Speaking at a working session with the State Audit on January 17 on the restructuring and pricing of SOEs, the Deputy PM stressed the need to review the number of employees in State-run groups and corporations, pointing to redundant personnel as the reason of low labour productivity and poor business performance.
He highlighted the necessity to look at asset issue before equitisasion as well as the use of land after equitisasion.
Equitisasion should help the firms become strong groups with strong trademark and competitiveness domestically and globally, he stated, adding that the number of SOEs can be reduced, but they must be stronger and more effective.
He requested the State Audit to keep a close watch on pre-audit matters, especially State budget estimate, asking the agency to strictly implement the Politburo’s Resolution 07 on the policy and solutions on the restructuring of State budget, including measures to reform the method of making State budget estimate.
Deputy PM Hue also asked the State Audit to make the thorough audit of investment projects, thus alerting State management agencies on any arising problems.
According to a report of the State Audit on the implementation of the project on restructuring and pricing SOEs in the 2011-2015 period, 499 SOEs have been equitised, fulfilling 96% of target. Over VND26.22 trillion (US$1.19 billion) of State capital was divested, while VND36.5 trillion (US$1.6 billion) was collected.
The report also showed inaccuracy in the pricing and settling of financial issues of seven SOEs before announcing their value, thus reducing the value of State-owned assets and affecting the State interest.
The State Audit has also detected mistakes in defining prices of trademark, business advantages as well as financial investment, the value of land ownership, fixed assets, and completed projects and works awaiting balancing.
Through re-evaluating of assets, the agency found the value of State capital in six SOEs rose by over VND4.6 trillion (US$203 million).
According to initial statistics in 2016, the State Audit processed 258 audit reports and proposed the settlement of nearly VND40 trillion (US$ 1.77 billion).
The outcomes of audits have contributed significantly to the prevention and fight of corruption and wastefulness, while help fix loopholes in institution and policies.
At the working session, the State Audit also suggested a number of supplements and amendments to regulations and policies to prevent loss of State resources.