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Wednesday, June 26, 2024

No enterprises equitized in January-May

The Saigon Times

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HCMC – No state-owned enterprises (SOEs) were approved to undergo equitization in the first five months of 2024, according to the Ministry of Finance.

As of May, 101 SOEs had their restructuring plans approved under Decision No. 360/QD-TTg issued on March 17, 2022 by the prime minister.

The prime minister approved plans for five out of nine central SOEs, while representative bodies approved plans for 96 out of 667 enterprises. These included 19 central and 77 local enterprises, while the rest are preparing restructuring plans for submission.

In May, the State Capital Investment Corporation (SCIC) divested from two enterprises, earning VND180.58 billion from an initial value of VND39.91 billion.

In January-May, the State divested from four enterprises, recovering VND149.2 billion from a book value of VND139 billion. State-owned groups and corporations also divested from two enterprises, with the same financial outcome as SCIC.

The Ministry of Finance aims to intensify SOE restructuring, equitization, and state capital divestment in 2024. The ministry plans to enhance SOE efficiency through modern technology and international governance standards, ensuring the supply of essential services like electricity, water and fuel.

The ministry will also enforce transparency and accountability in SOEs, strengthening discipline in managing state assets, and increasing regulatory oversight.

The Government will handle loss-making projects through market mechanisms and legal compliance, including potential dissolution or bankruptcy, to protect the interests of the state, workers and investors.

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