SOEs Incompletely Aware of WTO Impacts-Institute Survey
Many state-owned enterprises have not anticipated WTO impacts on their business operations, a survey on 200 SOEs in big cities including Hanoi, Haiphong, Danang and Ho Chi Minh City by the Central Institute for Economic Management (CIEM) showed on July 17.
The institute concluded that SOEs could not play a pivotal role of the backbone of the economy and exposed many shortcomings, the Saigon Liberation newspaper said.
Preliminary statistics showed debts of 70 state-owned corporations reached US$28 billion and accounted for 40 per cent of Vietnam&rsquos GDP value by -2007. CIEM pointed out that investment in non-core business by SOEs were blamed for shortcomings.
Up to 28 out of 70 surveyed state-invested companies invested up to VND23.3 trillion into securities, banking, insurance, property in the past months. (Saigon Liberation Online)
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