Vietnam English Information News

Six corporations handed over to Committee for Management of State Capital

It is scheduled that a total number of 19 groups and corporations will be transferred to the committee. The MOIT is the first ministry to carry out this handover.

The six businesses include the Vietnam Oil and Gas Group, Electricity of Vietnam, the Vietnam National Coal – Mineral Industries Corporation, the Vietnam National Chemical Group, the Vietnam National Petroleum Group and the Vietnam National Tobacco Corporation.

The total State-owned capital at the six corporations is worth over VND550 trillion (US$23.65 billion), accounting for half of the total State capital at the 19 groups and corporations to be handed over to the committee.

Minister of Industry and Trade, Tran Tuan Anh, said that all of the six transferred corporations and groups are powerful businesses in the sectors and have a great influence on the national economy and make huge contribution to the State budget.

The Minister expressed his hope that, with the new management mechanism, these corporations would have more conditions to develop further to continue to be pillars and motivation for economic development in the context of international economic integration.

Minister Anh affirmed that the MOIT will continue to accompany and support the operations of the groups and the committee in order to accomplish the tasks assigned by the Party and State.