The report from the CMSC outlined its reorganisation principles and viewpoints clearly: strict adherence to streamlining and reorganization. This will be done in line with the directions and plans set by the Central Steering Committee, the Government Steering Committee on summarizing Resolution No 18-NQ/TW, and the guidance of the Government, the Prime Minister, and the Deputy Prime Minister in charge.

The CMSC will transfer the responsibilities of representing the owner at corporations and enterprises, for which the CMSC currently serves as the representative owner, to specialized ministries. Management personnel will be transferred according to the "person follows work" principle, in synchronization with the enterprise transfer plan, ensuring the rights and job security of the CMSC's leaders, officials, and public employees.

The reorganisation of the organizational structure, functions, and tasks must ensure that enterprises and corporations continue to operate stably and without interruption. This involves maintaining the execution of owner functions and tasks, the production and business operations of the enterprises, the implementation of key projects, the fulfillment of political responsibilities, and the assurance of major economic balances.

Deputy PM Ho Duc Phoc addresses the meeting. Photo: VGP

During the meeting, officials from various ministries, agencies, and state corporations stressed the urgency and their commitment to reorganizing and streamlining their internal structures. They also requested that authorities take immediate steps to guarantee the smooth continuation of business operations for these large companies during the transition.

They also expressed optimism that the restructuring would allow State-owned enterprises to improve their management, operate more flexibly, and compete effectively in a socialist-oriented market economy.

Deputy PM Phoc underscored the principle that staff would be transferred along with their roles to the relevant ministries and that accountability would be clear, "each person to each task".

He emphasised that corporations must operate efficiently before, during and after the reorganisation process.

Finally, he noted that the reorganisation must distinctly separate the government oversight role of ministries from the operational functions of the businesses.

A whole view of the meeting

* On the same morning, Deputy PM Phoc also held a meeting regarding the reorganization of the NFSC.

After listening to the proposed reorganization plan of the NFSC, and the opinions of the Ministry of Home Affairs, the Ministry of Justice, the Ministry of Finance, the State Bank of Vietnam, etc... the Deputy Prime Minister emphasise the requirement that wherever the functions and tasks are transferred to, the personnel must be transferred there as well. The agency that receives the functions and tasks will also receive the personnel.

He also requested that the NFSC coordinate with the Ministry of Finance and the State Bank of Vietnam to implement the personnel transfer plan; and propose the transfer of headquarters and assets.

*During a meeting with the State Bank of Vietnam (SBV), Deputy Prime Minister Phoc stressed that the streamlining and reorganisation of the SBV's structure must prioritise operational effectiveness.

The SBV reported that it had swiftly established a Steering Committee, led by the Governor, tasked with developing restructuring plans that adhere to the principle of "one task, one responsible unit"; and assessing the potential impact of these proposed changes.

The SBV acknowledged some challenges inherent in the reorganization process. It emphasized the necessity of a phased implementation to ensure the smooth continuation of core banking operations and the protection of state assets. Furthermore, the bank expressed concern about guaranteeing the appropriate benefits and policies for all affected staff—officials, civil servants, public employees, and workers—following the restructuring.

Deputy PM Phoc emphasised the importance of effective communication throughout the process to foster consensus within the banking system. He further urged the SBV to research and propose appropriate policies for affected personnel.

He also highlighted the need for bank inspection and supervision to maintain a structure with sufficient resources and clearly defined responsibilities to effectively fulfill its mandated role. He requested that the SBV continue to evaluate and refine its plans to ensure a balanced reduction of organisational units, as required.

* The same day, Deputy Prime Minister Ho Duc Phoc held a meeting with ministries and sectors regarding the reorganization and streamlining of the organizational structure of Vietnam Social Security (VSS).

At the meeting, General Director of VSS, Nguyen The Manh, gave a general report on the social insurance network, its specific characteristics, operations, and the management of the Social Insurance Fund and the Health Insurance Fund.

Based on practical experience and international references, VSS has implemented the reorganization and streamlining of its structure and reduced its staff in recent years.

Implementing the instructions of higher authorities, and based on the requirement to ensure sustainability and increase coverage, VSS developed a plan to transfer VSS from being under the Government to being under the Ministry of Finance. It would be organised as a public service unit under the Ministry of Finance.

VSS also raised proposals related to the management of unemployment insurance and the implementation of supplementary pension insurance.

At the meeting, leaders of the Ministry of Labor, Invalids and Social Affairs, the Ministry of Health, the Ministry of Home Affairs, the Ministry of Justice, etc., affirmed the necessity and expressed high agreement and consensus on the organization of VSS being placed under the Ministry of Finance.

Affirming the importance of the Social Insurance Fund (of national scale), ministries and sectors also suggested that it be calculated and designed to ensure a relative independence suitable to the specific characteristics of this agency.

Concluding the meeting, the Deputy Prime Minister stated clearly that streamlining is to make the apparatus leaner, reduce recurring expenses, operate efficiently, and improve national governance capacity.

He emphasized the requirement that the working apparatus must remain stable to ensure the rights of social insurance participants.

He requested that VSS consider a name suitable for a state fund outside the national budget at the national level, placed within the Ministry of Finance but operating independently in accordance with the law; ensuring continuity and integration to serve the people in the best way, anytime and anywhere. The Ministry of Finance will only perform the state management function.

VSS will still manage the Unemployment Insurance Fund and the Health Insurance Fund./.