Fourteen State-owned enterprises (SOEs) in Ho Chi Minh City are expected to divest a total of nearly 4.74 trillion VND in the 2014-2015 period from non-core operations, according to a local newspaper.

Over 1.55 trillion VND will be divested this year while next year’s amount will be some 3.18 trillion VND, the Saigon Times Daily cited an updated report by the HCM City municipal government on restructuring of public investments, SOEs and the banking system in the city as saying.

The divestment progress of SOEs in HCM City will be speeded up this year and next and enterprises will focus on withdrawing their capital previously poured in the sectors of banking, stock, insurance, real estate and investment funds.

According to the city’s SOEs restructuring plan approved by the Prime Minister two years ago, the city will maintain 12 enterprises wholly owned by the State and let 77 others go public.

There will be 31 enterprises turning shareholder-owned in the 2013-2015 period and the number of enterprises to be equitised after 2015 will be 48.

HCM City expects to see 15 enterprises finishing equitisation this year, with two units having completed their schemes so far. The city government will give approval for the equitisation plans of 11 enterprises this month.

According to the city government, the equitisation next year will be more advantageous as SOEs have prepared themselves better than those undergoing equitisation this year.

Revenues of SOEs are not stable and tend to decline sharply. SOEs generated 157.37 trillion VND in revenue in 2011, 122.51 trillion VND in 2012 and 84.74 trillion VND last year.-VNA