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Ministry addresses land issues to boost SOEs’ equitisation

As issues related to land use rights still hinder State-owned enterprises (SOEs) from executing equitisation on time, the finance ministry has built a draft to amend the current decree regulating land issues.

Ministry addresses land issues to boost SOEs’ equitisation hinh anh 1

A cement production line at Vietnam Cement Industry Corporation. The company is among 93 SOEs must undergo equitisation in 2020 (Photo: cafef.vn)

 

 

The draft aims to amend Decree 126/2017/ND-CP issued in November 2017 to resolve land-related problems for both businesses and Government agencies.

Ninety-three SOEs must complete equitisation by the end of 2020 under Decision 26/2019/QD-TTg issued by Prime Minister Nguyen Xuan Phuc in August 2019, but the plan is unlikely to be completed in 2020 as most companies, especially large-cap firms, have failed to finish business evaluations regarding the huge amount of land under their authority, according to Dang Quyet Tien, Director-General of the Ministry of Finance's Corporate Finance Department.

“This is because the practices of business evaluation are restricted by Decree 126, and the building of the draft would help businesses resolve land-related issues and shorten equitisation processes,” Tien said.

He added that the draft decree will be submitted to the Government for approval as early as possible in the first quarter of this year.

Among the 93 SOEs that must equitise this year, 38 firms are based in HCM City and 13 in Hanoi.

Under the plan, the State aims to hold at least 65 percent of charter capital in four SOEs, including the Bank for Agriculture and Rural Development, the National Coal-Mineral Industries Holding Corporation Limited, the Northern Food Corporation and the Mineral One-member Company Limited.

The State will also hold at least 50 percent to below 65 percent of charter capital in 62 other SOEs, including Mobifone Telecommunications Corporation, Vietnam Posts and Telecommunications Group, Vietnam National Coffee Corporation, Vietnam Cement Industry Corporation, Hanoi Transportation Corporation, Investment Corporation and Urban Infrastructure Development Investment Corporation.

There are 27 enterprises in which the State will hold 50 percent or less of charter capital, such as Housing and Urban Development Investment Corporation, Vietnam Paper Corporation and Saigon Jewelry Company Limited./.VNA

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