Does Vietnam have state-owned enterprises?

The state-owned-enterprise (SOE) sector is one of pillars in Vietnamese economy. Through the 30- year SOE privatization, the number of SOEs has declined significantly and they now tend to focus on crucial and core sectors of the economy, including electricity, minerals, petroleum, finance, food and telecommunications.

How many SOEs are there in Vietnam?

According to this plan there would remain only 103 wholly state-owned enterprises in Viet Nam by the end of 2020. However, by end of 2019, only 36 (out of 127) SOEs were equitised and only 100 (out of 406) divested.

How much of the Vietnamese economy is state-owned?

SOEs play an important role in Vietnam’s economy. In 2013, for example, although representing only 0.9% of the total number of enterprises and employing 13.5% of the total work force, SOEs accounted for 32.2% of Vietnam’s GDP and 40.4% of the country’s total annual investment (GSO, 2015, pp. 62, 75-78, 103).

Is there private enterprise in Vietnam?

According to the White Book on Vietnam Businesses 2019, Vietnam had 714,755 active firms as of 31 December 2018 of which over 99 per cent are domestic or foreign-owned private enterprises. The development of the private sector has two key effects on Vietnam’s government.

What companies does the government own?

List of federally owned enterprises

• Commodity Credit Corporation (CCC)
• Corporation for National and Community Service (AmeriCorps)
• Corporation for Public Broadcasting.
• Export-Import Bank of the United States.
• Federal Agricultural Mortgage Corporation.
• Farm Credit Banks.
• Federal Crop Insurance Corporation (FCIC)

What is meant by state owned company?

WHAT ARE STATE OWNED ENTERPRISES. State-owned enterprises (or public entities) are independent bodies partially or wholly owned by government. They perform specific functions and operate in accordance with a particular Act.

Does China own all companies?

After 1949, all business entities in the People’s Republic of China were created and owned by the government. As of 2011, 35% of business activity and 43% of profits in the People’s Republic of China resulted from companies in which the state owned a majority interest.

Can the US government owned companies?

The US government has several of these, including the passenger railroad company Amtrak, the United States Postal Service and federal mortgage corporations Fannie Mae and Freddie Mac. Businesses like these, while owned by the government.

Why do state-owned enterprises exist?

A state-owned enterprise (SOE) is an entity formed by the government for the purpose of engaging in commercial activities. SOEs represent the government in commercial endeavors and also sell physical resources to trading entities and corporations.

How many state owned enterprises are there in Vietnam?

Vietnam’s privatization of 432 state-owned enterprises (SOEs), which accounted for 35 percent of the gross domestic product last year, has begun in response to pressure to revitalize the corrupt and inefficient state-owned sector, but the process is slow and may not be a magical cure for the economy.

When is new list of state owned enterprises to be equitised?

On 15 August 2019, the Prime Minister ( PM) issued Decision No. 26/2019/QD-TTg approving the list of State-owned enterprises ( SOEs) to be equitised by the end of 2020 ( Decision 26 ).

How many SOEs have been privatized in Vietnam?

Under Decision 26, the Prime Minister has approved a list of 93 SOEs in which the State will hold (i) more than 65%, (ii) from 50% to 65%, or (iii) less than 50%, of the charter capital. This list shall replace the previous list of 137 SOEs to be privatized under the previous Decision 58/2016/QD-TTg in 2016 of the Prime Minister (“Decision 58”).

How big is the Vietnamese state owned airline?

The state-owned airline brought in $3.4 billion in 2013, earning a $25.3 million profit. It owns 82 planes, and accounts for about 63 percent of the seats on domestic flights each year, and is “on track” for a second quarter 2014 initial public offering, the New York Times reported.