State's Vinachem to speed up equitisation
State's Vinachem to speed up equitisation
The State-run Viet Nam National Chemical Group (Vinachem) is to accelerate the equitisation of its affiliates and divest from non-core businesses in 2016, a senior company official said.
Deputy General Director Bui The Chuyen said Vinachem had realised 83 per cent of its equitisation plan in 2015, with five of the six target subsidiaries equitised and more than VND975 billion (US$43.7 million) collected in the move.
Meanwhile, it succeeded in divesting its capital from 13 of the 17 target enterprises, fulfilling 66 per cent of the set objective and taking back over VND674 billion ($30.2 million).
The group also admitted to certain obstacles to the equitisation of and divestment from some companies, and added that it suggested to the government that it consider some preferential treatment for Vinachem to speed up the work.
Equitisation and divestment are part of the restructuring of State-owned enterprises (SOEs), which constitute the economic restructuring scheme carried out since 2011. They aim to make SOEs more efficient and profitable.
The public investment and the banking system are also undergoing significant restructuring.
