First Six Foreign-invested Firms Equitised

First Six Foreign-invested Firms Equitised

The first six foreign-invested enterprises have been approved in principle to be converted into joint stock companies, according to the Department of Foreign Investment under the Ministry of Planning and Investment.    

They include four wholly foreign-invested enterprises in southern Dong Nai province: TAYA Vietnam Cable and Wire Joint Stock Company, the International Foodstuff Processing Industry Company, Tungkuang Industry Company specialising in aluminum manufacture and Taicera Ceramic Company, and the two others in Hanoi and Quang Ninh province: the metal roofing producer Austnam and Hoang Gia International Joint Venture.

These enterprises have met equitisation requirements such as contributing enough thier legal capital stipulated in investment licenses, officially becoming operational for at least three years, and operating profitably in the final year before being converted into joint stock companies, said Phan Huu Thang, head of the department.

He added that the department continued collecting applications of foreign-invested enterprises asking for equitisation.

• B.T