The Ministry of Finance will closely monitor the business results of Vietlott and a series of other enterprises.

The Ministry of Finance recently sent the draft Financial Supervision Plan for 2023 for enterprises in which the State holds 100% of charter capital and enterprises with State capital represented by the Ministry to the management agency for comments.

Accordingly, the Ministry of Finance plans to conduct financial supervision of five enterprises including: Vietnam Debt Trading Company Limited (DATC); Vietnam Computerized Lottery Company Limited (Vietlott); Vietnam Stock Exchange (VNX); Vietnam Securities Depository and Clearing Corporation (VSDC); Bao Viet Group (BVH).

Implementation methods include: Direct supervision (direct inspection at the enterprise) and indirect supervision (monitoring and checking the enterprise's situation through financial reports, statistics and other reports as prescribed by law and by the owner's representative agency).

The Ministry of Finance will monitor the business results of Vietlott and a series of other businesses. Image 1 — The Ministry of Finance plans to supervise the finances of Vietnam Computerized Lottery Company Limited (Vietlott), Vietnam Stock Exchange (VNX), and Bao Viet Group (BVH). (Photo: MM)

Specifically, the Ministry of Finance will supervise the preservation and development of State capital in enterprises; management and use of State capital and assets in enterprises. These include capital investment activities for investment projects; capital investment activities outside enterprises; capital mobilization and use of mobilized capital, bond issuance; asset management, debt management in enterprises, debt payment capacity of enterprises, debt to equity ratio; cash flow situation of enterprises.

At the same time, the Ministry of Finance also supervises the business activities of enterprises such as supervising the implementation of production and business plans, production and business performance results, and fulfillment of obligations to the state budget.

At the same time, supervise the compliance with the law on investment, management and use of state capital in enterprises; restructure state capital invested in enterprises, restructure capital of enterprises invested in subsidiaries and affiliated companies; implement the regime of salary, remuneration, bonus, responsibility allowance and other benefits for employees, enterprise managers, controllers, and representatives of enterprise capital according to the provisions of the Labor Code.

Notably, the implementation of plans to buy, sell, handle debt, and restructure enterprises with long debt collection periods (implementation time in the third quarter) by DATC will be directly monitored.

In addition, the management agency will conduct a special inspection at VSDC (implementation time in the fourth quarter) in a direct manner. For Bao Viet Group, in addition to the content on preserving, managing, using, and restructuring State capital at the enterprise, the Ministry of Finance will also supervise the collection of dividends distributed from the enterprise in business activities.

Source