Additionally, Vietnam has raised VND713 billion (US$31.3 million) from divesting VND676 billion (US$29.7 million) in book value, according to the report.
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Four SOEs have completed the initial public offering (IPO) in February, including Binh Son Refinery and Petrochemical (BSR), Petro Vietnam Oil Corporation (PV Oil), PetroVietnam Power (PV Power) and Vietnam Rubber Group (VRG) for a total return of nearly VND18 trillion (US$792 million).
On January 5, the Deputy Prime Minister Vuong Dinh Hue signed the Decision approving the restructuring plan of Vinachem in period 2017 - 2020. As such, Vinachem will hold less than a 50% stake in seven companies and sell all of its stake in 15 other companies after completing the equitization process.
In 2017, Vinachem reported its industrial production value at VND42 trillion (US$1.8 billion), equaling the year's plan and an increase of 8.8% compared to 2016, informed the Vice Minister of Industry & Trade Do Thang Hai at the group's annual business review in 2017 and plan for 2018 late January.
The group's revenue in 2017 is estimated at VND45 trillion (US$1.9 billion) or 3.3% higher than the target, and up 5% over the last year's period, resulting in a consolidated profit of VND47 billion (US$2 million).
PetroVietnam Gas (PV Gas), one of the 3 companies with largest market capitalization in Vietnam's stock exchange is scheduled for divestment in 2018.
Under the plan, PVN will reduce its ownership at PV Gas from 95.8% to 65% in period 2018 - 2019. PVN has also approved PV Gas' restructuring plan for period 2016 - 2020.
In 2017, PV Gas' consolidated revenue reached VND66 trillion (US$2.9 billion), according to the company's financial report, in which its pre-tax profit is estimated at VND10.5 trillion (US$462 million). PV Gas has contributed nearly VND4.7 trillion (US$207 million) to the state budget.
