Many state-owned enterprises (SOEs) have been equitized but have not seen considerable changes as the state’s ownership ratio remains high. Many of them are still taking losses and struggling to survive. In 2018, Vinafood 2 was equitized with the state holding 51.43 percent of charter capital, and the strategic shareholder T&T Group holding 25 percent and other shareholders 23.57 percent. Vinafood 2 had been incurring loss until equitization. The situation did not become better after equitization despite the presence of the strategic investor. The corporation took a loss of VND43 billion in Q2 2020. By the end of H1, Vinafood 2 had incurred z loss of VND160 billion, raising the accumulative loss to VND2.188 trillion. Explaining the unsatisfactory business result, VInafood 2 attributed it to changes in rice import policies of the countries that are Vinafood 2 clients. The countries haf set up more barriers to protect domestic production. Besides, the government’s decision on stopping rice exports for a certain time led to aa drop in exports. Meanwhile, experts, when commenting about Vinafood 2’s operation after the equitization, said the corporation is like ‘old wine in a new bottle’, i.e. though Vinafood 2 has been equitized and operating as a… Read full this story
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