Only three state-owned enterprises (SOEs) got the nod from authorized agencies for their equitisation plans in the first five months of this year, lifting the total number of companies to have plans approved by the end of May 2019 to 30, according to the Ministry of Finance.
Illustrative photo (Source: VNA)
This was a poor result in the context that a total of 127 SOEs must be equitised by 2020 to meet the Government’s target.
The remaining 97 enterprises, equivalent 76 percent of the total, must move quickly to have their equitisation plans approved by the end of next year.
SOEs divested capital with total face value of 759 billion VND (32.5 million USD) in the first five months of the year, collecting nearly 1.66 trillion VND (71.2 million USD) for the State budget.
Since 2017 to the end of May 2019, 87 SOEs have completed divestment with total value of 4.55 trillion VND (195 million USD), fetching nearly 8.7 trillion VND (372.7 million USD) for the State.
The Prime Minister has asked ministries and branches to continue developing and issuing policies and regulations on equitisation, divestment and restructuring of SOEs to ensure the process is done openly and transparently in accordance with the law, following the market mechanism while guaranteeing the State's interests.
The Ministry of Finance has set key tasks in June to coordinate with ministries, sectors and localities to speed the process, focusing on supervision and handling financial issues.