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SOE cutbacks expected as State tightens belt

Update: June, 26/2013 - 11:35

HA NOI (VNS)— The Ministry of Planning and Investment has released draft regulations reducing State funding in State-owned enterprises (SOEs).

Under the proposal, Government interest in State-backed pharmaceuticals, chemicals, finance, credit, vaccines, street lighting, drainage and sanitation enterprises would be cut from 65-75 per cent to 50-65 per cent.

Involvement in tobacco production and airport management would be slashed from 100 per cent to 75 per cent. The airport management reduction aims to attract more private investment.

The State's stake in petrol wholesalers would be reduced to 75 per cent while stakes in the coffee and rubber processing industries would be cut to 50-65 per cent.

The draft regulations are open for public comment. — VNS

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