Tuesday, 21 May 2019

Progress of SOEs privatization remains far behind schedule

Updated at Monday, 06 May 2019, 14:04
The Hanoitimes - In the first four months of 2019, government agencies have approved the privatization scheme of just two SOEs with total value of VND295 billion (US$12.73 billion).
From the total of 126 state-owned enterprises (SOEs) subject to privatization in the 2017 – 2018 period at the prime minister’s request, only 26 so far have completed the process, accounting for nearly 25% of the target, according to Vice Minister of Finance Vu Thi Mai. 
Overview of the conference. Source: VGP.
Overview of the conference. Source: VGP.
In the first four months of 2019, government agencies have approved the privatization scheme of just two SOEs with total value of VND295 billion (US$12.73 billion), Mai said at the government’s monthly press briefing on May 4. 

This brings total number of SOEs having privatization scheme approved during the three-year period, from 2016 to April 2019, to 164 with combined value of VND442 trillion (US$19.08 billion), of which the state capital amounted to VND206 trillion (US$8.89 billion). 

According to Mai, the slow privatization progress of SOEs was partly due to the lack of efforts from ministries and provinces, while problems in finance, land and laborers from periods prior to the privatization also hindered the process at targeted SOEs. 

In addition, the divestment process for SOEs has also lagged behind schedule. Some 135 SOEs were scheduled for divestment in 2017 and 181 others in 2018. However, only 31 firms have finished the divestment process on schedule.

For the remaining months of the year, the Ministry of Finance recommended government agencies review a number of laws, including the Law on Enterprises, Law on Management and Utilization of State Capital invested in the Enterprise's Manufacturing and Business activities, Law on Cadres and Civil Servants, and Law on Bankruptcy, among others, with the aim of facilitating the privatization and divestment process. 

The SOEs subject to divestment and privatization in the 2018 - 2020 period are urged to speed up the process and to seek the PM's endorsement if necessary. 
Ngoc Mai
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