ADB backs State-owned enterprises reform

The State Bank of Vietnam and the Asian Development Bank (ADB) on Sept. 27 signed a plan to disburse a 630 million USD loan for the State-owned enterprise reform and corporate governance facilitation programme.

The loan aims to assist Vietnam in reforming a number of State-owned enterprises (SOEs) and their affiliated companies, improve corporate governance via financial restructuring and renewing corporate operations.

The first sum of 130 million USD will be re-lent to the Song Da Group, the Southern Waterborne Transport Corporation and the Debt and Asset Trading Company.

Speaking at the signing ceremony, SBV Governor Nguyen Van Giau said the ADB’s loan affirms its commitment to supporting the Vietnamese Government in effectively tapping resources of State-owned enterprises and enhancing their competitiveness and operations.

The loan will also help Vietnam spur socio-economic development, speed up hunger eradication and poverty reduction, and improve the quality of growth.

By the end of 2008, 4,979 SOEs had been restructured, of which 3,369 were equitised. During 2008-2010 period, an additional 1,535 small and medium-sized enterprises are planned for restructuring, including 948 businesses undergoing equitisation.

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