Vietnam gains nearly 5.93 million USD from SOE sell-offs
The Government earned over 149 billion VND (5.93 million USD) from capital divestment at four State-owned enterprises during January – July, the Ministry of Finance (MoF) said on August 12.
Production at Lao Cai iron and steel plant (Photo: VNA)
Hanoi (VNA) – The Government earned over 149 billion VND (5.93 million USD) from capital divestment at four State-owned enterprises during January – July, the Ministry of Finance (MoF) said on August 12.
The People’s Committee of Hai Phong city divested capital at three firms, and the Ministry of Construction at one company.
Regarding the state management in corporate finance, the MoF advised state capital ownership representatives on profit and dividend distribution, appropriation establishment, and business classification in 2023, issues related to oil and gas projects, as well as measures to handle the Phuong Nam Pulp Mill project, Quy Xa iron ore mining and quarrying one, and Lao Cai iron and steel plant.
As of July, competent authority approved restructuring plans for 103 enterprises.
The Prime Minister had previously approved a plan for 2022-2025 that called for the equitisation of 19 enterprises and the reorganisation of five enterprises nationwide.
Out of those 19 with approved equitisation plans, only five have so far established steering committees and working groups to oversee the process. The remaining 14 enterprises are still in the preparatory stages of implementation.
According to the Ministry of Planning and Investment, the process of enterprise restructuring and equitisation of State-owned enterprises is still facing several obstacles and limitations. The main reasons cited for the slow progress are the delays in local authorities approving the appropriate land use plans, especi﷽ally for enterprises that hold land across multiple localities./.
Divestment and mergers and acquisitions (M&As) are serving as crucial lifesavers for numerous businesses amidst an extended period of blocked capital flow.
The Ministry of Finance (MoF)’s experts have stressed the need to remove obstacles in mechanisms and policies to promote the equitisation and divestment of state capital in enterprises.
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