Groups and corporations run by ministries and agencies will be shifted to the Committee for State Capital Management after the launching of this committee.
|No longer will SCIC be run by MoF after the approval of decree prescribing the funtions, tasks, powers, and organisation structure of the Committee for State Capital Management |
According to the draft decree prescribing the functions, tasks, powers, and organisation structure of the committee, it will represent the owners of 21 groups and corporations. Thereby, State Capital Investment Corporation (SCIC) will no longer be under the Ministry of Finance (MoF). SCIC will be brought into the hands of the “super committee.”
The remaining 20 groups and corporations that will be shifted to the “super committee” are:
From the Ministry of Industry and Trade
Vietnam National Petroleum Group (Petrolimex), Vietnam Electricity Corporation (EVN), Vietnam National Chemical Group (Vinachem), Vietnam National Oil and Gas Corporation (PetroVietnam), Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin), Vietnam National Tobaco Corporation (Vinataba)
From the Ministry of Transport
Vietnam Airlines Vietnam National Shipping Lines (Vinalines), Vietnam Railways Corporation (VNR), Vietnam Expressway Corporation (VEC), Airport Corporation of Vietnam (ACV), Cuu Long Corporation for Investment Development and Project Management of Infrastructure (Cuu Long CIPM)
From the Ministry of Agriculture and Rural Development
Northern Food Corporation (Vinafood 1), Southern Food Corporation (Vinafood 2), Vietnam Rubber Group (VRG), Vietnam Forest Corporation (Vinafor), Vietnam National Coffee Corporation (Vinacafe)
From the Ministry of Information and Communications
Vietnam Posts and Telecommunications Group (VNPT), Vietnam Multimedia Corporation (VTC), Vietnam Mobile Telecom Services One Member Limited Liability Company (Mobifone)
Additionally, the committee will manage state capital at other corporations where the state holds 100 per cent of the charter capital or has long-term controlling shares, according to the prime ministerial decision.
Also according to the draft decree, MoF will manages the state capital at Bao Viet Group, Hanoi and Ho Chi Minh Stock Exchange (HNX and HSX), AASC Auditing Firm, Vietnam Lottery Company (Vietlott), Vietnam Securities Depository (VSD), and Vietnam Valuation and Finance Consultancy Company (VVFC).
The State Bank of Vietnam will be in charge of state capital at commercial banks, including Co-operative Bank of Vietnam (Co-opBank), National Banknote Printing Plant (NBPP), and Vietnam Asset Management Company (VAMC).
Other ministries, agencies, and people’s committees will manage other state holdings on their own, following regulations.
Earlier, the prime minister issued Decision No.66/QD-TTg on setting up the working group tasked with establishing the Committee for State Capital Management and appointing Deputy Minister Vuong Dinh Hue as head.
Then, PM Phuc handed over the appointment of Nguyen Hoang Anh, former Secretary of the Cao Bang Party Committee, as Chairman of the Committee for State Capital Management. At present, the committee is responsible for managing state assets and capital of around VND5.4 quadrillion ($239 billion).
| ||Committee established to rule over VND5 quadrillion state capital |
The new committee will put forward mechanisms and policies to ensure the highest effectiveness of state property and capital invested at enterprises.
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