City realizes $113.5 mln from sale of non-core businesses of state firms

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Ho Chi Minh City plans to use its privatization and divestment funds for infrastructure development. Photo: Bach Duong Ho Chi Minh City plans to use its privatization and divestment funds for infrastructure development. Photo: Bach Duong
Ho Chi Minh City plans to reduce the number of state firms to seven by 2018 by restructuring and denationalizing

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Ho Chi Minh City has reported positive results from a massive plan to restructure more than 100 state-owned firms since 2014, with 32 of them privatized and US$113.5 million realized from sale of non-core businesses.
In a report Friday the city government said it also shut down or merged more than 10 companies during the period.
The city plans to privatize 53 other companies by the end of 2018, cutting the number of state firms in the city down to seven.
Money earned from the privatization and divestment would be spent on infrastructure development and crucial public projects, the report said.
Le Manh Ha, a central government spokesman, told city authorities at a meeting Friday that one or two state firms could remain if necessary.
“When state management causes losses and proves ineffective, don’t be afraid to hand businesses to private investors,” Saigon Times quoted him as saying.

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