SOE dividends yet to be fully counted, says ministryHong Phuc By Hong Phuc - The Saigon Times Daily HCMC – Exact earnings from dividends and real profits of State-owned enterprises (SOEs) will be announced in March or April but taxes collected from the sources have been based on interim results, said an official of the Ministry of Finance. The interim results are relatively correct, the official told the Daily while explaining the collection of over VND20 trillion worth of dividends and profits of SOEs in the last month of December. The source brought State budget collection to higher than last year’s target. The collection was made following the National Assembly’s (NA) resolution and the Government’s Decree No. 204/2013/ND-CP. Last year was the first time SOEs had to submit dividends earned from affiliates and associated firms to the State budget. Speaking at the press briefing a week ago, Minister of Finance Dinh Tien Dung said that Stage budget collection … [Read more...] about SOE dividends yet to be fully counted, says ministry
Soes
Jan-May sees 36 SOEs going public
Jan-May sees 36 SOEs going public Lan Nhi HANOI - The Steering Committee for Enterprise Reform and Development said 36 State-owned enterprises (SOEs) and two public service organizations went public in the first five months of this year. They comprised six large corporations, such as Vietnam Forest Corp and Vietnam National Construction and Consultants Corp. Of the equitized SOEs, eight were under the Ministry of Industry and Trade, eight under the Ministry of Agriculture and Rural Development, four under the Ministry of Defense, and two under the Ministry of Construction. A number of provinces that had no SOEs equitized last year have made progress this year. For instance, each of Nam Dinh and Gia Lai provinces let two SOEs undergoing equitization in January-May. However, provinces like Tien Giang, Binh Duong and Daklak, and the ministries of natural resources-environment and information-communications reported no equitized SOEs in the first five months. The committee said 61 … [Read more...] about Jan-May sees 36 SOEs going public
Transparency must be improved in SOE equitisation
Transparency in the equitisation of State-owned enterprises (SOEs) must be enhanced to attract foreign strategic investment in the process, experts said.The Government plans to divest from more than 130 SOEs by 2020, which would significantly push up share supply in the coming years.Sai Gon Securities Company estimated that the Government’s planned divestment from SOEs would be worth some US$4.35 billion – a huge sum that would require capital resources from foreign strategic investors to absorb.Selling stake to foreign strategic investors would have a lot of positive impact, such as easing the financial burden on the State, improving operational efficiency, promoting technology transfer and enhancing management capacity and competitiveness.“We know strategic investors will not only bring new financial resources, but also other changes,” Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM) said.However, the reality is attracting … [Read more...] about Transparency must be improved in SOE equitisation
Transparency must be improved in SOE equitisation to attract strategic investors
HÀ NỘI – Transparency in the equitisation of State-owned enterprises (SOEs) must be enhanced to attract foreign strategic investment in the process, experts said. The Government plans to divest from more than 130 SOEs by 2020, which would significantly push up share supply in the coming years. Saigon Securities Inc estimated that the Government’s planned divestment from SOEs would be worth some US$4.35 billion – a huge sum that would require capital resources from foreign strategic investors to absorb. Selling stake to foreign strategic investors would have a lot of positive impacts, such as easing the financial burden on the State, improving operational efficiency, promoting technology transfer and enhancing management capacity and competitiveness. “We know strategic investors will not only bring new financial resources, but also other changes,” Nguyễn Đình Cung, director of the Central Institute for Economic Management (CIEM) … [Read more...] about Transparency must be improved in SOE equitisation to attract strategic investors
Deputy PM pushes SOE equitisation
Hue asked relevant ministries to finalize the regulations describing the rights and obligations of State ownership representatives in order to boost SOE privatization. He also asked them to submit reports on the results of SOE restructuring in 2017 to the Government.Statistics of the Steering Committee for Business Renovation and Development showed that 21 SOEs were equitized between January and November, collecting a total of more than 2.2 trillion VND (97 million USD). Four SOEs were allowed to delay their privatization to 2018, which are the Housing and Urban Development Corporation, Vietnam Cement Industry Corporation, Khanh Viet Corporation and Vietnam Television Cable Corporation. State capital divestments from January to November collected 25 trillion VND, 20 trillion VND of which came from capital withdrawal from national dairy firm Vinamilk. After liabilities, the divestments were worth more than 5.2 trillion VND in book value. In the remaining months of this year, the State … [Read more...] about Deputy PM pushes SOE equitisation