State-owned groups speed up equitisation

Live Quote: On

RSS

My Page | Contact Us

RSS

RSS

Company A-Z | Stock Screener | My Portfolios | Streaming Quotes | Technical Analysis

Investing Tools

Useful Links

Saturday, April 27, 2024 6:39:18 AM - Markets open

VN-INDEX

1,209.52

+4.55/+0.38%

HNX-INDEX

226.82

-0.75/-0.33%

UPCOM-INDEX

88.76

+0.43/+0.49%

State-owned groups speed up equitisation

Vietnam News - 8/17/2015 2:00:23 PM

(0 ratings. You must sign in to rate.)

Print |

Add To Favorites |

Email |

RSS

State-owned economic groups are continuing to restructure their member companies, even as they surpass their set business plan targets for the first half of the year.

This news was reported at a conference in Ha Noi last Friday.

The Viet Nam National Coal and Mineral Industries Group (Vinacomin) and the Viet Nam National Chemical Group (Vinachem) reported that they have completed equitisation and divestment from operations outside their key business fields.

Electricity of Viet Nam (EVN) Deputy General Director Ngo Son Hai said the group has withdrawn investments from real estate and financial companies, and completed preparations for the equitisation of Power Generation Corporation 3.

Further, a representative from Viet Nam National Textile and Garment Group (Vinatex) said Vinatex has also withdrawn capital from financial institutions, while accelerating the carrying out of 65 projects valued at VND6.2 trillion (US$279 million).

Also, Viet Nam Posts and Telecommunications Group (VNPT), Viet Nam National Oil and Gas Group (PetroVietnam) and Viet Nam Rubber Industry Group are revamping their organisations and applying advanced administration methods.

During the first half of this year, these groups, with the exception of PetroVietnam, posted year-on-year increases of 3-13 per cent in revenues, contributing a cumulative VND76.9 trillion ($3.4 billion) to the State coffers.

Those attending the conference heard that Vinacomin is one of the groups that encountered the most difficulties in the first months of this year, especially after floods in late July forced the group to suspend coal mining in the northern province of Quang Ninh.

However, the group is committed to ensuring coal supplies for the economy, as well as for the power and chemical sectors, said Do Xuan Ly, deputy head of the group's personnel and organisation department.

Meanwhile, a representative from PetroVietnam said the group is suffering from the adverse impacts of falling global oil prices.

However, cooperation between PetroVietnam, EVN, Vinacomin and Vinatex in using their respective products is expected to help the groups maintain production during these hard times.

Newer News
24/04	VN's economy forecast to grow by 5.5 per cent in 2024
24/04	EVN seeks PM's solutions for solving challenges in PPA negotiations
24/04	Standard Chartered revised down Việt Nam’s 2024 GDP growth forecast to 6%
24/04	Vietnamese PM outlines three key breakthroughs for ASEAN's path to digital excellence
19/04	VN's exports $25.77 billion to the US in Q1
17/04	Vietnamese airlines boost capacity amid holiday rush despite aircraft shortage
16/04	Private sector contributes 45% of GDP
12/04	Việt Nam’s growth projected at 6% in 2024 with policy adjustment: AMRO
12/04	Public investment projects: big push for construction materials sector
10/04	Việt Nam's exports to India maintain growth momentum

Older News
17/08	EVN loses hold of local power market
17/08	VN coffee growers near bankruptcy
14/08	Customs red tape costs Vietnamese traders $10 billion a year: expert
12/08	Fitch Ratings: EVFTA brings benefits for VN
12/08	Rice exports hit US$1.4 billion
12/08	Nearly 1 in 3 companies in Vietnam bribe tax officials: survey
11/08	Decree to guide enterprise law expected this month
11/08	Businesses in the dark on Trans Pacific Partnership
11/08	Consultants predict more investments next year
11/08	Vietnam faces challenges for ODA loans

Newsletter Signup