The Ministry of Finance now acts as the 'backbone' of the economy, managing all financial resources from public investment and resources from these groups and corporations, to foreign loans.
The Commission for Management of State Capital at Enterprises (CMSC) on February 28 transfered the rights and responsibilities of the agency representing state capital ownership to the Ministry of Finance.
Deputy Prime Minister Ho Duc Phoc emphasised that the transfer aims to implement the policy of streamlining the apparatus and strengthening the economy, with the goal of fulfilling the mission of accelerating the construction of a strong and prosperous nation.
After merging with the Ministry of Planning and Investment and receiving 18 state-owned groups and corporations from the CMSC, the Ministry of Finance acts as the 'backbone' of the economy, managing all financial resources from public investment and resources from these groups and corporations, to foreign loans.
He asked the ministry to create conditions for these groups and corporations to grow and effectively mobilise resources to boost economic development. He suggested focusing on decentralisation, delegation of authority, innovation, and new ways of thinking to drive development.
Given the growth target of at least 8 percent in 2025, the Deputy PM stressed that the responsibilities of the ministry as well as state-owned groups and corporations are very great.
CMSC Chairman Nguyen Hoang Anh stated that the transfer is a milestone that not only marks a new shift in the management and development of the 18 groups and corporations but also demonstrates the determination of the Party and the State to further enhance management efficiency and maximise the potential of state-owned enterprises in the new context.
The 18 enterprises being transferred to the Ministry of Finance for management are leading ones which play key roles in the national economy.
They are Vietnam Oil and Gas Group (Petrovietnam); Vietnam Electricity (EVN); Vietnam Coal and Mineral Industries Group (Vinacomin); Vietnam National Chemical Group (Vinachem); Vietnam Posts and Telecommunications Group (VNPT); the Vietnam National Petroleum Group (Petrolimex); Vietnam Rubber Group (VRG); State Capital Investment Corporation (SCIC); Vietnam National Tobacco Corporation (Vinataba); Vietnam Airlines (VNA); Vietnam Maritime Corporation (VIMC); Vietnam Railways (VNR); Vietnam Expressway Corporation (VEC); Vietnam Airports Corporation (ACV); Vietnam Northern Food Corporation (Vinafood 1); Vietnam Southern Food Corporation (Vinafood 2); Vietnam Forestry Corporation (Vinafor); and Vietnam National Coffee Corporation (Vinacafe).
