Business

52 State-owned enterprises equitised in 11 months

The country has equitised 52 State-owned enterprises (SOEs) in the past 11 months, the Steering Board for SOEs Renovation and Development has said.
52 State-owned enterprises equitised in 11 months ảnh 1Illustrative image. (Photo: nhuatienphong.vn)  

Hanoi (VNA) - The country hasequitised 52 State-owned enterprises (SOEs) in the past 11 months, the SteeringBoard for SOEs Renovation and Development has said.

With the equitisation, the State sold sharesworth more than 2.814 trillion VND (125 million USD) in book value for morethan 5.086 trillion VND.

The SOEs are mainly those owned by the Ministryof Industry and Trade, Ministry of Construction, Ministry of Transport, VietnamRubber Corporation, and State Capital Investment Corporation (SCIC).

In 2011-15, the country equitised, merged orclosed down 591 SOEs, which was 96 percent of the target, the steeringcommittee said.

However, the process of equitisation is facingobstacles because of incomplete legal regulations. To date, several ministrieshaven’t submitted seven regulations related to equitisation to relevantauthorities for approval as planned.

To speed up the next round of equitisation, theNational Assembly adopted a resolution that includes reform targets for SOEs inthe 2016-20 period. The emphasis is on the SOE reform process becoming “fasterand stronger” and the equitisation process becoming transparent, in line withthe market mechanism.

According to the resolution, SOEs that go throughequitisation must list on the stock exchange one year before they can conductan initial public offering (IPO) and attract strategic investors. The SOEs’loss-making investment projects will be set for bankruptcy.

Nguyen Trong Dung, deputy head of the steeringcommittee, said that by 2020 the Government would fully retain only 190 of 718SOEs in 12 vital sectors, such as electricity transmission, cartography relatedto national security and military, railway infrastructure, air trafficservices, post, irrigation management, lending for socio-economic development,banking safety and lottery.

While it would speed up equitisation, it wouldretain at least 65 percent of the companies in airlines services, large-scalemining and banking, excluding insurance, securities, finance and fundmanagement, Dung said, adding that in all other fields, the State would hold onto only 50-65 percent. — VNA


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