On December 6th, Deputy Prime Minister Nguyen Hoa Binh, Vice Chairman of the Steering Committee for the Summary and Evaluation of the Government’s Resolution 18, issued Document No. 141 on the orientation plan to streamline the government’s organizational structure.
Accordingly, the State Capital Management Committee (CMSC) will cease operations and transfer the state ownership representative rights of 19 state-owned groups and corporations to the respective industry ministries. The plan also includes researching a model for an organization under the government.
As per the issued plan, the State Capital Management Committee will conclude its activities, and its functions and tasks will be transferred to the Ministry of Finance, relevant industry ministries, and related agencies.
Following this approach, it is expected that the functions and tasks of executing state ownership representative rights for 19 groups and corporations, currently managed by the State Capital Management Committee, will be transferred to the Ministry of Finance and Investment and Development or the Ministry of Economic Development.
The State Capital Management Committee (CMSC) will cease operations.
Regarding state management tasks related to the sectors and fields associated with the scope of activities of the groups and corporations, these will be under the responsibility of the respective industry ministries, ensuring a clear separation between state management functions and state ownership representative functions.
According to the website of the State Capital Management Committee, this committee is entrusted by the government to exercise the rights and responsibilities of the state owner’s representative in enterprises where the state holds 100% of the charter capital and state capital invested in joint-stock companies and limited liability companies with two members or more, as prescribed by law. The committee was established in 2018.
As stipulated in the Government’s Decree No. 131/2018/ND-CP dated September 29, 2018, on the functions, tasks, powers, and organizational structure of the State Capital Management Committee, the committee has certain tasks and powers regarding enterprises where the state holds 100% of the charter capital and has assigned the committee as the state owner’s representative. These include deciding on the charter capital during the establishment and adjusting it during the operation of the enterprise, except for enterprises established by the Prime Minister’s decision; implementing supplementary investment of charter capital for enterprises according to the law on management and use of state capital invested in production and business at enterprises.
Additionally, the committee is responsible for deciding on the establishment, reorganization, conversion of ownership, dissolution, and bankruptcy of enterprises according to the law and the approved plan for rearranging and renewing enterprises; issuing and amending the company charter, except for enterprises established by the Prime Minister’s decision; approving the five-year investment and development strategy, except for enterprises established by the Prime Minister’s decision; and approving and adopting the annual production and business plans of enterprises…
2024 Revenue of Groups and Corporations Represented by the Committee Estimated at 120% of the Plan
The committee is chaired by a Chairman and includes four vice-chairmen, along with eight departments, an office, and an information center. The State Capital Management Committee represents state-owned capital in 19 groups and corporations: State Capital Investment Corporation (SCIC); Vietnam Oil and Gas Group (PVN); Vietnam Electricity (EVN).
Additionally, it includes Vietnam National Petroleum Group (Petrolimex); Vietnam Chemical Group (Vinachem); Vietnam Rubber Industry Group; Vietnam National Coal, Mineral Industries Holding Corporation Limited; Vietnam Posts and Telecommunications Group (VNPT); MobiFone Telecommunications Corporation.
The list continues with Vietnam National Tobacco Corporation (Vinataba); Vietnam Airlines Corporation (Vietnam Airlines); Vietnam Maritime Corporation (Vinalines); Vietnam Railways Corporation; Vietnam Infrastructure Development and Finance Investment Corporation (VIDIFI); Vietnam Expressway Corporation (VEC); Vietnam Airports Corporation (ACV); Vietnam National Coffee Corporation; Southern Food Corporation (Vinafood 2); Northern Food Corporation (Vinafood 1); and Vietnam Forestry Corporation.
The State Capital Management Committee represents state-owned capital in 19 groups and corporations.
At the conference on December 6th in Hanoi, summarizing the work in 2024 and deploying tasks for 2025 of the State Capital Management Committee and 19 groups and corporations, a report stated that in 2024, the consolidated financial situation of the groups and corporations represented by the committee is estimated to reach a revenue of VND 2,030,572 billion, 120% of the yearly plan and 107% over the same period last year. Pre-tax profit is estimated at VND 111,692 billion, 158% of the yearly plan and 156% over the same period. The value of contributions to the state budget is estimated at VND 206,206 billion, 153% of the yearly plan and 105% over the same period.
Regarding investment and development, in 2024, the consolidated investment value of 19 groups and corporations represented by the committee is estimated to reach VND 160,000 billion, 130% higher than in 2023.
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