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• Restructuring project to benefit private businesses

”The department will look after the effectiveness of the use of state capital, especially in the State-owned enterprises (SOEs),” said Deputy Minister of Finance Do Hoang Anh Tuan at a press briefing on July 5.

Tuan said the managing system over the SOEs over the last few years has been inconsistent and ineffective, creating the necessity for a general department to watch for and uncover economic offences at the enterprises in a timely manner.

The supervisor will also monitor SOE’s loans, and seek to have them publicize their operational and financial status to ensure healthy competition and equality between state-run companies and those in the private sector, added Tuan.

He said 80 officials from the Ministry of Finance will be tasked to work in the SOEs to supervise their operations.

While private businesses have to suffer the burden of bank loans, the SOEs are enjoying VND653-trillion (US$31.3-billion) capital from the government.