Ministry of Finance "urges" PVN to implement divestment in sensitive sectors

14:35 | 01/04/2019 Finance Follow english.haiquanonline.com.vn on

VCN- Facing the proposal of Vietnam Oil and Gas Group (PVN) to divest for period 2017-2020 with a large amount of divestment, which is difficult to implement when it must ensure optimal benefits for the State, so the Ministry of Finance has requested PVN to implement the direction of the Prime Minister and focus on accelerating divestment at its enterprises operating in sensitive sectors.

	Making effort to promote equitization and divestment at the end of the period
	Equitization, divestment: An effective solution to improve the efficiency of SOEs
	Equitization, divestment: An effective solution to improve the efficiency of SOEs

ministry of finance urges pvn to implement divestment in sensitive sectors

The Prime Minister has approved a list of enterprises under PVN subject to arrangements, equitization and divestment in the period 2017-2020.

In a written response to PVN’s petition on restructuring, equitization and divestment at PVN’s enterprises, recently, the Ministry of Finance said that the Prime Minister has issued the official letter No.1182/TTg-ĐMDN dated 11 August 2017 on approving the list of PVN’s enterprises subject to arrangements, equitization and divestment in the period 2017-2020.

Accordingly, requesting PVN to comply with the Prime Minister’s direction, including focusing on accelerating divestment in enterprises in sensitive sectors (Real Estate, Investment Fund, Securities, and Insurance) such as PetroVietnam Trade Union Finance Investment Joint Stock Company (PVFI), Green Indochina Development JSC and PetroVietnam Insurance Company (PVI).

Regarding the timeline for the equitisation process, the Ministry of Finance said that the Government’s Decree No 126/2017/ND-CP dated 16 November 2017 on transforming SOEs and one-member limited liability companies with 100% charter capital invested by State-owned enterprises into joint stock companies, specifies the regulations on selecting strategic investors and the organisation of auctions among strategic investors.

Positive equitisation and divestment outlook in 2018

Regarded as a fruitful year for the Vietnamese stock market, 2017 also saw great strides in the ...

The selection of strategic investors should be implemented at the time of developing the equitisation plan to ensure the selection of appropriate investors, accompanying the development of enterprises after equitisation. The specific regulations on the time and progress of the selection and sale of shares to strategic investors are to complete the target and roadmap of equitization of state-owned enterprises according to regulations.

If facing specialized shortcomings and contents arising during the equitization, the Equitization Steering Committee shall report to the Prime Minister for a decision according to the provisions of Point d, Clause 1, Article 45 of the Decree No. 126/2017/ ND-CP.

By Hong Van/Ngoc Loan

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