In order to speed up the process, municipal authorities are working with relevant agencies to settle issues involving enterprise property evaluation and debts. They have suggested that the National Assembly and government make necessary amendments to legal documents governing equitisation procedures.

According to director Bui Thien Tich of the HCM City Department for Enterprise Renovation, the city has so far equitised 243 State-owned enterprises.

Mr Tich further said that the reform has enabled the enterprises to adopt a more dynamic management mechanism, facilitating investment mobilisation and business expansion.

A recent survey on the business performance of 90 equitised enterprises showed that their chartered capital rose by an average of 39 percent a year, their turnover by 78 percent and pre-tax profits by 190 percent since they were equitised. These enterprises also managed to double the per capita income for their employees and register a 61 percent increase in annual contributions to the State budget.