Hanoi(VNA) – Four major corporations under the Ministry of Construction, will beequitised in 2017 under Deputy Prime Minister Vuong Dinh Hue’s instruction onrestructuring State-owned enterprises and enterprises with State capital.
The four are theSong Da Corporation, the Housing and Urban Development Corporation, the Vietnam Urbanand Industrial Park Investment & Development Corporation, and the Vietnam CementIndustry Corporation.
The Deputy PMalso ordered the divestment of State capital and transfer of State capital ownershipright to the State Capital Investment Corporation(SCIC) at 12 equitised corporationsand the four corporations that are carrying out equitisation.
The move shouldbe carried out in adherence to regulations in Decision No 58/2016/QD-TTg of thePrime Minister, with the target firms to be classified into three groups.
Group 1comprises LICOGI Corporation in which the State-owned 40.71 percent stake willbe maintained and the control of the State stake in the corporation will betransferred to the SCIC in the first quarter of 2017.
Group 2comprises 10 corporations including the Vietnam Urban and Industrial ParkInvestment & Development Corporation. The State capital in those 10 will be reduced to zeropercent by the end of 2018.
Group 3comprises five corporations and companies including Song Da Corporation,Vietnam Cement Industry Corporation and the Housing and Urban Development Corporation.The State-owned capital in those firms will be reduced to 51 percent by the endof 2019 and a roadmap will be developed to transfer the State capitalrepresentative right at each corporation to the SCIC.
The Deputy PM requestedthe MoC to ensure the State and labourers’ interests during the equitisationand rearrangement process according to law.
ꦰ He also assignedthe MoC to strengthen management and supervision of State capital divestment ataffiliates of corporations to prevent loss of State capital.-VNA
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Illustrative image (Source: VNA)
