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PM chairs conference on renovating State-owned enterprises

VGP – Prime Minister Nguyen Xuan Phuc presided over a conference to seek measures to innovate and enhance operational efficiency of State-owned enterprises (SOEs) in Ha Noi on November 21.

November 21, 2018 11:24 AM GMT+7

PM Nguyen Xuan Phuc chairs conference on renovating State-owned enterprises, Ha Noi, November 21, 2018 - Photo: VGP

The work serves as an important tool to ensure the effective implementation of macro stabilization and inflation control policies, contributing significantly to socio-economic development.

Among the attendants are Deputy PM Vuong Dinh Hue, head of the steering committee on business renovation and development, Deputy PM Trinh Dinh Dung, over 350 delegates from ministries, sectors and localities; State-owned groups and corporations; and other organizations, both at home and abroad.

Recent results show that equitization is an important solution in reshuffling, reforming and restructuring SOEs. The results of equitization and divestment have produced positive impacts on the development of the stock market, while improving the operational efficiency of businesses after equitization. Most of the equitized SOEs have reported effective business and production performances, with budget contributions and income for laborers increased.

However, the process of renovating SOEs over recent times has also revealed certain limitations.

According to reports submitted to the Finance Ministry as of November 2018, only 35 of 526 SOEs had their restructuring plans approved by authorized agencies.

Under the PM-approved plan, equitization will be finalized on at least 85 SOEs in 2018 (including 21 firms in the 2017 list). However, as of November 18, 2018, only 12 enterprises had been equitized. 

Concerning the divestment plans, only 31 units have implemented divestments so far, much fewer than the respective figure of 135 and 181 businesses planned for 2017 and 2018. This means that the implementation of SOE equitization and divestment still remains slow and will possibly fail to meet the set plans.

In addition to reviewing three years of implementing the renovation and restructuring of SOEs, the conference will focus on discussing measures to accelerate the work.

By Vien Nhu