'Investors are hesitant to buy equitized enterprises due to large legal risks'

Some investors bought shares through auctions, but when there were internal errors from the seller, they had to cancel the transaction and return the assets, according to VCCI.

The current equitization process has only achieved 30% of the plan. The inspection agency also concluded that there were violations in some units, causing great loss of state assets.

According to data just released by the Ministry of Finance , in the past 10 months, no enterprises have been equitized. In October, no enterprises have divested capital.

Commenting on the Draft Law on Management and Use of State Capital Invested in Enterprises, the Vietnam Federation of Commerce and Industry (VCCI) pointed out the reasons why some investors are not interested in buying State capital in equitized enterprises.

"Some investors said they were hesitant because the legal risks were too great," said VCCI. In many cases, private investors spent money to buy back capital through public auctions, but when internal errors from the seller were discovered, the transaction had to be canceled and the assets returned. This made investors reluctant to participate even though they could manage the sold enterprise better and bring economic efficiency.

Therefore, VCCI believes that the Ministry of Finance, in its role as the drafting agency, should supplement regulations to protect the property rights of the buyer when participating in state capital acquisitions in enterprises. In cases where the buyer does not know and is not obliged to know in advance the seller's mistakes during the transaction, their property rights need to be protected.

In addition, in cases of public, transparent auctions, following proper procedures, without fraud, and with many independent bidders, the auction results must be protected.

Previously, in the National Assembly's question-and-answer session, Finance Minister Ho Duc Phoc also pointed out a number of other reasons for the slow equitization, such as buyers often look at the value of the "golden" land of state-owned enterprises, so when there is no more differential rent, it is not attractive. Many land use plans are not approved by local authorities, and the land use value is included in the value of the enterprise that needs to be appraised; Ministries, branches and enterprises have not submitted equitization plans, leading to slow implementation.

According to the Ministry of Finance, state capital divestment in 4 enterprises with a value of 8.8 billion VND earned 19 billion VND; corporations, general companies, and state-owned enterprises divested capital in 7 units with a value of 53.5 billion VND, earning 206.3 billion VND.

Duc Minh

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