Economics
Vietnam Gets Tough on State Firms in Economic Growth Push
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Vietnam plans tougher rules to accelerate a revamp of state-owned enterprises, including firing chief executives, adding to efforts to clean up bad debt in the banking industry and revive the economy.
The finance ministry is drafting “strong and suitable” measures to force state companies to sell stakes in non-core businesses, Dang Quyet Tien, deputy general director of the ministry’s corporate finance department, said in an interview in Hanoi yesterday. An asset management company run by the central bank begins operations tomorrow to help clean up almost $5 billion of bad debt.