Prime Minister urges progress in restructuring state-owned enterprises

The Prime Minister requested ministries, branches and localities to take drastic measures to complete the equitization of 289 enterprises as planned. Strictly handle the responsibilities of business leaders who do not implement or do not implement the results of restructuring, equitization and divestment of state capital.

Prime Minister Nguyen Tan Dung. Photo: VGP

According to the plan, this year the whole country needs to complete the equitization of 289 state-owned enterprises (SOEs).

Regarding State capital divestment from enterprises, the whole country has divested nearly 5,000 billion VND, but the total revenue has reached nearly 7,000 billion VND, of which the real estate sector accounts for 45% of the total revenue from divestment. Notably, the number of enterprises conducting equitization auctions and divestment through the 2 Stock Exchanges in 2014 was 1.4 times higher than the previous 3 years.

To date, 23 ministries, sectors, localities and economic groups have submitted to the Prime Minister for approval plans to reorganize State-owned enterprises according to criteria and a list of 100% State-owned enterprises. The Prime Minister has approved 19 plans, including adding 106 enterprises to be equitized in 2015 and 109 enterprises to be equitized in the 2016-2020 period.

The Prime Minister requested ministries, branches and localities to resolutely direct the completion of equitization of 289 enterprises, ensuring harmony of interests of the State, employees and other shareholders; linking equitization of SOEs with listing on the stock market.

For the 82 enterprises that have established an Equitization Steering Committee, urgently determine the enterprise value in the second quarter of 2015, strive to have all enterprises' values ​​announced in the third quarter of 2015 and complete equitization in the fourth quarter of 2015.

For 126 enterprises that are determining their enterprise value, strive to announce their enterprise value in the second quarter of 2015 and complete equitization in the third quarter of 2015. For 52 enterprises that have announced their enterprise value, strive to complete equitization in the second quarter of 2015.

The Prime Minister requested the Ministry of Finance to provide guidance on resolving difficulties and obstacles in determining enterprise value such as: reversing reserves into state capital, determining the value of long-term investments, potential values, fully depreciated assets, re-evaluating financial investments at the time of converting an enterprise into a joint stock company, determining the price of shares sold to employees and trade unions for enterprises converting to joint stock companies but not yet having the conditions to immediately auction shares for the first time to the public (IPO); providing guidance on selling shares in lots.

The Prime Minister requested to continue directing the divestment of non-core investments closely and effectively. In April 2015, review enterprises that have been equitized but the number of shares sold in the first time has not reached the rate according to the approved plan, then propose a roadmap and continue selling, and report the implementation results to the Prime Minister.

Strictly handle leaders who do not have results in restructuring state-owned enterprises

Under the direction of the Prime Minister, Ministers of Ministries, ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally-run cities, Chairmen of Boards of Members of economic groups shall be administratively responsible to the Prime Minister for the results of restructuring, equitization, and divestment of state capital within their scope of responsibility. Strictly handle the responsibility of business leaders who do not implement or do not implement the results of restructuring, equitization, divestment of state capital and the tasks assigned by the owner in managing and operating the business.

At the same time, direct SOEs to both restructure and improve their operational efficiency; restructure to improve efficiency and improve efficiency associated with restructuring.

In addition, closely and promptly coordinate with the Ministry of Finance, the Ministry of Planning and Investment, the Steering Committee for Enterprise Innovation and Development and relevant agencies to promptly handle and resolve problems and difficulties; in cases beyond authority, report to the Prime Minister.

The Prime Minister assigned the Ministry of Finance to preside over and coordinate with the Steering Committee for Enterprise Innovation and Development to review the work of arranging and restructuring State-owned enterprises in the 2011-2015 period; and develop a master plan for arranging State-owned enterprises in the 2016-2020 period.

The Steering Committee for Enterprise Innovation and Development coordinates with the Ministry of Finance to strengthen inspection, urging, and supervision of ministries, branches, localities, corporations, and state-owned corporations in arranging and restructuring enterprises along with performing assigned production and business tasks; periodically report the situation to the Prime Minister every 3 months.

According to chinhphu.vn