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  Banking Finance

Foreign auditing companies to be permitted to assess enterprises' property

The Government may approve the Finance Ministry's proposal to permit foreign auditing companies to assess enterprises' property before listing in the VN Index.

Finance Minister Nguyen Sinh Hung was talking with the press on the sidelines of the 5th session of the 11th National Assembly about the State-owned enterprises (SoEs) equitisation process and making financial policy.

Auditing is also a career that needs to be treated fair, Hung said, adding that auditing must be as transparent as possible whilst Viet Nam is integrating itself into the global economy. As a result, all enterprises should be well prepared for competitiveness.

The minister said that the State does not limit sectors and areas of activities that enterprises are operating in but encourages them to issue holdings and share. It also reduces the number of SOEs that need to hold 100 percent of their capital to make it possible for more businesses to take part in the equitisation process.

Hung also said that the scheme to establish financial companies in provinces and cities is waiting for the Government's approval before being implemented next year. These financial companies will manage all central and local enterprises without discrimination. They will be set up in HCM City, Ha Noi, and the northern port city of Hai Phong. At present, a group of experts from a Singaporean financial company are in Viet Nam to help and advise their colleagues.

The target set for the equitisation process may only be 70-80 percent in the coming period, and several measures should be carried out to promote the process, Hung said.

At the opening session, the Government affirmed in its report that making a breakthrough in renovating and raising the effectiveness of the SoEs' operation is an important solution to promote business and production and gain a GDP growth of 7.7-8.3 percent for the rest of the year.-Enditem

VNA - (12/05/2004)

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