The equitization and divestment processes of Vietnam's state-owned enterprises (SOEs) brought about VND28 trillion (US$1.2 billion) in the first six months of 2018, local media cited the committee as saying.The said figure results in an accumulated amount of VND198 trillion (US$8.53 billion), including VND30 trillion (US$1.29 billion) in 2016 and VND140 trillion (US$6.03 billion) in 2017, stated the committee's report on public sector reforms.
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Specifically, the combined charter capital of the 19 SOEs in subject is over VND22 trillion (US$948 million), of which the state holds nearly VND13 trillion (US$560.3 million) or 58.83% of total charter capital. In addition, employees are eligible to buy VND112 billion (US$4.82 million) or 0.51%, and strategic investors nearly VND9 trillion (US$387.8 million) or 40.66%.
During the January - June period, 16 SOEs launched their respective initial public offerings (IPO) and sold stakes to strategic investors for VND22.5 trillion (US$968.9 million) in total. Those included some large corporations such as PetroVietnam Power (PV Power) with VND7 trillion (US$301.9 million) from the IPO, Binh Son Refinery and Petrochemical (BSR) with VND5.4 trillion (US$232.9 million), PetroVietnam Oil (PV Oil) with VND4 trillion (US$172.5 million), Vietnam Rubber Group with VND1.3 trillion (US$56 million), and Vinafood 2 of VND2.4 trillion (US$103.5 million).
Under their approved equitization schemes, those 16 SOEs have charter capital of combined VND136 trillion (US$5.85 billion), of which the state holds 54.12% of charter capital, employees 0.52% and investors 45.36%.
With regard to divestment process, the report showed 42 SOES completed the process for returns of VND5.6 trillion (US$241.2 million) from divesting VND1.8 trillion (US$77.5 million) in book value.
Overall, total value from divestment and equitization process from 2016 until now is 2.5 times the figure recorded in the 2011 - 2015 period, stated the committee.
This resulted in a contribution of VND115 trillion (US$4.95 billion) to the state budget or 46% of the year's target set for the 2016 - 2020 period.
Progress falls behind schedule
Despite the positive results achieved, the committee stated the equitization process falls behind schedule. For example, only 19 out of 85 SOEs subject to equitization in 2018 have so far completed the process.
Meanwhile, the government withdrew capital from 17 out of 135 SOEs in 2017, while the figure in 2018 was 10 out of 181 SOEs.
The reason behind the delay, according to the Ministry of Finance, is the lack of efforts from ministries and provinces. Additionally, problems in finance, land and laborers from periods prior to equitization also hindered the process at targeted SOEs.
The SOEs subject to divestment and equitization in the 2018 - 2020 period are urged to speed up the process and to seek the Prime Minister's support if necessary.
