“One serious problem is no agency or ministry is in charge of monitoring SOEs,” said Pham Duc Trung, deputy head of CIEM’s Committee for Enterprise Reform and Development.
This is due to conflicting legal documents such as the Enterprise Law, the Government’s Decree 25 and decisions on State conglomerates and corporations 91, he pointed out.
Under the current regulations, SOEs have to submit their quarterly and annual financial statements to State agencies, business registration offices and State capital representatives. However, the Ministry of Planning and Investment said 80% of SOEs had not sent their reports to business registration offices.
Tran Tien Cuong, an expert of SOE reform, said the Government could hardly control the State corporate sector because the system of documents for SOE management had broken down. Specifically, the State Enterprise Law expired in July 1, 2010, but no new document has been introduced to replace it.
Cuong said: “No legal document specify an agency with the primary responsibility.” That is why no State agency was to blame for the collapse of Vinashin, Vinalines and some other State firms.