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| In seven months of 2022, the corporations and SOEs divested VND 382 billion |
Adding one equitized enterprise
According to the report of Ministry of Finance, in the first seven months of 2022, the units continue to implement the equitization work as planned. In addition, an enterprise was added that was An Giang Ferry One Member Company Limited (officially transformed into a joint stock company in 2021) to the list of equitization for the period 2017-2020. The list has been approved by the Prime Minister with a total enterprise value of VND309 billion, of which the actual value of state capital is VND278 billion.
In terms of divestment, in July 2022, the units continued to conduct divestment, however, there were unsuccessful divestment units (such as the case of Vietnam Education Publishing One Member Limited Company divesting at Vinh Long Company).
Accumulated in the first seven months of 2022, corporations and SOEs divested from enterprises with a value of VND382 billion, earning VND2,180 billion.
SCIC sold capital in 17 enterprises with a value of VND128 billion, earning VND687 billion; Vietnam Post Corporation divested from Post Joint Stock Company with a value of VND182 billion, earning VND1,409 billion; Vietnam Education Publishing One Member Company Limited divested capital from Tan Mai Group Joint Stock Company with a value of VND72 billion, earning VND83 billion, Mobifone Telecommunications Corporation divested capital from Southeast Asia Commercial Joint Stock Bank with a value of VND0.06 billion, earning VND0.35 billion.
In terms of the completion of mechanisms and policies for equitization, divestment and restructuring of SOEs, the Corporate Finance Department (Ministry of Finance) said that the system of legal mechanisms and policies serves for the process of SOE restructuring has been fully implemented and continues to be researched and perfected, ensuring publicity, transparency, maximizing the benefits of the State, removing difficulties and obstacles in order to accelerate the equitization and divestment progress. Limiting the loss of capital and state assets in the process of equitization, divestment and restructuring of SOEs.
Ministry of Finance submitted to the Government for promulgation Decree No. 148/2021/ND-CP on management and use of revenue from the conversion of enterprises’ ownership, public non-business units, and revenue from state capital transfer and the difference in equity is larger than the charter capital at the enterprise. Decision No. 360/2022/QD-TTg approves the project “Restructuring SOEs, focusing on economic groups and state-owned corporations in the period of 2021-2025”.
At the same time, the Ministry of Finance has issued three Circulars including Circular No. 119/2021/TT-BTC amending and supplementing Circular No. 83/2018/TT-BTC of the Ministry of Finance guiding the transfer of the rights of representative state owners in SCIC; Circular No. 05/2022/TT-BTC guiding the restructuring of enterprises that are not eligible for equitization and transfer of shares with receivables of enterprises in which 100% charter capital is held by the State with the function of purchase, sale and settlement of debts/ Circular No. 07/2022/TT-BTC guides the handover, receipt and handling of debts and assets except when converting ownership of enterprises or public non-business units and following the direction of the Government and Prime Minister.
Strictly handling slowness and violations of regulations on equitization and divestment
According to the assessment, in seven months of 2022, the progress of equitization and divestment was slow.
For objective reasons, enterprises that are equitized and divested have a large scale and own a lot of lands. The Covid-19 pandemic has impacted the financial and securities markets in the country and the region, affecting the determination of enterprise value, making land use plans for equitization, and implementation of the auction of state capital shares in accordance with the regulations.
The implementation of equitization and divestment depends on the market situation, choosing a reasonable time to sell shares to bring efficiency and ensure feasibility.
In addition, subjective reasons stem from the awareness and implementation of some representative agencies of owners and heads of enterprises which are still not high, not drastic in implementing equitization and divestment, leading to the low results of equitization and divestment for SOEs that do not need to hold capital.
The preparation for equitization and divestment is also not good. Many enterprises have not fully completed legal procedures to rearrange and handle houses and land before equitization or divestment and there are still many problems and financial problems that have not been completely resolved.
In order to overcome, innovate and speed up the equitization and divestment progress in the coming time, along with the completion of mechanisms and policies, the Ministry of Finance has developed a plan on restructuring enterprises in the period of 2021-2025 to ensure feasibility, suitability and ensure revenue from equitization and divestment.
Agencies representing owners of state capital in enterprises, corporations and SOEs carry out equitization and divestment of state capital in SOEs under its management in accordance with regulations, ensuring publicity, transparency, efficiency and the highest recovery of state capital in enterprises.
Along with that, urging businesses directly managing and using real estate to declare and report, make plans to rearrange housing and land in accordance with the provisions of Decree No. 167/2017/ND-CP, Decree No. 67/2021/ND-CP to submit to competent authorities for approval under their competence.
The Ministry of Finance also suggested that the People’s Committees of the provinces and cities give their opinions on the plan to rearrange and handle houses and land of central enterprises, located in the area at the request of the Ministry of Finance, ministries and central agencies. This will ensure the approval progress of plans for rearrangement and handling of houses and land serving for the formulation of land use plans upon equitization.
At the same time, strictly handling cases of slow implementation or violating regulations on equitization and divestment of state capital in enterprises, clearly defining the responsibilities of the organizations and individuals involved, especially the leaders in the arrangement, equitization, divestment, restructuring of SOEs, performing related tasks and tasks; consider the performance of tasks and the results of the arrangement, equitization, divestment, and restructuring of SOEs as a criterion for evaluating related agencies, collective units and individuals.