THE SOCIALIST REPUBLIC OF VIET NAM
Government News
SBV, ADB link hands to finance SOEs reform
VGP – The State Bank of Việt Nam (SBV) and the Asian Development Bank (ADB) on September 27 in Hà Nội jointly sealed a credit loan worth of US $630 million for the restructuring process of State-owned enterprises (SOEs) in Việt Nam.
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Out of the total investment, US $600 million will be allocated from ordinary capital resources and the rest US $30 million from preferential credit.
The loan targets to assist SOEs and their affiliates in improving balance sheets and corporate governance through financial and organizational restructuring as well as operational and managerial renovation.
In addition, the loan aims to raise management capacity and performance of SOEs for economic growth.
The loan will be disbursed in three stages. The first sum of US $130 million will be re-lent to the Sông Đà Group (US $124.1 million), the Southern Waterborne Transport Corporation (US $3.1 million) and the Debt and Asset Trading Company (US $2.7 million).
Việt Nam has pursued the reform of SOEs since 1992 in order to raise their effectiveness and minimize the State’s role in running public corporations./.
By Khánh Phương