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All State firms to equitise, says PM
All state-owned enterprises will be turned into limited liability or joint stock companies and operate under the Enterprise Law by July 2010 under a new directive by Prime Minister Nguyen Tan Dung.
The directive also regulates that all plans to equitise state-owned companies into limited liability companies or joint stock companies must be submitted to the Prime Minister for consideration and approval by the third quarter of this year.
The PM has also noted that when evaluating the value of a company for equitisation, it is necessary to calculate the business advantage value of the company, including the value of geography location, brand name and development potential.
Before approving the equitisation scheme for a State-owned company, authorised agencies must instruct the company to make a land-use plan that suits its business operation. Equitised companies must give unused land back to the State.
The PM has also ordered provincial people's committees to recheck land use by wholly State-owned companies and equitised companies and deal appropriately with violations including transfer of land use rights without the approval of competent agencies.
The PM has also ordered the Ministry of Planning and Investment to complete soon the Government's draft decree on implementing a pilot model for State-owned groups and submit it to the PM for approval in July.
State-owned groups
The Ministry of Finance will be responsible for considering and deciding the investment proportion that each. State-owned group can invest outside its main operating sector.
The ministry will adjust activities of State-owned groups that have invested in banking, trade, stocks and real estate sectors in the past although they were not being assigned to invest in such sectors.
The finance ministry will be responsible for proposing sanctions against individuals who have violated equitisation regulations and caused losses of State property through the process.
The PM has also ordered several ministries to build pilot projects on setting up State-owned groups and submit them to the Government in July.
Under the order, the Ministry of Defence will map out a pilot project on establishing a State-owned group operating in the telecommunications sector on the basis of restructuring its Viettel Corporation.
The Ministry of Industry and Trade will come up with a pilot project to establish a State-owned group operating in the chemical industry on the basis of restructuring the Viet Nam National Chemical Corporation.
The Ministry of Construction will work on setting up a State-owned group operating in the construction industry and heavy engineering sector as well as one engaged in the real estate sector.
The PM has also ordered the boards of management of State-owned groups to complete formulating regulations on internal management and reassess their business operations and investment portfolios towards aligning them with their tasks and development strategies.
VietNamNet, VietNamNews
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