HÀ NỘI — The rights and responsibilities of State capital ownership at 18 State-owned enterprises and corporations were transferred to the Ministry of Finance on Friday.

Deputy Prime Minister Hồ Đức Phớc attended the transfer ceremony in Hà Nội.

State capital at these 18 organisations was previously managed by the Commission for the Management of State Capital at Enterprises, which is set to be dissolved due to inefficient operations.

Speaking at the ceremony, chair of the commission Nguyễn Hoàng Anh said the transfer demonstrates the Party and State's determination to enhance their management efficiency and maximise the potential of State-owned organisations.

“These 18 organisations are leading enterprises in their sectors, playing a key role in the national economy," he said.

"They also operate in diverse fields with complex characteristics, covering 16 economic and technical sectors.”

The transfer of personnel from the commission to the Ministry of Finance to continue managing these corporations and enterprises will ensure consistency and progress in handling their business affairs, without disrupting their operations, he added.

Deputy Prime Minister Hồ Đức Phớc stressed that the transfer is part of the strategy to streamline the apparatus and strengthen the economy. After this transfer and the merger with the Ministry of Planning and Investment, the Ministry of Finance will potentially become the ‘backbone’ of the economy.

“[The ministry] will manage all financial resources, including public investment, resources from State-owned corporations and enterprises, and foreign loans,” he said.

He urged the Ministry of Finance to support the growth of the 18 enterprises and corporations by focusing on decentralisation, delegation of authority and innovative growth strategies and activities.

Each of the businesses must also strive to adopt new thinking and methods for efficiency, he said. — VNS