Government looks to speed up restructure of public sector

Thanh Nien News

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 Airports Corporation of Vietnam, which manages 22 airports around the country, is set for an IPO on December 10 even as the government is pushing state firms to restructure. File photo
The Vietnamese government has ordered its agencies to speed up the restructuring of state enterprises, including selling shares in 50 companies by the end of the year. 
Deputy Prime Minister Vu Van Ninh has written to state agencies and enterprises, warning that some of them have been "slow" to restructure, the government website reported Friday.
As of November 10 the government has privatized 408 state-owned firms, or nearly 80 percent of the target set for 2011-15, it said.
Ninh also ordered the agencies and enterprises to continue the pull-out from non-core businesses. He said though they do not need to make divestment at any cost, they need to "immediately" tackle cases where they suffer losses.
Since 2010 state agencies and enterprises have sold a total of VND16.45 trillion ($719.75 million) worth of non-core businesses, according to the government's latest figures.
Nearly 53 percent of this, or more than VND8.7 trillion ($380.83 million) worth, was from the real estate, insurance, securities, and finance and banking sectors.
But it is only 37 percent of the target the government had hoped to achieve by this year end in the five sectors it deems "risky".

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