March 27, 2019 08:18

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Making effort to promote equitization and divestment at the end of the period

16:14 | 13/03/2019

VCN - The policy has been clear, the plan has been set, the policy mechanism has been improved, the operational efficiency has been significantly improved but the results of equitization and divestment of the last 3 years has been far from the "destination", creating burden for the last 2 years of the scheme approved by the Prime Minister.

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making effort to promote equitization and divestment at the end of the period
Successful equitization and divestment need the participation of the whole system

8 times more revenue from the divestment

In the past 3 years, the Government and the Prime Minister have been urgently completing laws and policies in the direction of becoming more open, transparent, strict, close to reality, and deploying equitization and divestment plans in every enterprise. In terms of institutional perfection, the Government and the Prime Minister have exactly implemented the spirit of the 12th Party Congress, Resolution No. 12-NQ/TW and a number of legal documents. In which, the Ministry of Finance chaired and submitted to the Government for promulgation 13 Decrees, the Prime Minister issued 2 Decisions and 1 official letter to direct the criteria, classification of SOEs, the order of equitization and divestment. Under its authority, the Ministry of Finance also continuously issued circulars and guiding documents, as well as timely solved problems for specific cases. As a result, equitization and divestment have been strictly implemented by ministries, localities and enterprises, maximizing the State's interests, supporting the development of private enterprises.

With that foundation and based on the scheme "Restructuring SOEs, focusing on economic groups and state-owned corporations in the period of 2016-2020" approved by the Prime Minister, in 2016, in the whole country, 66 enterprises have been equitized, 69 enterprises were equitized in 2017, and 33 were equitized in 2018.

Regarding divestment, according to the Decision No. 1232/QD-TTg dated August 17, 2017 of the Prime Minister, in the period of 2017-2020, 406 portfolios would be divested, about 60,000 billion VND of state capital in enterprises. In addition to the divestment under the Decision No.1232, units must also divest their investment from sensitive and risky sectors, from sectors that are not in their main business and divest under the restructuring plan approved by competent authorities. From 2016 to 2018, the whole country has divested about 20.5 trillion VND, collected 163.5 trillion VND, 8 times higher. Specifically: in 2016 3,645 billion VND was divested, 6,839 billion VND was collected. In 2017, 9,046 billion VND was divested, 138,327 billion VND was collected (including the state divestment in Sabeco and Vinamilk). In 2018, 7,885 billion VND was divested, 18,334 billion VND was collected.

Although these activities are still slow compared to the plan, the equitization and divestment activities have proved their effectiveness through the operation and business efficiency of enterprises after their equitization. The latest statistics of the Ministry of Finance showed that, compared to the year before equitization, the average pre-tax profit, state budget, charter capital, total assets, revenue and average income of labor of businesses increased. For example, compared to before equitization, over 300 enterprises after their equitization in 2015 had the average pre-tax profit increase of 49%, the payment to the state budget increase of 27%, the charter capital increase of 72%, the total assets increase of 39%, the revenue increase of 29%, the average income of employee increase of 33%.

Thus, it can be seen that the enterprises after equitization still tend to have stable growth and development. Corporate governance has certain results since promoting innovation and arranging SOEs. Strong innovations in policies and business legal systems have created a legal framework and a favorable and fair business environment for enterprises of all economic sectors to operate, simultaneously with the increase of strengthening transparency in business activities of enterprises.

Strengthen inspection

Positive assessment of the significant progress of SOEs after equitization, divestment and recognition of contributions made by this work is not synonymous with ignoring shortcomings and limitations. The most obvious thing is that the equitization progress is too slow compared to the plan. Only in 2018, there were still 53 SOEs that have not been equitized, 118 enterprises have not been divested. In particular, 50 enterprises have not been equitized in HCMC and Hanoi. The enterprises under the Ministry of Defense also face difficulties related to land management.

In addition to objective reasons such as complicated economic, political, and commercial situation in the region and the world, subjective causes were still the main ones. For example, some ministries, branches, localities, businesses were not really serious in implementing their plans, reporting regime; the role, awareness, responsibility of the enterprise’s and unit’s leaders were still not high and drastic; some SOEs were slow to innovate corporate governance to improve their production and business efficiency. In addition, the equitization process of SOEs needed a lot of time to deal with financial, land and labor problems in the period before equitization, which prolonged the time of equitization, ...

The "burden" of "delay" over the past 3 years has been placed on the last two years of the period, which is 2019 and 2020. In order to continue promoting innovation, improving the operational efficiency of SOEs, focusing on economic groups and state-owned corporations, Mr. Dang Quyet Tien - Director of Enterprise Finance Department under the Ministry of Finance said that: The ministries, branches, localities and state-owned corporations, needed to implement synchronous solution groups, in which, the solution to strengthen inspection, supervision, auditing, preventing the loss of state capital and assets in the process of arranging, equitizing, divesting, managing and using the state capital was very important. In addition, attention should be paid to periodic publicity of information on equitization and divestment of SOEs, which is considered as a basis for monitoring and evaluating the equitization progress, divesting and promptly removing difficulties and problems arising in the process of implementation.

Speaking at the recent meeting of the National Steering Committee for Innovation and Enterprise Development, Deputy Prime Minister Vuong Dinh Hue - Head of the Steering Committee emphasized, "The action spirit of the Government in 2019 requires breakthrough, this field must be the same, in the spirit of tightening discipline, maximizing the State's interests, implementing drastically, openly and transparently, not overestimating the quantity and handling the responsibilities of competent authorities who caused the slow equitization and divestment. "

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The Party's policy, the Resolution of the National Assembly, the Government, and the Prime Minister's Directive related to equitization and divestment, the projects of restructuring SOEs and restructuring each enterprise have been obviously defined. Determination has been also confirmed by the head of the Steering Committee. The remaining is just waiting for the implementation of enterprises, ministries, branches and localities.

The total revenue from equitization and divestment in 3 years (2016-2018) reached over 210,000 billion VND, nearly 2.7 times higher than the total revenue of the whole period 2011-2015

By Hong Van/ Ha Thanh