Vietnam National Shipping Lines (Vinalines) is due to sell more than 280 million shares in its initial public offering (IPO) at the Hanoi Stock Exchange in early August (Photo: VNA)Hanoi (VNA) – The equitisation plans of eight State-ownedenterprises (SOE) were approved in the first half of 2018, with a total valueof 29.37 trillion VND (1.29 billion USD), including more than 15.16 trillionVND (667.04 million USD) of State capital, the Ministry of Finance has reported.
The ministry further revealed that per the schedule agreed by PrimeMinister Nguyen Xuan Phuc, at least 85 enterprises must complete theirequitisation in 2018.
In the first six months of this year, SMEs divested 2.5 trillion VND(110 million USD), withdrawing more than 6.45 trillion VND (283.8 million USD).
The PM had asked for the divestment of 135 SOEs in 2017 and 181 in 2018.However, only five companies completed the work in the first six months of2018, bringing the total enterprises to have divested to 16 so far.
Deputy Minister of Finance Huynh Quang Hai said the progress of SOE’sequitisation and divestment has remained slow.
The ministry said the reason for this was ineffective implementation ofthe PM’s directions, while problems in finance, land and labourers also hinderedthe work.
At the same time, despite the issuance of solutions for the problems,the implementation of the solutions remained inefficient, especially in land-relatedissues.
The ministry said that to promote the process of equitisation,divestment and restructuring of SOEs, in the rest of the year, agencies shouldreview relevant laws such as the Law on Enterprises, the Law on Management andUse of State Capital Invested in Production and Business at Enterprises, the Lawon Public Servants and the Law on Bankruptcy.
Meanwhile, ministries and sectors should design mechanisms and policiesto submit to the Government and Prime Minister, including a decree onoperations of SOEs, a decree on the rights and responsibilities of State capitalowner representatives, and another on the production and supply of publicproducts and services.
The ministry highlighted the need for owner representatives inenterprises subjected to equitisation and divestment in 2018-2020 to completethe plan on schedule. Enterprises which are unlikely to finish the work on timeshould report their difficulties to the Government.
It also requested SOEs review land under their management to build landuse plans in accordance with the Land Law and submit the plans to Statemanagement agencies before equitisation.-VNA
VNA
