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MoF wants to establish state finance corporation

The Ministry of Finance (MoF) submitted plans for a project that will establish the State Capital Investment and Business Corporation for the Government’s approval.

Pham Thanh Quang, deputy director of the MoF’s Corporate Finance Department, said the corporation’s establishment would enhance State-owned enterprises’ (SOEs) performance by readjusting their budgets.

He said SOEs have operated ineffectively, with an average growth rate of 10 per cent in the past three years, compared to the private sector’s 17 per cent rate. At the end 2003, the State reported a total capital of VND195.6 trillion from SOEs nation-wide.

Funding for the corporation will be sourced mostly from restructured SOEs, bonds and the State budget, Quang said.

The corporation should begin operations early next year, with VND30 trillion (US$190.8 million) in capital. The government will initially provide VND5 trillion once the corporation starts its operations.

The corporation will manage and invest in companies in profitable sectors, and will operate under MoF’s supervision, as its capital relates to the state budget.

The corporation, however, will see representatives from other ministries join in its board of directors, which is appointed by the Prime Minister, Quang said.

VNA - (12/08/2004)

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