Clause 3, Article 15 of the Finance Ministry's Circular No. 127/2014 / TT-BTC guiding the financial handling and valuation of enterprises when transforming enterprises with 100% of their capital into joint stock companies stipulates that " Duration between the time of announcement of value of the enterprise and the time of valuation should be six months at the maximum in case of application of asset approach and nine months at the maximum in case of application of discounted cash flow method and other methods" and " the sale of shares for the first time and the time of valuation should not exceed 18 months except for cases as decided by the Prime Minister" has caused difficulties in implementation. Especially for large-sized enterprises, such as generators of Vietnam Electricity, it is very difficult to ensure timely progress.
Official Letter 2297 / TTg-DMDN dated December 16, 2015 has stipulated that equitization of State-owned economic enterprises with 100% of charter capital " The ministers of the main business lines management ministries of the economic groups shall select the equitization consultancy organizations; making decision for announcement of enterprises value and submit to the Government’s Prime Minister for approval of the equitisation plan "this makes difficulties for the equitisation to achieve the process due to the prolonged period of time because it must be submitted to the authorized level (ministerial level).
