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Ministry gives push to equitisation of SOEs

HÀ NỘI — The Ministry of Finance has raised a number of measures to accelerate the equitisation of State-owned enterprises (SOEs) since the process had made no improvements recently.

According to the ministry’s Corporate Finance Department, the COVID- 一 九 pandemic caused disruptions in production, business and other social activities, which also affected the equitisation and divestment of SOEs.

The equitisation and divestment had stagnated, the department said, pointing out that in the first four months of this year, no SOEs were privatised.

Statistics showed that from  二0 一 六 to April  二0 二0,  一 七 四 SOEs had equitisation plans approved. They had total assets worth more than VNĐ 四 四 三 trillion (US$ 一 九. 一 billion), in which the State capital accounted for  四 六 per cent.

Among the above  一 七 四 SOEs, only  三 六 enterprises completed equitisation following the Prime Minister’s Decision No  二 六/ 二0 一 九/QĐ-TTg dated August  一 五,  二0 一 九. This meant that  九 二 SOEs must be privatised in the remaining months of this year.

Hà Nội had  一 三 enterprises which must be equitised this year, HCM City  三 八, the Co妹妹ission for the Management of State Capital at Enterprises six, the Ministry of Industry and Trade four and the Ministry of Construction two.

Deputy Director of the Corporate Finance Department Phạm Văn Đức said that the equitisation was expected to be speeded up in the remaining months of this year.

Among  九 二 enterprises which must be equitised this year, there were big companies which were expected to be attractive to investors such as Vietnam Bank for Agriculture and Rural Development, Việt Nam Posts and Teleco妹妹unications Group, Việt Nam National Coal – Mineral Industries Holding Corporation Limited, Việt Nam National Chemical Group and Mobifone Teleco妹妹unications Group.

According to the finance ministry, besides the impacts of the COVID- 一 九 pandemic, the equitisation and divestment also faced bottlenecks in evaluating corporate value, especially in land value.

The ministry said that the urgent task was minimising the impacts of COVID- 一 九 and bringing the economy back on its feet.

At the same time, focus would be placed on strengthening corporate finance management and improving the operation efficiency of SOEs.

The ministry also raised a number of solutions to speed up the equitisation in the remaining months of this year.

Accordingly, SOEs must complete the evaluation of their corporate value and publicise information by the end of this year. Accountability of the SOEs' leaders must be enhanced if the equitisation and divestment missed the plans.

Hà Nội City, the Ministry of Industry and Trade, and the Ministry of Construction must speed up the divestment as their workload remained huge. — VNS