A total of 83 state-owned enterprises and four banks have promised to cut operating costs by VND13.242 trillion (USD634.49 million) by early May.
State-owned enterprises urged to cut costs
State-owned corporations and groups have committed to slash their management expenses by over VND3 trillion (USD143.74 million) in 2012, the Ministry of Finance (MoF) said.
They have also registered to cut spending on materials and energy by over VND9.418 trillion (USD451.26 million) during the year.
As of May 9, four banks pledged to reduce their costs for this year by over VND735 billion (USD35.21 million). The banks making the pledge included Vietcombank, BIDV, Vietinbank and Agribank.
According to the ministry, the Mekong Delta Housing Development Bank (MHB) said they would join the campaign, but had yet to announce their planned cost savings for this year.
The MoF issued a document on January 17 requesting state-owned enterprises to lodge a commitment to cut operating costs with them this year.
Bao Viet Group was the first institution that responded to the campaign. It pledged to cut operating costs by VND145 billion (USD6.94 million) for 2012.
Several other enterprises followed suit including the Vietnam National Textile and Garment Group with VND1.1 trillion (USD52.7 million), Electricity of Vietnam Group with VND1.8 trillion (USD86.24 million), the Vietnam Housing and Urban Development Group with VND125 billion (USD5.98 million), and Vietnam National Shipping Lines with VND105 billion (USD5.03 million).
The ministry has also required banks to slash their operating costs by from 5%-10% in order to heighten efficiency.
