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Profit and losses of State-owned groups to be made public (23/02)
23/02/2012 - 9 Lượt xem
Speaking at a meeting with officials of the Vietnam Shipping Lines
Corporation (Vinalines), Minister Hue said that the draft regulations
on financial supervision over SOEs have been submitted to the
government for consideration and approval.
He said that the new regulations would be issued very soon. Once the new rules are applied, the operation of SOEs, especially State-owned groups, will be made public.
The responsibility of SOEs’ officials will be also made clear. “The responsibility of directors of the SOEs which incur losses for two consecutive years, will be taken into account,” Hue said.
According to the Ministry of Finance’s Enterprise Finance Department, financial supervision will be implemented by the SOEs, the owner and state management agencies in direct and indirect forms.
If SOEs shows signs of unsafe finances (losses account for over 30 percent of capital, debt exceeds three times of chartered capital, etc.), the owner will perform the special financial supervision mechanism over the SOEs.
As SOEs hold up to 70 percent of fixed assets of the nation, 20 percent of total social investment, 50 percent of state investment, 60 percent of banking capital and 70 percent of official development aid (ODA), Minister Hue said that SOEs must set an example for other economic sectors in the context of economic difficulty.
At the meeting with Minister Hue, Vinalines committed to cut down 5-10 percent of its spending in 2012, equivalent to VND105 billion ($5 million). Vinalines is the third State-owned groups that have pledged to cut spending this year, after the Vietnam Insurance Group (Bao Viet) and the Vietnam Textile and Garments Corporation (Vinatex).
On February 21, two more State-owned groups – the Electricity of Vietnam (EVN) and the Housing and Urban Development Group (HUD) made similar commitments.
Source: VNN
He said that the new regulations would be issued very soon. Once the new rules are applied, the operation of SOEs, especially State-owned groups, will be made public.
The responsibility of SOEs’ officials will be also made clear. “The responsibility of directors of the SOEs which incur losses for two consecutive years, will be taken into account,” Hue said.
According to the Ministry of Finance’s Enterprise Finance Department, financial supervision will be implemented by the SOEs, the owner and state management agencies in direct and indirect forms.
If SOEs shows signs of unsafe finances (losses account for over 30 percent of capital, debt exceeds three times of chartered capital, etc.), the owner will perform the special financial supervision mechanism over the SOEs.
As SOEs hold up to 70 percent of fixed assets of the nation, 20 percent of total social investment, 50 percent of state investment, 60 percent of banking capital and 70 percent of official development aid (ODA), Minister Hue said that SOEs must set an example for other economic sectors in the context of economic difficulty.
At the meeting with Minister Hue, Vinalines committed to cut down 5-10 percent of its spending in 2012, equivalent to VND105 billion ($5 million). Vinalines is the third State-owned groups that have pledged to cut spending this year, after the Vietnam Insurance Group (Bao Viet) and the Vietnam Textile and Garments Corporation (Vinatex).
On February 21, two more State-owned groups – the Electricity of Vietnam (EVN) and the Housing and Urban Development Group (HUD) made similar commitments.
Source: VNN
