Revenues from equitization and State divestment exceed the plan thanks to Sabeco
By Minh An
December 28, 2017 | 07:57 AM GMT+7
In 2017, the target of revenue from equitization and divestment is VND60 trillion (more than US$2.6 billion) but the sale of shares in Sabeco alone has brought in VND110 trillion (US$4.85 billion).
Dang Quyet Tien, head of the Enterprise Finance Department
According to the information from Ministry of Finance, up to December 20, 45 enterprises were approved for equitization. Of which, the total value of these enterprises is nearly VND214 billion (more than US$9.4 million) and the value of State capital is about VND88 billion (more than US$3.8 million).
Dang Quyet Tien, head of the Enterprise Finance Department, said that there were 10 companies which underwent State divestment under the Prime Minister's Decision No.1232/QD-TTg.
He pointed some companies that had large and successful divestments in 2017 such as Vietnam Dairy Products Joint Stock Company (Vinamilk) and Sabeco. With the successful auction of 53.59 per cent of Sabeco's charter capital on December 18, nearly VND110 trillion (US$4.8 billion) was collected.
According to the management agency, although there are not many enterprises under restructure and reorganization, the quality of equitization has been increased. The evidence of this fact is that value of the State capital at the enterprises and value of equitized enterprises in 2017 increased by from 3.5 to six times compared to that in 2016.
The management agency also pointed out the causes of slow progress of equitization.
The first cause is a slow approval of the project to undergo restructure, equitization and State capital divestment.
The second cause is that the registration of transactions on the stock exchange of state owned enterprises (SOEs) after equitization has not been taken seriously. There are 747 enterprises that have not registered for trading and listed on the stock market.
Dang Quyet Tien said that in the coming time, Vietnam government will accelerate equitization and State capital divestment of SOEs.
In addition, the authorities will continue to review the relevant laws and regulations to submit to the competent authorities for amendment and supplement. He also emphasized the need to disclose information in the equitisation process in order to attract the attention of strategic investors.
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