Privatized yields proposed to be preserved for provincial infrastructures

“To  help Binh Duong Province have material tools and resources for sustainable development, contributing greater and greater to the central government, Binh Duong Provincial People’s Committee propose to preserve representative ownership of State-owned capital resources of Becamex General Company and Thanh Le General Company after their privatization and to preserve all the privatized yields to invest into infrastructures of the province,” quoted by proposal of Provincial People’s Committee to National Assembly Inspection Delegation at the early January 18 working session on implementation of policies and laws on management and use of capital resources and assets of the State in enterprises and State-owned enterprise privatization in 2011-2016. Tran Van Nam, member of Central Committee of CPV, Secretary of Provincial Party Committee and Head of Provincial NA Delegation was also at the reception.

By the end of 2017, Binh Duong provincial authority has basically fulfilled privatization of enterprises, leaving Binh Duong Lottery Co. Ltd. in tact as a typical enterprise of the State. In recent years, Binh Duong province has been under pressure of overloading services of education and healthcare in the face of socio-economic achievements. In 2017-2020, the central government reduced regulated financial backing down to 36% from 40% and cut the backing of government treasury bonds and privatized yields from State-owned enterprises under representative ownership of Binh Duong Provincial People’s Committee which has been obliged to pay into the fund of arrangement and development of enterprises under central government management, leading to insufficiency of vital material tools and resources for local economic development. Thus, at the working session, the mentioned proposal was included.

In the afternoon of the same day, the National Assembly Inspectorate continued working with Thanh Le General Company and Binh Duong Water and Environment Joint Stock Company.

Reported by Thu Thao – Translated by Vi Bao

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