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PM approves Project on restructuring SOEs

VGP – Prime Minister Nguyen Tan Dung has approved the Project on restructuring State-owned enterprises, focusing on economic corporations and groups for the 2011-2015 period.

07/21/2012 20:37

Illustration photo

The Project was designed to make SOEs more rationally structured and centered on their core business lines so that they could play as a tool to regulate the macro-economy.

It also aims to improve the competitiveness and return on equity of the SOEs.

Classification of 100% SOEs

Under the Project, enterprises totally funded by the State are divided into three types:

Type one: SOEs where the State holds 100% of charter capital and operate in the fields of State monopoly, national defense and security; publication; transport safety; lottery; large-scaled electricity generation and distribution of special significance to socio-economic development, national defense and security; management and exploitation of national railway infrastructure; airports; first-grade seaports; and money printing.

Type two: Equitized enterprises, in which the State holds over 50% of charter capital, operate in the fields defined in the Prime Minister’s Decision 14/2011/QĐ-TTg dated on March 4, 2011 on criteria and classification index for SOEs.

Type three: SOEs operate inefficiently and suffer from prolonged losses.

The restructuring will be comprehensively conducted from structural organization, management, human resources, business lines, development strategies, investments to products.

Some economic groups and corporations will also be re-arranged.

Central task during 2012-2015

Ministries, agencies and localities are requested to quickly finalize and adopt plans for rearranging and renovating SOEs. They have to identify the number and list of SOEs in which the State holds 100%, over 75%, from 65% to 75%, over 50% to under 65% of charter capital.

They are also assigned to improve criteria and classification index for SOEs towards diverse ownership.

The arrangement and equitization of SOEs is the central task during the 2012-2015 period, according to the Project.

Putting an end to non-core investment by 2015

Each economic group or corporation established by the Prime Minister will have to submit its own restructuring plan to the Prime Minister for approval in Q3/2012.

Each economic group or corporation established by a Minister, provincial People’s Committee will have to submit its own restructuring plan to such Ministry or People’s Committee for approval in Q3/2012.

All economic groups and corporations must put an end to investments in non-core business lines by 2015.

By Hai Minh