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Final assessments enable equitisation for Petrolimex   2010-02-16 - VNS

Minister of Industry and Trade Vu Huy Hoang has agreed to equitise the Viet Nam National Petroleum Corporation (Petrolimex).

Seventy-five per cent of the corporation’s charter capital will be held by the State. The new entity will be managed by a president who will also act as general director.

The equitisation scheme has been devised by the ministry’s Enterprise Development and Reform Committee and Petrolimex’s Equitisation Steering Committee.

Petrolimex has equitised its 26 non-petrol enterprises since 2005. In 2008, the corporation and 41 subsidiary petrol companies asked the Government to equitise the whole corporation.

However, equitisation was delayed until an assessment of the value of the enterprise, said deputy minister Bui Xuan Khu.

According to the Enterprise Renovation Department, the greatest difficulty in equitisation was applying a Ministry of Finance order that the good location of many of the companies be included in the valuation.

The ministry also ordered that enterprises file inventories and reassess enterprise values and State capital values before equitising. The equitisation of State-owned enterprises was started in 1992. However, the process has slowed down since 2007.

Only 40 enterprises were equitised in 2009 compared to 150 in 2007 and 98 in 2008. Almost 1,000 enterprises have been targeted for equitisation during 2007-10.

According to financial analysts, inadequate legislation is to blame for most of the delays.

In addition, issues keep emerging, such as how to calculate the value of land and assets - and choosing the right strategic investors.



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