Vietnam looks to attract foreign investment in equitisation of SOEs

Nearly 54 per cent of capital in Saigon Beer-Alcohol-Beverage Corporation was sold to Thailand's ThaiBev in the company's equitisation in December 2017. - Photo dantri.com.vn

CMSC and the Ministry of Foreign Affairs this week organised a conference with heads of Vietnamese missions overseas to discuss opportunities and solutions to attract foreign investment in the privatisation of SOEs in Viet Nam.

Deputy Minister of Foreign Affairs Bui Thanh Son said that Viet Nam was considered a highlight for foreign investment in the context of global production shifts, given the country’s success in containing the COVID-19 pandemic and improved investment climate.

He said that more than 100 multinational enterprises were planning to shift their production to Viet Nam, creating significant opportunitites for Viet Nam to attract foreign investment and select quality inflow.

He urged heads of Vietnamese missions overseas to study requirements and expectations of foreign investors and develop plans to attract their investment to Viet Nam.

CMSC’s Chairman Nguyen Hoang Anh said as the Government was pushing the privatisation and divestment of SOEs, attracting foreign investment was essential.

Hoang Anh said that SMSC wished to receive cooperation from heads of Vietnamese missions overseas in attracting foreign investment in the process of SOE equitisation.

In the context of COVID-19 which seriously affected the global economy, including Viet Nam, connecting SOEs with foreign investors would bring significant opportunites for attracting investment and boosting cooperation, he stressed.

According to the Ministry of Finance, the privatisation of SOEs had been much slower than expected. Under the Government’s plan,128 SOEs must be privatised in the 2017-20 period.

However, as of July, only 37 were equitised, meaning that the other 91 must complete the process in the remainder of this year to fulfil the Government’s plan.