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Equitisation to focus on major companies

06/08/2010 - 169 Lượt xem

Minister of Finance Vu Van Ninh made the statement before the National Assembly during the on-going 10th session in Ha Noi on Nov. 6, on the eve of the country's admission to the World Trade Organisation (WTO).

Ninh said SoE groups and corporations, which hold 87 percent of the State investment in SoEs in general, are playing a key role in the national economy.

However, a number of SoE groups and corporations remain in poor performance and loss-making, pushing the State to restructure the sector in an effort to improve their administration of business competence, upgrade technology and increase competitive edge.

The move is also necessary to create a level-playing field between the SoEs and the non-State economic sectors including private and foreign invested enterprises amidst the globalisation trend, said the Financial Minister.

To speed up the process, the Government will quickly sort out those groups and corporations for equitisation and those for retaining their full SoE status.

Also subject to equitisation in the coming period are commercial banks and insurers, according to the Government and NA Economic and Budget Committee's reports.

A majority of NA deputies shared the view, arguing that State-owned commercial banks are specific businesses, a leading channel to provide finance for businesses but owning a low safety ratio, poor governance skills, obsolete technology and poor diversity services.

The Government has therefore set 2006 as the deadline for the Bank for Development Investment and the Viet Nam Industrial and Commercial Bank to meet international standards on a financially healthy index. The deadline for the Bank of Agriculture and Rural Development is 2007, which, together with other commercial banks, will embark on equitisation after one year of reaching this international index.

The Government has also ordered the Viet Nam Insurance Corporation Bao Viet to start its equitisation and set up the Bao Viet Financial and Insurance Group based on the project approved by the Prime Minister.

The Petroleum Insurance Company has also been asked to finalise its timetable for equitisation to kick off the process within 2007.

Viet Nam plans to have 1,500 SoEs go through the equitisation process by 2010.

Source: Vietnam Agency