It is necessary to stipulate the State Capital Management Committee at enterprises in the law.

Lesson 2: It is necessary to regulate the State Capital Management Committee at enterprises in the law.

Whether trillions of state capital in enterprises can be used effectively or not depends largely on the capacity and operating mechanism of the owner's representative agency.

Mr. Nguyen Van Phuc, former Deputy Chairman of the National Assembly's Economic Committee, spoke with reporters of the Investment Electronic Newspaper - Baodautu.vn.

Mr. Nguyen Van Phuc , former Deputy Chairman of the Economic Committee of the National Assembly .

Information on the performance of 19 corporations and groups under the State Capital Management Committee at Enterprises in the first 9 months of this year was very positive. All enterprises were profitable, pre-tax profits exceeded the yearly plan. Enterprises are making great efforts, but from the perspective of the role of the State Capital Management Committee at Enterprises, how do you see it?

The policy of separating state capital management from state management is correct. Because the state has two roles according to the Constitution. One is to represent the owner, according to the Constitution, we implement a regime of ownership by the entire people represented by the state. Here, it is necessary to understand that the representative state includes the National Assembly, the Government , and local agencies. On the other hand, the state manages the state, that is, performs state management functions such as licensing, sanctioning, etc.

When these two functions are undertaken and implemented mixed up, it will not be transparent, and sometimes even create unhealthy competition between the governing ministries and between enterprises. While our country's economy is a multi-sector market economy, including state-owned enterprises, private enterprises, foreign-invested enterprises... and according to the law, all entities are equal before the law.

Thus, if one agency takes on two roles, it will certainly not be equal and it will be difficult to compete fairly. For example, state agencies can easily prioritize project access for the businesses they manage.

In the first 9 months of 2024, 19 state-owned corporations and groups under the State Capital Management Committee at Enterprises all made profits.

The separation of representatives of state capital ownership from state management agencies has been a long-standing policy, but it really began to be implemented with the establishment of the State Capital Management Committee at Enterprises in 2018.

At first, the Committee's activities were confusing and faced many difficulties, but gradually they became organized and forced businesses to follow the law. They played a significant role in appointing senior personnel, managing capital, and giving opinions on business investment projects.

However, there are still some controversial questions. For example, to what extent does the State Capital Management Committee at Enterprises manage enterprises? What is management as an owner?

So, in your opinion, to what extent does the State Capital Management Committee manage enterprises?

The Commission's intervention in businesses is transparent. In other words, the Commission does not interfere deeply in business operations.

This is an important goal of the reform, specifically that the capital owner representative body should not interfere deeply in corporate governance. If you interfere deeply, neutralize the Board of Directors and the Board of Management of the enterprise, they cannot operate.

One observation I have made is that state capital is more effectively monitored and used for more appropriate purposes.

However, the effectiveness of this mechanism depends largely on the capacity of capital owners to represent, select and appoint people to the Board of Directors, Board of Supervisors, and Board of Supervisors of enterprises with state capital. They must be people with capacity and level of business administration, not just administrative people. If they are assigned to manage, they must be decentralized and delegated.

However, it must be affirmed that, having a specialized Committee is still better than the Enterprise Management Departments in the Ministries, because with their efforts and tasks, they are gradually becoming proficient and initially bringing about effectiveness.

Is there any concern if the State Capital Management Committee at Enterprises cannot intervene deeply or does not have enough power to intervene deeply in enterprises?

It must be affirmed that business always has risks, enterprises sometimes lose, sometimes make profit. Managing state capital means monitoring the enterprise, how the Chairman of the Board of Directors, the Board of Management appointed by the Committee manage the enterprise, how the General Director operates the enterprise? Is the enterprise losing due to objective reasons or management? If it is due to personnel, the Committee needs to replace it immediately and must do so. After all, capital management is a human problem, success or failure depends on people.

Therefore, I hope that the Law replacing the Law on Management and Use of State Capital Invested in Production and Business at Enterprises (Law 69) which is being drafted will have a separate article on the State Capital Management Committee at Enterprises and must have more specific regulations for this Committee. The Law must also create opportunities for state-owned enterprises to proactively invest in production and business according to the Law on Enterprises and other laws.

Representatives of state capital ownership have monitoring mechanisms such as mechanisms for appointing people, reporting, and appointing people to participate in the Board of Directors, the Board of Supervisors, and the Supervisory Board. If the enterprise invests in multiple sectors, the whistle must be blown; but if they are doing the right thing, then let them do it.

You mentioned the characteristics of the agency in charge of representing state capital ownership. It seems that there are still many different opinions about the operating model of this agency?

Personally, I think that after 6 years of operation of the State Capital Management Committee at enterprises, we need to summarize and draw experiences to perfect the model. It is necessary to confirm whether this model is effective? Can it manage state capital?

In reality, there were difficulties and problems in the beginning, but now we can confirm that this model is correct. Once it is confirmed, it needs to be upgraded, because state capital still accounts for a large proportion.

Law 69 of 2014 stipulates that there must be a specialized agency to manage state capital. The draft replacement law also needs to clearly define the duties and powers of the Committee. If the regulations on specialized capital representative agencies are not legalized and perfected, and the Government is not allowed to stipulate them in decrees, it will be difficult for this model to operate effectively.

Source: https://baodautu.vn/bai-2-can-quy-dinh-uy-ban-quan-ly-von-nha-nuoc-tai-doanh-nghiep-trong-luat-d227869.html