VINAMILK-THE STATE OR GOVERNMENT-OWNED ENTERPRISE/CORRECT THE UNDERLINED ERRORS AND REWRITE ALL THE SENTENCES CONCISELY
SOEs can be fully owned or partially owned by government. SOEs often operate in sectors where there is a natural monopoly, or where the government has strategic interest. As a definitional issue, it is difficult to determine categorically what level of state ownership would qualify an entity to be considered as “state-owned”, since governments can also own regular stock, without implying any special interference. A state-owned enterprise (SOE) otherwise known as a state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, crown corporation, government-owned corporation, commercial government agency, public sector undertaking, or parastata.The defining characteristics of SOEs are that they have a distinct legal form and they are established to operate in commercial affairs.
- Vinamilk could not buy Dalat Milk due to a delay caused by presenting a proposal and seeking the SCIC’s permission.
- Each year Vinamilk loses estimated profits worth VND50 billion (US$2.3 million) thanks to the failure of that deal.
- In the 10 years since it was equitised, Vinamilk saw revenues grow by 22 per cent a year on average.
- Vinamilk urged the National Assembly to reconsider what stakes the State must hold in joint stock companies so that all parties benefit.
- The Government still holds a majority stake in most joint stock companies, especially in the dairy and food sector, which is not necessary, according to Vinamilk.
- Mai Kieu Lien, who is considered the ‘soul’ of Vinamilk, the nation’s leading dairy producer, has officially resigned as chair of theboard of directors, though Vinamilk shareholders vowed to veto the dismissal.
- Opinions from well-informed circles then said that Lien was about to get retired, therefore, she would not be able to represent SCIC (the State Capital Investment Corporation), the biggest shareholder, in Vinamilk.
- Le Thi Bang Tam, who is now chair of HDBank, has been elected as the new chair of Vinamilk.
- Nguyen believes that Tam will be a good chair as she is not the capital representative of any large shareholders.
- Last month the Government gave the green light for batch divestment in four enterprises – Vietnam Railways, Vietnam Motors Industry Corporation Joint Stock Company, Civil Engineering Construction Corporation No 5 Joint Stock Company (Cienco 5), and Cienco 6, all run by the Ministry of Transport.