Equitisation of State-owned banks, enterprises needs speed to succeed (08-09-2007) Equitisation of State-owned enterprises (SOEs) has been happening for the last 15 years. Vietnamese experts shared their thoughts on the subject with the Thoi bao Kinh te Viet Nam (Vietnam Economic Times). Le Song Lai, deputy director general of the State Capital Investment Corporation (SCIC) State-owned enterprises (SOEs) play a key role in the national economy. They contribute 38 per cent of the country’s GDP, consume 33 per cent of the credit volume and provide 10 per cent of the jobs nationwide. According to the Ministry of Finance, only 44.4 per cent of the SOEs have posted profits, while 16 per cent are unprofitable. SOE reform started in the early 1990s. It has gone through several stages. In the first phase (1991-1997), the number of SOEs was reduced from 12,000 to 5,000. In the second phase (1997-2000), the situation became sluggish. In the third phase (2001-2005), the reform process picked up momentum. Some 3,349 out of 5,544 SOEs have now been equitised. Even when former SOEs are equitised, the State still plays a dominant role in term of share-holdings. I can say that equitisation is closely associated with job creation….
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