08:39 (GMT +7) - Tuesday 23/10/2018

Vietnam Today

Committee for Management of State Capital established

Released at: 15:10, 01/10/2018

Committee for Management of State Capital established

Photo: VGP

Committee responsible for managing capital and assets at 19 State corporations and groups.

by Nghi Do

The Committee for the Management of State Capital (CMSC) was officially launched on September 30.

Prime Minister Nguyen Xuan Phuc told the launch that advancing the efficiency of using State capital and economic competitiveness are basic requirements that contribute to enhancing the role of the State-owned sector.

The establishment of the CMSC, he went on, is an important step in distinguishing State management and business functions.

He also emphasized that the committee is expected by all to properly act as the representative of State capital.

The Minister of the Office of the Government also promulgated Decree 13 at the launch, defining the functions, tasks, powers and organizational structure of the Committee, and announced the appointment of Ms. Nguyen Thi Phu Ha, Director of the Investment Supervision and Appraisal Department at the Ministry of Planning and Investment, as Vice Chairman of the Committee.

According to the decree, 19 corporations, including the State Capital Investment Corporation, the Vietnam Oil and Gas Group, Electricity of Vietnam, and the Vietnam National Petroleum Group, are assigned by the government to act as owner representatives.

The Committee will be responsible for managing capital of VND820 trillion ($36 billion) and total assets valued at over VND1,500 trillion ($64.3 billion) at 19 State corporations and groups. It will also propose an overall strategy for the development of these enterprises for submission to the government and Prime Minister for approval.

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