Hanoi (VNA) - The function of theCommittee for the Management of State Capital at Enterprises (CMSC) is nottrading State capital but to organise and develop State capital, said DeputyPrime Minister Vuong Dinh Hue.

Hue made the statement at a working session withthe CMSC in Hanoi on March 26.

This was the first official meeting between theCMSC with a government leader since the committee was established in September2018, with the aim of improving the efficiency of the use of State capital toenhance the competitiveness of the whole economy.

It has one chairperson and at the most four vicechairpersons appointed by the Prime Minister. Attending the meeting were alsoleaders of ministries, branches and officials of the committee.

Hue, who is also head of the Steering Committeefor Innovation and the Development of Businesses, said that there are manydifficulties in the committee’s operation and in State capital management.

He asked ministries, agencies and committees toidentify the remaining obstacles and requirements to resolve them quickly.

Agencies should also cooperate to solve problemsarising in management and administration, such as organisation, personnel,assets and capital issues, he said.

Deputy Chairman of the CMSC Ho Sy Hung said theproblems that the committee is facing included authorization to make investmentdecision, public investment, regulations on the management of transportinfrastructure, real estate restructuring, valuation of intangible assets ofenterprises and inspection and supervision of enterprises.

In the short term, Hue said the CMSC shouldfocus on dealing with 12 loss-making projects under the management of theMinistry of Industry and Trade, and approving the production and business plansof 19 State-owned economic groups and corporations put under the management ofthe committee, with a focus on comprehensive restructuring of finance,personnel and investment.

SOEs should put an emphasis on key areas such asnational defense, security and essential areas that private sectors were notinvolved in, and divest capital from other areas in which SOEs were performingeffectively, Hue said.

The Deputy PM also asked ministries and agenciesto cooperate with the committee to fulfill the common goal of organising anddeveloping State capital in enterprises.

According to the 2018 decree guiding itsestablishment, the committee is responsible for managing State capital inenterprises where the State holds a 100 per cent stake and in joint stockcompanies and limited liability companies with multiple members in which theState has invested capital.

The CMSC currently manages 19 State-ownedeconomic groups and corporations. According to consolidated financialstatements by December 31, 2017, the total value of State equity in these 19groups and corporations reached more than 1 quadrillion VND (43 billion USD)and the total value of assets was 3 quadrillion VND.

The aforementioned 19 enterprises are run byfive ministries. Topping the list is the State Capital Investment Corporation(SCIC) under the management of the Ministry of Finance. The remaining 18 SOEsare managed by the Ministries of Industry and Trade (MoIT), Transport (MoT),Agriculture and Rural Development (MARD), and Information and Communications(MIC).

Most of the names on the list are enterprisesunder the management of MoIT and MoT, comprising of six groups and sixcorporations.-VNA