The most important objective of the scheme is aimed to improve corporate management and governance skills, especially financial administration, Hue noted.
“Given the high lending rates and inflation, enterprises must save themselves by restructuring and financial administration,” he said.
Under the leadership of the ministry, state groups and corporations will begin restructuring with specific actions, including tight control, cutting production and management costs, and reducing product prices.
Such actions will be first rolled out by Bao Viet Group, where the finance ministry holds a dominant stake of 70%. The ministry also holds majority stakes in Bao Viet’s subsidiaries, all of which are listed in the restructuring portfolio, such as banks, insurance and securities firms.
Nguyen Thi Phuc Lam, general director of Bao Viet, estimated spending reductions would help the group save VND145 billion this year.
After Bao Viet, other State groups to publicize their specific spending reduction and restructuring plans will be Vietnam National Garment and Textile Group (Vinatex), Vietnam Electricity Group (EVN), Vietnam National Petroleum Corporation (Petrolimex) and Vietnam National Shipping Lines (Vinalines).