Under a comprehensive scheme on State-owned enterprise (SOE) restructure and reform, HCM City will retain full ownership of 35 SOEs.

According to the city’s revised scheme for State-owned enterprise restructure and reform over the 2003-2005 period, the number of SOEs to be equitised has been raised to 190 from 117, after the Prime Minister granted approval.

The city will retain full ownership of 35 of its SOEs, although only nine will continue as legal defined State-owned firms. The remainder will be transformed into domestically owned one-member limited liability companies, or will operate under the ‘parent-subsidiary’ model.

The city will also increase the application of the parent-subsidiary model for SOEs, aiming for greater divorce of business management functions from departments and local district authorities.

(Source: Tuoi Tre)