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Preventing the negative trend in equitization

13/4/15

In 2014 and 2015, our nation set target to rearrange 479 state-owned enterprises (SOEs), in which set equitization for 432 enterprises. The last will be sold, dissolved, bankrupted or merged... In 2014, Vietnam rearranged 167 SOEs, 143 among them were equitized (twice as it in 2013).
With a positive spirit of quick innovation to SOEs, up to this time there are more 100 SOEs in comparison with the above criteria. The effort and result in the difficult context of the world and domestic economy is very laudable. Besides the innovation model from SOEs into joint-stock company, our state has raised more capital in society, improving the scale, competitive and reputable businesses in Vietnam. Through equitization and divestment of non-core SOEs, the state budget collected tens of trillion to economic - social development. Continuing that momentum, Steering Committee of Equitization guides and applies specific solutions for corporations and local corporations continue to update the list of SOE need to be equitized for Prime Minister approve on this occasion; and implementing regulations, putting pressure on the SOEs in the area to change the legal form and diversify owners, contributing to the democratization of business, implementing plan schedule.
However, the fact has generated some tricks to take advantage of equitization for profit. In term of forms, someone complaints related parties in civil disputes to reduce the value of SOEs for private or group can manipulate and buy holdings at cheap price; especially in cases where the head of state enterprises in retirement but want to continue to hold the rights held by the number of shares to be dominant. These cases are usually associated with the pretext of divestments to disregard or shirk responsibility with partners and with the people in the implementation of previous commitments and the consequences do not only raise equitization but also reduce the size and prestige.
Therefore, the Steering Committee of Equitization and the public opinion need to highten vigilance and prevention to this negative trend. Furthermore, to enhance the monitoring role of Parliament and people's councils at all levels to equitization operation of SOEs. Thus it can guarante rapid progress of SOEs equitization but firmly, achieve positive requirement and objectives of this important work.


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