Govt approves Viet Nam National Textile and Garment group restructuring plan

Trade & Policy

Govt approves Viet Nam National Textile and Garment group restructuring plan

Prime Minister Nguyen Tan Dung has approved the restructuring plans of 17 businesses, including eight business groups - the Electricity of Viet Nam group, the Viet Nam National Textile and Garment group, the Viet Nam National Coal and Mineral Industries group, the Viet Nam National Oil and Gas group, Viet Nam National Chemical group, the Viet Nam Rubber group, the Viet Nam Shipbuilding Industry group and the military-run telecom group.

Another nine corporations, including the Viet Nam Paper Corporation, the Viet Nam National Tobacco Corporation, the Viet Nam Northern Food Corporation, the Viet Nam Southern Food Corporation, the Viet Nam National Coffee Corporation, the Viet Nam Maritime Corporation, the Viet Nam Aviation Corporation, the Viet Nam Railway Corporation and the Viet Nam Cement Corporation, also received approval for their restructuring plans.

Eight of the 91 units have not yet submitted their restructuring plans to the prime minister. More than 400 state-owned enterprises (SOEs) in Vietnam declared bankruptcy or were dissolved last year, according to Vietnam’s Ministry of Finance.

A report from the ministry said that around 6,400 units last year across the country were restructured, of which 3,659 businesses were recapitalised, while 1,022 companies were restructured into one-member limited companies. Another 380 companies put themselves up for sale.