The Ministry of Finance received all 18 corporations and general companies, the Deputy Prime Minister gave a series of instructions.

After transferring and restructuring the apparatus, the Ministry of Finance must have reasonable management solutions so that corporations and general companies can promote, mobilize and use resources more effectively.

Sự kiện chưa có tiền lệ, Phó Thủ tướng nói cần phân cấp phân quyền - Ảnh 1. — Transfer of state capital ownership representation rights to the Ministry of Finance - Photo: VGP

On February 28th, the Ministry of Finance, in coordination with the State Capital Management Committee at Enterprises, held a ceremony to transfer the rights and responsibilities of the state capital ownership representative agency from the State Capital Management Committee at Enterprises to the Ministry of Finance, with the participation of Deputy Prime Minister Ho Duc Phoc.

Strengthening the economy

Considering today's event unprecedented, the Deputy Prime Minister emphasized: The transfer aims to streamline the administrative apparatus and strengthen the economy, with the goal of fulfilling the mission of accelerating the development of a stronger and more prosperous nation.

According to Mr. Phớc, after merging with the Ministry of Planning and Investment and the State Capital Management Committee, the Ministry of Finance's role and mission, taking over all 18 of the largest state-owned corporations and enterprises, demonstrates its immense importance.

Especially since the Ministry of Finance is currently the "backbone" of the economy, its role in driving development is extremely important – it's the "core of the core" in promoting growth.

After the reorganization, the scale of the Ministry of Finance is very large, the responsibility is very heavy. The Ministry manages all financial resources from public investment of the country, including capital of state-owned enterprises, state budget, ODA loans... so the leadership and direction must reach everyone, every household, to achieve the goal.

Therefore, after the transfer and restructuring of the apparatus, the Ministry of Finance must have appropriate management solutions to enable corporations and general companies to thrive, mobilize and utilize resources more effectively to promote economic development. To achieve this, it is necessary to focus on decentralization, delegation of authority, innovation, and new ways of thinking and working for development.

There are policies to support businesses that create breakthroughs.

"This is a huge responsibility placed on the shoulders of the leaders of the Ministry of Finance and the leaders of state-owned corporations and enterprises – those of you sitting here. You must all come together, discuss, and share ideas to overcome difficulties and obstacles, and promote the development of businesses," Mr. Phớc emphasized.

Based on the experience of countries such as Russia, Japan, South Korea, and China, he requested the Ministry of Finance to research and advise competent authorities on mechanisms and policies so that the business sector in general, including state-owned enterprises, can promote their fundamental role and create breakthroughs for the country's development.

He also suggested that businesses need to be more innovative and strive harder. This includes paying particular attention to market development, building reputation and brand, improving product quality and competitiveness; corporate governance, human resources, administrative procedure reform; and promoting research, transfer, and application of science and technology...

Business leaders need a new mindset and approach, emphasizing the importance of working with a genuine sense of belonging. He expects that once they are under one roof, all parties should coexist and work side-by-side to successfully accomplish their tasks. The government will continue its efforts to improve the institutional and legal framework for businesses and ministries to develop together.

18 corporations and general companies have been transferred to the Ministry of Finance.

- Vietnam Oil and Gas Group (PetroVietnam);

- Vietnam Electricity Group (EVN);

- Vietnam Coal and Mineral Industry Group (TKV);

- Vietnam Chemical Group (Vinachem);

- Vietnam Posts and Telecommunications Group (VNPT);

- Vietnam National Petroleum Group (Petrolimex);

- Vietnam Rubber Industry Group (VRG);

- State Capital Investment and Business Corporation (SCIC);

- Vietnam Tobacco Corporation (Vinataba);

- Vietnam Airlines Corporation (VNA);

- Vietnam Maritime Corporation (VIMC);