Equitisation plans of 48 SOEs receive approval

Wednesday, 2016-08-31 22:44:07
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A total of 48 State-owned enterprises, including six corporations, had their equitisation plans approved as of August 20.
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NDO/VNA – A total of 48 State-owned enterprises, including six corporations, had their equitisation plans approved as of August 20.

According to the Corporate Finance Department under the Finance Ministry, the total real value of the enterprises is nearly VND32 trillion (US$1.44 billion), of which VND23.2 trillion (US$1.04 billion) belongs to the State.

Under the approved equitisation plans, the SOEs will have a combined charter capital of over VND23 trillion (US$1.03 billion), of which the State holds more than VND11 trillion (US$495 million).

Meanwhile, nearly VND7.5 trillion (US$337.5 million) of shares will be sold to strategic investors, VND342 billion to their workers, VND6.7 billion to trade unions, and over VND4.1 trillion will be put up for initial public offering.

During January-August, SOEs and the State Capital Investment Corporation (SCIC) divested over VND2.9 trillion (US$130.5 million) and brought in over VND5.7 trillion (US$256.5 million) in the process.

According to the department, in the first eight months of 2016, the equitisation process of State-owned enterprises has yet to meet expectations.

However, the efficiency of operations of equitised businesses has been improved.

In the time ahead, it is necessary to speed up the restructuring and increase the management quality and operation efficiency of State-owned enterprises, and increase inspections and supervisions over the operation of groups and corporations, according to the department.

SOEs will be urged to continue divesting their capital from non-core operations while the State will withdraw more capital from enterprises which the State does not need to hold ownership.