Meeting on revitalising enterprises

Hanoi (VNA)- To ensure all equitised State-owned enterprises (SOEs) are run in line
with the Enterprise Law next year was the main focus of a meeting held on
revitalising enterprises on July 22 under the chair of Deputy Prime Minister Nguyen
Sinh Hung.

The Steering Board for Enterprise Reform and Development made it clear that the
best way to enable all 1,546 SOEs to turn themselves into joint-stock or limited
companies under the Enterprise Law from July 1 next year is to first solve the
legal problems, regarding policies and procedures.

So far the Government has only issued a decree on equitising SOEs into
single-stock holder limited companies but has yet to issue any regulations on the
rights and obligations of the ownership of such companies.

Deputy PM Hung, also chief of the enterprise revamp authority, called for a
prompt completion of legal procedures to help equitise and restructure SOEs on
schedule.

Under his guidance, the Ministry of Planning and Investment will update the 2006
decree on SOEs that have turned into single stock holder limited companies to
match the current situation while working out a decree to make clear the rights
and obligations of companies fully funded by State money.

Hung also called for efforts to amend a decree on equitising SOEs into
joint-stock companies that he said it should focus on selling shares to strategic
partners and reserving shares at preferential prices for workers. The adjustments
should also help to diversify the forms of equitisation and clarify the value of
land use rights and the advantages held by certain locations, he emphasised.

Among the current SOEs, seven are holding companies and groups, 88 are
corporations, 421 enterprises are within consortiums, 1,026 are independent
companies and three are commercial banks and capital groups.--Enditem