Voters urge building of complete legal framework for SOE equitisation

Lawyer Pham Ngoc Luong, standing chairman of the business association of Lao Cai province, said incomplete laws and policies, especially inconsistency among ministries’ circulars guiding the implementation of laws, caused many difficulties in carrying out SOE equitisation, resulting in delay, losses and wastefulness, along with inadequate attention to labourers’ interest.  

Therefore, it is necessary to push ahead with building a complete legal framework, particularly regulations on the role of the Party and socio-political organisations in the equitisation process, to ensure transparency and the involvement of all stakeholders in the process, he said.  Lecturer Do Thi Thuy, Vice Dean of the Economics-Technology Department at Hoa Lu University in  Ninh Binh province, shared the view, adding that the Ministry of Finance should quickly issue guidance on foreign investors’ contribution of capital and purchase of shares in Vietnamese enterprises. 

She also emphasized the need to complete the system of institutions for the market economy, thus ensuring equal and transparent competition among enterprises of different types of ownership. 

Dinh Gia Nghia, Deputy Director General of the Dong Giao food export joint stock company in Ninh Binh, was of the opinion that during equitisation of SOEs, at least 65 percent of the State-owned stake should be put on sale in order to allow investors to have a voice in running the enterprises. 

According to Bui Quang Tin, executive director of the BizLight business school in Ho Chi Minh City, persuading foreign investors to become strategic investors of equitised SOEs is one of the solutions to improve the equitisation process and the quality of corporate governance after equitisation. 

The implementation of policies and laws on the management and use of State capital and asset in enterprises and the equitisation of State-owned enterprises during 2011-2016 was the focus of discussion at the National Assembly on May 28 as part of the 14th legislature’s fifth session. 

The discussion was broadcast live on national television and radio.