No equitisation plan approved in five months

June 06, 2024 - 14:26

Not any enterprise had its equitisation plan approved in the first five months of this year, the Ministry of Finance reported on June 5.

Not any enterprise had its equitisation plan approved in the first five months of this year, the Ministry of Finance reported on June 5. — VNA/VNS Photo

HÀ NỘI — Not any enterprise had its equitisation plan approved in the first five months of this year, the Ministry of Finance reported on Wednesday.

However, progress was made on restructuring efforts. As of May, authorities approved restructuring proposals by 101 firms. The Prime Minister approval covered five out of nine enterprises, while owner representatives signed off on plans for 96 out of 667, including 19 State-owned and 77 local companies. The remaining SOEs are still developing restructuring plans for submission.

State divestment activity also saw a slow pace. During May, the State Capital Investment Corporation (SCIC) divested from two enterprises, generating proceeds of VNĐ180.58 billion (US$7.52 million). A total of four SOEs were divested in the first five months of this year, for VNĐ149.2 billion.

The ministry has pledged a renewed commitment to drastic, substantive and effective corporate restructuring, equitisation, and State capital divestment throughout 2024.

This initiative will be closely linked with efforts to modernise corporate governance practices within SOEs, including boosting operational efficiency through modern technology platforms, enhancing accountability, and addressing loss-making or ineffective projects to ensure the best interests of the State, employees and investors. — VNS

Equitisation process needs acceleration

The state needs to continue implementing the equitisation process and empowering private enterprises, an expert said.

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Although equitisation and divestment of State capital in State-owned enterprises (SOEs) adds revenue to the State budget and improves corporate governance, the process is moving painfully slow due to various obstacles.

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