Enterprise equitization "joy" and "worry"
(Baonghean) - Equitization of state-owned enterprises is one of the very important tasks that ministries, branches and localities are focusing on implementing. The process of divesting state capital to improve management capacity, competitiveness, and production and business efficiency at enterprises is an inevitable urge from the unswerving demands of real life and international practices.
In recent years, especially in 2014 and the first months of 2015, the equitization of enterprises has been highly focused, under the strong direction of the Government. In 6 months, all 289 enterprises subject to equitization in 2015 have established steering committees. Of which, 127 units are in the process of determining the value, 44 units have decided to announce the value, 61 units have completed the equitization. A very happy news is that Nghe An is one of the localities that has been commended for accelerating the equitization speed in 2015 when completing 4 units.
We know that enterprise equitization is one of the forms of ownership conversion in state-owned enterprises and it is also an objective requirement in the process of integration and development. In many state-owned enterprises, the efficiency of capital use is low, the competitive environment is unequal, the situation of "no one cries for the common father" along with a weak management apparatus in terms of capacity, lack of responsibility, and cumbersome in terms of quantity has pushed many enterprises into a state of continuous losses. There are even units that borrow capital indiscriminately, invest outside the industry indiscriminately, have bad debts, and are on the brink of bankruptcy. There are even companies that are perceived by public opinion as "clinically dead" entities. In that situation, a "revolution" for enterprises in general and state-owned enterprises in particular is obvious, contributing to the innovation of Vietnam's current economic institutions.
After a period of effort to implement this extremely important content, the first results have proven the correctness of the equitization policy. The first thing is the trust of the people, of businesses, of domestic and foreign partners. Another good news is that the equitization of enterprises, or in other words, the capital sale process, has been quite favorable. Many units have even "made a profit" right when transferring shares to partners. In the first 6 months of the year alone, the whole country has divested 7,522 billion VND of capital, earning 11,161 billion VND, equal to 1.48 times the book value. Simply put, it is "a profit" of nearly half. Moreover, some enterprises after equitization have initially improved and many companies have strongly revived. Arousing the potential capacity of capital and human resources that has long been too wasted. Capital is used more effectively, the management apparatus is more streamlined, more “work-oriented”, competitiveness is enhanced and integration potential is clearer. Right in our province, many enterprises after equitization have gradually “changed their skin” and contributed to renewing the economic face of the province.
However, looking back at the process of implementing enterprise equitization, there are still many concerns. Who will "push" outdated technology to? Where will surplus labor go? How are land lease and land use conversion stories calculated? The goal of basically completing equitization in 2015 has been posing a progress problem that is not easy to find a solution for most authorities.
In the complex of barriers blocking the progress, there have appeared a number of enterprises that are "afraid" of equitization. They are too familiar with the old way of doing business, the old management style. They have assumed the mindset of relying on the favor of the mechanism and parasitizing on the "budget milk" which in their ingrained mind is endless. These are the enterprises that have long either "forgotten" or "ignored" or even "asked" to stay with... the old mechanism! They are afraid, it seems they are afraid of facing the fierce but fair competition of the market? It is said that in the province, there are a number of units, a number of enterprises, mostly in the agricultural sector, agricultural and forestry companies, that are not really interested in this equitization story. Another issue that the Party and the State have also raised, and the public is also very interested in, is how to say no to group interests in the process of equitization. Although we know that everything is specifically regulated by law and by guiding documents. But are the workers' rights, the "state capital cake" being manipulated?
Admittedly, there is still "modesty" in economic thinking as well as management capacity of many units that have not yet been equitized, but it is time for a more coherent and drastic attitude and mechanism.
Nguyen Khac An
