Hanoi plans to establish a corporation that will take over the task of privatizing state enterprises.
The city has petitioned the National Assembly's Economic Committee to set up the corporation under the control of the Hanoi people's committee.
News website VnExpress on May 3 quoted Nguyen Huy Tuong, vice chairman of the People's Committee, as saying plans are being drawn up.
It is looking at something similar to the State Capital Investment Corporation, Vietnam's sovereign fund that helps equitize public firms and invest public funds and has a portfolio worth $2.39 billion, he said, adding this would accelerate the reform process in Hanoi.
Five companies have submitted plans to restructure, a sixth of the number expected to complete the task by 2015.