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Publication permit No: 60/GP-TTĐT , April 05, 2010.
Construction ministry seeks to set up new industry groups
Date: 8/10/2009 3:47:36 PM
The Ministry of Construction has proposed that the government grant permission for two new state-owned groups in the construction and engineering industries to strengthen local business competitiveness.
The Ministry of Construction has proposed that the government grant permission for two new state-owned groups in the construction and engineering industries to strengthen local business competitiveness.
The new groups will comprise of a number of existing state-owned companies operating in the industries, with larger ones forming the groups’ backbones, the ministry said last week.
According to the proposal, the Construction Industry Group will have total assets worth VND51.1 trillion (USD2.8 billion) and more than 81,000 workers, and the Housing and Urban Development Group will have assets worth VND30.1 trillion (USD 1.6 billion) and 78,000 workers.
The new groups would combine capital, human resources and know-how of their members to make them more competitive on big contracts bids, the ministry said. However, some companies named in the proposal objected to being forcibly grouped at a meeting Friday (07 Aug 2009) in Hanoi.
Le Van Que, chairman of Song Da Corporation, called such an establishment “forced addition.” Companies should be able to join a group on a voluntary basis, he said.
The government has allowed so-called state-owned “economic groups” to be established as part of a pilot program since 2006.
Eight such groups now operate in the fields of oil exploration, electricity, shipping, post and telecommunications, coal and minerals, insurance, textile and garments, and rubber.
Local economists have shown concerns about the lack of regulations on the groups’ operations as well as their low performances and called on the government to review the pilot program.
(Source:VNBusinessNews)
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