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Experts back State capital management committee project

Tu Hoang
Thursday,  Jan 18,2018,17:06 (GMT+7)
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Experts back State capital management committee project

Tu Hoang

HANOI – Experts have thrown their weight behind a project to set up a committee responsible for managing capital at State-owned enterprises (SOEs).

Speaking at a workshop held in Hanoi City on January 16 by the Vietnam Institute for Economic and Policy Research, former Minister of Trade Truong Dinh Tuyen said he backed this committee project.

The establishment of such a committee would free ministries and other government agencies from the direct governance of SOEs, he noted, adding the committee should also be assigned to speed up the very slow pace of SOE equitization.

This planned committee should be responsible for directly managing the State Capital Investment Corporation (SCIC) and a couple of key enterprises active in the fields which the private sector cannot get involved in or do not want to get involved in.

“If this committee manages so many companies at the same time, it could not get the job done,” he noted.
SCIC now represents State holdings in enterprises and invests in key sectors and essential industries to strengthening the lead role of the State corporate sector. Established in August 2006, SCIC now manages a portfolio of over 500 enterprises in various sectors such as financial service, energy, manufacturing, telecoms, transportation, consumer goods, health care, and information technology.

Also at the workshop, economic expert Le Dang Doanh said the establishment of the committee would help get rid of interest groups while ministries can have more time for State management and policy development.

Another economic expert, Pham Chi Lan, said those in charge of the committee should be technocrats rather than politicians because technocrats have a deep understanding of market mechanisms and economic principles.

Meanwhile, economist Vo Tri Thanh said the committee should have a transparent operating mechanism and be manned by professionals and those competent.

Prime Minister Nguyen Xuan Phuc has recently set up a working group to prepare for establishment of a committee responsible for managing capital at SOEs. The group is responsible for giving the PM advice to instruct the committee establishment process.

The Government wants to equitize 137 SOEs and finish capital divestment from enterprises in line with a plan approved by the Prime Minister by 2020.

The Government will focus on handling loss-making business groups, corporations and projects, meeting international standards for corporate governance, enhancing business and production efficiency, product quality, competitiveness of SOEs, and improving management and supervision of SOEs and State capital.

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