State-owned enterprises equitisation remains slow

Thursday, 17:14, 06/10/2016

The restructuring of State-owned enterprises (SOEs) in the first nine months of this year failed to meet the set target, with 49 SOEs having their equitisation plans approved in the period, said the Ministry of Finance.

Among those were large enterprises like the Vietnam Engine and Agricultural Machinery Corporation, the Machine and Industrial Equipment Corporation and the Vietnam National Construction Consultants Corporation.

The total real value of these 49 businesses is over nearly VND32 trillion (around US$1.44 billion), including nearly VND23.2 trillion (US$1.04 billion) of State capital.

According to the approved equitisation plans, their combined chartered capital is estimated at over VND23 trillion (over US$1.03 billion), of which the State holds about VND11.1 trillion (US$499.5 million).

In the last three quarters, economic groups and corporations divested VND3.2 trillion (US$144 million) from five sensitive fields.

In the coming time, the Business Finance Department under the Ministry of Finance (MoF) will continue withdrawing capital that businesses have invested in non-core areas.

Efforts will be intensified to quicken the restructuring, improve the quality of administration in SOEs and their operation efficiency.

Attention will also be paid to improving the efficiency of management and supervision of SOEs, ensuring transparency on their activities, and enhancing inspection and management of State-owned economic groups and corporations.

According to the MoF’s reports, State budget collection reached VND718.3 trillion (over US$32.3 billion) in the last three quarters, equivalent to 70.8% of the yearly target and up 5.2% year on year.

Meanwhile, budget spending was VND870.5 trillion (around US$39.1 billion), equal to 68.4% of estimates and up 5.7% from the same period last year.

The disbursement of basic construction investment reached 54.5% of the plan while that of Government bonds 38.8%.

During the period, tax agencies inspected over 48,500 businesses, collecting VND8.3 trillion (US$373.5 million) in fines, while customs agencies made over 5,100 inspections after customs clearance, collecting VND1.5 trillion (US$67.5 million) for the State budget.

VNA

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