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Official Gazette

Sunday, September 27, 2020

Interest groups must not profit from State’s assets: Deputy PM

Updated: 11:11’ - 11/08/2020
Stopping interest groups from buying State assets at below market prices is a top priority, said Deputy Prime Minister Truong Hoa Binh at a meeting with Government officials on August 10 on the equitisation and recall of State capital from State-owned enterprises. 

Deputy Prime Minister Truong Hoa Binh chairs a meeting on the process of equitisation and recall of State’s capital from State-owned enterprises__Photo: VNA

He stressed the importance of SOEs, many of which manage properties in numerous cities and provinces across the country, to strictly follow the State's properties management regulations.

He ordered SOEs to present a list of all properties and mark them either for equitisation or return them to local governments’ management. 

“We must limit waste to the minimum and at the same time prevent interest groups from profiting by selling and buying the State’s assets cheaply,” said Binh.

At the meeting, officials discussed shortcomings and limitations of a number of current Government decisions which regulate the process. 

A review has been conducted to identify bottlenecks and legal complications on SOEs' side, according to a report by the Ministry of Finance. The ministry has made changes to SOE's regulations on the management and usage of State's properties in accordance with a National Assembly decision. 

The ministry made a proposal on how to handle State's properties under the management of SOEs, which are in the process of equitisation. Notably, the ministry has presented a guideline to help SOEs determine the value of such properties, which has been said to be a bottleneck in the process. 

The deputy PM asked the finance ministry to study and review the equitisation process while listening to feedback from SOEs and other agencies. The ministry’s objective was to establish a legal framework to resolve issues and support SOEs in speeding up the process and safely retrieve State’s capital, he said.

He ordered the finance ministry to work closely with the Office of the Prime Minister, the Ministry of Justice and the State Securities Commission of Vietnam.- (VNS/VLLF)

 

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