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Stat State-run enterprises to be under public supervisione-owned enterprises will be required to publicize their operations and investments in detail so that the public can easily observe their effectiveness, said Bui Van Dung, deputy director of the Enterprise Reform and Development Department under the Central Institute for Economic Management (CIEM).

But the stipulation will only take effect once the draft decree on closer supervision and stricter management of the SOEs, which has been developed by the Ministry of Planning and Investment, is approved, Dung told Tuoi Tre.

Putting a new regulation to better watch over the SOEs in place is essential, as the current law, passed in 2009, is outdated, he said, referring to the many wrongdoings the enterprises have committed that were not discovered before they caused major damage.

“The new decree will provide a more complete legal framework so that members of the public and the media will have more information about the SOEs,” he said.

Recently the public was stunned to learn that the state economic group piled up an enormous US$64.13 billion worth of debt last year, according to a report by the Steering Committee for Enterprise Reform and Development (SCERD).

“But under the new decree, the state-run groups and corporations will have to make public everything from their project lists, bank loans, and employee wages, to their total debts,” Dung stressed.

Dung noted, however, that this is still a draft decree, and he is not sure if it will remain unchanged once approved.

“But I still think that it’s necessary to publicize the state-run enterprises’ debts,” he said, taking the infamous debt-ridden Vinashin as an example.

“[Vinashin] was always ranked an A business, until its massive debts were discovered.”

Vietnamese state-owned groups and corporations recorded total revenues of over VND1,621 trillion in 2012, a 2 percent increase from 2011, but only 92 percent of the 2012 annual target, the SCERD said in Hanoi on Wednesday.

Pre-tax profits of the state-run economic groups also dropped 5 percent from 2011, to VND127.5 trillion last year.

When the decree is approved, the SOEs will have to announce their post-tax profits, rather than just the pre-tax, Dung said.

“Cases like EVN declining to publicize its 2012 revenues, or Petrolimex refusing to announce its actual losses will no longer exist under the stricter requirements of the new decree,” he asserted.

(Tuoi Tre News)

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