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Only 40 trillion “collected” 4.4 trillion: Equitization, why is it so difficult?

At the meeting on June 1, Delegate Bui Thi Quynh Tho (Ha Tinh delegation) reflected that the work of equitization and divestment in state-owned enterprises was unsatisfactory and faced many difficulties.

BILLIONhu from equitization, divestment of state capital obtain very low

Citing data, delegate Tho said that in the 2016-2020 period, the equitization of state-owned enterprises only achieved 23% of the expected plan, especially in 2021, revenue from equitization and divestment of state capital in the State-owned enterprises achieved very low compared to the estimate, only 4.4 trillion/40 trillion, equivalent to 11% of the estimate, increased mainly due to the recovery of capital from the local budget invested in enterprises under the local management.

Delegates said that the Government’s report needs to be analyzed and re-evaluated more thoroughly, what is the core reason, why is it so difficult to implement?

“Will the above legal provisions ensure enforcement? If it is due to organizational factors, who will be responsible and to what extent?”, delegate Tho asked.

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Delegate Bui Thi Quynh Tho (Ha Tinh delegation) – Photo: National Assembly

“Endoscopy” causes slow equitization and divestment

According to a delegate from Ha Tinh province, up to now, the system of legal documents regulating the equitization and divestment of state-owned enterprises has been promulgated quite a lot and fully.

It can be mentioned that from Decree 91 in 2015, Decree 32 in 2018 and in 2020 continuously have 2 decrees and one resolution were issued, namely Decree 121, Decree 140 and Resolution No. 161 are completed. into 2020.

Most recently, the Prime Minister issued Decision No. 36 approving the project to restructure state-owned enterprises, focusing on economic groups and State Corporations in the 2021-2025 period. The above system of policy and legal documents has covered most of the basic contents of the equitization and divestment of state-owned enterprises.

However, through researching and gathering voters’ opinions, delegates raised two outstanding issues from regulations, policies and laws that slow down the process of equitization and divestment of state-owned enterprises.

Firstly, the promulgation of new and continuous policies and regimes on equitization and divestment has led to many enterprises that are in the process of implementing the plan having to stop implementing and start the procedures again from the beginning of the year. First, especially the issues related to the land use plan after equitization and enterprise valuation.

Secondly, the system of documents is so much, but there are still problems with inadequacies. Some regulations are not complete, clear, specific and lack feasibility, making it difficult for the implementation process.

For example, there are some major difficulties in determining enterprise value, especially in determining the value of land use rights attached to enterprise assets when equitization. The reason is that due to fluctuations in land prices from time to time, the value of land use rights included in the enterprise value has many different interpretations. In addition, there are problems in unifying the method of determining the price level and the method of calculating the one-year or multi-year land rental.

“This issue has so far not been guided specifically, making local authorities confused when implementing the decision to implement the task slowly,” the delegate stated.

Another reason, the legal provisions related to the determination of goodwill have not been guided in a specific and clear way, leading to the inaccurate valuation of enterprises, making it difficult for enterprises to develop successfully declared the task of equitizing the enterprise.

Also according to delegate Tho, besides some problems from legal policies, the implementation of equitization and divestment from some enterprises themselves have not met the requirements, that is the equitization planning, divestment is often a formality. Some enterprises have not been really serious and drastic in implementing the plan for equitization and divestment according to the approved list. This is indicated in the reports.

However, it is important that the responsibility of the head to the results of the arrangement and renewal of state-owned enterprises has not been thoroughly implemented, in addition to the responsibility of state management agencies for With the completion of the equitization plan, the divestment of state-owned enterprises has not been really appreciated.

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Revenue from equitization and divestment of state capital is very low. (Photo: ST)

The delegate said that if these problems do not have a strong enough solution, the delegate is afraid that next year and the following years, reports on the results of equitization and divestment of state-owned enterprises will be difficult to achieve. as desired.

Therefore, delegate Tho suggested that the Ministry of Finance quickly advise the Government in promulgating a consistent policy on methods of determining enterprise value and determining the value of land use rights accurately. Including the difference in land price brackets between localities. The land price bracket set by the State compared with the market price.

Second, it is necessary to review and recalculate and in the absence of strategic investors and equitization in some state-owned enterprises is not feasible or feasible, should some enterprises not or not included in the list of equitization in the next stage.

Accordingly, the State restructures these enterprises, on the one hand, the State maintains a fixed source of income from profits and business activities, on the other hand, ensures the plan for equitization and divestment of state-owned enterprises. water is effectively implemented, ensuring the set goals.

Third, there are sanctions to handle heads of agencies, units, economic groups, corporations, and state-owned enterprises who fail to complete or implement equitization, divestment, and business restructuring. state enterprises according to the plan approved by the Prime Minister.

Fourth, it is necessary to have the participation and side of state management agencies to accompany businesses, helping businesses to remove difficulties in the process of equitization and divestment in state-owned enterprises. country.

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