The equitisation of State-owned enterprises (SOEs) is still slow, failing to reach the rate of progress as directed by the Prime Minister, Deputy Minister of Finance Vu Thi Mai said at the Government’s regular press briefing in Hanoi on May 4.

Illustrative image (Source: VNA)

The event was held following the Government’s regular meeting and presided over by Minister-Chairman of the Government Office Mai Tien Dung.

Mai said only two SOEs had their equitisation plans approved with total value of 295 billion VND (12.68 million USD) in the first four months of 2019.

From 2016 to April 2019, 161 SOEs had equitisation plans approved with total value of 442 trillion VND (19.11 billion USD), including 206 trillion VND (8.9 billion USD) of State capital, she added.

The remaining number of SOEs that must be equitised is 97, accounting for 76 percent of the assigned plan.

While explaining about this slow progress, Mai said some ministries, sectors, localities, economic groups and State-owned corporations have yet been active and serious in implementing equitisation, divestment and business restructuring plans.

Problems related to finance, land, and labour have also hindered the process, the Deputy Minister said.

Mai noted that the Prime Minister and the Government have issued a number of resolutions directing ministries, sectors, localities and economic groups to carry out tasks to speed up the equitisation of SOEs.

The Ministry of Finance and the Ministry of Planning and Investment were urged to revise and supplement legal documents, specifically decrees related to the equitisation of SOEs, she said.

Equitised businesses must review their land fund to map out land use plans according to the Land Law, Mai added.