The Commission for Management of State Capital at Enterprises transfers the rights and responsibilities of the agency representing state capital ownership to the Ministry of Finance. (Photo: VNA)

Deputy Prime Minister Ho Duc Phoc emphasised that the transfer aims to implement the policy of streamlining the apparatus and strengthening the economy, with the goal of fulfilling the mission of accelerating the construction of a strong and prosperous nation.

After merging with the Ministry of Planning and Investment and receiving 18 state-owned groups and corporations from the CMSC, the Ministry of Finance acts as the 'backbone' of the economy, managing all financial resources from public investment and resources from these groups and corporations, to foreign loans.

He asked the ministry to create conditions for these groups and corporations to grow and effectively mobilise resources to boost economic development. He suggested focusing on decentralisation, delegation of authority, innovation, and new ways of thinking to drive development.

Given the growth target of at least 8% in 2025, the Deputy PM stressed that the responsibilities of the ministry as well as state-owned groups and corporations are very great.

CMSC Chairman Nguyen Hoang Anh stated that the transfer is a milestone that not only marks a new shift in the management and development of the 18 groups and corporations but also demonstrates the determination of the Party and the State to further enhance management efficiency and maximise the potential of state-owned enterprises in the new context.

The 18 enterprises being transferred to the Ministry of Finance for management are leading ones which play key roles in the national economy.

They are the Vietnam Oil and Gas Group (Petrovietnam); the Vietnam Electricity (EVN); the Vietnam Coal and Mineral Industries Group (Vinacomin); the Vietnam National Chemical Group (Vinachem); the Vietnam Posts and Telecommunications Group (VNPT); the Vietnam National Petroleum Group (Petrolimex); the Vietnam Rubber Group (VRG); the State Capital Investment Corporation (SCIC); the Vietnam National Tobacco Corporation (Vinataba); the Vietnam Airlines Group (VNA); the Vietnam Maritime Corporation (VIMC); the Vietnam Railways Corporation (VNR); the Vietnam Expressway Corporation (VEC); the Vietnam Airports Corporation (ACV); the Vietnam Northern Food Corporation (Vinafood 1); the Vietnam Southern Food Corporation (Vinafood 2); the Vietnam Forestry Corporation (Vinafor); and the Vietnam National Coffee Corporation (Vinacafe)./.