Prime Minister: Determined to fight against 'group interests' when selling state capital

On the afternoon of August 29, concluding a meeting of the Government Standing Committee on the policy of continuing to sell state capital in a number of large enterprises, the Prime Minister stated that it is necessary to be public, transparent, fight against group interests, follow market practices and maximize state assets preservation, ensuring the highest interests of the country.

Prime Minister Nguyen Xuan Phuc

On the afternoon of August 29, Prime Minister Nguyen Xuan Phuc chaired a meeting of the Government Standing Committee with ministries and branches on the policy of continuing to sell state capital at Saigon Beer-Alcohol-Beverage Corporation (Sabeco), Hanoi Beer-Alcohol-Beverage Corporation (Habeco); and the policy of selling shares of the State Capital Investment Corporation (SCIC) in 10 companies, including Vietnam Dairy Products Joint Stock Company (Vinamilk).

This is an issue that is of great concern to society and the people. In particular, Sabeco and Habeco are large enterprises that have been equitized but the state still holds controlling shares. Although the state capital in Vinamilk is only under 50%, it is still very valuable.

At the meeting, the Government Standing Committee, leaders of the ministries of Finance, Industry and Trade, Planning and Investment, Justice, and SCIC leaders discussed thoroughly and reached high consensus on issues related to determining enterprise value, stock valuation, methods of selling shares, preserving brands after selling capital, etc.

Concluding the meeting, the Prime Minister emphasized the principles and viewpoints in the process of selling state capital at the above-mentioned enterprises and in the process of equitizing state-owned enterprises and selling state capital in general.

Specifically, the Prime Minister requested to follow market rules and practices, ensure publicity and transparency, fight corruption, negativity, fight group interests, maximize state assets preservation, and ensure the highest interests of the country.

Taking the example of the auction of shares of Kim Lien Hotel in Hanoi, which raised more than 1,000 billion VND compared to the starting price of 122 billion VND, the Prime Minister emphasized that it is necessary to thoroughly grasp the above very clear viewpoints and carry out the determination to build an honest, transparent Government that says no to corruption and negativity.

"Relevant ministries and agencies must seriously implement this policy in equitization and divestment of state capital," the Prime Minister pointed out.

To implement the above requirements, with the sale of state capital in Vinamilk and other enterprises where SCIC represents the state ownership, the Prime Minister requested strict implementation according to the provisions of the Enterprise Law and the Securities Law. Ministries, branches, and the Steering Committee for Enterprise Innovation and Development closely monitor SCIC, seek the best opportunity to sell at the highest price, prevent loss of state capital, and if there are any problems beyond their authority, report to the Prime Minister.

Regarding the sale of state capital in Habeco and Sabeco, which are equitized but unlisted enterprises, the Prime Minister pointed out that, in order to ensure publicity, transparency, and ensure the best benefits for the state, it is necessary to list on the stock market before selling state capital. Even the valuation of shares must be promptly organized for public bidding to select a reputable, capable, and experienced consulting unit, avoiding cases of inaccurate valuation, causing loss of state capital. The specific valuation is based on legal regulations, market principles, and the opinions of the consulting unit.

The Prime Minister also pointed out that when selling shares in these enterprises, there must be competitive auctions, without distinction between domestic and foreign partners, and the value of land use rights must be calculated separately. At the same time, there must be legal measures to preserve national brands such as Saigon Beer, Hanoi Beer, and Vinamilk after selling state capital.

After the meeting, the Prime Minister assigned the Ministry of Industry and Trade, based on current regulations, opinions of ministries, branches, and opinions of the Government Standing Committee, to develop a plan to continue selling shares in Habeco and Sabeco, ensuring the highest efficiency, thereby drawing lessons for the sale of capital in other enterprises. The Prime Minister also assigned the Steering Committee for Enterprise Innovation and Development to supervise this process.

According to Chinhphu.vn