19 State-owned groups to be under financial supervision

The CMSC will review the operating effectiveness of the businesses to help them set targets and improve competitiveness. It also expects to help them follow laws and regulations on management and use of State capital and assets.

In addition, the commission will discover shortcomings and help the businesses resolve the issues. Its work also aims to enhance financial transparency at State-owned enterprises.

The 19 groups include the Việt Nam National Oil and Gas Group (PetroVietnam), Việt Nam Electricity (EVN), Việt Nam National Coal and Minerals Holding Group (Vinacomin), Việt Nam Post and Telecommunication Group (VNPT), MobiFone, Vietnam Airlines, Airport Corporation of Việt Nam (ACV), Việt Nam Railway, Việt Nam Expressway Corporation (VEC), Việt Nam National Shipping Lines (Vinalines), Việt Nam National Petroleum Group (Petrolimex), Việt Nam National Chemical Group (Vinachem), Việt Nam National Tobbacco Corporation (Vinataba), Việt Nam Rubber Group (VRG), Việt Nam National Coffee Corporation (Vinacafe), Việt Nam Forest Corporation (Vinafor), Việt Nam Northern Food Corporation (Vinafood 1), Việt Nam Southern Food Corporation (Vinafood 2) and State Capital Investment Corporation (SCIC).

The commission will also supervise State capital development, management and use of State assets, investment projects, capital mobilisation, issuing bonds, debt management and cash flows.

In addition, it will supervise firms’ business plans, product supply, business results (return on equity, return on assets), State budget contributions, profit distribution and use of funds.

The 19 businesses are expected to closely monitor restructuring of State capital, investment at subsidiaries, salaries, bonuses, labourers’ benefits, and management.

The supervision plan will review the firms’ financial situation after six months and then for the entire year.