The restructuring of state-owned corporations and enterprises must follow the spirit of “placing national interests above all else” to ensure that state capital is managed and developed optimally, serving national development in the new era, said Prime Minister Pham Minh Chinh.
The Government has proposed the National Assembly (NA) to consider pumping an addition of over 20.69 trillion VND (842.8 million USD) worth of State capital into the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) to improve its financial capacity for expanding international reach and for it to become one of Asia’s 100 largest banks.
The Ministry of Finance (MoF)’s experts have stressed the need to remove obstacles in mechanisms and policies to promote the equitisation and divestment of state capital in enterprises.
National Assembly Chairman Vuong Dinh Hue attended a Vietnam - China seminar on State-owned enterprises (SoE) reform and management of state capital at enterprises in Beijing on April 9.
A workshop took place in the south central province of Binh Thuan on March 29 to collect feedback on the revised Law on Management and Use of State Capital Invested in Production and Business in Enterprises.
Prime Minister Pham Minh Chinh has requested State-owned enterprises (SOEs) to reform governance, improve production and business efficiency, and strongly promote development investment.
The disbursed capital sourced from the state budget topped 291 trillion VND (12.3 billion USD) in the first seven months of 2023, equivalent to 41.3% of the yearly target and rising 22.1% from a year earlier, showing an observable improvement in public investment disbursement, said the General Statistics Office (GSO).
Almost 53.9 trillion VND (2.29 billion USD) in state capital was saved in 2022 as reported by ministries, sectors, and localities, according to the Government.
The National Assembly (NA) Standing Committee contributed opinions to the Government’s report on thrift practice and wastefulness prevention at its 23rd session in Hanoi on May 11.
The National Assembly (NA) Standing Committee discussed some contentious issues on the revised draft Law on Bidding on March 15 as part of its ongoing 21st session in Hanoi.
It is critical for State-owned enterprises (SOEs) to strengthen innovations as Vietnam has set the target of having at least 25 SOEs with a market capitalisation of 1 billion USD and more.
After severe impacts of the COVID-19 pandemic, enterprises invested with state capital has begun to bounce back since 2021, according to the Ministry of Finance.
Prime Minister Pham Minh Chinh on July 31 inspected the progress of the second phase of the Thai Nguyen Iron and Steel Plant extension project (TISCO 2) in the northern province of Thai Nguyen on July 31.
The Vietnam Electricity Group (EVN) and the French Development Agency (AFD) on March 28 signed a credit agreement with a non-Government guaranteed loan worth 80 million EUR (87.8 million USD) to implement the southern Vietnam power distribution project invested by EVN’s Southern Power Corporation (EVN SPC).
Although relevant policies have been put in place, the process of equitisation and divestment of State capital is still moving at a very slow pace, according to Dang Quyet Tien, director of the Corporate Finance Department under the Ministry of Finance.
The Government has approved a plan to invest an additional 6.977 trillion VND (303.2 million USD) in State capital in the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) so as to maintain the State’s ownership percentage at this bank.
The development of the equity market will help promote the transparency and corporate governance of listed companies, especially public companies with State capital, an official has said.
Investors engaging in the bidding of five public-private partnership (PPP) projects as part of the North-South Expressway will have to meet requirements in bidding documents, financial capacity and professional experience.
