Hanoi (VNS/VNA) - Prime Minister Nguyen Xuan Phuc askedaccountability to be enhanced in the restructuring and divestment ofState-owned enterprises (SOEs) to improve the efficiency of the process.

Under Directive 01/CT-TTg dated on January 5, Phuc asked ministries,ministerial-level agencies, local authorities and SOEs to complete the approvalor submission the restructuring plans for approval before January 15, in which,the restructuring roadmap and accountability must be clarified.

The directive said that the operation of restructured SOEs improvedconsiderably and contributed to stabilising the macroeconomy, citing that 147were equitised in the period from 2016 to November 2018 and nearly 155 trillionVND (6.74 billion USD) in State capital collected from divestments out ofnone-core businesses in the period.

However, the directive pointed out that the results of equitisation anddivestment of SOEs were still below targets and the operation efficiency ofSOEs was modest compared to the resources in their hands.

According to the directive, equitisation and capital divestment faceddifficulties in evaluating corporate value. Especially, the lack ofaccountability, loose discipline, group interest and outdated thinking werehindering the progress of innovation.

Phuc stressed that the accountability of individuals and organisations for thestagnation of restructuring and capital divestment at SOEs and the listing ofequitised SOEs on stock exchanges must be enhanced, adding that strongpunishments would be raised to prevent and handle violations.

Ministries and ministerial-level agencies must speed up and complete the legalframework for restructuring and improving the operation efficiency of SOEs inthe first quarter of this year.

Focus must be placed on renovating corporate governance and improving theoperation efficiency and competitiveness of SOEs after equitisation, Phucasked.

SOEs must be a pioneer in renovation and applying technologies and new businessmodels such as sharing economy, e-commerce and electronic payments to operatemore efficiently and meet the requirements of the digital era and Industry 4.0.

The directive also asked ministries and ministerial-level agencies to enhancesupervision to prevent losses to the State capital during the restructuring ofSOEs, at the same time, and be determined to handle loss-making projectsfollowing market mechanisms.

The accountability of individuals and organisations which caused losses to theState capital must be clarified and violations must be handled strictly, itsaid.-VNS/VNA