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Chinese SASAC is a good model for Vietnamese SCIC?
The model of Chinese State-owned Assets Supervision and Administration Commission (SASAC) should be seen as a good model for Vietnam for reference as Vietnam is trying to adjust the operation of state-owned enterprises in the process of implementing WTO commitments, according to Tran Tien Cuong, Head of the Enterprise Renovation Department under the Central Institute of Economic Management (CIEM).
Could you please tell us the differences between Vietnam’s State Capital Investment Corporation (SCIC) and China’s SASAC?
SASAC is an agency belonging to the Chinese National People’s Congress. It does not operate as an enterprise. The function of the agency is to manage the capital and state-owned assets in state-owned enterprises, while it does not have any other state management functions. This is the basic difference between SASAC and SCIC.
SASAC manages enterprises in all aspects with a united system from the central to local levels, not only in capital, assets, but also in works and human resources. In general, SASAC acts as the real owner of enterprises. The agency acts to protect the interests of the state through regulations on enterprise supervision and assessment.
So do you mean that SASAC has a bigger role than Vietnam’s SCIC in managing state-owned enterprises?
Yes, I do. SCIC was established under the 2003 State-owned Enterprise Law, which was designed to function as the stockholder in the enterprises which have shifted to operate under the Enterprise Law and belong to ministries and local People’s Committees. The purpose automatically sets restrictions on SCIC’s operations.
SCIC is the enterprise established under the 2003 State-owned Enterprise Law. Under the 2005 unified Enterprise Law, the State-owned Enterprise Law will no longer be valid as of July 1, 2010. So will SCIC have to shift to operate under the new law?
As a state corporation, SCIC will also have to shift to operate as a one-member company limited prior to the said moment to respect the laws.
Some experts think that it is now necessary to upgrade SICI into an agency at the ministerial level in order to improve the influence of SCIC. What would you say about that?
It still needs thorough consideration. I’m not sure about whether to upgrade SCIC or set up a new agency. My viewpoint is that Vietnam should have a new separate agency, which implements the function of the state’s ownership representative in enterprises.
VNN
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