Don't publish, get punished, SOEs warned

Tuesday, Oct 11, 2016 08:20

A S1 train owned by Viet Nam Railway Corporation. The corporation is among big SOEs that have not published their financial reports in 2015. — VNS Photo Doan Tung

HA NOI (Biz Hub) — Deputy Prime Minister Vuong Dinh Hue has asked the Ministry of Planning and Investment (MPI) to make a list of State-owned enterprises (SOEs) that refuse to publish information, so that appropriate punishment can be determined.

The request was made to speed up the implementation of Decree No 81/2015/ND-CP on publishing information, as several SOEs have not been strictly following the regulation.

The decree stipulates that State companies have to disclose information including their development strategies, production and business plans within five years, annual production and business plans, reports on their production and business every year and the previous three years, report on implementation of corporate social responsibility (if appropriate), report on annual renewal and restructuring, report on administration and organisation, as well as financial reports and reports on salary and bonuses.

Accordingly, Hue asked ministries, localities, State groups and corporations to fully publish information on their activities.

MPI was required to report to Prime Minister Nguyen Xuan Phuc the list of firms in violation of the request and propose punishments.

He also asked the ministry to continue pushing ministries, agencies, localities and SOEs to promote information disclosure.

The decree has been considered a solution to review and assess the business effectiveness of SOEs. However, several State firms have not strictly implemented the regulation.

Statistics from the ministry showed that the rate of State firms publishing their information was very low.

By September 20, Viet Nam Air Traffic Management Corporation was the only one company strictly implementing the regulation. In addition, 140 out of 432 State firms which were required to disclose their information implemented the regulation.

By the end of July, the ministry received documents from seven out of 22 ministries, 24 out of 63 localities and 16 out of 31 groups and corporations on the implementation of the decree.

Some big corporations such as Viet Nam Railway Corporation, Vinafood 1, Shipbuilding Industry Corporation, Da River Corporation, Housing and Urban Development Corporation (HUD) and MobiFone have not published their financial reports in 2015. — VNS

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