Vietnam president chairs meeting to punish deputy PM for violations in SOE privatization

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Linh Pham 22:27, 2019/07/19

Ninh`s irresponsibility and legal infringement caused big losses to the state budget in 10 years from 2006.

Vietnam’s President Nguyen Phu Trong on July 19 chaired a meeting which issued “warning” punishment against former Deputy Prime Minister Vu Van Ninh, who infringed regulations on privatization of state-owned enterprises (SOEs) in 2011-2016 and mismanagement in 2006-2011.

Deputy Prime Minister Vu Van Ninh. Photo: Quochoi.vn

The meeting among members of the Politburo – the country’s most powerful body – itself tells the severe wrongdoings of the violator.

At the post of Deputy PM in charge of business reshuffle from August 2011 to April 2016, Ninh signed a number of decisions on withdrawing state stakes from large SOEs that went against the Politburo and the government’s resolutions on privatization and restructuring of SOEs, local media reported.

Accordingly, Ninh allowed the withdrawal of all state stakes from Quy Nhon Port JSC; agreed to sell the entire state stake at Quang Ninh Port JSC; authorized Khanh Hoa People’s Committee to continue withdrawing state capital at Nha Trang Port JSC without holding a dominant stake; gave permission to the privatization of Airports Corporation of Vietnam (ACV) which is not in the list of SOEs subject to privatization; agreed to privatize 10 domestic waterways sections which are excluded in the privatization plans.

Between 2006 and 2011, holding the post of Minister of Finance and head of a council managing the Vietnam Social Security (VSS), Ninh was irresponsible for supervising and managing the corporation, leading to the legal violations of two directors of VSS who signed deals to lend VND1,010 billion (US$44 million) to non-banking firm Agribank Leasing Company No.2 (ALCII).

The bankruptcy of ALCII later caused big losses to the state.

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