The Ministry of Industry and Trade hand over the ownership of PVN to the Committee for Management of State Capital

On November 10, in Hanoi, the Ministry of Industry and Trade (MOIT) held a handover ceremony for corporations owned by the MOIT to the Committee for Management of State Capital (CMSC).

Several heads of governments, the Office of the Government, the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of the Interior, the Central Business Bloc Party Committee, the Board of Members, Board of General Directors, Supervisory Board of Hands-on Enterprises attended the handover ceremony.

Implementing the decree 131/2018/ND-CP dated September 29 of the Government defines the functions, tasks, permissions and organizational structure of CMSC at the enterprises. In order to implement the task of handing over 6 corporations to the CMSC in time, MOIT has actively urged enterprises to collaborate with Committee for Management of State Capital to carry out the transfer.

The businesses that were handed over to CMSC include: Vietnam Oil and Gas Group (PVN), Vietnam Electricity Corporation (EVN), Vietnam National Coal and Mineral Industries Group (Vinacomin), the Vietnam National Petroleum Group (Petrolimex), Vietnam Tobacco Corporation (Vinataba). These are leading, large-scale enterprises in Vietnam’s leading industries.

In particular, these companies have high capitalization; the State holds over 555 trillion VND, which is half of the total state capital held by the Committee in 19 companies. The above-mentioned six enterprises are corporations which have a great influence on the economy and contribute to the state budget include electricity, coal, oil and gas, petrol, drugs and chemicals.

Speaking at the handover ceremony, Minister of Industry and Trade Tran Tuan Anh emphasized: “I hope that after moving to Committee for Management of State Capital, the units continue to promote the achievements, well coordinate with MOIT to continue to achieve high efficiency in production and business, contribute more to the economic development.

On the side of CMSC, after the issuance of Decree 131, the Committee has actively cooperated with the ministries and agencies having the transfered business and the enterprises are transferred to perform the functions, tasks and powers as prescribed. At the same time, the Committee has actively guided the enterprises on the contents of the transfer dossiers, has strictly observed the provisions of Decree 131 and Decision No. 1515/QD-TTg dated November 9 about regulations and documents attached to transfer the enterprise, ensure that the transfer dossiers are completed, tight, ready for transfer according to regulations.

On the other hand, the Committee has initially performed the right to represent the owner of the state capital at firms; do not allow empty space in the handover process.

Speaking at the handover ceremony, CMSC Chairman Nguyen Hoang Anh said before the time of hand-over, the related work between the two agencies has been clarified, in the spirit of ensuring not to interrupt the production and business activities of enterprises, comply with the current regulations. The two agencies define the coordination mechanism to continue directing and managing enterprises to complete their production and business tasks in 2018, to reorganize the enterprises according to the approved plans.

The contents of the hand-over include the legal documents of the enterprise, such as the decision on the establishment of the enterprise; the organization and operation charter; the decision approving the five-year investment plan and the annual production and business plan of the enterprise; decision approving the financial regulation, charter capital; decision to appoint the title...

The handover of state-owned enterprises to CMSC is a major change that economic experts consider as the progress of the economic management reform. From now, it is possible to overcome the shortcomings and limitations of the model of performing the function of representing the State capital owner and the establishment of a full-professional, responsible and full accountability.

Separation of ownership functions and state management functions is necessary to create an equal business environment for businesses, stop the phenomenon “blew the whistle just before the ball hit the net”. On the other hand, state agencies will focus more on the state management tasks in an increasingly complex process of socio-economic development.

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Source: https://petrotimes.vn