List of SOEs proposed to be transferred to "Super Committee"
Ownership management of the State`s capital at 21 large State-owned enterprises (SOEs) is proposed to be transferred to the State Capital Management Committee dubbed as the "Super Committee."
It is estimated that the state capital at these 21 SOEs is equal to 50% of the total value of state capital in all SOEs.
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SCIC's primary objectives are to represent the State's capital interests in enterprises and invest in key sectors and essential industries with a view to strengthening the dominant role of the state sector while respecting market rules.
The remaining 20 SOEs are companies under the ownership of the Ministry of Industry and Trade (MoIT), Ministry of Agriculture and Rural Development (MARD), Ministry of Information and Communications (MIC), and Ministry of Transport (MoT). Most of the names on the list are enterprises belonging to MoIT and MoT, comprising of six groups and six general corporations. Fifteen names on the list are enterprises where the state still holds a 100% stake.
These include Electricity of Vietnam (EVN) and Vietnam National Oil & Gas Group (PVN), the two largest state-owned conglomerates in terms of stockholder equity (VND431 trillion or US$18 billion and VND205 trillion or US$9 billion, respectively, according to the 2016 audited reports) and total assets (VND770 trillion or US$33.8 billion and VND692 trillion or US$30.3 billion), according to the MoIT.
Specifically, Vietnam National Petroleum Group (Petrolimex), Vietnam National Chemical Group (Vinachem), EVN, PVN, Vietnam National Coal & Mineral Industries (Vinacomin), and Vietnam National Tobacco Corporation (Vinataba) will transfer State capital ownership from MoIT to the Committee.
Vietnam Rubber Group, Vietnam National Coffee Corporation, Vietnam Southern Food Corporation, Vietnam Northern Food Corporation, and Vietnam Forest Corporation will no longer be under the administration of MARD.
The same situation will apply for Vietnam Posts and Telecommunications Group (VNPT), VTC Telecommunications, and Vietnam Mobile Telecom Services' relationship with MIC.
MoT will cease to be the representative of State capital at Vietnam Airlines, Vietnam National Shipping Lines (Vinalines), Vietnam Railway Corporation, and Vietnam Expressway Corporation, among others.
Under this list, the MoF will continue to represent the state at Deloitte Vietnam, Bao Viet Corporation, Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange, Debt and Asset Trading Corporation, AASC Auditing Firm, Vietnam Securities Depository, Vietnam Valuation and Finance Consultancy Company, and Vietlott.
The State Bank of Vietnam will maintain its administrative role at commercial banks, Co-op Bank, National Banknote Printing Plant, and Vietnam Asset Management Company.
The Committee is a specialized agency acting as the representative of the State at SOEs, and capital contributor to enterprises.
It is expected to help the Government to efficiently manage and supervise State capital and assets at enterprises, as well as implement restructuring and state capital divestments at SOEs.
Setting up the Super Committee is aimed to boost the efficiency of SOEs and create a more transparent business climate, stressed Prime Minister Nguyen Xuan Phuc at a government meeting on January 4.
The Committee will have its own legal status, a seal bearing the national emblem and a bank account opened at the State Treasury. The committee will not manage SOEs' performance, but only look after State capital and assets.
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