Electric company treads market path (30-10-2006) Workers install a turbine at the Ca Mau thermo electric plant. — VNA/VNS Photo Ngoc Ha HA NOI — "We are now taking our first step on the road map to establishing and developing a power market, which is a single buyer competitive market," said deputy director of the Electricity Regulatory Authority of Viet Nam (ERAV), Pham Manh Thang. Electricity of Viet Nam is striving to complete a draft on the establishment of a power purchase company, to submit to the Prime Minister, in preparation for the launching of a competitive power generation market, considered to be a fundamental trend for the nation. Road map In the Prime Ministerial Decision 26/2006/QD-TTg, Viet Nam’s power market will be established and developed through three phases, of which each will be implemented in 2 steps, namely pilot and completed, before becoming a feasible foundation: In Phase 1 (2005 – 14), a competitive generation power market … [Read more...] about Electric company treads market path
State owned company definition
Vinashin builds a 104,000-tonne ship. A number of State-owned enterprises, including shipbuilder Vinashin, have been ordered to convert into single-member limited companies. — VNA/VNS Photo Nguyen Dang Lam HA NOI — The process to establish State-owned enterprises (SoEs), which must be done by tomorrow, needs to be given careful consideration in order to ensure that the companies abide by the country's legal framework. In Ha Noi yesterday, attendants at the forum, "Issues of State-owned enterprises before and after model changing," discussed the difficulties and opportunities for SoEs. The forum was organised by the Central Institute for Economic Management (CIEM) and Viet Nam Chamber of Commerce and Industry (VCCI). In a speech delivered at the event, Chairman of the VCCI Nguyen Tien Loc said the changing model of SoEs is one of the most important issues concerning the country's economic renewal process. Loc said the change is expected to improve the effectiveness and … [Read more...] about State-owned firms face deadline
VietNamNet Bridge – The number of state-owned economic groups in Vietnam is unknown as they are vaguely defined. According to the 2005 Enterprise Law, “economic group” is understood as a group of companies that do not have a legal entity. The understanding is in line with international practice, said Bui Van Dung, head of the Central Institute of Economic Management’s (CIEM) Enterprise Reform Committee. Dung said the Enterprise Law states that a “economic group” means a collection of companies with a large operating scale. This definition has led to two different interpretations. Under Decree 39, an economic group is one large group of companies, though the individual companies are not large. Meanwhile, Decree 102 that guides the implementation of the Enterprise Law stipulates that an “economic group” is a cluster of big companies which include independent legal entities. The Vietnamese Accounting Standard 25 says a “economic … [Read more...] about How many state-owned economic groups are there in Vietnam?
VietNamNet Bridge - The news that the government has decided to sell eight listed companies has had immediate positive impact on the stock market. However, experts say it is still too early to say how the sales will affect the national economy in the long term. In a newly released document, the State Capital Investment Corporation (SCIC), which, on behalf of the state, invests state money in enterprises, will divest eight listed companies and two unlisted ones at suitable times. The eight listed companies include Vinamilk, of which the state holds a 45.1 percent of stake, BMI (50.7 percent), VNR (40.4 percent), NTP (37.1 percent), BMP (38.4 percent), FPT (6 percent), SGC (49.9 percent) and HGM (46.6 percent) and two unlisted companies, FPT Telecom (50.2 percent) and VIID, a real estate developer (47.6 percent). The analysts from the HCM City Securities Company (HSC) in a report released on October 4 commented that the government’s decision on selling 10 profitable … [Read more...] about Why does the government want to sell a highly profitable company?
Viet Nam News HÀ NỘI — Potential wrongdoings involving VNĐ15 trillion (US$658.5 million) and 6.7 million sq.m of real estate were found with the State-owned coal and mining giant, Vinacomin. Other problems in financial management, investment and land management were also disclosed in a recently released report by the Government Inspectorate (GI) regarding law and policy compliance of Vinacomin (Việt Nam National Coal – Mineral Industries Holding Corporation Limited) and its subsidiaries in the 2010-2015 June period. The GI has asked the Ministry of Public Security to review and investigate these findings. According to the report, some $4.4 million of capital that Vinacomin poured into the Cambodia-based Southern Mining Co Ltd might be for naught as the corporate’s management board failed to follow legal regulations on investment and co-operation contracts. Doãn Văn Quang, Deputy Director of the corporation, signed the memorandum … [Read more...] about $650 million of State-owned coal and mining corp not properly handled