19 State-owned groups to be under financial supervision

The Commission for the Management of State Capital at Enterprises (CMSC) this year will oversee the finances of 19 State-owned groups and corporations.

Viet Nam National Oil and Gas Group (PetroVietnam) will be under financial supervision this year. — Photo cafef.vn

The Commission for the Management of State Capital at Enterprises (CMSC) this year will oversee the finance of 19 State-owned groups and corporations.

The CMSC will review the operating effectiveness of the businesses to help them set targets and improve competitiveness. It also expects to help them follow laws and regulations on management and use of State capital and assets.

In addition, the commission will discover shortcomings and help the businesses resolve the issues. Its work also aims to enhance financial transparency at State-owned enterprises.

The 19 groups include the Viet Nam National Oil and Gas Group (PetroVietnam), Viet Nam Electricity (EVN), Viet Nam National Coal and Minerals Holding Group (Vinacomin), Viet Nam Post and Telecommunication Group (VNPT), MobiFone, Vietnam Airlines, Airport Corporation of Viet Nam (ACV), Viet Nam Railway, Viet Nam Expressway Corporation (VEC), Viet Nam National Shipping Lines (Vinalines), Viet Nam National Petroleum Group (Petrolimex), Viet Nam National Chemical Group (Vinachem), Viet Nam National Tobbacco Corporation (Vinataba), Viet Nam Rubber Group (VRG), Viet Nam National Coffee Corporation (Vinacafe), Viet Nam Forest Corporation (Vinafor), Viet Nam Northern Food Corporation (Vinafood 1), Viet Nam Southern Food Corporation (Vinafood 2) and State Capital Investment Corporation (SCIC).

The commission will also supervise State capital development, management and use of State assets, investment projects, capital mobilisation, issuing bonds, debt management and cash flows.

In addition, it will supervise firms' business plans, product supply, business results (return on equity, return on assets), State budget contributions, profit distribution and use of funds.

The 19 businesses are expected to closely monitor restructuring of State capital, investment at subsidiaries, salaries, bonuses, labourers’ benefits, and management.

The supervision plan will review the firms’ financial situation after six months and then for the entire year. — VNS

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