Up to $600 million from its ordinary capital resources would be provided to strengthen the balances sheets of selected corporations through debt restructuring.
Another $30 million from its Asian Development Fund would support improvements in their operation and corporate governance, as well as their related institution capacity.
In addition, Government institutions involved in the State enterprises reform process, including the Debt and Asset Trading Corporation, would be given training and other assistance.
The first package of $130 million would support transformation of the Song Da Group's companies, operating in infrastructure, and the Southern Waterborne Transport Corporation, which is involved in logistics.
Other contents of the second and third projects would be defined in the first process of the first one.
Speaking at the signing ceremony, State Bank governor Nguyen Van Giau said the country had paid much attention to State enterprise reform to improve their competitive capacity and market-orientation for sustainable development.
He said nearly 5,000 such enterprise had been restructured and over 3,300 equitised.
It is estimated that about 1,500 small and medium enterprises would be converted with 948 being equitised.
Thousands of equitised State enterprises had accounted for only a small amount of total investment from the Government.
ADB country director for Viet Nam Ayumi Konishi said enhancing corporate governance of State-owned enterprises was key to improving the efficiency of the economy and to achieving higher economic growth through reducing inefficient state production and promoting private sector development.
"With this facility, we hope to help restructure several general corporations to become subgroups of companies that can operate independently, secure financial resources from the capital market on their own without relying on the Government, and meet all the conditions for eventual listing," he said.
The transformation of State-owned enterprises had begun in 1992, aiming at increasing their capacity and reducing the role of the state in their management.— VNS
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