing state capital inaccordance with the market mechanism and as assigned by the State; andproviding financial services. It has also helped reform the modes of statecapital management.
The SCIC has become an effective tool of theGovernment to press ahead with equitizing and restructuring state capital. Itis considered one of the leading corporations in divesting state capital fromthe firms in which the State doesn’t need to invest or hold a dominating stake,he noted.
As of August 31 this year, the SCIC had investedin 139 businesses, with nearly 20.37 trillion VND (866.3 million USD) in statecapital compared to their total charter capital of almost 82.84 trillion VND.
CMSC Chairman Nguyen Hoang Anh said among the 19enterprises owned by this committee, the SCIC plays a special role in managing,using, conserving and developing state capital at businesses.
He added the CMSC will continue coordinatingwith the Finance Ministry and relevant agencies to help the SCIC improve itsoperations.
On November 10, the Ministry of Industry andTrade also handed over six major enterprises under its wing to the CMSC.
The transfer of the State-owned enterprises (SOEs) to the CMSC is torealise Resolution 12-NQ/TW, issued at the fifth session of the 12th PartyCentral Committee in June 2017, on setting up a specialised body representingthe owner of SOEs and of State capital at businesses. This agency is hoped tobe more professional in and accountable for this work.
The removal of the function of representing theState ownership at enterprises from state administrative management agencies isnecessary to create a fair business environment for all businesses, officialssaid, adding it is also meant to help state agencies focus on their managementtasks that are becoming increasingly complex in current socio-economicdevelopment.
The CMSC, established by the Government, madedebut in late September.
It will manage 19 State-owned economic groupsand corporations. According to consolidated financial statements by December31, 2017, the total value of the State equity at these 19 firms topped 1quadrillion VND and the total asset value was 2.3 quadrillion VND.
The committee is responsible for managing the Statecapital at the enterprises where the State holds a 100 percent stake and atjoint stock companies and limited liability companies with multiple memberswhere the State has invested its capital in.-VNA
VNA
