Vietnam Government to set up super-committee for state capital management at SOEs
The decision is articulated in the recent Resolution issued by the Prime Minister on the Government's action program to implement Resolution No.12-NQ/T W of the 12th Party Central Committee's 5th meeting on restructuring, renovating the organization and improving the efficiency of SOEs.
Accordingly, the Government aims to equitize 137 SOEs and complete divestment following the Prime Minister's directive by 2020. This aims to comprehensively handle inefficient SOEs and State-invested loss-making projects, particularly 12 projects run by the Ministry of Industry and Trade.
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As mentioned above in 2018, the super-committee will take shape to manage the State’s ownership, shareholding and investment in all SOEs.
By 2030, almost all SOEs will have become joint-stock companies with a various ownership structure. Vietnam will also improve and build large-scale state-owned economic groups that will have regionally and internationally high competitiveness in key economic sectors.
Especially, the Government also requested to stop spending the proceeds collected from equitization and divestment on SOEs’ regular activities but the committee will manage the capital and invest in SOEs development projects while ensuring that the total mid-term investment from the State Budget in SOEs in the 2016-20 period will mount to VND 250,000 billion, including VND 60,000 billion in 2017.
At this point, it is still unclear about how the "super-committee" would manage the state capital. However, Deputy Prime Minister Vuong Dinh Hue once emphasized that the super-committee will soon take over the State’s ownership and shareholding at SOEs from the ministries and people's committees" to promote transparency and efficiency in managing and running SOEs.
