CMSC and CICC exchange information and enhance cooperation opportunities

In attendance were the representatives of the Department of Energy, the Department of Technology and Infrastructure, the Department of Industry, the Department of Agriculture, the Department of Synthesis, and the CMSC’s Office.

In his remarks, Mr. Huang Zhaohui, CEO of CICC, said that China and Vietnam, up to now, have established many exchange and cooperation mechanisms from central to local levels, related to multiple fields, making an important contribution to promoting friendly and cooperative relationships between two countries’ ministries, agencies and localities. This growing convergence has been reflected in the high-level visits of the leaders of the two parties and countries, among which the General Secretary of the Communist Party of Vietnam Nguyen Phu Trong’s official visit to China from October 30th to November 2nd, 2022.

Mr. Huang Zhaohui — CEO of CICC spoke at the meeting

CICC is China’s first joint-venture financing and investment organization and a pioneer of adopting the best international practices in the country. Since its inception in 1995, CICC has offered diverse and quality services to its partners and clients, including investment banking, equities, Fixed Income, Currency and Commodities trading (FICC), asset management, private equity and wealth management services, all of which are based on experienced and qualified researchers in addition to a management system with cutting-edge technology.

Headquartered in Beijing, CICC has 200 subsidiaries across the Chinese mainland in addition to being active overseas with offices in Hong Kong, New York, Singapore, London, San Francisco, Frankfurt and Tokyo.

At the meeting, Mr. Huang Zhaohui expressed his desire to learn information about Vietnam's policies and progress on state-owned enterprises reform, stating that he wished to share what CICC learned from China’s state-owned enterprises reform and to discuss potential areas for future cooperation.

Chairman of the Commission for the Management of State Capital at Enterprises Nguyen Hoang Anh spoke at the meeting

For his part, Chairman of the CMSC Nguyen Hoang Anh said that being officially launched on September 29th, 2018 according to Decree No.131/2018/ND-CP on defining functions, tasks, powers and organizational structure, the CMSC stands out as a sentinel overseeing the ownership in 19 pivotal state-owned enterprises, each playing diverse roles across following sectors: energy, infrastructural technology, manufacturing, agriculture, investment of state capital. The CMSC establishment is a major policy of the Communist Party of Vietnam and the State, which has been promoted for many years to separate functions of state management and representing state capital ownership at enterprises, and form an organization specifically designed for representing state capital ownership at enterprises.

According to Chairman Nguyen Hoang Anh, many enterprises of which the CMSC acts as the owner’s representative have maintained tight cooperative relationships with their Chinese counterparts. The head of the CMSC stressed that in order to fully implement the important common understandings reached between General Secretary of the Communist Party of Viet Nam Nguyen Phu Trong and General Secretary of the Communist Party of China and President of China Xi Jinping, a memorandum of understanding on enhancing exchanges and cooperation in state-owned assets and state-own enterprises between the CMSC and China’s State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Regarding the focus and scope of cooperation, the two agencies will further communicate, strengthen experience exchange, and enhance mutual learning on the state capital at enterprises preservation and development and SOEs supervision and management task.

Regarding the SOEs reform and restructuring, the host affirmed that the SOEs, of which the CMSC acts as the owner’s representative, over the past time, have focused on rearranging their main sectors, promoting divestment outside of core, restructuring their member units, products, markets, investment plans, and promoting human resources development, modernizing business management, consolidating their management, internal control and audit board. The restructuring basically allowed SOEs to realign their organizational model to better meet the demands of the market, to reorganize, to streamline administrative and organizational processes and accordingly to optimize the SOEs’ productivity. The SOEs, of which the CMSC acts as the owner’s representative, have also concentrated on research and applying modern scientific and technological advances that will serve to enhance business and production, crafting, perfecting, and standardizing systems of internal regulation in accordance with international practices.

The representatives in attendance took a commemorative photo