State-owned groups push ahead with restructuring hinh anh 1Illustrative image (Source: VNA)
State-owned economic groups are pushing ahead with the restructuring of their member companies, while surpassing the target of business plans for the first half of the year, it was reported at a conference in Hanoi on August 14 on the groups’ patriotic emulation movement.

The Vietnam National Coal and Mineral Industries Group (Vinacomin) and the Vietnam National Chemical Group (Vinachem) reported that they have completed equitisation and divestment from operations outside their key business fields.

Electricity of Vietnam (EVN) Deputy General Director Ngo Son Hai said the group has withdrawn investments from real estate and financial companies, and completed preparations for the equitisation of the Power Generation Corporation 3.

A representative from the Vietnam National Textile and Garment Group (Vinatex) said Vinatex has also withdrawn capital from financial institutions while accelerating the implementation of 65 projects valued at 6.2 trillion VND (279 million USD) in total.

The Vietnam Posts and Telecommunications Group (VNPT), the Vietnam National Oil and Gas Group (PetroVietnam) and the Vietnam Rubber Industry Group are also revamping their organisation and applying advanced administration methods.

In the first half of this year, all the groups with the exception of PetroVietnam posted year-on-year increases of 3-13 percent in revenue, contributing a cumulative amount of 76.9 trillion VND (3.4 billion USD) to the State coffer.

The conference head that Vinacomin is one of the groups encountering the most difficulties in the first months of this year, especially after the floods in late July which forced the group to suspend coal production in the northern province of Quang Ninh.

Vinacomin has launched an emulation drive among workers to resume production as soon as possible while supporting workers made homeless due to flooding.

However, the group is committed to ensuring coal supply for the economy in general, and for the power and chemical sectors in general, said Do Xuan Ly, deputy head of the group’s personnel and organisation department.

Meanwhile, a representative from PetroVietnam said the group is suffering from the adverse impacts of falling global oil price.

However, cooperation between PetroVietnam, EVN, Vinacomin and Vinatex in using their respective products is expected to help the groups maintain production amid the hard time.

Vinatex representatives said the group has launched an emulation drive to increase productivity which is vital when the country accelerates international integration.-VNA