VN govt to divest from two major breweries

ASEAN+ July 18, 2017 01:00

By VIET NAM NEWS
ASIA NEWS NETWORK
HANOI

THE VIETNAMESE government will divest from two major breweries in the country through the open tender method, a Trade Ministry official said.



Bui Truong Thang, deputy director of the Light Industry Department under the Ministry of Investment and Trade (MoIT), said at a press conference on Friday that the Saigon Beer, Alcohol and Beverage Corporation (Sabeco) and the Hanoi Beer Alcohol and Beverage Joint Stock Corporation (Habeco) will submit their equitisation plans by the end of this month.

The state holds 89.59 per cent and 82 per cent stakes in Sabeco and Habeco, respectively. Together, the two beer makers account for about 60 per cent of the domestic market. Sabeco dominates with 40 per cent.

Thang also said that the MoIT has already submitted to the government divestment and equitisation plans for Electricity of Vietnam (EVN), Vietnam National Oil and Gas Group (PVN), and Vietnam National Chemical Group (Vinachem).

He said a similar plan for Vietnam National Coal and Mineral Industries Group (Vinacomin) would be submitted this month.

Deputy Minister Do Thang Hai said he has ordered close supervision of the equitisation process in order to avoid asset losses.

Hai also said that disciplinary action was likely to be taken against MoIT deputy minister Ho Thi Kim Thoa, with the Party Central Committee’s Inspection Commission viewing her reported wrongdoings as serious.

 Thoa is alleged to have committed several violations during her tenure as Communist Party comimittee secretary and director of the Dien Quang Lamp Company, including violations of regulations on equitisation, land management and share transfer. The ministry will announce the disciplinary action publicly when it is taken, Hai said.

According to the inspection commission, as party committee secretary and director of Dien Quang Lamp Company from January 2004 to May 2010, Thoa violated regulations on business equitisation and procedures, and in relation to 6.7 billion dong (about Bt9.9 million) the company had received as an interest rate exemption.