28/09/2017 11:47 GMT+7 Email Print Like 0

Ba Ria-Vung Tau province pushes equitisation of SOEs

Ba Ria – Vung Tau, September 28 (VNA) – Vice Chairman of the People’s Committee of the southern coastal province of Ba Ria-Vung Tau Nguyen Thanh Long has urged relevant agencies to supervise the restructuring of State-owned enterprises (SOEs). 

At a working session on September 26, Long asked the provincial Department of Finance (DoF) to continue advising the committee on the divestment schedule for local SOEs and to supervise State capital at these firms. 

The provincial Department of Natural Resources and Environment will ensure the effective use of SOEs’ land while the provincial Department of Agriculture and Rural Development will be responsible for restructuring the provincial Forestry One-Member Co. LTd. into a two-member company. 

According to the DoF’s report, from 2014 – 2016, there were 22 SOEs and State-invested firms in the province. Of which, the State owned 100 percent of the charter capital of three, 50 percent of nine, and below 50 percent of 10. 

Those in public services, such as lottery, water supply and sewage, tree caring, transport operated stably while those in estate, tourism, trade, forestry were less effective. 

From 2016 – 2020, the province is planning to equitise and divest state capital from 17 SOEs. One of which has 50 percent of its charter capital held by the State, 15 others are below 50 percent, and one will be restructured to a two-member company. 

During the 2002 – 2016 period, 38 SOEs in the province were equitised, garnering 862 billion VND (37.92 million USD) for the State Capital Investment Corporation (SCIC).