According to the Ministry of Planning and Investment (MPI), the proceeds from divestment of these three enterprises are necessary revenue sources, given that the National Assembly requires 248 trillion VND from share capital divestment in order to serve investment and development expenses in the 2021-2025 period.
Regarding the restructuring plan for VIMC, MobiFone, and VRG, the MPI stated that relevant ministries and sectors have provided opinions and proposals. The majority of the opinions support and agree with the divestment proposal.
However, there are still concerns and difficulties regarding valuation assessment, determining the enterprise value, and the roles and sectors these state-owned enterprises are holding.
The divestment of state capital and the restructuring of VIMC, MobiFone, and VRG are expected to bring in 40,000 – 50,000 billion VND |
Regarding VIMC, the MPI has reached a consensus with the State Capital Management Committee (SCMC) and proposed a separate plan for the period 2023-2025, in which the state retains over 65% of the charter capital. The reduction of ownership percentage will be carried out through share issuance, capital increase, and the state will not contribute additional capital during the increase. The SCMC will coordinate with the Ministry of Finance to develop specific plans and report to the Prime Minister.
In the case of MobiFone, the Ministry of Information and Communications, the Ministry of Labor – Invalids and Social Affairs, and the Ministry of Home Affairs all agree with the divestment plan.
However, the Ministry of Justice and the Ministry of Finance have not expressed their viewpoints, while the SCMC continues to propose not implementing the equitization of MobiFone during the period 2023-2025. The committee mentioned difficulties in determining the enterprise value and finding strategic investors.
Meanwhile, the MPI points out that maintaining 100% state capital at MobiFone is unnecessary, as the company mainly engages in commercial activities and does not perform political and national security tasks. MobiFone has a modern management system and operates effectively, which makes it capable of attracting domestic and foreign investors through an IPO (Initial Public Offering).
Based on this, the MPI proposes equity divestment for MobiFone. To ensure feasibility and flexibility in implementation, the MPI plans to supplement the draft decision on extending the implementation timeframe for enterprises that do not complete enterprise valuation by 2025.
Regarding VRG, the MPI agrees with the SCMC on the possibility of facing difficulties and obstacles in divestment. However, it is necessary to promptly implement it in this period in order to prepare well for the 2026-2040 period.
Similarly to MobiFone, VRG is a large-scale enterprise and is entrusted with managing a large land area. Therefore, the MPI plans to regulate the duration of completion of divestment in the draft decision.
Viet Linh
