Speedy restructuring needed in agricultural sector
Restructuring and equitising State-owned enterprises (SOEs) in the agriculture sector must be implemented quickly, Minister of Agriculture and Rural Development (MARD) Cao Duc Phat said.
Hai Dang Farm in My Loc District, Nam Dinh' province (Source: VNA)Hanoi (VNA) - Restructuring and equitising State-owned enterprises (SOEs) in the agriculture sector must be implemented quickly, Minister of Agriculture and Rural Development (MARD) Cao Duc Phat said.
The minister said this to participants at a recent conference to review restructuring of State-run enterprises between 2011and 2015.
According to the minister, equitisation must be an important part of the restructuring process of SOEs in the agriculture sector.
Tran Ngoc Thuan, general director of Vietnam Rubber Group (VRG), said despite achieving success, the equitisation process in some member companies remained slow.
The group has planned to conduct equitisation in five member companies between 2011 and 2015.
However, only two companies have been equitised so far.
Phi Manh Cuong, general director of Vietnam Forest Corporation (VinaFor), told the English language daily Vietnam News that his corporation always attaches great importance to SOE restructuring to make its production and business performance stable and better.
From 2011, the VinaFor has seen handsome growth amid the economic slowdown. In early 2011, the corporation’s equity stood at 1.57 trillion VND but the figure rose to over 2.17 trillion VND as of late 2014, with a profit of 200 billion VND annually.
The corporation has been careful when selecting strategic partners with close monitoring by relevant agencies such as finance, banking, auditing and accounting. In addition, the corporation has also focussed on key sectors and avoided investing in non-core businesses.
According to Deputy Minister of MARD Ha Cong Tuan, between 2011 and 2015, MARD reorganised and equitised 12 corporations, 4 companies and several member companies. The total capital from the equitisation process between 2011 and 2015 reached nearly 2 trillion VND.
Tuan said the process of equitisation remained sluggish. He said in the process, some equitised businesses could not sell out their shares as planned, and no business could sell their shares to foreign investors.
Strategic investors are an important factor to SOEs in the equitisation process.
In the time to come, the rural and agriculture sector needs to make great effort in restructuring SOEs in the sector, Tuan said.-VNA
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