Government raises 61.5 million USD from SOE divestment
Updated : Saturday, April 14, 2018 8:53 AM (GMT+0700)

TheGovernment raised more than 1.39 trillion VND (61.5 million USD) by divestingits stake in State-owned enterprises (SOEs) in the first quarter of this year,according to the Ministry of Finance.

 
Illustrative image - Source: VNA

During this period,authorities also approved the equitisation plans of two SOEs - Phuoc An-DakNong Coffee Company and Van Tuong Company - at a total value of 987 billionVND, of which 187 billion VND is State capital.

The first quarter also sawseveral equitised SOEs complete initial public offering (IPO) auctions, such asBinh Son Refinary, PV Oil, PV Power and Vietnam Rubber Corporation.

According to data ofStoxPlus Company, Vietnam’s stock markets raised 21.3 trillion VND through theIPO auctions of 12 SOEs in the first quarter, equal to the total IPO value ofthe previous four years.

Experts attributed the highgrowth to a wave of equitisation of many large SOEs in recent times, especiallyin the field of energy.

Vietnam considers 2018 a keyyear in the country’s restructuring plan for SOEs, targeting to divest Statecapital at 181 SOEs and equitise at least 86 SOEs throughout the year,with 64 being large ones. The target is tough, but experts believe it isfeasible, thanks to many favourable conditions, including high economic growthand macro-economic stability.

Investors are waiting forIPOs of large companies in the trade and services sectors, such as Mobifone,Ben Thanh Group, Satra and Saigon Tourist, or in the real estate andconstruction sectors, such as Investment Corporation and Hanoi HousingDevelopment Corporation.

Last year, the Governmentraised over 144.5 trillion VND by divesting its stake in SOEs. The proceedswere 2.41 times higher than the target of 60 trillion VND set by the NationalAssembly.

Source:VNA

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