State giants offloading subsidiaries outside of the core business.
The Vietnam National Coal and Mineral Industries Group (Vinacomin) and the Vietnam National Chemical Group (Vinachem) have reported they have completed the equitization of and divestment from operations outside of their key business fields.
Electricity of Vietnam (EVN) has withdrawn from its investments in real estate and finance companies and completed preparations for the equitization of Power Generation Corporation 3.
Meanwhile, the Vietnam National Textile and Garment Group (Vinatex) has also withdrawn capital from financial institutions while accelerating the carrying out of 65 projects valued at VND6.2 trillion ($279 million).
The Vietnam Posts and Telecommunications Group (VNPT), the Vietnam National Oil and Gas Group (PetroVietnam), and the Vietnam Rubber Industry Group are revamping their organization and applying advanced administration methods.
During the first half of this year these groups, excluding PetroVietnam, posted year-on-year increases of 3-13 per cent in revenue, contributing a cumulative VND76.9 trillion ($3.4 billion) to the State budget.