Monday, August 21, 2017 - 13:43:27

State firms held to core investments

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The Ministry of Finance has issued detailed measures to restructure State-owned enterprises (SoEs) so that non-financial groups and corporations are banned from investing in finance, banking, securities, insurance and real estate.

Finance Minister Vuong Dinh Hue said the ministry will require an SoE to invest only on its core business and not to invest in other sectors. SoEs which have invested in other sectors besides their core business will have to withdraw all of their capital before 2015.

The restructure also includes speeding up SoE equitisation; more incentive policies to attract major domestic and foreign strategic investors; applying comprehensive measures to develop the financial market, especially securities, and debt and asset trading; streamlining the operation model and improving investment and financial management competence of the State Capital Investment Corporation and the Debt and Assets Trading Corporation.

The finance ministry will also submit to the Government for approval a decree on SoE management competence based on international rules.

The ministry also expects to complete a project on SoE restructuring in which each group and corporation will get detailed plans and roadmaps.

It is expected to finish the restructure of SoE debt and the equitisation of approved SoEs before 2015. The equitisation of remaining SoEs will be completed before 2020./.
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