93 State-owned enterprises yet to be equitised

During the first five months of 2019, only three SOEs received approval from competent authorities to put their equitization plans into action. (Illustrative photo: VOV)

By May, only 34 out of 127 State - owned enterprises (SOEs) were equitized under the list mentioned in the Prime Minister’s Document No. 991, dated July 10, 2017.

Vietnam Economic Times cited a report released by the Department of Enterprise Finance under the Ministry of Finance as saying that during the first five months of 2019, only three SOEs received approval from competent authorities to put their equitization plans into action.

However, the most noteworthy thing is that the three SOEs are not among the enterprises named in Document No. 991.

The Ministry of Finance reported that nine firms named in the list made the pestment of State capital in the five-month period, earning VND1.657 trillion (US$71,25 million), which was VND898 billion (US$38.61 million) higher than the book value.

Most notably, the Ministry of Construction pested State capital from construction materials manufacturing Viglacera Corporation to gain VND1.587 trillion (US$68,24 million), doubling the book value of VND690 billion (US$29.67 million).

Between 2017 and May 2019, 87 entities made the State pestment and retained a combined VND8.765 trillion (US$376.89 million), nearly twice the book value VND4.549 trillion (US$195.60 million).