Investors are waiting for IPOs of large companies in the trade and services sectors such as Satra. — Photo anphong.vn The Government raised more than VND1.39 trillion (US$61.5 million) by divesting its stake in State-owned enterprises (SOEs) in the first quarter of this year, according to the Ministry of Finance. During this period, authorities also approved the equitisation plans of two SOEs---Phuoc An-Dak Nong Coffee Company and Van Tuong Company---at a total value of VND987 billion, of which VND187 billion is State capital. The first quarter also saw several equitised SOEs complete initial public offering (IPO) auctions, such as Binh Son Refinary, PV Oil, PV Power and Vietnam Rubber Corporation. According to data of StoxPlus Company, Viet Nam’s stock markets raised VND21.3 trillion through the IPO auctions of 12 SOEs in the first quarter, equal to the total IPO value of the previous four years. Experts attributed the high growth to a wave of equitisation of many large … [Read more...] about Government raises US$61.5mn from SOE divestment
Soes
Three SOEs to hold March IPOs
Viet Nam Southern Food Corporation (Vinafood 2) will make the first IPO on March 14. The corporation will auction 114.8 million shares, an equivalent to 23 per cent of its charter capital of VND5 trillion.– Photo cafef.vn Three State-owned enterprises (SOEs) will make initial public offerings (IPOs) in March, floating VND2.5 trillion (US$110 million) worth of stakes in the market in the second wave of SOEs IPOs in 2018. This value is more modest compared to the total VND26 trillion ($1.15 billion) IPOs of five large SOEs in January and early February. Viet Nam Southern Food Corporation (Vinafood 2) is the biggest company and will make the first IPO on March 14. The corporation will auction 114.8 million shares, an equivalent to 23 per cent of its charter capital of VND5 trillion. At the minimum bidding price of VND10,100 per share, the State is expected to collect at least VND1.16 trillion from this share sale. The Ministry of Agriculture and Rural Development will hold 51 per … [Read more...] about Three SOEs to hold March IPOs
Gov’t continues to restructure SOEs
Illustration photo Accordingly, in 2018, the Steering Committee will consult the Government and the PM to perfect the mechanisms and the legal framework on the management and operation of State-owned enterprises (SOEs); SOEs arrangement, equitization, and capital withdrawal in line with Resolution 05-NQ/TW, dated November 1, 2016 on a number of guidelines and policies in order to continue to innovate the model of growth and enhance the quality of growth and labor productivity and the competitiveness of the economy. The Steering Committee will direct, investigate, and urge ministries, agencies, localities, economic groups and corporations to accomplish State capital withdrawal on schedule. Ministries, agencies, localities, SOEs were asked to make reports on responsibilities of heads, relevant organizations and individuals before January 10, 2019. SOEs will be restructured comprehensively, covering organization, personnel, strategy, administration, finance, … [Read more...] about Gov’t continues to restructure SOEs
SOEs failed to disclose business information to be punished
Illustration photo According to the ministry’s report, by the end of 2017, only 265 out of 622 SOEs sent reports to publicize their information on MPI’s business information portal. However, most of them sent only five out of nine reports required for publication. As of December 31, 2017, only 20 out of 84 governing bodies disclosed their business information in line with the decree. The rest have yet strictly followed the decree, in terms of setting up a column to disclose their business information, inspection, monitoring and violation handling. The MPI proposed the Prime Minister instruct ministries, and the provincial People’s Committees to promptly complete their reports and send to the ministry; and deal with responsibility of the leaders of the SOEs which failed to follow the decree, and publicize the punishments on their own websites and MPI’s business information portal.-VNA … [Read more...] about SOEs failed to disclose business information to be punished
Vietnam looking to drive SOE stake sales forward in 2018
Vietnam's push to privatize state-owned enterprises (SOEs) is expected to move up a gear this year. The government plans to sell 6.5 times more shares than it offered last year, Deputy Prime Minister Vuong Dinh Hue said in an interview with Bloomberg Television. The state raised VND135.6 trillion ($6 billion) from stake sales in 2017. “We need more foreign investment but also want to lure good investors who can help our companies improve corporate governance,” Hue said. The assets the government plans to sell “will include leading companies in energy, power and petroleum,” he said. The government has slated 181 state-owned companies to divest from and 64 more for broader share sales through initial public offerings (IPOs) in 2018. Altogether, the government has said it wants to sell stakes in at least 533 companies by 2020 through direct sales or IPOs. This figure does not include dozens of companies that were on the 2017 list but were not put on … [Read more...] about Vietnam looking to drive SOE stake sales forward in 2018