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Based on contributions at the appraisal, the Ministry of Finance has clarified the special mechanism to develop the state economy, narrowing the scope of the resolution to “national reserves” and “state-owned enterprises,” and detailing four major policies.
1) Bonus fund deduction for state-owned enterprises
The mechanism allows state-owned enterprises to deduct up to 10% from annual post-tax undistributed profits that exceed the plan to form a bonus fund.
2) Priority state budget funding for national and strategic reserves
It provides for priority funding from the State budget to increase stockpiles of national and strategic reserves for important goods used for national defense, security, and people’s livelihoods, including food, gasoline, oil, crude oil, and high-tech goods. The funding is intended to ensure the national stock level specified in Resolution 79-NQ/TW.
The policy also emphasizes priority budgeting and investment in building national stockpiles, with a focus on strategic stockpiles of gasoline, oil, and crude oil, in line with the overall plan for the national stockpile system and the stockpile system approved by competent authorities.
3) Reserve fund allocation for state-owned enterprises in important sectors
State-owned enterprises operating in important sectors that affect the economy and society must allocate at least 10% of post-tax profits to the Reserve Fund for National Stockpiling as assigned by the Government.
4) Risk-handling rules for strategic goods stockpiling in high-tech sectors
The mechanism includes an exemption from liability for objective risks when implementing national stockpiles of strategic goods in high-tech sectors. If stockpiled for a period but does not meet strategic reserve requirements, sales or release of the stockpile must be carried out while maintaining full decision processes, risk management, transparency, and compliance with the law.
It also states that there is no liability exemption when market regulation is implemented by competent authorities.
Compared with the first draft, the Ministry of Finance removed the proposal to establish the State Capital Investment Corporation (SCIC).
The Ministry of Finance said it clarified the necessity and policy impact of the proposal requiring state-owned enterprises in important sectors to allocate at least 10% of post-tax profits for national stockpiling as assigned.
According to the Ministry, the policy will strengthen the capacity of the state-owned sector and reduce budget pressure. It is designed to use state-owned enterprise profits as “real resources” for stockpiling rather than relying solely on the State budget, which is limited. The Ministry stated that the state does not need to spend entirely from the budget to procure national stockpiles, because it can leverage cash available from profitable state-owned enterprises.
The Ministry also noted that involving state-owned enterprises in important sectors can help prevent speculation and price manipulation during market fluctuations, since the state can intervene in the market with a large stock while fluctuations occur.
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