Among 479 SOEs subject to restructuring in 2014 and 2015, 143 had been equitised as of December 25, while 14 others had merged, three dissolved, three sold, and three filed for bankruptcy. — VNA/VNS Photo Ngoc Ha

HA NOI (Biz Hub) — Deputy Prime Minister Vu Van Ninh has asked ministries, localities, and businesses to accelerate the restructuring of State-owned enterprises (SOEs), to assure the plan is met for 2015.

Ninh, who is also the head of the Steering Committee for Business Renovation and Development, chaired a meeting to review SOE restructuring in Ha Noi on Saturday.

A report released at the meeting detailed how the SOE restructuring, with a focus on economic groups and corporations, was accelerated and made considerable progress in 2014.

Among 479 SOEs subject to restructuring in 2014 and 2015, 143 had been equitised as of December 25, while 14 others had merged, three dissolved, three sold, and three filed for bankruptcy.

Further, more than VND6.07 trillion (about US$289.05 million) in investments were divested from 233 firms, six times higher than one year earlier, which generated over VND8 trillion ($380.95 million) in payments, which was 1.3 times its face value.

However, the number of equitised businesses and the divested sums remained lower than expected, while some policies and mechanisms were not issued or amended in a timely manner, the meeting heard.

Officials also noted that in 2015, relevant agencies need to overhaul restructuring measures, complete policies guiding the implementation of the Law on Management and Use of State Capital in Production and Business, as well as the revised Law on Enterprises.

Ministries, localities, and State-owned groups and corporations also need to push qualified enterprises to conduct initial public offerings (IPO). Meanwhile, the remaining companies will be converted into joint stock companies with shareholders being the State, the State Capital Investment Corporation, trade unions, and employees, among others.

SOE restructuring is part of the economic restructuring called for in the National Assemblys Resolution No.10/2011/QH13 on the socio-economic development plan for 2011 to 2015. Public investment and the banking system are also being restructured. — VNS