Equitisation is not aimed at selling land or assets but improving the capacity and efficiency of State-owned enterprises (SOEs) to strengthen the national economy, Deputy Prime Minister Ho Duc Phoc said at a meeting in Hanoi on October 14.

The combined revenue of 17 out of 19 groups and corporations under the Commission for the Management of State Capital at Enterprises was estimated at over VND892.16 trillion (US$38.05 billion) in the first half of this year, equivalent to 90% of the yearly target and up 27% year-on-year.

Although relevant policies have been put in place, the process of equitisation and divestment of State capital is still moving at a very slow pace, according to Dang Quyet Tien, director of the Corporate Finance Department under the Ministry of Finance.

The outbreak of COVID-19 in many localities has delayed the equitisation of State-owned enterprises (SOEs), according to Dang Quyet Tien, director of the Corporate Finance Department.

The Vietnam Travel and Marketing Transport JSC (Vietravel) plans to equitise its Vietnam Travel Airlines Co. Ltd. (Vietravel Airlines), to boost the subsidiary’s development as the first travel airline in Vietnam.

Deputy Minister of Finance Huynh Quang Hai has called for continuing to review existing policies to promptly identify difficulties in the equitisation of and divestment from State-owned enterprises (SOEs), stepping up enterprise renovation and raising a sense of responsibility in State management of the field.

As the Government is focusing on accelerating the privatisation and divestment of State-owned enterprises (SOEs), attracting foreign investment is important to the success of the progress, according to the Committee for Management of State Capital at Enterprises (CMSC).

Despite numerous efforts of the Government in speeding up the equitisation of State-owned enterprises, some ministries, sectors, localities and economic groups have showed ineffective performance in the work, thus slowing down the progress of the scheme.

Deputy Prime Minister Truong Hoa Binh has urged the Vietnam Oil and Gas Group (PetroVietnam) to enhance its capacity in petroleum exploration and exploitation to develop the marine economy in the new context.

Deputy Prime Minister Truong Hoa Binh chaired a meeting on August 10 to review draft decrees that amend and supplement a number of Government decrees on equitising State-owned enterprises (SOEs) and divesting State capital from businesses.