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Prior to valuation
for equitization, SOEs have to settle all outstanding financial
issues, including reconfirmation of debts. This is a common
difficulty for many SOEs, because many debts are long overdue
and records were not kept properly, and it is not possible to
locate debtors for various reasons. Therefore, the valuation
process is delayed.
Ms. Nguyen Thanh Ha, Head of the Specialist Committee,
SOEs Reform Group, Vietnam National Cement Corporation (VNCC)
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The current
"internal equitization" phenomenon can be partially attributed
to regulations that require SOEs to sell shares at preferential
prices first to company employees. In my opinion, we need to
reconsider this policy. Although it was made with an intention
to ensure the rights of ownership for employees, in practice
very few employee keep their shares for at least three years, as
required. Most employees cannot afford to buy shares, and would
like to sell their shares to outsiders for a profit. There are
other ways to support employees, through unemployment
compensation, re-training, and so on.
Mr. Nguyen Van Nghia, Officer in charge,
Enterprise Reform and Development Department, Office of the
Government
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