Ten enterprises will be equitised this year, seven more in 2009 and two others in 2010.

In addition, the management of two other one-member limited companies, the Dong Thap 1 Co and the Dong Thap 4 Forestry Co, will be handed over to the southern Long An provincial People’s Committee this year.

The Prime Minister has instructed the SCIC’s management board to guide the implementation of the equitisation process.

The SCIC is officially assigned to manage the company’s wealth. State capital freed up by the equitisation of State-owned enterprises. Up to now it has reinvested the funds directly into other enterprises.

In the move away from full State ownership, the Vietnam National Oil and Gas Group (PetroVietnam) has completed the equitisation of 12 enterprises, which brought in VND23.78 trillion from outside investors.

PetroVietnam said that the total charter capital of the 12 enterprises now stands at VND12.53 trillion, compared with VND11.58 trillion prior to equitisation. The State still holds 64.6 percent ownership worth VND8.11 trillion.