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Restructuring report fails to deliver

Update: October, 02/2014 - 09:01
Electrical engineers check the 220kV line which goes from Chau Doc in Viet Nam to Ta Keo in Cambodia. National Assembly deputies yesterday urged for more detailed results on the supervision of the restructuring of public investment to avoid losses. — VNA/VNS Photo Ngoc Ha

HA NOI (VNS) — National Assembly delegates yesterday said a report on the restructuring of public investment in State-owned enterprises and the banking system had not supplied detailed results.

Chairman of the NA's Economic Committee Nguyen Van Giau, who is the head of the supervision delegation, said that many policies and documents regarding economic restructuring had been issued in the past three years.

This had helped initially solve the focus of investments and losses, he said.

Giau said the reform and restructuring of State-owned enterprises (SOEs) had been completed and that this would clearly regulate the rights and responsibilities of their ownership.

"Following the restructuring process, the number of weak commercial banks has decreased while bad debts have basically been controlled and initially solved," he said.

"Furthermore, the financial capacity of credit organisations has been enhanced while banking security has also been improved," he added.

However, NA deputies called for more details, saying that much of the report overlapped another on the social and economic situation.

Chairman of the NA's Law Committee, Phan Trung Ly, said that the report should have focused on how the policies affected restructuring.

"The report lacks detailed comments on the restructuring of all three sectors – public investment, restructuring SOEs and the banking system. (It fails to reveal) at what stage the process is at, what enterprises should follow or how should they equitise," he said.

"The report is mostly about the situation, but sup-plies few c onclusions," Ly said.

Deputy Chairman of the NA's Legal Committee, Nguyen Dinh Quyen, said that the report needed to deeply analyse the effects of competing policies and changing models.

He said this was especially the case in the establishment of the Viet Nam Asset Management Company (VAMC), a State-owned company created to purchase the bad debt of Vietnamese banks, or the restructuring of the State-owned Viet Nam National Shipping Lines (Vinalines) and the Viet Nam Shipbuilding Industry Group (Vinashin).

"The report should also set out responsibilities of each level, sector, ministry, the Government and the National Assembly so that more effective models are produced in future," Quyen said.

Concluding the session, NA Chairman Nguyen Sinh Hung said that as a NA supervision report at supreme level, the report should analyse comprehensively the achievements of the restructuring, shortcomings and supply the reasons.

He urged the supervision delegation to set restructuring targets up to 2015 and beyond.

Later yesterday, deputies discussed the draft Law on the Viet Nam Fatherland Front. — VNS

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