Loss-making SoEs could go bankrupt

Loss-making enterprises that are not eligible for privatisation must strictly implement restructure, merger or bankruptcy.

Wednesday, May 03, 2017 09:14

Loss-making SoEs could go bankrupt ảnh 1

Illustrative image. (Photo: vov.vn)

Hanoi (VNA) – Loss-making enterprises that are not eligible for privatisationmust strictly implement restructure, merger or bankruptcy.

Ministerof Industry and Trade Tran Tuan Anh has promulgated Directive No.05/CT-BCT on rearrangement and renewal of State-owned enterprises (SOEs) in the2017-20 period.

Accordingly,the ministry asked its SOEs, corporations, one member limited companies andrepresentative units of State capital to prepare plans and roadmaps for firms’rearrangement and divestment during the period, which must be submitted to theministry for approval in May.

Inparticular, four State groups -- Vietnam National Oil and Gas Group(PetroVietnam), National Coal and Mineral Industry Group (Vinacomin), VietnamChemical Group (Vinachem) and Electricity of Vietnam (EVN) -- are required tosubmit their restructure plans.

In addition, the groups were asked to implement privatisation at their memberunits following approved process and plans as well as current laws andregulations.

Thedirective also asked the groups to enhance management, supervision and checksto prevent huge loss of State capital and assets in their rearrangement,privatisation and divestment.

“The State-owned enterprises should clarifyresponsibilities of relevant organisations and individuals in the process ofprivatisation and divestment.

The representatives of State capital at the companies must strictly implementthe rearrangement,” it said.

The ministry will also review criteria to classifyState-owned firms under Decision 58/2016/QĐ-TTg, promulgated by the PrimeMinister to build specific plans and a roadmap for the sale of State capital inthe 2017-20 period.

In addition, the ministry has been advised to transfer State capital at itsbusinesses to the State Capital Investment Corporation and implement assetevaluation.-VNA

VNA

#loss-making enterprises #privatisation #bankruptcy #State-owned enterprises #SOEs #rearrangement

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