Deputy Prime Minister Vu Van Ninh warned ministers, provincial leaders,and business executives of strict consequences for failing to completethe restructuring of State-owned enterprises (SOEs) under theirmanagement in the 2014-15 period.

Ninh, who is alsothe head of the Steering Committee for Business Renovation andDevelopment, said the ministers and leaders must assume responsibilityfor their performance before the Prime Minister.

Qualified enterprises should conduct an initial public offering (IPO)upon completing their equitisation, while the others are to convert intojoint stock companies with the State, the State Capital InvestmentCorporation, trade unions, and employees as primary shareholders, hereminded.

He urged ministries, provinces, andbusinesses to accelerate the restructuring of SOEs to ensure timelytransitions in 2015.

SOEs are set to be valued inthe first quarter of 2015, once an equitisation steering committee hasbeen formed across all relevant enterprises. The value of SOEs’ is to beannounced in the third quarter, with subsequent equitisation planapproved within the fourth quarter of the year, he stated.

Meanwhile, the Deputy PM has also requested submissions for a plan torestructure SOEs between 2016 and 2020, to be received in the thirdquarter of 2015.

He assigned the Ministry of Financeto assist businesses during their value assessment and to set stockprices for employees and trade unions.

SOErestructuring is a component of larger economic restructuring, as guidedby the National Assembly’s Resolution No.10/2011/QH13 on thesocio-economic development strategy for 2011 to 2015.

According to the Steering Committee for Business Renovation andDevelopment, as of December 25, 2014, 143 out of 432 State-ownedenterprises were equitised, doubling the 2013 figure.-VNA