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Call to put brakes on new economic groups
The Ministry of Planning and Investment (MPI) is proposing a temporary halt in the establishment of new economic groups during the next three years in order to focus on completing the legal framework and implementing restructuring plans for those that already exist.
At a review meeting on the operation of economic groups held by the Government Office and relevant ministries, and attended by representatives from 12 economic groups in Ha Noi yesterday, Dang Huy Dong, deputy minister of MPI, said that the halt would also help authorities renew and improve the State supervision and management role in terms of the State ownership capital in each economic group.
Dong said that the implementation of restructuring plans should focus on their core business while divesting the investment capital they had already made into non-core business such as banking, insurance, real estate and securities.
From now until 2020, the parent companies of these economic groups were expected to be restructured into shareholding companies following a specific roadmap, Dong said.
In this plan, the State is set to hold more than 75 per cent of shares in the parent companies of economic groups involved in coal, mineral, oil and gas exploitation, exploration and processing; electricity production, transmission, distribution and trading; and fertiliser and chemicals production.
Dong also said that the State was scheduled to own over 65 per cent of shares in the parent companies of groups operating in posts, telecoms and information technology; rubber planting and processing; ship-building or repairing; and the banking sector.
The State would also hold more than 35 per cent of shares in several parent companies of groups in sectors including textile-garment, real estate trading and investment, insurance, construction and machinery.
The ministry unveiled an ambitious plan to improve corporate governance and accounting standards in these economic groups.
All participating economic group representatives requested the Government and ministries to complete the legal framework to help them operate more effectively.
The representative of the Viet Nam Posts and Telecommunications Group (VNPT) asked the Government to give the group special incentives to invest in foreign countries.
The Viet Nam National Textile and Garment Group requested State support for trade promotion to help its businesses find new markets.
The representative from the Viet Nam National Coal and Minerals Industries Holdings Corporation Ltd urged the Government to allow it to continue running under the shareholding company model and sell coal according to market prices.
Speaking at the meeting, Prime Minister Nguyen Tan Dung urged the MPI and relevant bodies to roll out an adequate restructuring model for economic groups in order to help them operate more efficiently while requiring them to focus on their core businesses.
Dung requested an accelerating equitisation plan for groups with less than 100 per cent of State ownership while asking for specific reform roadmaps for each economic group.
He also asked for reviews from ministries in terms of the legal framework for economic groups with an aim of clarifying the ownership rights regarding both the board of managers and ministries’ management.
According to the MPI, 12 economic groups have been established under a governmental trial run programme in the past five years. They are involved in key economic sectors such as oil and gas, construction, textile and garment, coal and minerals, electricity and telecoms.
Deputy Minister Dong said that most economic groups were large-sized in terms of their charter capital and assets. Eleven of the economic groups, excluding Bao Viet Group, were holding nearly 30 per cent of their total assets, 51.2 per cent of their equity and employed 40 per cent of labourers working in State owned enterprises.
Of all businesses in the economy, these 11 groups account for 10 per cent of the total assets, 14 per cent of the equity and 7.6 per cent of all labourers.
Over the past five years they have seen average growth of 119.6 per cent in their total assets, 75.1 per cent in the total equity and 16.36 per cent in human resources.
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