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PM orders improving SOEs effectiveness

VGP - Prime Minister Pham Minh Chinh ordered subordinate levels to put forward new orientations and measures to improve the effectiveness of the State-owned enterprises (SOEs).

March 24, 2022 9:05 PM GMT+7
PM orders restructuring SOEs effectiveness  - Ảnh 1.

Prime Minister Pham Minh Chinh chairs teleconference with executives from the State-owned enterprises (SOEs) , March 24, 2022 - Photo: VGP

The Government chief made the above requirement while addressing a teleconference with SOEs executives on March 24.

Deputy Prime Ministers Le Minh Khai and Le Van Thanh and representatives from ministries, agencies and 63 localities also attended the event.

According to the Ministry of Planning and Investment, the State holds 100 percent of charter capital in nearly 500 enterprises and at least 50 percent of charter capital in 200 others.

Although making up only 0.08 percent of the total number of businesses in the country, as of December 31, 2020, wholly state-owned enterprises accounted for 7 percent of total assets and 10 percent of the equity of all businesses, about 25.78 percent of the total capital for production and business, and 23.4 percent of the fixed asset value and long-term financial investments of the firms on the market.

The average asset of a SOE is VND6,096 billion (nearly US$267 million), 18 times higher than a foreign-invested firm and 139 times higher than a private enterprise. 

SOEs operating in energy, telecommunications and banking are contributing 29 percent of the nation's GDP.

Around 700,000 laborers are working in SOEs, making up 7.3 percent of the total number of laborers working at enterprises.

Gov't approves Project on restructuring SOEs in 2021-2025 period

Earlier, Deputy Prime Minister Le Minh Khai signed a decision approving a project on restructuring SOEs in the 2021-2025 period.

Under the project, all State economic groups and corporations in which the State holds more than 50 percent of charter capital will be rearranged by 2025.

SOEs are expected to contribute at least VND 248 trillion (US$ 15.5 billion) to the State budget.

As many as 183 enterprises had been approved for equitization from 2016 to June 2021 but only 39 of them were equitized, according to the Ministry of Finance./.