Vinatex workers process cloth. The company is among State-run firms which will be innovated with ADB finances. — File Photo

HA NOI (Biz Hub) ― Prime Minister Nguyen Tan Dung has adopted a project to innovate State-owned enterprises (SOEs) with Asian Development Bank (ADB) finances in the future.

According to Dien dan Doanh nghiep (The Business Forum), the project has a total investment capital of US$335 million, with $320 million to be borrowed from the bank and the remainder from local sources.

The scheme will be applied for Song Da Corporation, Construction Corporation No. 1 and Viet Nam National Textile and Garment Group (Vinatex).

Once the ADB loan is available, the programme will be implemented within three years by assisting the firms to restructure debts; divest from non-core line of business; improve profitability and transparency; and renovate management capacity. This will be a basis for reorganising other SOEs in Viet Nam.

The Ministries of Finance, Construction and Industry and Trade are responsible for implementing the scheme. ― VNS