Tin mới
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.
Source: Vietnam Agency