State asset panel said to be a must

Deputy PM Vuong Dinh Hue is pushing for establishment of a committee under the Government to manage an estimated VND5 quadrillion (US$223 billion) worth of capital at State-owned enterprises (SOEs). — Photo baodauthau.vn

Deputy PM Vuong Dinh Hue is pushing for establishment of a committee under the Government to manage an estimated VND5 quadrillion (US$223 billion) worth of capital at State-owned enterprises (SOEs).

Hue at a meeting with ministries on Wednesday asked the Ministry of Planning and Investment, which was in charge of drafting a decree on establishment of the committee, to clarify three points.

These are the necessity of a committee specialising in managing State capital at enterprises, overview and forecast of SOE restructuring by and after 2020 and State ownership performance.

The establishment of the committee was necessary to remove conflicts among State functions by separating State ownership performance from policy making and market regulation.

Accordingly, ministries and people’s committees would no longer have the function of representing State ownership at SOEs.

Hue said that the VND5 quadrillion committee would help improve the ministries’ management of State capital.

“The management of State capital would be centralised,” Hue said.

State capital was currently managed by ministries, people’s committees and the State Capital Investment Corporation (SCIC).

Hue urged the planning and investment ministry to clarify responsibilities of the committee, which including consulting the Government on State ownership and supervising the use of State capital.

Deputy Minister of Planning and Investment Dang Huy Dong said at the conference the draft would be completed next week to be submitted to the Government for comments.

Under the draft, the committee would soon directly manage State capital at 30 SOEs in various areas, such as electricity, oil and gas, aviation, maritime and telecommunications.

The 30 companies reportedly accounted for more than 80 per cent of the total value of State capital and assets. — VNS