Local equitisation, divestment didn't meet expectations: MoF
Local equitisation, divestment didn't meet expectations: MoF
As of August 20, the state had received VND5.8 trillion (US$256.5 million) from the divestment of state capital in local enterprises in the first eight months of this year.
This was announced by the Ministry of Finance (MoF)'s Department of Corporate Finance.
The department said the divestment was part of equitisation plans of a total of 48 state-owned enterprises (SoEs) with their equitisation plans approved this year.
It added that the value of these enterprises was some VND32 trillion ($1.44 billion), of which VND23.2 trillion belonged to the state. Following the equitisation, the firms are expected to have charter capital of over VND23 trillion, including VND11 trillion of state capital.
After the first eight months, the department said the equitisation process of state-owned enterprises and their divestment in non-core business had failed to meet expectations, although it believed that the operations of some equitised businesses had improved.
The department said it was necessary in the future to speed up the restructuring, increase management quality and operational efficiency of state-owned enterprises and intensify inspection and supervision of the operations of groups and corporations.
It said SoEs must continue divesting capital from their non-core operations, adding that the state would withdraw more capital from some targeted enterprises.
