Two trillion VND of State capital divested from transport sector
The Ministry of Transport (MoT) is pushing forward with the restructuring of State-owned enterprises (SOEs) in the sector, with two trillion VND of State capital divested in nine months.
Hanoi (VNA) – The Ministry of Transport (MoT) is pushing forward with the restructuring of State-owned enterprises (SOEs) in the sector, with two trillion VND of State capital divested from five corporations and companies since the beginning of this year.
According to Deputy Minister Nguyen Hong Truong, all State capital was withdrawn from the Civil Engineering Construction Corporation No. 6 (Cienco 6), the Transport Engineering Design Inc .(Tedi), the Waterway Transport Corporation, the Vietnam Motors Industry Corporation (Vinamotor) while 23.18 percent of the charter capital was withdrawn from the Civil Engineering Construction Corporation No. 5 (Cienco 5).
The divested capital was then put into the Business Arrangement and Development Support Fund of t he State Capital Investment Corporation (SCIC).
The MoT also transferred the management of State capital in the Thang Long Construction Corporation to SCIC and submitted to the Prime Minister for consideration the transfer of State capital management in three corporations (Cienco 5, Cienco 8, the Waterway Construction) and nine companies.
Deputy Minister Nguyen Hong Truong said the ministry has approved the strategic investors of the Airports Corporation of Vietnam and Vietnam Airlines, while continuing to work on the restructuring of Vinalines, VEC and Cuu Long corporations.
In the fourth quarter, Truong said, the MoT will accelerate the equitisation of public service delivery units that was given greenlight by the PM. The ministry will report to the PM the progress of the restructu🌺ring of the Vietnam Ship Building Industry Corporation ( SBIC ) and build the restructuring plan for Vinalines in the 2016-2020 period.-VNA
The State Bank of Vietnam (SBV) will continue to encourage the practice of mergers and acquisitions (M&A) as a solution to dealing with ailing credit institutions.
Dang Quyet Tien, Deputy Director of the Agency for Corporate Finance told the press on September 14 that the divestment of State capital at Vinamilk will be carried out this year.
The Hanoi People’s Committee will divest from 96 State-owned enterprises (SOEs) located in the city from 2016-20, according to a city government decision.
The plan to divest State capital from major State-owned enterprises (SOEs) such as Sabeco and Habeco is good news for the market and will create a more favourable investment environment in Vietnam.
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Illustrative image. (Source: VNA)
