The SOE block will basically complete the restructuring and transformation of ownership by 2025

The project aims to improve the operational efficiency and competitiveness of SOEs on the basis of modern technology, innovation capacity, management following international standards, and play a good role in leading the development of enterprises belonging to other economic sectors in order to effectively mobilize, allocate and use social resources; strictly manage, preserve and develop state capital and assets at enterprises.

To basically complete the rearrangement of the SOEs, mainly focusing on key fields and important areas in terms of national defense and security; sectors in which enterprises of other economic sectors do not invest.

At the same time, the restructuring should have key points, focusing on weak and loss-making businesses; handle projects and works that are behind schedule, inefficient investment, and prolonged losses of economic groups, state corporations, and SOEs.

The equitization of SOEs and the divestment of state capital in enterprises must ensure the substance, efficiency, feasibility, publicity, transparency, and compliance with the law, without losing the brand and corporate identity; fully evaluate and identify capital, land and brand resources.

Furthermore, consolidating and developing a number of large-scale economic groups and state corporations which have good brands, efficient production and business activities, and regional and international competitiveness.

Source: Internet

Ensure revenue collection from restructuring

The scheme sets a specific target that is completing the rearrangement and transformation of ownership of the SOEs by 2025. To ensure revenue collection from restructuring enterprises that collect at least VND248,000 billion following Resolution No. 23/2021/QH15 dated July 28, 2021 of the National Assembly on the national financial, borrowing and public debt repayment plan for the 2021-2025 period.

Approving the restructuring plan for the 2021-2025 period of all state-owned economic groups and corporations (including economic groups and corporations in which more than 50% of charter capital is held by the State or the total number of shares), SOEs. It needs drastic and effective implementation to get real results, create positive and strong changes.

Thus, to achieve the above objectives, the Scheme will implement tasks and solutions such as continuing to restructure SOEs; perfecting institutions and policies; improving the operational efficiency of the management system, capacity and quality of the management staff; improving the effectiveness and efficiency of state management of SOEs; improve the leadership and supervision role of party organizations in SOEs.

Completely solve scattered investment

Regarding restructuring SOEs, it is necessary to determine an appropriate roadmap for equitization of SOEs and divestment of state capital in enterprises and strictly implementing regulations on registration of transactions, listing on the stock market, ensuring public disclosure, transparency, efficiency, accurate assessment, full determination of enterprise value, including capital, land and brand resources; do not lose the brand, corporate identity, do not lose capital or state property.

Furthermore, to completely solve the situation of investment spreading outside the main business lines through divestment, ensuring that economic groups, state-owned corporations and SOEs have to focus on their main business areas; save costs, improve the quality of goods, services, reputation and brand in the market.

Besides that, piloting the selection of a number of enterprises after equitization that is eligible and has a reasonable size to register for trading and list on regional and world stock markets.

The Decision will also review, evaluate and clarify the actual situation of each enterprise or inefficient project in order to have a solution in order to minimize losses to the State and society. Creating a mechanism for enterprises to be proactive and autonomous in project handling, the State uses resources in accordance with the law to support the dissolution and bankruptcy of enterprises in which 100% of charter capital is held by the State and associated with the responsibilities and obligations of the state owner.

Improve the institutions, overcome obstacles in SOE restructuring

In order to improve institutions and policies, the Decision clearly states that it is necessary to promptly review and amend the provisions of the Law on Management and Use of State Capital invested in production and business at enterprises, the Law on Bidding, Law on Land and other relevant legal documents to overcome problems arising in the restructuring of SOEs, investment and management of state capital in enterprises to better meet the requirements.

Moreover, completing regulations on the State placing orders and competitively selecting SOEs to participate in socio-political tasks. Completing mechanisms and policies to promote coordination and cooperation between SOEs and between SOEs and enterprises of other economic sectors; innovate corporate governance in SOEs following international principles and standards; renovate the mechanism of salary, bonus and remuneration of employees, managers and administrators of SOEs in a reasonable and highly competitive manner, associated with labor productivity and production and business efficiency.

Adjusting the corporate governance to approach to the "good governance model"

In addition, enhancing the quality of corporate governance, adjusting the corporate governance method to approach the "good governance model" in accordance with international practices. Forming a professional and highly qualified SOE management team; financial health, improve technology, innovation capacity, modern management following international standards.

Promoting the leading role of SOEs in the formation and expansion of production, supply and value chains, especially in industries and fields that the State needs to hold.

Optimizing resources in terms of capital, land, brand, tradition, history at the enterprise; strictly manage capital, state assets and enterprise assets in accordance with the law.

Promote decentralization, individualization of responsibilities, empowering enterprises to be more proactive, upholding the responsibility of leaders in restructuring and implementing production and business activities; strengthen supervision and inspection of SOEs activities, control power, promptly detect and strictly handle violations.