The restructuring of State-owned enterprises (SOEs) needs an overall plan for many years to come, said Dr Tran Du Lich, Member of the National Assembly’s Economic Commission. While working out the overall plan, Vietnam necessarily takes immediate solutions as follows.
First, quickly revise regulations, obstructing the SOE equitisation process in the past three years, concerning corporate valuation, strategic partner selection and preference shares offered to employees to accelerate the equitisation progress. (Allowing SOEs to divest equity capital below the par value is a right direction).
Second, stop the establishment of State-run economic groups using administrative orders; assess and review existing economic groups to find out whether they need reshuffling or not.
Third, the Government of Vietnam does not guarantee credit or provide designated loans for SOEs and forces all SOEs to mobilise capital under the market mechanism. The Government only grant credit supports public utilities companies which cannot mobilise capital from other economic sectors or perform political tasks assigned by the State (this sort of enterprises is governed by specific mechanisms.
Fourth, all SOEs must disclose information as currently applied to listed companies.
Fifth, establish a ministerial-level agency to perform the State equity representation in enterprises. This agency is placed under the direct supervision of the National Assembly.
Sixth, quickly build a law on State business capital management.
As many as 180 SOEs were reshuffled from 2011 to 2013, of which 99 SOEs were equitised and 81 were rearranged. So far, 4,065 SOEs went public. SOEs give more focus on industries, fields and areas where the State must control. Equitised enterprises mostly had large scale, wide range of businesses and complex financial data. The equitisation in this period brought in nearly VND19 trillion. After going public, most companies had higher growth rate and better performance. The presence of more equitised companies will increase competition in the economy, accelerate stock market restructuring, change new ways of thinking about production relations and SOEs’ roles in socialist-oriented market economy. State capital in enterprises continues to increase, from VND700 trillion in 2010 to VND810 trillion in 2011 and VND1,019 trillion in 2012 (an annual increase of 15 percent on average). (Report on SOE restructuring in 2011-2013 and tasks and measures to 2015 released by the Permanent Steering Committee for Innovation and Enterprise Development. |
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Đăng ký: VietNam News