Hanoi (VNA) – The Ministry of Transport(MoT) has handed over five corporations under its management to the Committee forManagement of State Capital at Enterprises (CMSC).

The corporations are Vietnam Airlines, AirportsCorporation of Vietnam (ACV), Vietnam Railway Corporation (VNR), VietnamExpressway Corporation (VEC) and Vietnam National Shipping Lines (Vinalines).

Addressing a hand-over ceremony on November 12,Deputy Prime Minister Vuong Dinh Hue lauded efforts by the MoT and the CMSC inthe transfer.

The corporations have cumulative assets worth morethan 275 trillion VND (11.8 billion USD), total charter capital of more than 48trillion VND (2.6 billion USD) and State capital of 46 trillion VND (1.9billion USD), he said.

Minister of Transport Nguyen Van The said thetransfer aims to implement a new management model, improve the operationalefficiency of the corporations and raise the efficiency of the use of Statecapital.

The MoT will propose solutions to the CMSC to help improvethe corporations, he promised.

Also on November 12, Vietnam Posts andTelecommunications Group (VNPT) and MobiFone Telecommunications Corporation (MobiFone)were transferred from the Ministry of Information and Telecommunications (MoIT)to the CMSC.

Among 19 businesses set to be run by the committee,VNPT and MobiFone make up 8.2 percent of the State capital and 5.6 percent ofasset value. Their turnover totals 87.7 trillion VND (3.7 billion USD).

MoIT Minister Nguyen Manh Hung said his ministrywill continue working with the CMSC to spur the growth of the businesses.

Deputy PM Hue urged VNPT and MobiFone to carry outmore innovations and creations, and the CMSC to tighten its management of Stateassets in businesses, especially at groups and corporations, and completecontingents of leaders and experts capable of managing the huge amount ofcapital and assets.

CMSC Chairman Nguyen Hoang Anh pledged the committeewould continue to work with the MoIT to instruct and manage the businesses,helping them improve their operational efficiency.
On this occasion, Deputy PM Hue presented a decisionappointing Ho Sy Hung as CMSC Vice Chairman.

On November 12, the Ministry of Finance also handedover the State Capital InvestmentCorporation to the CMSC. The Ministry of Industry and Trade transferred sixmajor enterprises under its wing to the CMSC on November 10.

The transfer ofthe State-owned enterprises (SOEs) to the CMSC is to realise Resolution12-NQ/TW, issued at the fifth session of the 12th Party Central Committee inJune 2017, on setting up a specialised body representing the owner of SOEs andof State capital at businesses.

The CMSC, established by the Government, debutedlate September.

It will manage 19 State-owned economic groupsand corporations. According to consolidated financial statements by December31, 2017, the total value of the State equity at these 19 firms topped 1quadrillion VND and total asset value was 2.3 quadrillion VND.

The committee is responsible for managing theState capital at the enterprises where the State holds a 100 percent stake andat joint stock companies and limited liability companies with multiple memberswhere the State has invested its capital.-VNA