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Deputy Minister: VINACAFE equitisation a must
Vietnam National Coffee Corporation (VINACAFE) will begin equitisation in the third quarter of this year, according to Deputy Minister of Agriculture and Rural Development Ha Cong Tuan.
VINACAFE has over 34,000ha of land, of which the coffee growing area accounts for 16,000ha. Most of the area is owned by farmers, which may hinder the company’s equitisation process.
According to a representative from the ministry’s Department of Enterprises Management, VINACAFE’s equitisation remains slow. Among 18 State-owned enterprises that are VINACAFE’s subsidiaries, only five have been equitised.
To speed up the process, VINACAFE has asked the ministry to modify the equitisation process. The mother company wants to be equitised at the same time as its subsidiaries to lure investors. By using this method, VINACAFE will be equitised on schedule while raising the management capability of company after equitisation and retaining land and employees.
According to the plan to equitise VINACAFE from 2015-2017 approved by the Prime Minister, the State will hold 51 per cent of VINCAFE’s total shares.
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