SOE divestment returns $300 million to State coffer

December 26, 2016 | 19:28

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State-owned groups and enterprises have brought back VND6.84 trillion (US$301 million) to the State coffer during their divestment process in 2016, according to the Finance Ministry.

The Government has collected over US$300 million from divestment in 2016.-Photo www.tapchitaichinh.vn

State-owned economic groups and corporation withdrew investment worth VND450 billion in five sensitive fields, while other SOEs collected VND2.27 trillion. The remainder came from the sale of State capital in enterprises.

The ministry also reported that 56 SOEs received approval for their equitisation plans in the year. They had total capitalisation value of more than VND34 trillion ($1.5 billion), including VND24.4 trillion of State capital.

Dang Quyet Tien, deputy director of the Ministry’s Department of Corporate Finance, said State-owned economic groups, corporations and enterprises have actively implemented the scheme on SOEs restructuring in accordance with the Prime Minister’s Decision No. 929/QD-TTg.

This was a positive development in the context that many new policies have been put into practice this year although businesses have struggled in the more competitive environment, Tien said.

He added there are regulations requiring equitised enterprises to list on the stock market and the Government has recently issued Decree No. 145, under which sanctions can be imposed on firms violating the rule.

According to the new rule, enterprises who do not register trading or listing of their shares within the prescribed time or delay this process will be fined from VND10 million to VND400 million depending on the duration of the delay.

VNS

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