Deputy head of NA’s Committee of Economy Vu Viet Ngoan, the team’s vice chief, said the monitor’s scale will expand to commercial banks and equitized insurance companies of which the state-owned more than half the capital.

The supervisors have been approved to evaluate the state-owned corporations’ capital management and clarify their management mechanisms, including the responsibilities and powers of the government, ministries, departments, local authorities and boards of directors over state firms.

The monitors will assess whether the firms use capital according to business laws and regulations and inspect the allocations from the state budget to corporations for investment profitability.

Close attention will be paid to investments in areas outside state-run firms’ expertise, especially in finance, banking and real estate fields.

Greater examination of the management and use of state properties, especially real estate assets, has also been approved.

The teams will recommend changes to regulations to improve firms’ financial operations.

Responding to concerns that the plan was too broad, Ngoan said though it was comprehensive, the team would focus on the main issues of losses and fake financial reports and possibly enlist help from auditors.

State firms were asked to hand in their financial reports before April 30.

In the NA’s last November session, deputies called for greater supervision of state-owned corporations and more transparency in their budget management, stating that the firms’ ineffective operation had contributed to inflation but not to economic growth.

Lawmakers had also urged the government to stop funding the firms, because of their financial inefficiency.

Reported by Xuan Toan