“Dien Hong Conference” removes barriers and frees up resources for SOEs

These are two major issues that will be discussed at the Prime Minister’s National Online Conference with SOEs today (March 24).

Mr. Dang Quyet Tien, Director of Corporate Finance Department, Ministry of Finance.

Expectations of new awareness, new atmosphere for SOEs

The Prime Minister’s nationwide online conference with SOEs had the central theme of “Continuing innovating and improving operations to mobilize resources of State-owned enterprises in socio-economic development”. Talking to the Government Electronic Newspaper, Mr. Dang Quyet Tien, Director of the Corporate Finance Department (Ministry of Finance), expected the conference to be a “stepping stone” to create new awareness and a new atmosphere in the region. SOEs.

Through this Conference, two issues will be focused on clarifying. Firstly, the Prime Minister will listen to the problems and difficulties that SOEs are facing to solve the problem, especially associated with the implementation of the Prime Minister’s Decision No. 360/QD-TTg: Approval Project “Restructuring SOEs, focusing on economic groups and state-owned corporations in the period of 2021-2025”. Second, SOEs have many resources but have not used them effectively, so the results are not commensurate with their potential and advantages. So what are the solutions and motivations to unlock the resources of the SOE sector?

“Resistance to production activitiesWhere does the SOE’s business come from, from the institution, from the governing body, or from the operating organization of the enterprise? This occasion is an economic “Dien Hong Conference” for businesses to share and state management agencies to listen to, thereby drawing out orientations and solutions”, said Mr. Dang Quyet Tien. .

The Prime Minister has repeatedly raised the question why other economic sectors have less resources but still operate and develop, while the SOE sector has large resources, apparatus, people and legal regulations available. , but the inertia is large, the operation is limited. Mr. Tien expects this content will also be “dissected”, analyzed and discussed thoroughly during the Conference.

Especially, in the period of economic recovery, the resources of the SOEs are still many, in which, notably, the equity is larger than the charter capital. In addition, enterprises have the ability to mobilize capital but do not mobilize but often borrow from banks or rely on the State budget.

According to Mr. Tien, somewhere in SOEs there is still a fear of doing, fear of responsibility, not only in equitization and divestment but also in investment projects. For example, Long Thanh Airport Project, having problems but not reporting in time, the Prime Minister came to work on-site and rectified, the project has begun to mobilize. Mr. Tien asked a question about “where is the responsibility for supervision and inspection of agencies?”. Similar to the Thai Binh 2 Factory Project, without the drastic, regular and aggressive direction of the Prime Minister and Deputy Prime Minister, the Project will hardly have the current results.

Promote restructuring of SOEs

Information from the Ministry of Finance, in the period 2016-2020, the total value of state capital when equitization is sold is 22,748 billion VND (reaching 23% of the planned sale, equivalent to 11% of the value of the state capital share). at the enterprise). Thus, the equitization process is slow, the results of equitization, divestment, and restructuring of SOEs have not yet achieved the set plan.

In addition, the review, amendment and supplementation of the list and the plan for equitization and divestment is slow, not timely, still formal, not feasible, and not close to reality. Some units registered for the list of implementing equitization and divestment but did not implement as planned.

The Director of the Department of Corporate Finance said that the Prime Minister’s National Conference with SOEs is an opportunity to “revive” the spirit of restructuring in SOEs, in order to push the “wheel” of SOEs to roll, moving quickly and full of energy. live like other economic sectors.

“The Prime Minister affirmed that the message is that it is effective to restructure, not all. Equitization is not only about selling and collecting money, but the goal is better operational efficiency. Enterprises need to be strong. Dare to do it, how should enterprises be decentralized, what solutions, institutional reform? Any problem that can be handled immediately, the State agencies focus on prioritizing”, he said. Dang Quyet Tien said.

As mentioned above, the project “Restructuring SOEs, focusing on economic groups and state-owned corporations in the period of 2021-2025” was approved in Decision No. 360/QD-TTg. The orientations and solutions discussed and commented on in the “Dien Hong Conference” will be associated with the implementation of this Decision, in order to improve the operational efficiency and competitiveness of SOEs on the basis of current technology. modernity, innovation capacity, management according to international standards, good role in leading the development of enterprises of other economic sectors.

Regarding the main targets of SOE restructuring by 2025, it is necessary to basically complete the rearrangement and transformation of ownership of the SOE block. Ensure revenue from restructuring enterprises to pay the state budget in the period of 2021-2025 at least 248,000 billion VND. In which, the central budget is 200,000 billion VND, the local budget is 48,000 billion VND, according to Resolution No. 23/2021/QH15 of the National Assembly on the national 5-year financial plan and the plan to borrow and pay public debt. 5 years period 2021-2025.

Currently, excluding defense, security and agro-forestry enterprises, our country has 94 large-scale SOEs, including: 09 economic groups; 67 state-owned corporations, 18 companies operating under the model of parent company-subsidiary group. Although accounting for just over 10% of the number of SOEs, the parent group of the Group – Corporation (large-scale SOEs) holds about 90% of total assets, 88% of total revenue and 86% of pre-tax profit of the company. all SOEs nationwide.

As for the key role and position of SOEs in the economy, the Prime Minister’s close attention to this business community demonstrates the commitment of the Government and State management agencies to the remove difficulties, create mechanisms and favorable conditions, accompany SOEs to develop enterprises, join hands to free up resources, contribute to economic recovery,” emphasized Mr. Dang Quyet Tien.

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