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Thursday, June 13, 2024

Finance Ministry wants to boost SOE equitization

By Nguyen Tan

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HCMC – The Ministry of Finance is reviewing and amending legal documents to expedite the sluggish pace of equitization of state-owned enterprises (SOE).

As of October, authorities had granted approval for a business restructuring plan for 49 SOEs, in accordance with the Government’s Decision 360. This plan encompasses six centrally-run and 43 provincially-governed SOEs, according to the ministry.

The remaining SOEs are currently preparing their own restructuring plans for submission to authorities for consideration and approval.

In the year through October, no SOEs had underwent equitization, resulting in a sluggish pace of divestment, according to the ministry. In this period, the Government got VND19 billion from divesting state stakes in four businesses. Meanwhile, state-owned corporations, holding companies, and businesses divested their stakes in seven other businesses during this period, bringing total proceeds of VND206.3 billion.

The ministry said that mechanisms and policies related to equitization and divestment are currently under review and revision to streamline the process and overcome obstacles, thereby promoting the equitization of SOEs.

The ministry has proposed strict sanctions against those who cause delays and violate regulations pertaining to SOE equitization and divestment.

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