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MoF urges PVN to accelerate divestment in sensitive sectors

Update: March, 25/2019 - 17:04
PVN has been asked to accelerate its divestment from enterprises which operate in sensitive sectors, such as securities and investment funds. — Photo pvn.vn
Viet Nam News

HÀ NỘI — The Ministry of Finance (MoF) has asked the Vietnam Oil and Gas Group (PVN) to accelerate its divestment in enterprises operating in sensitive sectors.

This request was part of an MoF document in response to PVN’s petition on restructuring, equitisation and divestment in enterprises.

According to the MoF, the Prime Minister issued document No 1182/TTg-ĐMDN approving the list of State-invested enterprises undergoing divestment and equitisation between 2017 and 2020.

Therefore, the MoF requests that PVN implement measures under the direction of the PM, with a focus on accelerating divestment in enterprises within sensitive sectors (real estate, investment funds, securities and insurance) such as PetroVietnam Trade Union Finance Investment Joint Stock Company (PVFI), Green Indochina Development JSC and PetroVietnam Insurance Company.

Regarding the timeline for the equitisation process, the MoF stated that Decree No 126/2017/NĐ-CP dated November 16, 2017 of the Government specified regulations on selecting strategic investors and the organisation of auctions among strategic investors.

The MoF’s document emphasised that the selection of strategic investors should be done at the time of the equitisation plan to ensure the selection of suitable investors, accompanying the development of enterprises after equitisation. — VNS

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