Deputy Prime Minister Vu Van Ninh has asked ministries, localities, and businesses to accelerate the restructuring of State-owned enterprises (SOEs) so as to fulfil the plan for the two years of 2014 and 2015.
Ninh, who is also the head of the Steering Committee for Business Renovation and Development, chaired a meeting on SOE restructuring in Hanoi on December 27.
A report at the event read that the SOE restructuring with a focus on economic groups and corporations was speeded up and made considerable progress in 2014.
Among 479 SOEs subject to the restructuring in 2014 and 2015, 143 had been equitised by December 25, while 14 others were merged, three dissolved, three sold, and three filed for bankruptcy.
More than 6.07 trillion VND (about 289.05 million USD) of investment were divested from 233 firms, six times higher from a year earlier, which generated over 8 trillion VND (380.95 million USD) in payment, 1.3 times the face value.
However, the number of equitised businesses and the divested sum were still lower than expected while some policies and mechanisms were not timely issued or amended, the meeting heard.
Officials said in 2015, relevant agencies need to overhaul restructuring measures, complete policies guiding the implementation of the Law on Management and Use of State Capital in Production and Business and the revised Law on Enterprises.
Ministries, localities, and State-owned groups and corporations also need to push qualified enterprises to conduct initial public offering (IPO). Meanwhile, the others will be turn into joint stock companies with shareholders being the State, the State Capital Investment Corporation, trade unions, and employees, among others.
SOE restructuring is part of economic restructuring stated in the National Assembly’s Resolution No.10/2011/QH13 on the socio-economic development plan for 2011 to 2015. Public investment and the banking system are also being restructured.-VNA
Ninh, who is also the head of the Steering Committee for Business Renovation and Development, chaired a meeting on SOE restructuring in Hanoi on December 27.
A report at the event read that the SOE restructuring with a focus on economic groups and corporations was speeded up and made considerable progress in 2014.
Among 479 SOEs subject to the restructuring in 2014 and 2015, 143 had been equitised by December 25, while 14 others were merged, three dissolved, three sold, and three filed for bankruptcy.
More than 6.07 trillion VND (about 289.05 million USD) of investment were divested from 233 firms, six times higher from a year earlier, which generated over 8 trillion VND (380.95 million USD) in payment, 1.3 times the face value.
However, the number of equitised businesses and the divested sum were still lower than expected while some policies and mechanisms were not timely issued or amended, the meeting heard.
Officials said in 2015, relevant agencies need to overhaul restructuring measures, complete policies guiding the implementation of the Law on Management and Use of State Capital in Production and Business and the revised Law on Enterprises.
Ministries, localities, and State-owned groups and corporations also need to push qualified enterprises to conduct initial public offering (IPO). Meanwhile, the others will be turn into joint stock companies with shareholders being the State, the State Capital Investment Corporation, trade unions, and employees, among others.
SOE restructuring is part of economic restructuring stated in the National Assembly’s Resolution No.10/2011/QH13 on the socio-economic development plan for 2011 to 2015. Public investment and the banking system are also being restructured.-VNA
