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VietNamNews

Privatisation process of SOEs starts to speed up

Update: July, 05/2014 - 11:15

HA NOI (VNS)— Viet Nam aims to privatize all of its State-owned enterprises (SOEs) by the end of next year.

So far this year, 38 companies have been equitised. That is already twice the number of companies that went private in 2013, the Ministry of Finance reported. Another 200 SOEs are slated to go public by the end of the year.

According to the ministry, this is a significant improvement compared to a total of 99 companies equitised between 2011 and 2013.

The Government has restructured a total of 58 businesses this year, including 15 that were merged, and five that have been dissolved or recommended for bankruptcy.

Prime Minister Nguyen Tan Dung has also approved equitisation plans of 12 State-owned groups and corporations, including the proposal of the Vie t Nam National Textile and Garment Group (Vinatex).

Several SOEs have recorded better performance under the new arrangement, especially those under the transport ministry such as the Viet Nam National Shipping Lines company and the Vietnam Railway Corporation.

Meanwhile, the Finance Ministry urged Ha Noi, HCM City, Hai Phong and provinces of Binh Dinh, Nghe An, Quang Ninh, Yen Bai, Kon Tum, as well as the Viet Nam National Coal Mineral Industries Group to speed up restructuring and equitisation.

It pointed out that 135 of 432 SOEs that must be equitised by the end of 2015 have yet to establish steering committees that will guide the privatization process. — VNS


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