Vietnam Daily News

Ministry needs more than 50tr dong to restructure SOEs

Written by Dailynews.vn Tuesday, 20 December 2011 16:24

The Vietnamese Ministry of Finance (MoF) is considering to set aside over 50 trillion dong to restructure debts and support chartered capital for to-be restructured state-owned enterprises (SOEs), minister of finance, Vuong Dinh Hue, said at the seminar on "Economic Restructuring" on December 16.

According to Hue, Song Da Group-the holding company of Vietnam Construction Industry Group will be the pioneer to make restructuring, but this process will cost up to $10 million.

Hue said that the ministry has been building restructuring plan for SOEs and is willing to support the group in the restructuring process and improving corporate administration. At the same time, minister Hue desired Vietnam Construction Industry Group will be the leading state corporation with strong determination to successfully restructure the business and the practical basis for the other state-owned groups and corporations to refer to experiences in the restructuring process.

He also added that MoF will consider strengthening the role of the enterprises reorganisation supporting Fund of under the Ministry of Finance for additional resources for the restructuring of SOEs.

"Prime minister directs the establishment of the general Department for State Capital Management; presently MoF is building the project. Accordingly, other ministries will also have to have the state capital management board in SOEs" Hue said.

Source: www.intellasia.net/news/articles/business/111351429.shtml