The Government issued Resolution 09/NQ-CP in early February to set up the special committee as an agency under the Government that acts as the ownership representative of State capital at wholly State-owned enterprises and at joint stock and liability companies with two or more members.The committee has a legal status, seal with the national emblem and an account opened at the State Treasury.Nguyen Hoang Anh holds a master’s degree in world economy and international economic relations and a bachelor’s degree in political theory.He held the post of Secretary of Cao Bang province Party Committee from March 2015 to December 2017 before assuming the new role in the State capital management committee.Deputy Minister of Planning and Investment Nguyen The Phuong said the decree about the functions, tasks, rights and organisation of the committee was planned to be issued in the second quarter of this year.Phương said the model of the committee would be different from the State Capital Investment Corporation (SCIC). SCIC would be one among 30 State-owned enterprises to be put under the management of the committee.State-owned enterprises (SOEs) in the country have total capital and assets worth an estimated 5.4 quadrillion VND (239 billion USD).Deputy Prime Minister Vuong Dinh Hue, who headed a working group founded in mid-January with 11 members to boost the formation of the committee, recently asked relevant ministries to report about the operation of SOEs, which were planned to be put under the management of the committee, in February.The committee is expected to separate ownership… [Read full story]
The Prime Minister issued Decision 66/QD-TTg on January 15 to set up a working group to supervise the establishment of a committee for state capital management at enterprises. Deputy Prime Minister Vuong Dinh Hue heads the working group on the establishment of a committee for state capital management at enterprisesThe working group is tasked with giving advice to help the Prime Minister direct the implementation of works serving the establishment of the committee for state capital management at enterprises.It will end its tasks when the committee’s apparatus is formed.According to the decision, Deputy Prime Minister Vuong Dinh Hue heads the…... [read more]
Despite the enormous amount of shares it holds in many powerful businesses, the State Capital Investment Corporation (SCIC) is said to have an insignificant role in those companies, and even lacks professionalism. Besides holding shares in some 400 enterprises that in various sectors, the corporation also has members participating in the boards of directors at major companies to perform its role. However, SCIC's role is in fact under doubt, with companies claiming it has failed to appropriately fulfill its role. Insignificant role SCIC currently holds a 45.05 percent stake in Vinamilk, the country's leading dairy producer. With such a large…... [read more]
In a supervisory report, the NA Economic Committee affirmed that over the past years State economic groups and corporations have played an important role in national socio-economic development. Many of them have made profits and achieved annual growth, but varied in rates. By December 2008, 91 State economic groups and corporations, capitalised at VND1,241 trillion, contributed nearly 40 percent of the country’s GDP and took the lead in generating jobs and ensuring social welfare. Many of them, such as the Vietnam National Oil and Gas Group (PetroVietnam), the Vietnam National Petroleum Corporation (Petrolimex) and the Electricity of Vietnam Group (EVN)…... [read more]
(VOV) -Lawmakers at the 13th National Assembly (NA) on November 11 discussed the current draft of the Law on Management and Use of State Capital in Production and Business, as part of their ongoing eighth session. The law aims to increase the efficiency of State capital investments in enterprises, expedite the restructuring of State-owned enterprises (SOEs), and prevent corruption and waste. According to deputies Tran Xuan Hoa, Ngo Van Minh, Tran Hoang Ngan, and Truong Van Vo - from Quang Ninh, Quang Nam, Ho Chi Minh City , and Dong Nai, respectively - the law seeks to eliminate ministry and…... [read more]
The Vietnamese government's State Capital Investment Corp. opened its first branch Thursday in Ho Chi Minh City, aiming to better manage state capital in southern firms. Le Thi Bang Tam, the corporation (SCIC) chairwoman, said the new establishment was an important move to make the most of state capital throughout the country. SCIC serves as a government shareholder in state-owned enterprises and is responsible for monitoring and investing capital. The southern branch, at 126 Nguyen Thi Minh Khai Street in district 3, will link enterprises and investors in the south with the Hanoi-headquartered corporation. Tam attributed the SCIC's branch-out to…... [read more]
