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SOEs profit from divestments in Q1

Released at: 10:59, 28/03/2015

SOEs profit from divestments in Q1

Sales price fetches more than valuation in most cases.

by Hung Nguyen

The Prime Minister chaired a meeting on March 26 on the status of State-owned enterprises (SOEs) in the first quarter.

As at March 24, SOE has made divestments from entities and investments valued at VND4.93 trillion ($229.14 million), earning VND6.98 trillion ($324.43 million) and profiting by VND2 trillion ($92.96 million).

SOEs in the real estate sector divested VND2.69 trillion ($125.03 million), earning VND3.11 trillion ($144.55 million), accounting for 45 per cent of total earnings. Those in the finance and insurance sector divested VND613 billion ($28.49 million) for VND622 billion ($28.91 million), while other sectors divested a total of VND1.63 trillion ($75.76 million), earning VND3.18 trillion ($147.8 million), according to a report from Mr. Nguyen Van Tung, Deputy Chairman of the Office of the Government.

The Viettel Group divested the most, valued at VND2.65 trillion ($123.17 million), earning VND3.16 trillion ($146.87 million), followed by PetroVietnam, with VND307 billion ($14.26 million) sold for VND1.06 trillion ($49.26 million). The Vietnam Posts and Telecommunications Group divested VND588 billion ($27.33 million) for VND593 billion ($27.56 million), the State Capital Investment Corporation VND276 billion ($12.82 million) for VND802 billion ($37.27 million), and SOEs in Binh Duong province VND149 billion ($6.92 million) for VND159 billion ($7.39 million).

According to the State Securities Commission, in the first quarter there were 18 SOEs conducting share sales, with a total volume of 100 million, of which shares sold reached 40 per cent, for a total of VND805 billion ($37.41 million).

Twenty-three ministries, provinces and economic groups have submitted documents to the PM classifying SOE where the State holds 100 per cent of capital.

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