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Deputy Prime Minister has requested to restructure comprehensively State-owned enterprises. Photo: Internet

Accordingly, 2018 is an important year in the plan for 2017-2020. With large number of enterprises subject to restructuring, equitization, divestment and many large-scale enterprises with large scope of operation, the financial handling and enterprise value assessment is very complicated and time-consuming.

Therefore, in order to fulfill and exceed the task of 2018, Deputy Prime Minister Vuong Dinh Hue has requested ministries, sectors and localities State groups and corporations to enhance their responsibility, urgently and drastically implement Decrees of the Government and tasks assigned by the Government.

Completely handling shortcomings and weaknesses

Specifically, continuing to improve policies and legal framework on management and operation of State-owned enterprises, and implement restructuring, equitization, divestment in accordance with the 5th Central Resolution, the XII session on restructuring, renewal and improvement of efficiency of State-owned enterprises. Completing the equitization, divestment of State capital in accordance with plan approved by the Prime Minister (including enterprises that have not yet fulfilled the plan in 2017). Ensuring revenue to the State budget in line with Resolution assigned by the National Assembly. Promptly removing obstacles and shortcomings arising in the implementation. Completing the approval for projects on restructuring of State-owned enterprises under their competency and provisions in Decision 707/QD-TTg of the Prime Minister. Deploying and creating great change for projects on restructuring of the State owned enterprises approved by competent agencies.

At the same time, continuing to comprehensively restructure the State-owned enterprises on organization, personnel, strategy, administration, finance, technology, products, sectors etc., to publicize finance and improve efficiency of each enterprise. Reviewing and handling completely shortcomings and weaknesses of the State-owned enterprises and enterprises invested in with State capital. Drastically handling loss-making enterprises, inefficient investment projects and low efficient projects under the market mechanism and clearly defining the responsibilities of each relevant unit and individual.

1 million enterprises will operate by 2020

Deputy Prime Minister has requested ministries and agencies under their assigned competency to review laws such as Law on Enterprises, the Law on Management and use of State capital invested in production and business at enterprises, Law on cadres and civil servants, Law on Bankruptcy, Labor Code and relevant legal documents to submit to competent agencies for amendment and supplement in line with requirements on organization, renewal and development of enterprises in the new situation. Effectively deploying Resolution 97/ND/CP dated 2nd October 2017, the work program 2018. Submitting to the Government and Prime Minister to promulgate fully and promptly policies and schemes on organization, renewal and restructuring of the State-owned enterprises in accordance with the plan 2018.

Also, requesting ministries, sectors, localities and State groups and corporations to accelerate administrative reform and improve business conditions, legal environment and facilitate to quickly increase the number of newly established enterprises, and start-up enterprises, towards achieving the target that 1 million enterprises will operate by 2020 in the country.

Strengthening inspection and supervision

Deputy Prime Minister has requested ministries, sectors, localities and State groups and corporations to instruct the representatives to urge equitized enterprises to register transactions and listing on the securities market; strictly handle cases of non compliance with provisions of the law on the registration of transactions of listing on the securities market.

These agencies need to strengthen the inspection, supervision and auditing and not to incur capital losses and State assets in production and business, restructuring, equitization, divestment. Drastically handling loss-making enterprises, inefficient investment projects and low efficient projects under the market mechanism. Implementing publicity and transparently in accordance with the law in investment, financial management, procurement, income distribution, personnel. Instructing to well implement policies towards laborers and redundant laborers in the State-owned enterprises.

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Applying administration regulations in accordance with international practices. Completing policies of internal audit, strictly implementing the financial supervision and valuating efficiency of operation and publicizing financial information. Issuing policies to associate the recruitment, appointment, dismissal and treatment of business leaders and employees with results of production and business activities.

Determining personal responsibility in the implementation of restructuring, equitization, divestment of State capital at enterprises. The Ministers of ministries, chairmen of People’s Committees of the provinces and centrally-run cities, the chairmen of the members' councils of the economic groups shall have to take administrative responsibility before the Prime Minister. Strictly handling the leadership of the State-owned enterprises, representatives of State capital at enterprises that do not seriously implement or perform with no results of assigned tasks.