REVIEW
of
FINANCE -
November, 2018
11
and utilization. The Prime Minister has also
approved the restructuring plan of Vietnam
Chemical Group and the Vietnam Army Group
of Telecommunications and Industry.
The Ministry of Finance has issued 02 circulars
guiding Decree No. 126/2017/ND-CP dated
November 16
th
, 2017 on transfer of SOEs and
one-member limited liability companies with
100% charter capital owned by SOEs into joint-
stock companies: Circular No. 40/2018/TT-BTC
dated May 4
th
, 2018 guiding the sale of shares
for the first time and the management and use
of proceeds from equitization of SOEs and one-
member limited liability companies with 100%
charter capital owned by SOEs transferring into
a joint stock company; Circular No. 41/2018/
TT-BTC on May 4
th
, 2015 guiding some contents
on financial handling and valuation of enterprises
when transferring SOEs and one-member limited
liability companies with 100% charter capital
owned by SOEs into joint-stock companies.
Ministries, sectors and localities are also timely
on the seat such as the Ministry of Transport
approving the plan to restructure Vietnam Air
Traffic Management Corporation; Hai Phong City
approving the plan to restructure 7 enterprises;
Quang Binh province approving the restructuring
plan of 2 enterprises.
Generally, since the Prime Minister’s Decision
No. 707/QD-TTg on the approval of the project
entitled “Restructuring SOEs with the focus
on economic groups and state corporations in
EQUITIZATIONAND STATE CAPITAL DIVESTMENT
IN ENTERPRISES TO ATTRACTING INVESTORS
PHAM THI VAN ANH, PhD.
- Academy of Finance*
State-owned enterprises (SOEs) renovation is one of the most important components of economic reform
in order to have SOEs properly restructured, focusing on key sectors, public products and services that are
essential to the society and national defense and security. In order to accelerate the renovation process, the
government, ministries and sectors have endeavored to improve the system of legal documents to speed up
the restructuring of SOEs.
Keywords: SOEs, equitization, state capital divestment
Received: July 11
th
, 2018
Revised: September 10
th
, 2018
Accepted for publication: October 4
th
, 2018
Improving mechanism, policies and legal
framework
SOEs renovation is one of the most important
components of economic reform in order to have
SOEs been properly restructured, focused on
key sectors, public products and services that
are essential to the society, national defense and
security and becomes the core for dominant role
of the public sector in the national economy.
In order to accelerate the renovation process,
the government, ministries and sectors have
endeavored to improve the system of legal
documents to speed up the restructuring of SOEs.
In the first 6 months of 2018, a series of related
legal documents were issued, creating the basis
for promoting equitization and divestment.
On February 3
rd
, 2018, the Government issued
Resolution No. 09/NQ-CP on the establishment
of the State Capital Management Committee;
together with 7 decrees for the restructuring of
SOEs, including 6 decrees on regulations and
organization of 4 groups (Petrolimex, Chemicals,
Electricity, Military Telecom) and 2 corporations
(Railway, Northen Food Corporation); Decree No.
32/2018/ND-CP dated March 8
th
, 2015 amending
and supplementing a number of articles of the
Government’s Decree No. 91/2015/ND-CP of
October 13
rd
, 2015 on state capital investment
into enterprises and capital management
* Email:
