Government stake sale needs regulations to prevent corruption
Deputy PM Vu Van Ninh said the draft on selling Government stakes as share packages must include strict regulations to prevent corruption, while still encouraging those who seek long-term investments.
Deputy Prime Minister Vu Van Ninh speaks at a meeting (Source: VNA)
Deputy Prime Minister Vu Van Ninh said the draft on selling Government stakes as share packages must include strict regulations to prevent corruption, while still encouraging those who seek long-term investments.
Ninh said, during the August 24 meeting with involved ministries, that selling Government stakes in packages was considered a good measure to hasten the privatisation of State-owned enterprises (SOEs).
However, many problems might arise, such as corruption or causing losses to State capital if the draft failed to anticipate those problems, Ninh warned.
According to the Ministry of Finance, the draft decision stipulated that the sale of Government stakes at joint stock companies which had not been listed or registered trading on UpCoM, included State capital withdrawals from 100-percent State-owned corporations.
State stakes could be divided into many packages for auction, but each package must be worth less than 5 percent of the charter capital. Meanwhile, appointed sales of share packages must be carried out following the Prime Minister's decision.
Both domestic and foreign investors could hold unlimited stakes, except in sectors with caps on holdings of foreign investors.
Ninh said that the auctions must be transparent.
The draft was expected to be submitted to the Prime Minister for approval this month.
According to Dang Quyet Tien, Deputy Director of the Corporate Finance Department under the Ministry of Industry and Trade, the draft would be developed into a decree and include a set of comprehensive solutions to hasten the progress of SOEs' privatisation, which had slowed since the beginning of this year.
Besides selling State stakes in packages, there would be regulations allowing SOEs to be transferred to joint stock companies when they did not have conditions to immediately implement IPO's.
Tien said that coupled with the regulation on increasing foreign holdings in the Law on Securities, which would take effect from the beginning of this month, the draft would help stimulate market demands and hasten the privatisation process.
This year, Vietnam planned to privatise 289 SOEs as part of an ambitious plan to privatise 𝕴432 SOEs during 2014-15. Last year, 143 SOEs were privatised, along with 61 SOEs in the first six months o🀅f this year.-VNA
The Ministry of Industry and Trade (MoIT) needs to take more comprehensive and drastic measures to prevent and fight corruption, said Government Inspector General Huynh Phong Tranh.
Ten initiatives in corruption prevention and control were introduced to be scaled up during a conference held by the Government Inspectorate in Ho Chi Minh City on July 16, including a model of “Saying no to bribery in healthcare sector.”
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Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
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The ASEAN flag-hoisting ceremony is observed by the 10 ASEAN member countries on August 8 every year, aiming to spread and promote the ASEAN identity and affirm the determination to unite and cooperate for the common aspiration of long-term peace and prosperity of Southeast Asian countries under the common roof of the ASEAN Community.
Vice Chairman of the municipal People’s Committee Nguyen Manh Cuong highlighted ASEAN’s nearly six decades of development, during which the region transformed from division to harmony, from confrontation to cooperation, and from poverty to dynamic growth, becoming a global bright spot for regional cooperation.
Thirty years ago, on July 28, 1995, Vietnam’s accession to ASEAN marked a historic strategic decision, opening a new chapter in the country’s integration process and beginning its strong rise.
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Over the past five decades, the Vietnam - Angola relationship has grown steadily, marked by political trust and close bonds between their Parties, States, Governments, and peoples, said Deputy Prime Minister and Foreign Minister Bui Thanh Son.
President Luong Cuong called on the two countries to join hands to promote South – South cooperation, contribute to building a fair and equal global political and economic order, safeguard independence and sovereignty, and promote extensive and substantive international solidarity and cooperation.
President Luong Cuong called on the community to remain united, integrate well into local society, adhere to local laws, and continue contributing to both Angola’s development and Vietnam – Angola relations.
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Vietnamese State President Luong Cuong and Angolan President João Manuel Gonçalves Lourenço met with the press right after concluding their talks and witnessing the signing of seven cooperation agreements between the two countries in Luanda on August 7.
State President Luong Cuong stressed the fraternal ties between Vietnam and Angola as a shared invaluable asset. It serves as a solid foundation for both countries to enter a new phase of development, further foster political trust and mutual support between the two Parties and States, and deepen the solidarity and mutual understanding between their people.
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Deputy Prime Minister Le Thanh Long received British Ambassador to Vietnam Iain Frew in Hanoi on August 7, affirming education as a standout pillar in the Vietnam - UK Strategic Partnership.
Deputy Prime Minister Vu Van Ninh speaks at a meeting (Source: VNA)
