HCMC – The Commission for the Management of State Capital at Enterprises (CMSC) was officially dissolved on March 21, as stipulated in Government Resolution 58.
A total of 19 state-owned groups and corporations previously managed by CMSC have been transferred back to their respective line ministries. These include 11 entities in which the State holds 100% charter capital, and seven joint-stock companies.
Eighteen entities—including the State Capital Investment Corporation (SCIC), PetroVietnam, Vietnam Electricity Group (EVN), Petrolimex, Vinachem, and others—have been reassigned to the Ministry of Finance. One entity, MobiFone, has been placed under the Ministry of Public Security.
The restructuring aligns with Resolution 18 of the Party Central Committee, which seeks to streamline and downsize the Government’s organizational structure.
As part of this directive, the CMSC’s operations have ceased, and its functions have been redistributed to the Ministry of Finance, sectoral ministries, and other relevant agencies.
CMSC was established in February 2018 as a government agency responsible for representing state ownership in enterprises with 100% state capital, as well as in joint-stock and multi-member limited liability companies with state investment.
Prior to the handover, the major state-owned enterprises managed by the CMSC had a combined equity of around VND1.18 quadrillion, marking an 11% increase over five years. These firms also held total assets worth VND2.54 quadrillion, accounting for 65% of the total assets of all state-owned enterprises nationwide.
