PM Urges Speeding up SOE Restructuring

Vietnam will continue to speed up the reorganization process of state-owned enterprises (SOEs) to sharpen their competitiveness, said Prime Minister Nguyen Tan Dung.

 

During a visit with local economic groups and corporations on the occasion of the new year, PM stressed that groups and corporations need to further restructure and reform themselves, focusing on equitization, in order to meet demand for international integration and competition as well as to raise capital for infrastructure projects.

 

In 2006-2010, the Government will equitize large-scale companies, including state-owned groups and corporations, commercial banks and financial companies.

 

The Government will be also determined to restructure poorly performing businesses and strictly supervise the transformation of state-owned companies into one-member liability companies.

 

All state economic corporations and groups will be audited.

 

In 2007 alone, nearly 600 SOEs will undergo equitization, including some corporations, commercial banks and utility companies.

 

About 100 privatized companies will be listed on the stock market.

 

The equitization process is expected to be complete by 2009. (Vietnam Economic Times, Vietnam Panorama)