Tài chính

Professional management for profit

Tens of trillions are waiting

If this year’s equitization and divestment plan is properly implemented, the economy will have an additional VND 40,000 billion, making up for the budget as well as meeting other spending needs…

Dr. Can Van Luc, chief economist at BIDV, said that the process of restructuring SOEs as planned should be promoted more strongly, especially when the economy is in need of great resources for the reconstruction. after the pandemic.

According to the Socio-Economic Plan 2021-2025, revenues from equitization and divestment of SOEs are used to invest in key and important infrastructure works and supplement charter capital for a number of key SOEs…

According to the Ministry of Finance, in 2021, revenue from equitization and divestment will only reach VND 1,401 billion, only 3.5% of the plan. Slow equitization also means that there is little pressure to change on the owner’s representative agency and the corporate governance and management apparatus. Slow improvement of governance, capacity and operational efficiency will greatly affect the value of state capital in enterprises. This is also something that the State Capital Investment Corporation (SCIC) pays great attention to in the process of receiving and exercising the right to represent ownership of state capital in enterprises.

Up to now, SCIC has received state capital transfers in 1,079 enterprises. In which, there are 23 large-scale corporations and corporations such as Textile and Garment Group – Vinatex, Vietnam Fisheries Corporation – Seaprodex, Construction and Infrastructure Development Corporation – Licogi, and Vietnam Steel Corporation. – Vnsteel, Song Da Corporation, Saigon Beer Alcohol Beverage Corporation – Sabeco….

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After receiving, the state capital management representative unit has applied an advanced corporate governance system; take the initiative in formulating and implementing enterprise restructuring plans; focus on handling the problems; participate in deciding business plans of enterprises, contributing to stability financial situation and improve the operational efficiency of enterprises; increase the value of income for the State when selling capital.

Professional management to increase efficiency

In the first year of 2019, the first year of receiving state capital transfer at Vietnam Steel Corporation – Vnsteel, SCIC’s financial statements recorded a provision of up to several trillion billion, causing the profit of TCT to decrease accordingly. That was the time when Vnsteel had to face a lot of difficulties, short of cash flow, continuously decreasing market share…

After receiving the right to represent the owner of state capital from the Ministry of Industry and Trade, SCIC has implemented restructuring, especially two long-term investments of great value of Vnsteel in Thai Nguyen Iron and Steel Joint Stock Company – Tisco and Viet Trung Minerals and Metallurgy Company Limited–VTM.

The Vnsteel restructuring plan has been developed as a basis for enterprises to restructure production and business activities and investment capital in a number of member units.

Up to now, Vnsteel has made a profit of hundreds of billions of dong per year, the share price has doubled compared to the time when state capital was transferred to SCIC.

Notably, the story of VTM restructuring, one of 12 loss-making projects in the Industry and Trade sector, was successfully restructured by SCIC.

Although being licensed to exploit iron ore from Quy Xa mine (the iron mine with the best reserves and quality in Vietnam), production and business activities of VTM face many difficulties and become more difficult when the license to operate. The Company’s mineral activities have expired and are not eligible for renewal. Due to running out of ore, VTM was forced to stop production from September 16, 2021. If VTM goes bankrupt, the consequences will be huge: Vnsteel will be in danger of immediately losing its capital contribution at VTM, directly affecting VTM. next to production and business results of Vnsteel; suppliers may not be able to recover debts, banks cannot recover loans at VTM. In addition, about 1,400 workers will lose their jobs, seriously affecting social security and budget revenue of Lao Cai province.

Faced with that situation, SCIC proposed solutions. As of December 29, 2021, the Government issued Resolution No. 164/NQ-CP on allowing VTM to exploit 1 million tons of iron ore from Quy Xa mine within 1 year to have time to complete the Reconstruction Project. structure.

Similar to Vnsteel, it is a molting journey at Seaprodex. Immediately after receiving the handover of the State capital, SCIC together with Seaprodex held an extraordinary shareholder meeting of Seaprodex in October 2018, electing 03 members of the Board of Directors who are SCIC officers.

From solutions to improving organizational structure, improving governance efficiency, developing strategic orientation and closely directing in production and business activities, Seaprodex has achieved encouraging results when only Profits from the transfer to now have grown every year, especially the sudden profit in 2021. State capital at Seaprodex has tripled since the time of capital transfer to SCIC.

Discussing these stories, economic expert Nguyen Dinh Cung repeatedly emphasized that state capital in enterprises should be assigned to professional capital management units instead of scattered among ministries and agencies. current local administrative and non-business agencies.

The separation of the capital management function and the state administrative management function will end the situation of “neglecting, playing football and blowing the whistle” in the management of state capital. When professionally managed, businesses will change, achieve higher production and business efficiency, and as a result, state capital will increase.

With SCIC alone, in addition to effective capital management, sold capital at 1,020 enterprises, bringing high efficiency to the State, earning 48,841 billion VND (equivalent to 4.4 times), in which some Large-scale enterprises: Vietnam Dairy Products Joint Stock Company (earning VND 20,276 billion), Binh Minh Plastics Joint Stock Company (earning VND 2,330 billion), Vietnam Construction and Import-Export Joint Stock Company (earning VND 7,366 billion),…

Currently, the criteria for classifying state-owned enterprises for the period 2021-2025 are available. There will be more large-scale enterprises eligible for state divestment when the State-owned enterprise restructuring plan for the 2021-2025 period, which the Ministry of Finance is submitting to the Government for approval, will be approved. However, practice has shown that the process of divestment cannot happen “one-on-one”, so that the state capital is managed and increased effectively, it is advisable to transfer to specialized management agencies. professional and “professional” as commented by economist Nguyen Dinh Cung.

Nguyen Lan

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Using state capital effectively… optimizing resources

In the socialist-oriented market economy, there are many forms of ownership and many economic sectors. All economic sectors operating under the law are important components of the economy.

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