State capital management commission completes tasks for 2020

Throughout 2020, the commission submitted proposals to the Prime Minister on the restructuring and adjustment of charter capital of many enterprises, while reporting on the situation of inefficient enterprises as well as giving solutions.

Amid the COVID-19 pandemic’s impacts, it showed strong performance in leading the State-owned sector in the moment with various challenges. With the efforts to realise the twin targets of preventing COVID-19 pandemic and boosting socio-economic development at the same time, Stated-owned economic groups and corporations completed all tasks and plans set for the year.

The total revenue of 19 Stated-owned enterprises reached over VND767 trillion (US$33.26 billion), equivalent to 87.36% of the yearly target and 85.72% of the result in 2019. Their pre-tax profit was estimated at over VND21 trillion, with the State budget payment of 17 out of the 19 enterprises having hit over VND56 trillion, equivalent to 112% of the goal for 2020 and 79.3% compared to that in 2019.

Addressing the conference, Permanent Deputy Prime Minister Truong Hoa Binh hailed the achievements that the commission has made.

He noted that the commission, which was formed three years ago and has been operational for nearly two years, has overcome difficulties to complete all its assigned tasks, maintaining and expanding the State capital in enterprises, hence making important contributions to the country’s socio-economic development.

He suggested the commission enhance its management efficiency, while improving transparency and accountability, thus not allowing losses and wastefulness of State capital and property.

At the same time, it should show stronger performance as the capital ownership representative at 19 groups and corporations, aiming to develop the State capital at enterprises, he said.

The commission needs to build specific criteria and indications assessing the efficiency of enterprises, while strengthening the application of technological advances in supervising businesses' operations, stated the Deputy PM.

He stressed that the restructuring and renovation as well as the equitisation of State-owned enterprises should be accelerated with higher quality, along with the digitalisation of businesses amidst the fourth Industrial Revolution.

Meanwhile, it is necessary for the commission to focus on detecting projects and enterprises suffering losses and inefficient operations, thus avoiding capital losses.

On the occasion, four members of the commission were honoured with the Labour Order, third class, while seven others received certificates of merit from the Prime Minister in recognition of their outstanding performance and contributions to the national construction and defence.