Wednesday, August 15 2018

VietNamNews

Ministry asks for land review for equitisation

Update: August, 06/2018 - 06:15
State-owned businesses must undergo an urgent review of their assets before they can be equitised over the next two years.—  Photo thuonggiaonline.vn

HÀ NỘI — State-owned businesses must undergo an urgent review of their assets before they can be equitised over the next two years.

That’s the message from the Ministry of Finance (MoF) which say companies must submit detailed plans for approval based on regulations.

They must also register their transactions and post on the securities market.

The MoF wants to tighten inspections, supervision and auditing to prevent loss of capital and state assets during equitisation and divestment.

Any sales, purchases or mergers must be transparent, and enterprises need to make sure they have the right mechanisms in place before any deals.

The Ministry will also be responsible for policies in regards to labourers, both working and redundant, and restructure management and executive positions.

The Ministry of Transport, the Ministry of Information and Communication, the Ministry of Finance and the Electricity of Vietnam have restructured or sold off eight companies.  

The MoF says the deals are often too slow and do not conform with the plan approved by Prime Minister Nguyễn Xuân Phúc.

Explaining reasons for the delay, the MoF said that some ministries, branches and localities were not strict enough.

In addition, equitised enterprises still have many problems in finance, land and labour in the pre-equitisation period which requires time to process. — VNS

 

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