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VNR aims to become consortium
The Viet Nam Railway Corporation (VNR) has plans to become a group after its equitisation, said an official from the corporation.
Nguyen Huu Bang, VNR's general director, told Viet Nam News that VNR had planned in the near future to set up a project on developing the corporation into a group.
The group would involve one team of equitised enterprises operating completely according to the market economy, and another team of enterprises doing business and providing services for social security, he said.
Bang said that in 2007 the corporation had completed its equitisation plan of 28 enterprises that it had started in 2003. as required by the Government.
According to a report from VNR's Financial Department, the total charter capital of the 28 equitised enterprises had increased to VND412.35 billion (US$24.99 million) from VND365.12 billion when the equitisation was completed last year. Some of these enterprises had dividends of 13-14 per cent per year.
Diep Anh Tuan, bead of the department, said that all the capital of the equitised enterprises had come from domestic shareholders.
Deputy Head of the Enterprise Renewal Department Nguyen Trong Dung said that his agency was awaiting the Prime Minister's approval for its new plan on State-owned enterprise (SoE) equitisation, to speed up the tempo and ensure the quality of the process.
The move asked responsible agencies to reconsider the proportion of shares for foreign strategic partners and to revise relevant policies in favour of the target enterprises.
Statistics released by the Enterprise Renewal Department revealed that so far this year just 10 of 45 State-owned corporations and economic groups on the Government's list for this year's equitisation had begun their processes. Many of them had delayed their equitisation and initial public offerings (IPO) in the wake of the declining stock market, high inflation and bank loan interest hikes.
In addition to the Viet Nam Garment and Textile Group, which had submitted an official proposal for postponing its equitisation timetable until 2009, many other groups such as the Viet Nam Industrial and Commercial Bank, mobile phone giants Mobifone and Vinaphone, and Vietnam Airlines were open to the option of delaying their equitisation schemes until next year.
Despite all of the above difficulties, SoE equitisation would continue in an effort to renew enterprises and improve their competitive edge and performance as well as to draw foreign investment, the official said.
VNN
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