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Official Gazette

Tuesday, June 18, 2019

PM sets deadline for state enterprise restructuring

Updated: 16:41’ - 01/02/2019
The Prime Minister has recently urged the restructuring, renewal, equitization and state capital divestment of state-owned enterprises (SOEs).

Under Directive 01/CT-TTg dated January 5, the cabinet leader asks ministries, sectors, local authorities and SOEs to approve, or submit to competent authorities for approval before January 15, restructuring plans, with definite schedules, agencies in charge of implementation and responsible persons.

The PM requests ministries, sectors, localities and SOEs to intensify inspection, supervision and audit to minimize loss of state capital and assets during the equitization, divestment and use and management of state capital in SOEs.

Upgrading a 220-kV transformer station of the Electricity of Vietnam’s National Power Transmission Corporation in Quang Tri province__Photo: Ngoc Ha/VNA

SOEs that have delayed their equitization and state capital divestment and loss-making investment projects will be resolutely handled under market rules, and responsibility of institutions and officials for losses and operation inefficiency will be promptly examined for strict handling under law.

The Government leader also asks for greater efforts of related ministers, local administrations and SOE leaders on improving mechanisms, policies and laws to serve SOE restructuring and operation efficiency.

Besides, ministries, localities, state economic groups and corporations are requested to regularly disclose information about the SOE equitization and capital divestment for assessment of the equitization progress and prompt removal of any restructuring obstacles.

Any change in the list of SOEs to be equitized and equitization schedule must be notified to the Ministry of Planning and Investment for subsequent reporting to the PM before January 20, 2019, with adjusted schedule clearly stated for approval by the PM and supervision by related agencies, the Directive stresses.

SOEs that fail to make timely state capital divestment under the approved list will be transferred by ministers and local administrations to the State Capital Investment Corporation (SCIC) before March 31 for enforcement.

To-be-equitized SOEs are requested to review land areas under their management and use them as a basis for working out and submitting their land use plans to provincial-level People’s Committees for comment and competent authorities for approval before being valuated.- (VLLF)
 

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