The Ministry of Finance said Wednesday it is seeking to speed up its process of privatizing state-owned enterprises (SOEs) during the rest of the year, including by completing the existing legal frameworks and mechanisms related to SOE privatization.

The ministry said it will soon eliminate a mechanism where ministries and provincial authorities are the ownership representatives of the government at SOEs, among other measures.

Dang Quyet Tien, Deputy Head of the Corporate Finance Department of the Finance Ministry, said the process of privatizing SOEs has been sluggish this year, falling behind schedule.

Mr. Tien said this is because many of the SOEs slated for privatization are large companies operating in several areas so it will take a lot of time to audit and find investors with financial capability and management expertise.

He added that some executives at these SOEs are still hesitant and concerned about their responsibilities for possible negative issues arising during the privatization process.

According to the ministry, Vietnam ratified the privatization plans for 34 SOEs during the first nine months of this year. These SOEs are valued at around VND80.6 trillion ($3.58 billion).

The ministry said the most notable SOEs Vietnam is seeking to privatize include Vietnam Rubber Group, Vietnam Southern Food Corp., PetroVietnam Power Corp., PetroVietnam Oil Corp. and three power generating units of Vietnam Electricity.

Source: VCCInews