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HÀ NỘI — The Committee for Management of State Capital at Enterprises (CMSC) should act as an efficient and supportive State capital management agency, not a governmental bureaucratic body, said Prime Minister Nguyễn Xuân Phúc.

Phúc made the statement while chairing the working session of the Government Cabinet with CMSC, known as the Super Committee, on Wednesday in Hà Nội.

This is the first working session of the Government cabinet with the CMSC which debuted on September 30, 2018.

The meeting was also attended by leaders of ministries, sectors and representatives of State-run groups and corporations under the management of CMSC.

Since its inception, the CMSC has taken over the role of state capital representative at 19 leading state-run groups and corporations, which manage combined capital of VNĐ1 quadrillion (US$43 billion) and assets of over VNĐ2.3 quadrillion (US$98.96 billion).

“CMSC should not create burdens for businesses. In a market-oriented economy, opportunity is the most important thing, CMSC needs to respond quickly when the firms ask for support,” Phúc said.

“The committee needs to learn from the issues raised during ten months of operation, in which there are two urgent tasks, which are continuing completion of institutions, including mechanisms to overcome obstacles and shortcomings for corporations and groups as well as improving the effectiveness of production of corporations and groups,” the Prime Minister said.

The 19 corporations play an essential role in Việt Nam's economy, holding two-thirds of total state capital, said the PM. 

Phúc asked the committee to strengthen and streamline its operations, to be more proactive, innovative, flexible and creative to help firms deal with specific issues and problems.

“In other countries, large enterprises have their own laws but here we only have specific decrees for a number of big corporations such as Vietnam Electricity, Việt Nam Oil and Gas Group and Viettel. In the context that our country is in the process of perfecting law, the committee must be more dynamic and responsible to create the most favourable conditions for corporations so they can do their best and fulfil their assigned tasks,” Phúc said.

He asked the CMSC to set objectives and indicators to evaluate the effectiveness of each department and staff member. The Committee must reinforce its accountability and build the monitoring mechanism for representatives at these enterprises to limit the loss of State capital.

Phúc stressed the need to have a modern business management model in line with international principles and standards, focusing on enhancing the effectiveness and competitiveness of State-owned enterprises. 

The Government leader asked for more re-structuring, concentrating on key areas to create a force for socio-economic development, adding that corporations must apply science and technology and innovation and invest in strategic sectors to improve the competitiveness of the economy. 

He highlighted the need to strengthen supervision and investigation to prevent loss of State capital and assets during the process of business operation, equitisation and State capital withdrawal, State capital use, anti-corruption and prevention of wrongdoings at corporations and groups. 

The committee should complete plans on re-organisation, equitisation and divestment listed on the stock market that was approved as well as join some national programmes such as the establishment of smart cities, e-Government, e-payment and other works the Government demands. — VNS