13:26 (GMT +7) - Tuesday 22/05/2018

Vietnam Today

PM sets up working group on "super committee"

Released at: 19:34, 16/01/2018

PM sets up working group on "super committee"

Deputy PM Vuong Dinh Hue (Photo from cafef.vn)

Deputy PM to head group and advise PM on establishment of committee overseeing $220 billion in State capital and assets in various enterprises.

by Quang Huy

Deputy Prime Minister Vuong Dinh Hue has been appointed head of a working group to provide advice to the Prime Minister on the establishment of a committee this year managing over VND5,000 trillion ($220.26 billion) in State-owned capital and assets in various enterprises, according to a Prime Ministerial decision.

Joining the Deputy Prime Minister as deputy heads are Head of the Office of the Government and Minister Mai Tien Dung, Minister of Planning and Investment Nguyen Chi Dung, and Minister of Finance Dinh Tien Dung.

Members of the working group are Deputy Minister of Home Affairs Nguyen Duy Thang, Deputy Minister of Justice Le Tien Chau, Deputy Minister of Industry and Trade Cao Quoc Hung, Deputy Governor of the State Bank of Vietnam Dao Minh Tu, Chairman of the State Capital Investment Corporation (SCIC) Nguyen Duc Chi, and Director of the Office of the Government’s Department of State Administrative Organization and Public Affairs Hoang Thi Ngan.

Former Secretary of the Cao Bang Provincial Party Committee Nguyen Hoang Anh, the would-be Chairman of the super committee, has been assigned as standing deputy head of the working group.

The Committee on State-owned Capital Management, a model outlined by the Ministry of Planning and Investment, is set to replace and even manage the SCIC, which for all intents and purposes has itself been a super committee, managing over 500 enterprises and representing State capital and investment in key sectors.

Nine corporations and 21 enterprises would be managed by the new Committee, including the Vietnam Oil and Gas Group (PetroVietnam), the Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin), the Vietnam Posts and Telecommunications Group (VNPT), the Vietnam National Petroleum Group (Petrolimex), the Bao Viet Holdings Insurance Company (BaoViet), the Saigon Alcohol Beer and Beverages Joint Stock Company (Sabeco), and Airports Corporation of Vietnam (ACV), among others.

The Committee will be under the government’s supervision and will not have the function of introducing regulations but will be responsible for the effectiveness of using State assets and investments in SOEs.

Many corporations are intending to divest State-owned capital in 2018, according to the Ministry of Finance, such as the Hanoi Beer-Alcohol-Beverage Joint Stock Corporation (Habeco), Vinamilk, and other enterprises now under the SCIC’s management.

Earlier, reporting to the government on SOE divestment and equitization, Minister Dung said that divestments last year earned the State VND134.32 trillion ($5.9 billion) in proceeds, representing 221.1 per cent of the annual plan.

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