The Vietnamese government has asked state-owned enterprises (SOEs) to accelerate their equitization process, local newspaper Vietnam Economic Times reported Monday.

The government is directing the equitization of large enterprises, including commercial banks and financial firms, and the restructure of poorly-performing SOEs. Vietnam is focusing on selling shares of equitized SOEs to strategic investors, aiming to finish its SOE restructure by 2009.

"The equitization process must be public, transparent, and not benefits of individuals. Those who violate laws will be strictly dealt with," the paper quoted Vietnamese Prime Minister Nguyen Tan Dung as saying at a recent meeting with leaders of some enterprises.

Vietnam has targeted equitization of 550 SOEs, including some corporations, commercial banks, insurers and public utilities, this year.

By the end of August 2006, Vietnam restructured 4,447 SOEs, of which 3,060 were equitized.

Source: Xinhua