A new eight-point government resolution following a National Assembly decree will crack down on badly managed State owned companies.
State economic groups and corporations that have operated inefficiently, or have consistently suffered annual losses will be restructured while those found guilty of mismanagement could face prosecution.
The Government will review and revise all documents on the management of capital, land and other properties of the State and documents regarding privatization of State owned companies.
The third point of the resolution is to map the important fields of business and decide which corporations the State will keep a 100 percent stake in.
The fifth point will ensure that State ventures do not stray far from their key business while they branch out into other areas.
The sixth point is on openness and public reporting of business results and human resources policies.
A mechanism to renovate the salary and bonus management in groups and corporations is outlined in the seventh point.
Finally, the Government will manage the State Capital Investment Corporation (SCIC)’s structure and operation.
In related news, the Ho Chi Minh City People’s Committee has ordered the city and districts’ taxation departments to investigate companies suspected of tax evasion, and companies that have announced losses for two or more consecutive years or not issued proper invoices. Restaurants and bars that have not been audited for many years will also be investigated.
