National chemical group vows to speed up equitisation, divestment hinh anh 1Fertiliser is packaged at Vinachem's Ha Bac Nitrogenous Fertiliser and Chemicals Co. Ltd  (Photo: VNA)

Hanoi (VNA) – The State-run Vietnam National Chemical Group (Vinachem) is to accelerate the equitisation of its affiliates and divestment from non-core businesses in 2016, the firm’s Deputy General Director Bui The Chuyen said.

Vinachem reported that it realised 83 percent of its equitisation plan in 2015, with five of the six target subsidiaries equitised and more than 975 billion VND (43.7 million USD) collected in the move.

Meanwhile, it succeeded in divesting its capital from 13 of the 17 target enterprises, fulfilling 66 percent of the set objective and taking back over 674 billion VND (30.2 million USD).

The group also admitted certain obstacles to the equitisation of and divestment from some companies, adding that it suggested the Government consider some preferential treatment for Vinachem to speed up the work.

Equitisation and divestment are part of the restructuring of State-owned enterprises (SOEs), which constitutes the economic restructuring scheme carried out since 2011. They aim to make SOEs more efficient and profitable.

Public investment and the banking system are also undergoing significant restructuring.-VNA