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July 10, 2007

State-owned enterprises to go on the block
Foreign investors will be allowed to buy parts of or whole enterprises whose charter capital are owned by the state provided that these enterprises are working the fields that are fully open to foreign investors, says a draft decree.

The draft decree on merge and acquisition of state-owned enterprises has won support from enterprises’ managers and representatives. It is expected to replace the current Government’s Decree No. 80.

The draft decree stipulated that state-owned enterprises will be auctioned or sold under direct agreements. The acquisition will be fully covered by mass media.

It offers equal opportunities to both domestic and foreign investors, including individuals and businesses, in acquiring state-owned enterprises.

Under the regulation, not only state-owned enterprises and affiliates of state-owned corporations but also sections or the whole of one-member ltd companies owned by the State will be put for sale.

However, enterprises that are permitted to be sold and the rights of workers to buy their enterprises remains big concerns of relevant parties.

Rearrangement of State-owned enterprises is the Government’s major programme to change the management method and bring into play the strength of these enterprises.

Enterprises covered by the decree will include those operating in power, telecom, marine transportation, oil and gas, finance and insurance. VNA

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