Hanoi (VNA) - The Government plans to establish a special agency to act asthe ownership representative of State capital at State-owned enterprises by2018.

Thiswas the solution highlighted in the Government’s recent action plan toimplement Resolution No 12/ NQ/TW, dated June 3, of the fifth plenarymeeting of the 12th Communist Party Central Committee on restructuring,renovating and improving efficiency of State-owned enterprises (SOEs).

Theaction plan raised a number of measures to fulfill the goals of restructuringand renovating SOEs in the 2017-20 period, including equitising 137 SOEs andcompleting divestment following the Prime Minister’s directive.

Thefocus would be on comprehensively handling inefficient SOEs and loss-makingprojects, particularly 12 projects under the Ministry of Industry and Trade.

Themodel of managing State capital at SOEs must be completed, especially with thefoundation of a specialised agency to represent ownership of State capital atSOEs in 2018.

Statisticsof the Ministry of Finance revealed that State capital at SOEs was estimated at1.3 quadrillion VND (57 billion USD), but the lack of separation betweenownership and management functions was causing inefficiency in using Statecapital, requiring the establishment of an agency specialising in representingownership of State capital.

By2030, Vietnam planned to develop SOEs - with most being joint stock companiesand some reaching regional and international competitiveness in key economicsectors.

DecreeNo 91/2015/ND-CP, dated October 13, 2015, on investing, managing and usingState capital would be amended, particularly regulations on divestment, whichwould raise new capital withdrawal methods suitable with the actual situation.

Underthe action programme, the Government would continue to reduce holdings at SOEsduring equitisation and accelerate listing on securities exchanges.

SOEsmust be listed on exchanges within one year from their equitisation,according to current regulations.

Capitalcollected from equitisation and divestment would only be spent for the purposeof boosting investment, not for regular spending, with an estimated sum of 250trillion VND planned to be added to the State budget for the medium-terminvestment fund in the 2016-20 period.

Forloss-making projects, the Government was determined to clarify accountabilityand handle these projects thoroughly.-VNA