Restructure: Vinacomin is going rightly to the roadmap

Restructure: Vinacomin is going rightly to the roadmap - 

At the meeting for sum up partially held on May 4, 2015, Mr. Le Minh Chuan, the Chairman of Vinacomin Member Council conformed, after one year implementation, the restructure program of Vinacomin is going rightly to the roadmap outlined in Prime Minister’s Decision No 314 TKV/QD-TTg dated on February 7th 2013.

The contents of Vinacomin restructure program include enterprise organization model reconstruction and enterprise administration restructure.

The content of enterprise organization model reconstruction includes the main works as to continue consolidating the organizational model of Vinacomin group; equitizing 11 companies holding 100% state capital, including 9 Vinacomin subsidiaries and 2 under Vinacomin subsidiary companies; divesting a part of capital of the 7 subsidiaries to below the dominant level and all the capital of associated companies or subsidiaries not yet acted in the financial, real estate fields; increasing holding proportion of shares from the usually dominant (51%) up to absolutely dominant level (65-75%) in the coal production subsidiaries; implementing mergence, dissolution, bankruptcy of a number of subsidiaries, under subsidiary companies.

Up to now, Vinacomin has completely (100%) fulfiled to transfer 10 coal production single member limited companies and Quang Ninh Coal Processing and Trading Company into a branch under the parent company. Concretely, there were transferd 06 units in 2013, 04 units in 2014 and Uong Bi Coal Company in the first quarter of 2015.

The 2 level management model in Hon Gai, Ha Long and Uong Bi Coal Companies has been eliminated and today these units have already adapted to the new organizational model.

By the end of 2014, Vinacomin completed equitization for 3 units as Company for material supply, transportation and good loading & unloading services; Thai Nguyen Ferrous Metal Company (under the Minerals Corporation) and Mining Technology and Equipment Development Company (under Mining Science and Technology Institute), that got back VND 301.3 billion for the state budged.

In 2015, Vinacomin plans to complete equitization for 8 units as: Mineral Corporation, Power Corp, and Viet Bac Mining Industry Corp, Engineering and Shipbuilding Single Member Limited Company, Nhan Co Environmental Engineering Single Member Limited Company, Viet Bac Geological Company, Mining Geology Company and Company for Investment & Development of Housing and Infrastructure.

It can be affirmed that, the equitization task in Vinacomin is going rightly on schedule. Although the goal to get back the capital could not be achieved immediately during the equitization process due to the market situation still not yet recovered, but the goal to transfer 100% state capital enterprises into JSC surely will be fully complete in 2015 in accordance with the approved program.

Regarding the capital divestment, Vinacomin has completed to divest the total capital from 6 per 8 outside sector units with a VND 1,791 billion getting back sum and a part of capital for reducing it to below the dominant level from 3 per 7 inside sector units as Southern Coal (Vinacomin holds 34% capital), Central Coal (27.25%) and Tourism and Trade company (36%).

In regards to increasing ownership rate of Vinacomin in the Coal Production Joint Stock Companies, so far, the Group has only successfully carried out in two companies as Vang Danh from 51.14% to 66.82%; Ha Lam from 57.45% to 74.2%. For Nui Beo company there was only a little rise from 51% to 52.9%.

With the target of the enterprise administration restructure, Vinacomin has also achieved remarkable results. Accordingly, Vinacomin has completed the internal management regulations for every field, rearranged departments in the Group office from 28 to 22, issued amended regulations on cadres management of the Group towards raising the management role of the parent company -Vinacomin.

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