​Vietnam dissolves ‘mega commission’ managing over $46bn in state assets

​Vietnam dissolves ‘mega commission’ managing over $46bn in state assets

The Vietnamese government has officially dissolved the Commission for Management of State Capital at Enterprises (CMSC), which previously managed state capital exceeding VND1.18 quadrillion (US$46.11 billion), according to Government Resolution 58 issued on Friday.

Vietnamese officials attend a ceremony marking the transfer of state-owned enterprises under the Commission for Management of State Capital at Enterprises to the Ministry of Finance. Photo: Vietnam Government Portal

The Ministry of Home Affairs has been tasked with reviewing and formally repealing the previous Government Decree 131 defining the commission's functions, duties, and organizational structure.

The CMSC, established in 2018 through Government Resolution 09, was responsible for representing state ownership in 19 major state-owned enterprises (SOEs), with the goal of enhancing state asset governance and streamlining administrative oversight.

These 19 include 11 wholly state-owned entities and seven joint-stock companies.

Despite notable business growth and preservation of state capital under its watch, the CMSC was criticized for operating with a heavy administrative burden and not meeting the goals set at its inception.

Consequently, the commission ceased operations on March 1, in line with the Party Central Committee’s Resolution 18 on streamlining the state apparatus.

Its functions and duties have been redistributed to the Ministry of Finance and relevant agencies.

Eighteen out of the 19 SOEs formerly under the CMSC have now been transferred to the Ministry of Finance, including prominent groups like PetroVietnam, Vietnam Electricity Group, Vinacomin, VNPT, and Petrolimex.

The remaining enterprise, telecom operator MobiFone, was assigned to the Ministry of Public Security.

Prior to its dissolution, the CMSC managed the 19 SOEs with a combined state capital of approximately VND1.18 quadrillion ($46.11 billion), marking an 11-percent increase after five years under the commission’s supervision.

The combined assets of these entities reached approximately VND2.54 quadrillion ($99.2 billion), equivalent to 65 percent of the total assets of all Vietnamese state-owned firms.

Tuoi Tre News