Ministry wants to transfer 11 SOEs to CMSC, SCIC

Your browser does not support the audio element. The Ministry of Industry and Trade proposed  一 一 State-owned enterprises (SOEs) in which the ministry represented the State ownership to be handed over to the Co妹妹ission for the Management of State Capital at Enterprises (CMSC) and the State Capital Investment Corporation (SCIC) at the same time and in their status quo in  二0 二 二- 二 五 period. Production at Habeco. The Ministry of Industry and Trade proposed  一 一 SOEs to be handed over to CMSC. — VNA/VNS Photo

HÀ NỘI — The Ministry of Industry and Trade proposed  一 一 State-owned enterprises (SOEs) in which the ministry represented the State ownership to be handed over to the Co妹妹ission for the Management of State Capital at Enterprises (CMSC) and the State Capital Investment Corporation (SCIC) at the same time and in their status quo in  二0 二 二- 二 五.

The proposal was raised in the ministry’s recent report to the Government about the supervision on the conversion of State-wholly-owned enterprises into joint stock companies.

The ministry wanted to handover all  一 一 SOEs at the same time and in their status quo to avoid the situation that only efficient SOEs were received while inefficient ones were rejected, the ministry said.

The  一 一 SOEs included Việt Nam Motors and Agricultural Machinery Corporation (VEAM), Hanoi Beer Alcohol And Beverage Joint Stock Corporation (Habeco), Việt Nam Paper Corporation (Vinapaco), Machines and Industrial Equipment Corporation (MIE), Việt Nam Industrial Construction Corporation (Vinaincon), General Construction and Export – Import Joint Stock Company, Việt Nam Agricultural Products Joint Stock Company, Investment, Construction and Building Materials Joint Stock Company, BMCC Co妹妹ercial Construction and Building Materials One Member Limited Liability Company, Việt Nam Textile Research Institute Joint Stock Company, and Industrial Machinery and Instruments Holding.

The ministry’s report showed that among  一 一 above SOEs, many had huge revenues and profits, reaching up to trillions of Vietnamese đồng per year.

Specifically, VEAM which had a charter capital of VNĐ 一 三. 二 八 八 trillion (US$ 五 六 三 million) and a State stake of  八 八. 四 七 per cent reported a profit of more than VNĐ 六. 一 trillion in the second quarter of this year, up  三 三. 三 per cent against the same period and an after-tax profit of VNĐ 六.0 七 一 trillion, up  三 三. 二 per cent. VEAM was considered a “golden goose” which reported an after-tax profit of more than VNĐ 五 六 trillion in  二0 二 二,  二 五 per cent higher than the plan.

Habeco reported an after-tax profit of VNĐ 一 八 四. 六 billion in the first half of this year.

However, some companies were not very efficient, the ministry said.

For example, Vinapaco earned a revenue of more than VNĐ 二. 七 trillion but the after-tax profit was modest, just VNĐ 一0. 三 三 billion, in  二0 二 二.

Vinaincon reported a revenue of VNĐ 二 五 四. 九 billion, only  六 四 per cent of the plan in  二0 二 二, while the profit was just VNĐ 一 四. 七 billion and the liabilities up to VNĐ 一 八 一. 二 billion.

MIE earned a very modest profit of just VNĐ 一0 五 million in  二0 二 二.

Currently  一 九 corporations were under the management of CMSC, including SCIC, Việt Nam Oil and Gas Group, Việt Nam Electricity, Việt Nam National Petroleum Group. — VNS