Vietnam approved plans on equitizing eight state-owned enterprises (SOE) with a total value of 29,378 billion Vietnamese dong (nearly 1.3 billion U.S. dollars) in the first half of this year, according to the Ministry of Finance on Tuesday.

According to a plan earlier approved by Prime Minister Nguyen Xuan Phuc, at least 85 SOEs must be equitized in 2018. According to his another decision, 181 SOEs must make divestment this year.

To speed up SOE equitization and divestment processes, relevant ministries and sectors should review laws on enterprises, on management and use of state capital in production and business, on bankruptcy and on public servants, the ministry said.

They should also draft governmental decrees on SOE operations, on the rights and responsibilities of state capital owner representatives, and on production and supply of public services and products.

Slow progress in restructuring SOEs and the banking sector could adversely impact Vietnam's macro-financial situation, undermine growth prospects, and create large public-sector liabilities, according to a World Bank report on Vietnam.