Experts also said that the privatisation of enterprises in the agricultural sector must be in line with the sector's restructuring. — VNA/VNS Photo Manh Linh

HA NOI (Biz Hub) — The privatisation of agricultural enterprises will be hastened during this year to boost the development of the farming sector, according to the Ministry of Agriculture and Rural Development.

The ministry's Corporate Management Department reported that the restructuring of seven enterprises under the ministry were completed by the end of 2014.

The ministry now manages 13 groups and corporations. In 2015, the ministry will speed up privatisation at the Viet Nam Forest Corporation, the Viet Nam General Rubber Corporation, the Farm Equipments Corporation and the Southern Food Corporation, besides the Viet Nam Coffee Corporation.

A total of more than VND1.5 trillion (US$70.7 million) was withdrawn from non-core agricultural businesses by the end of last year, or 46 per cent of the Government's target.

The department said the capital withdrawal was below expectations as many economic sectors were facing difficulties, hindering the process, adding that the capital withdrawal only focused on the organisation structure, while management capacity was not given adequate attention.

Economist Cao Sy Kiem said that a detailed privatisation plan was critical to speed up the process.

Experts also said that the privatisation of enterprises in the agricultural sector must be in line with the sector's restructuring.

Deputy Prime Minister Hoang Trung Hai was quoted by the Tin Tuc (News) newspaper as saying that the development of farming enterprises was important to the development of the agricultural sector, which will help create jobs and contribute to the transformation of the economic structure. — VNS