Vietnam continues pushing for SOEs divestment
The government is expected to divest funds in a series of state-owned enterprises (SOEs) in the coming time, stated in a recent report of the Ministry of Finance.
Additionally, Vietnam has raised VND713 billion (US$31.3 million) from divesting VND676 billion (US$29.7 million) in book value, according to the report.
Illustration photo.
|
Four SOEs have completed the initial public offering (IPO) in February, including Binh Son Refinery and Petrochemical (BSR), Petro Vietnam Oil Corporation (PV Oil), PetroVietnam Power (PV Power) and Vietnam Rubber Group (VRG) for a total return of nearly VND18 trillion (US$792 million).
On January 5, the Deputy Prime Minister Vuong Dinh Hue signed the Decision approving the restructuring plan of Vinachem in period 2017 - 2020. As such, Vinachem will hold less than a 50% stake in seven companies and sell all of its stake in 15 other companies after completing the equitization process.
In 2017, Vinachem reported its industrial production value at VND42 trillion (US$1.8 billion), equaling the year's plan and an increase of 8.8% compared to 2016, informed the Vice Minister of Industry & Trade Do Thang Hai at the group's annual business review in 2017 and plan for 2018 late January.
The group's revenue in 2017 is estimated at VND45 trillion (US$1.9 billion) or 3.3% higher than the target, and up 5% over the last year's period, resulting in a consolidated profit of VND47 billion (US$2 million).
PetroVietnam Gas (PV Gas), one of the 3 companies with largest market capitalization in Vietnam's stock exchange is scheduled for divestment in 2018.
Under the plan, PVN will reduce its ownership at PV Gas from 95.8% to 65% in period 2018 - 2019. PVN has also approved PV Gas' restructuring plan for period 2016 - 2020.
In 2017, PV Gas' consolidated revenue reached VND66 trillion (US$2.9 billion), according to the company's financial report, in which its pre-tax profit is estimated at VND10.5 trillion (US$462 million). PV Gas has contributed nearly VND4.7 trillion (US$207 million) to the state budget.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years