SOE equitisation to pick up steam
(VOV) - As many as 432 State-owned enterprises (SOEs) will be equitised over 2014-15 to make SEO restructuring more efficient.
The figure was unveiled at a national conference on SOE restructuring in Hanoi on February 18.
Pham Viet Muon, Deputy Head of the Steering Board for SOE Renovation and Development, admitted EOE equitisation went behind schedule between 2011 and 2013 due to economic difficulty, mechanism obstacles, and lax management.
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| SOE equitisation is said to go slow between 2011 and 2013 |
He said equitisation is the most complex task in SOE restructuring that needs a breakthrough to make it efficient.
SOE restructuring, with equitisation forming the core, will be accelerated, from now till 2015, even for State economic groups, Muon said.
Businesses, including those operating efficiently, will be encouraged to divest from non-core operations and sell stakes the State does not hold.
Muon revealed first and foremost SOE restructuring will be carried out for businesses in the industrial, trade, transportation and construction sectors.
Businesses that are eligible for initial public offering (IPO) will follow current laws. Those that cannot go public will be transformed into joint stock companies whose stakeholders are the State and State capital investment corporation (SCIC).
In these businesses, the State may hold the majority of stake – a way of changing the business’ legal status and diversifying capital ownership, to help the business meets investor needs when market conditions are right.
Muon reminded to-be-equitised businesses to consider debt settlement policies and other social welfare policies for redundant workers.