The implementation of the Scheme of restructuring SOEs is still slow. Photo: Internet.

Progress fails to meet the target

The process of restructuring SOEs, equitization and divestment of state capital in many enterprises in 2016-2020 has achieved positive results. However, the performance at some SOEs has not gained results as expected.

Therefore, the Scheme of restructuring SOEs, focusing on economic groups and state-owned corporations in the 2021-2025 period issued on March 17, the Government sets the target of restructuring SOEs, focusing on loss-making enterprises; handling projects and works that are behind schedule, inefficient investment, and loss-making projects of economic groups, state-owned corporations and SOEs; implementing the equitization of SOEs and divestment of state capital in enterprises in an effective, transparent and feasible manner; assessing resources of capital, land, and trademarks; improving and developing a number of state-owned economic groups and corporations that have large-scale, good trademarks, efficient production and business activities, and regional and international competitiveness.

Some key goals in the scheme shown by 2025, completing the rearrangement and transformation of ownership of the SOEs; ensuring revenue from restructuring enterprises for 2021-2025, meeting at least VND248,000 billion; finishing the handling of loss-making and inefficient projects and works; approving the Scheme of restructuring SOEs for 2021-2025.

To achieve these goals, the scheme stipulates the responsibilities of the owner’s representative agencies and economic groups, state corporations, and SOEs.

However, it is assessed that the implementation of the scheme failed to meet the progress. Recently, at the conference on disseminating policies and laws on corporate finance in 2022, Mr. Pham Van Duc, Deputy Director of the Enterprise Finance Department (Ministry of Finance) said as of July 22, the department received reports from some owner’s representative agencies, including People's Committees of Ha Tinh, Ninh Thuan, Hoa Binh, Tra Vinh, the Voice of Vietnam about the development and approval of the scheme, including some reports failing to meet the time limit .

Three owner’s representative agencies as the People's Committees of Ha Tinh, Ninh Thuan and Hoa Binh provinces have developed and approved the schemes for restructuring and plans on approving the local enterprises.

Accordingly, Ha Tinh Provincial People's Committee approved the restructuring scheme for 10 local enterprises; Ninh Thuan Provincial People's Committee approved the scheme for one enterprise; Hoa Binh Provincial People's Committee developed the plan for five SOEs.

The remaining economic groups and other state corporations have developed and completed the schemes under the direction of the owner's representative agencies or these agencies have gathered feedback from units.

According to the Department of Enterprise Finance, the progress of building or approving the schemes has not yet met the requirements in the Government Resolution 68/NQ-CP dated May 12.

Reviewing to supplement and amend policies and mechanisms

According to the Ministry, in order to expedite the Scheme, the policies and mechanisms will be revised in a timely fashion to remove difficulties and obstacles and accelerate the equitization of enterprises in the near future.

The ministry has reviewed regulations on determining the value of enterprises, the value of land use rights, including the value of land use rights into the value of enterprises when equitizing, divesting state capital in enterprises, and the rearrangement and handling of houses and land in the equitization process.

The Ministry is reviewing and studying the amendment and supplementation of legal documents related to equitization and divestment to submit to the Government and the Prime Minister.

The Ministry of Finance will review and study and submit to the Government and the Prime Minister for consideration and decision for revising regulations in Decree 126/2017/ND-CP and Decree 140/2020/ND-CP, and Law on Management and use of state capital invested in production and business at enterprises (Law 69/2014/ QH13).

The Ministry of Finance will develop a plan and list of SOEs implementing equitization and divestment for 2021 - 2025 to ensure feasibility, suitability, and meeting the revenue of at least VND248,000 billion for development investment under the Resolution of the National Assembly.

The preparation for equitization and divestment includes the responsibility of the head of the SOEs and the owners. The Ministry will also handle financial shortcomings and problems; urgently arrange and handle housing and land facilities in accordance with the regulations on the management and use of public property.

Specifying the responsibilities of relevant organizations and individuals, especially the head of SOEs, and strictly handling cases of delay or violation of regulations on equitization and divestment of state capital in enterprises.

The Ministry proposes ministries, sectors and localities and SOEs comply with Resolution 68/NQ-CP dated May 12, 2022 of the Government, Decision 360/QD-TTg dated March 17, 2022, Decision 22/2021/QD-TTg dated July 2, 2021 and Official Letter 478/CD-TTg dated May 27, 2022 of the Prime Minister.