CMSC to supervise finance of 19 State-owned groups

Vietnam Oil and Gas Group (PetroVietnam) will be under financial supervision this year. (Photo: cafef.vn)

The CMSC will review the operating effectiveness of the businesses to help them set targets and improve competitiveness. It also expects to help them follow laws and regulations on management and use of State capital and assets.

In addition, the committee will discover shortcomings and help the businesses resolve the issues. Its work also aims to enhance financial transparency at State-owned enterprises.

The 19 groups include the Vietnam Oil and Gas Group (PetroVietnam), Vietnam Electricity (EVN), Vietnam National Coal and Minerals Holding Group (Vinacomin), Vietnam Post and Telecommunication Group (VNPT), MobiFone, Vietnam Airlines, Airport Corporation of Vietnam (ACV), Vietnam Railway (VNR), Vietnam Expressway Corporation (VEC), Vietnam National Shipping Lines (Vinalines), Vietnam National Petroleum Group (Petrolimex), Vietnam National Chemical Group (Vinachem), Vietnam National Tobbacco Corporation (Vinataba), Vietnam Rubber Group (VRG), Vietnam National Coffee Corporation (Vinacafe), Vietnam Forest Corporation (Vinafor), Vietnam Northern Food Corporation (Vinafood 1), Vietnam Southern Food Corporation (Vinafood 2) and State Capital Investment Corporation (SCIC).

The CMSC will also supervise State capital development, management and use of State assets, investment projects, capital mobilisation, issuing bonds, debt management and cash flows.

In addition, it will supervise firms' business plans, product supply, business results (return on equity, return on assets), State budget contributions, profit distribution and use of funds.

The 19 businesses are expected to closely monitor restructuring of State capital, investment at subsidiaries, salaries, bonuses, labourers’ benefits, and management.

The supervision plan will review the firms’ financial situation after six months and then for the entire year.