Vinachem pulls its head in
Under the three-year plan recently approved by Prime Minister Nguyen Tan Dung, Vinachem will still remain a state-owned enterprise that focuses on main businesses such as making chemicals, fertilizer and crop-protection products Vinachem’s overhaul will require it to sell stakes in as many as 13 units by 2015 and reduce its holdings in others.
Specifically, the group must finish withdrawing its capital from companies in the fields of insurance and securities such as Bao Minh Insurance Corporation, Vietnam Industrial and Commercial Securities Company, Long Son Oil Refinery Company, Vietnam Inoue Company and Japan-Vietnam Fertiliser Company
Vinachem would retain its stakes in five equitised companies within its core area of business, including Lam Thao Fertilisers and Chemicals, Southern Fertiliser, Binh Dien Fertilizer, VanDien Fused Magnesium Phosphate Fertilizer and Viet Tri Chemicals.
The plan for restructuring Vinachem is part of the government’s effort to restructure the whole economy towards higher efficiency and competitiveness.
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