Review and classify public service units
(Baonghean) - On November 13, the Standing Committee of the Steering Committee for Enterprise Innovation and Development held a meeting on the implementation of State-owned enterprise restructuring in the first 10 months of 2015 and tasks for the last 2 months of 2015.
The report of the Standing Committee of the Steering Committee for Enterprise Innovation and Development at the meeting stated: Ministries and sectors have not focused on issuing mechanisms and policies according to the set plan. The addition and amendment of mechanisms and policies to remove obstacles arising in practice has not been accelerated, which is one of the important reasons why the restructuring process of state-owned enterprises has been slow and has not achieved 100% of the set targets.
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| Production at Hoang Thi Loan Textile Joint Stock Company (Photo: Thu Huyen) |
According to Le Manh Ha, Deputy Head of the Steering Committee for Enterprise Innovation and Development, if ministries, sectors, localities and enterprises closely and resolutely direct and implement the approved restructuring and equitization plan, it is expected that about 210 enterprises will be equitized in 2015. Thus, the number of equitized enterprises in the period of 2011 - 2015 will be 459, reaching 90% of the plan. In 2014 and 2015 alone, 353 enterprises were equitized. The units that have implemented the plan resolutely and achieved high results compared to the approved plan are Hanoi city (32 enterprises have been equitized), Vietnam Railway Corporation (24 enterprises), Vietnam National Coal - Mineral Industries Group (9 enterprises), Ministry of Culture, Sports and Tourism (8 enterprises), Hai Phong city (7 enterprises), Ministry of Transport (6 enterprises), Ministry of Agriculture and Rural Development (4 enterprises), Nghe An (4 enterprises). Along with the units that have done well, the Steering Committee also "named" the units that have actively implemented but achieved low results or no results, including the Ministry of Industry and Trade (only achieved 2/12 enterprises), Ministry of Information and Communications (0/4 enterprises); localities: Nam Dinh (0/5 enterprises), Tien Giang (0/5 enterprises), Ho Chi Minh City (6/21 enterprises), Binh Duong (0/3 enterprises), Binh Phuoc (0/3 enterprises), Dak Lak (0/3 enterprises), Gia Lai (0/3 enterprises), etc.
The results of state capital divestment in the first 10 months of 2015 showed that the whole country divested 9,152.2 billion VND, earning 13,767.5 billion VND, equal to 1.5 times the book value. Of which, the real estate, insurance, securities, finance and banking sectors were 4,418.2 billion VND, earning 4,956.3 billion VND; selling the state capital that is not needed to be held in other enterprises was 4,734.1 billion VND, earning 8,811.4 billion VND. Accumulated from 2012 to October 28, 2015, the whole country divested 16,450 billion VND, earning 22,870 billion VND. Of which, the real estate, insurance, securities, finance and banking sectors were 8,704 billion VND (out of the total 23,325 billion VND to be divested in the 5 above-mentioned sectors, equal to 37% of the plan), earning 9,540 billion VND; selling the state capital that is not required to be held in other enterprises was 7,746 billion VND, earning 13,330 billion VND. The divestment units with good results in the first 10 months of 2015 are the Military Telecommunications Group (divested 3,023 billion VND, earned 3,537 billion VND), Vietnam National Shipping Lines (divested 918 billion VND, earned 1,256 billion VND), State Capital Investment Corporation (divested 1,147 billion VND, earned 3,435 billion VND), and Vietnam Oil and Gas Group (divested 362 billion VND, earned 1,122 billion VND).
Regarding the results of the initial public offering (IPO) in 2015, according to the report of the State Securities Commission, by October 20, 2015, 93 equitized enterprises had conducted initial public offerings (IPO) at the Stock Exchange and securities companies with a total number of shares offered of 836,227,509, worth VND8,367 billion. The number of shares sold was 318,595,743, worth VND4,683.8 billion, reaching 38% of the total number of shares offered. Of the total 93 IPO enterprises, 55 enterprises sold over 90% of the total number of shares offered.
Review and classify public service units
With the above results, it is clear that the progress of restructuring SOEs has been accelerated, but the number of enterprises that must complete equitization in the last two months of the year is still about 20% of the 2011-2015 plan. The capital that SOEs and corporations must divest from the fields of real estate, insurance, securities, finance, and banking from now until the end of the year is still about 60% of the total capital that must be divested. According to the Government's assessment, the subjective reason is that some ministries, branches, localities, and enterprises have not been very close and determined in directing and implementing the approved plan for arrangement, equitization, and divestment. Objectively, the recent fluctuations in the international financial and securities markets and the difficulties of the domestic economy have affected this process.
The Steering Committee for Enterprise Innovation and Development said that among the tasks to be done, the urgent completion of mechanisms and policies on enterprise arrangement and innovation according to the plan, including 12 legal documents and projects, is given top priority. Ministries, branches and localities should urgently issue or submit to competent state agencies for issuance of the Charter on organization and operation and the Financial Management Regulations of 100% state-owned enterprises according to regulations. At the same time, it is necessary to be more drastic in directing and implementing solutions to complete the arrangement and equitization plan, focusing on enterprises that are difficult to complete equitization; identify the causes and responsibilities of individuals and groups that have not completed the equitization plan of these enterprises, and propose solutions to remove difficulties. In addition, it is necessary to review and classify the affiliated public service units that are eligible to be converted into joint stock companies and submit them to the Prime Minister or report to the Ministry of Industry Management, the People's Committees of the provinces and centrally-run cities (for economic groups and state-owned corporations) for submission to the Prime Minister for approval. Organize a summary and report on the situation of arrangement, innovation and development of state-owned enterprises in the period of 2011 - 2015, tasks and solutions until 2020.
In the first 10 months of the year, 175 enterprises were restructured nationwide, of which 159 enterprises had their equitization plans approved; 16 enterprises were restructured in other forms (4 enterprises were sold, 5 enterprises merged, 2 enterprises dissolved, 5 enterprises converted into limited liability companies with two or more members). From 2011 to November 10, 2015, 471 enterprises were restructured nationwide, of which 408 enterprises were equitized (equal to 79.37% of the total number of enterprises that had to be equitized according to the 2011-2015 plan) and 63 enterprises were restructured in other forms (10 enterprises were sold; 37 enterprises were merged or consolidated; 9 enterprises were dissolved or bankrupted; 1 unit was converted into a public service unit; 6 enterprises were converted into limited liability companies with two or more members). |
Red River
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