Following this directive, firstly, the MPI in collaboration with the committee will work out the latter's relation with state-owned enterprises (SOEs), of which the committee will manage and supervise state capital and assets.
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The MPI is tasked with drafting a government decree that stipulates the committee's functions, tasks, powers and organizational structure before June 10.
The MoF also has the responsibility to set up guidelines for transferring the rights of state capital representative from ministries and government agencies to the committee.
The committee is expected to supervise state assets worth up to VND5,000 trillion (US$220 billion), informed Deputy Minister of Planning and Investment Nguyen The Phuong at the government's press briefing on February 2.
However, the committee will not manage SOEs' performance, but only look after state capital and assets. The committee will have its own legal status, and a bank account opened at the State Treasury.
It is expected that 22 state-owned economic groups and corporations operating in the fields of energy, transport, agriculture, and food will be put under control of the committee.
They currently belong to five ministries, which are the Ministries of Industry and Trade (MoIT), Transport (MoT), Agriculture and Rural Development (MARD), Finance, and Information and Communication (MIC). Most of the names on the list are enterprises belonging to the MoIT and MoT, comprising of six groups and six corporations. Fifteen SOEs on the list are ones where the state still holds a 100% stake.
These include Electricity of Vietnam (EVN) and PetroVietnam, the two largest state-owned conglomerates in terms of stockholder equity (VND431 trillion or US$18 billion and VND205 trillion or US$9 billion, respectively, according to their 2016 audited reports. The two had total assets of VND770 trillion or US$33.8 billion and VND692 trillion or US$30.3 billion, respectively.
