Ministry wants to transfer 11 SOEs to CMSC, SCIC

The proposal was raised in the ministry’s recent report to the Government about the supervision on the conversion of State-wholly-owned enterprises into joint stock companies. The ministry wanted to handover all 11 SOEs at the same time and in their status quo to avoid the situation that only efficient SOEs were received while inefficient ones were rejected, the ministry said. The 11 SOEs included Việt Nam Motors and Agricultural Machinery Corporation (VEAM), Hanoi Beer Alcohol And Beverage Joint Stock Corporation (Habeco), Việt Nam Paper Corporation (Vinapaco), Machines and Industrial Equipment Corporation (MIE), Việt Nam Industrial Construction Corporation (Vinaincon), General Construction and Export – Import Joint Stock Company, Việt Nam Agricultural Products Joint Stock Company, Investment, Construction and Building Materials Joint Stock Company, BMCC Commercial Construction and Building Materials One Member Limited Liability Company, Việt Nam Textile Research Institute Joint Stock Company, and Industrial Machinery and Instruments Holding. The ministry’s report showed that among 11 above SOEs, many had huge revenues and profits, reaching up to trillions of Vietnamese đồng per year. Currently 19 corporations were under the management of CMSC, including SCIC, Việt Nam Oil and Gas Group, Việt Nam Electricity, Việt Nam National Petroleum Group.