State gets $194 million from MoIT enterprises divestment

Monday, Jan 05, 2015 17:30

The State has divested $194 million from groups and corporations under the Ministry of Industry and Trade. – Photo

HA NOI (Biz Hub) – The State has divested holdings worth more than VND4,130 billion, equivalent to US$194 million, in five groups and three corporations under the Ministry of Industry and Trade (MoIT).

According to a report on the government's website on January 5, the divested capital accounts for 51 per cent of the divestment in State-owned enterprises in different sectors.

The ministry has also transferred the right to represent the State's capital in two companies to the State Capital Investment Corporation (SCIC), the website reported.

In 2014, the ministry completed equitisation in one group and one corporation. It also forwarded proposals for equitisation of three corporations under the Vietnam National Coal and Mineral Industry Holding Corporation (Vinacomin) for government approval.

According to the government's plan on equitising the State-owned companies under the MoIT in the 2014-15 period, the ministry is to equitise nine business institutions, including the Vietnam National Textile and Garment Group (Vinatex), the Vietnam Vegetable Oil Industry Corporation (Vocarimex), the Vietnam Engine and Agricultural Machinery Corporation (VEAM), and the Machines and Industrial Equipment Corporation (MIE), besides the Vietnam Paper Corporation (Vinapaco).

Four companies under the ministry that are also scheduled to be equitised during the period are the V Construction Materials, Building and Assembling Ltd Company, the General Electric Apparatuses Machineries and Investment Company, the Foodstuff and Technology Investment Company (Fococev), and the BMC Construction Materials and Commercial Building and Assembling Company.

It is expected that by the end of 2015, MoIT will complete equitisation and restructuring of groups and corporations under it, and will manage four groups and one corporation fully owned by the State. – VNS

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