Vietnam has engaged in a massive reform process of its hundreds of state-owned companies, many of whom have operated under heavy losses for years. Last month, Prime Minister Phan Van Khai defined the process "as one of the key tasks this year for the successful fulfilment of the country's 2001-05 socio-economic plan," state-media said.
Shares worth 15 billion dong (1 million dollars) in a factory under the Post and Telecommunications Corporation would be offered for sale to the public on March 8, Dung said. Two days later, shares of a hydro-electric power plant under the Vietnam Electricity Corporation, worth over 437 billion dong would also be sold to the public. Foreign investors would be eligible to buy stakes in these state-owned companies.
Later this year - currently slated for June - the bourse's over-the-counter (OTC) transaction system would begin operations. At first, the OTC market would operate within a simple model and on a small scale before fully maturing by 2010, an official explained.