State Capital Management Committee Excels in Its Duties
In his directive speech at the conference to review the work in 2024 and deploy tasks for 2025 of the State Capital Management Committee in enterprises (the Committee) and 19 corporations and general companies held on December 6, Deputy Prime Minister Ho Duc Phoc highly appreciated the performance of the Committee and the corporations and general companies in 2024 and affirmed that the Committee had “excelled in its duties” in the past year.
The Deputy Prime Minister highly appreciated the enterprises that had been making losses but had risen. Key projects were constructed very quickly, such as EVN completing the 500kV power line project, the 3rd circuit, which was considered a miracle.
Deputy Prime Minister Ho Duc Phoc directs the conference. Photo: Thanh Tuan |
According to Resolution 18-NQ/TW of the Central Executive Committee on arranging and streamlining the apparatus, the State Capital Management Committee will cease its activities and transfer its functions and tasks to the Ministry of Finance, specialized ministries, and related agencies.
The Deputy Prime Minister said that for the corporations and general companies to be proactive in production and business and create a fair competitive environment with the private sector, it is necessary to avoid the situation of “playing and refereeing.”
The Deputy Prime Minister emphasized that the multi-layered management structure lacks coordination, leading to difficulties and problems. Therefore, the Committee’s implementation of the requirements of Resolution 18 will help enterprises become truly strong and create a breakthrough as intended by Resolution 18-NQ/TW.
“The view is to bring the enterprises under the management of the ministries and sectors. However, the relationship between the enterprises and the capital management agencies needs to be defined for maximum efficiency. This issue will be addressed and must be done quickly, before February 25,” the Deputy Prime Minister emphasized.
The Deputy Prime Minister requested the Committee to carry out the merger and split in the most scientific and effective way, avoiding disruptions and causing anxiety among officials and employees.
According to the Deputy Prime Minister, the work of the units cannot be interrupted, and it is necessary to continue improving the efficiency of state capital management so that state-owned enterprises can truly become a “steel fist” and attract resources. We must unite to fulfill this requirement.
Speaking at the conference, Mr. Nguyen Hoang Anh, Chairman of the State Capital Management Committee, affirmed that the corporations and general companies need to continue promoting investment and development and drastically and effectively implement the restructuring of enterprises according to suitable conditions and roadmaps.
Mr. Hoang Anh also affirmed that the Committee highly agreed with the Party Central Committee’s direction in arranging and streamlining the apparatus according to Resolution 18. Accordingly, the Committee will cease its capital management functions.
 Mr. Nguyen Hoang Anh, Chairman of the State Capital Management Committee. Photo: Thanh Tuan |
“The Committee has established a Steering Committee and deployed the contents according to the Government’s guidance. Next week, the Committee will seek the Prime Minister’s opinion before meeting with the ministries and sectors. Regardless of their positions, the officials and employees in the corporations and general companies will always strive,” said Mr. Nguyen Hoang Anh. “We have requested the Prime Minister to arrange for officials and employees to work for the Government agencies to create conditions for them to continue contributing to the cause of the Party and the State.”
No Corruption or Negativity in Over 5 Years
According to Mr. Nguyen Ngoc Canh, Vice Chairman of the State Capital Management Committee, up to now, the total owner’s equity of the 19 corporations and general companies managed by the Committee has reached VND 1,180 trillion (up 11% compared to 2018); total assets reached VND 2,540 trillion (up 5%); and consolidated revenue reached VND 1,850 trillion (up 44%). The total contribution to the state budget for the 2018-2023 period reached VND 1,280 trillion, accounting for an average of 10-12% of the total state budget revenue of the whole country each year.
Some enterprises that had been making losses for many years or were at risk of losing money when transferred to the Committee have made profits after the restructuring and leadership replacement, such as the Vietnam Chemical Corporation and the Vietnam Highway Development and Investment Corporation, the Southern Food Corporation, the Vietnam Coffee Corporation, and the Vietnam Railways Corporation…
The total investment value of the 19 corporations and general companies in the 2018-2023 period reached VND 777 trillion, focusing mainly on the energy, transport infrastructure, and telecommunications sectors…
Projects that were delayed for many years before being transferred to the Committee have also been facilitated to continue implementation.
Large-scale projects with many long-standing problems of enterprises before being transferred to the Committee have been actively handled, such as the projects of the Vietnam Oil and Gas Group (PVN), including: oil and gas projects invested overseas, Long Phu 1, Lot B, Omron 3-4, and Blue Whale … EVN’s projects include: Quang Trach 2 and 500 kV Lao Cai – Vinh Yen transmission lines … TKV’s projects include: Tan Rai and Tan Rai Bauxite Projects; Thach Khe Iron; Vietmindo coal mining project, and the Cromit Co Dinh project…
The Committee also acknowledged some limitations, such as failing to demonstrate outstanding professionalism and effectiveness and still operating administratively. It has not yet achieved the initial goals and expectations set for the Committee to create a breakthrough in managing the corporations and general companies professionally and effectively immediately after its establishment.
Recalling the words of General Secretary To Lam about the goal of bringing the country into a new era, with the prominent task of removing institutional bottlenecks and streamlining the apparatus, Mr. Nguyen Ngoc Canh affirmed that the Committee would seriously implement the direction of arranging and streamlining the apparatus according to Resolution 18-NQ/TW. He also affirmed that the corporations and general companies would absolutely comply and not let the rearrangement and streamlining of the apparatus interrupt their production and business activities.
Tuân Nguyễn
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