Foreign investors held only 6% stakes in 3,854 Vietnamese enterprises which were equitized at end-2008.
The state owned a combined 57% stake valued at VND95 trillion in these companies, while the staff and other investors held 14% and 23%, respectively.
Since the privatization process started in 1992, Vietnam restructured 5,556 state-run enterprises (SOE) and eight corporations by the end of 2008, including 3,854 companies equitized, 155 firms sold, 30 ones leased and 531 ones merged, the Ministry of Finance announced at a conference Jan. 19 in Hanoi.
In 2009, Vietnam restructured 105 SOEs, including sales of shares in 60 companies, meeting 8.4% of the national plan in the 2009-2010 period, said Dang Quyet Tien, deputy chief of Corporate Finance Department under the Finance Ministry.
The sluggish process during 2009 was attributed to the economic crisis and improper policies related to privatization and share sales, he said.
However, selling shares in SOEs helped improve their management capacity and raise a great amount of fund for the state budget.
Vietnam plans to change regulation related to share sale, allowing strategic overseas investors to buy stake in SOE before IPO, which is expected to lure more foreign capital into the country.
Stock traders have raised concerns over the capability of the local market in absorbing a great supply of shares this year when many large-scale SOEs are forced to go to public.
Vietnam targets to privatize 1,000 SOEs by 2015. (Labor, Securities Investment)
Vietnamese
