Mr. Cao Sy Kiem
EVN is one of the state-owned enterprises performing the corporate restructuring. How do you evaluate EVN’s structuring achievements so far?
Performing the economic growth and restructuring model, EVN is one of the leading corporations in capital divestment from other industries; taking initiatives in reducing capital amount in joint stock companies, focusing resources in core business; restructuring business management. I have many times participated in the inspection group of the Economic Committee of the National Assembly thus I could affirm that all of these activities of EVN have brought endogenously positive outcomes and pervasive impacts.
In fact, during its development process, EVN has continuously renovated and applied technological advances in its production and business activities. In particular, after the restructuring, EVN has made positive transformation in financial capability, debt paying ability, stable and efficient business. It becomes an impetus for the national economic growth, accelerating the process of national industrialization and modernization and international integration.
Also, the Corporation’s solutions to certain issues could be lessons learned for other industries as activities of the power industry has direct relation to the production, business, services and people’s daily activities. Thus, after the restructuring, Vietnam Electricity has created and will continue to be the driving-force for other economic industries to perform more efficiently, supplying adequate power for national economic development and people’s life with better quality and more ideal services.
Restructuring stimulates EVN’s sustainable development
As a former Governor of Vietnam State Bank, as far as your experience is concerned, will the restructuring of EVN’s business lines be able to help them resolve the problem of investment capital mobilization for power constructions?
Many years ago, EVN’s capital was not strong and capital mobilization faced many difficulties while the investment volume for power construction projects was huge. The product of power industry could not be stored. Besides, the input prices, natural disasters, national and international changes have always exerted direct effects on the industry.
However, EVN has succeeded in resolving those problems by using its capital resource efficiently, including both its own capital and mobilized foreign capital. Together with the roadmap management of the Government, the industry has mobilized a huge source of capital, especially long-term one. In our country, it is very difficult for the long-term capital market to meet the banks’ requirements. However, as it has many cooperative and joint projects with foreign partners, the industry has gained successes in investment and construction with long-term loans.
With such experience, by equitization and divestment from other industries, in the future, I believe EVN will continue to get successful in mobilizing a huge capital resource to implement its power works.
In your opinion, how would EVN renovate to meet the expectations of the people and the country?
After reorganization, renovation and focus on main business lines, EVN’s activities over the years have been appreciated by the community and appraised by leaders of ministries and industries. Moreover, EVN has received the support and encouragement from local governments to facilitate its development in production- business activities despite many difficulties.
Meanwhile, EVN needs to accelerate its corporate restructuring process in the time to come. First of all, EVN needs to approach major projects and advanced technologies of developed partners in the world, seriously ensuring the investment and construction schedule of power works as planned. Currently, there are many planned projects that are behind the schedule.
For three years now, the national grid has been continued its "coverage" across the country, from the mountainous, remote and isolated areas to the sea islands. Therefore, EVN should have a reasonable option to improve the efficiency of power use, reducing power losses. The general objective is to implement the restructuring associated with the growth model transformation by roadmap and appropriate steps, to basically establish in depth pattern of economic growth by 2020, ensuring the quality of growth, contribute to improving the efficiency and competitiveness of the economy.
Thank you very much!