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HCM City fails to meet SOE equitisation goal

HCM City is unlikely to achieve the year's target for equitising State-owned enterprises, the People's Committee has admitted.
HCM City is unlikely to achieve the year's target for equitising State-owned enterprises, the People's Committee has admitted.

TheGovernment's plan to equitise 432 SOEs this year and next includes 31in the city, which have to be converted into shareholding companies, andthe city has planned to equitise 15 this year.

But arecent People's Committee meeting on SOE restructuring heard that thecity would be unable to achieve its equitisation plan for this year. Ofthe 15 firms earmarked for equitisation, only three have so far madeinitial public offerings (IPOs): Sai Gon Cultural Products Corporation,Tan Hoa Water Supply Company, and Trung An Water Supply Company.

HuynhTrung Lam, deputy head of the HCM City Board of Management Renovation,told Dau Tu Chung Khoan (Securities Investment) magazine that there areindications the remaining IPOs would also be launched successfully.

Speakingabout the reasons for failing to achieve the SOE equitisation target,many participants told the meeting that the biggest difficulty relatesto SOEs' investment in non-core sectors.

People's CommitteeChairman Le Hoang Quan said the restructuring process remains tardybecause there is little demand for the shares of equitised SOEs.

Buthe underlined the city's determination to complete the equitisation asplanned, with all the SOEs converted into shareholding companies by 2017at the latest.

The city has urged SOEs to sell off theirinvestments in non-core sectors. The investments they have to pull outare estimated at 4.82 trillion VND (226.72 million USD) in the 2014-15period, of which 1.13 trillionVND is planned for the fourth quarter ofthis year.-VNA
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