Vietnam to Reform 124 Enterprises under Defense Ministry

3:26:38 PM | 7/8/2005

Vietnam will restructure 124 enterprises run by the Ministry of Defense from now to the end of 2006, according to local media.

Under a recent government decision, of the 124 enterprises, 19, mainly construction companies, are slated for privatization, two for bankruptcy and one for merger. The state will keep on holding capital in other enterprises after restructure.

Only one company under the ministry will be established in the period.

Vietnam does not publish the total number of enterprises affiliated to the Ministry of Defense, which also runs 17 economic-defense zones covering 1,300 hectares nationwide.

From 2005 to mid-2006, Vietnam is to restructure 1,154 State-owned enterprises in many fields, including 1,024 businesses expected to go public.

The country is expected to retain only 1,800 state enterprises whose entire capital is held by the state by mid-next year.