Reserves strategy, corporation structuring approved Vietnam’s total national reserves will account for 0.8-1 percent of its GDP by 2015 and 1.5 percent by 2020, according to the National Reserves Development Strategy, which was approved recently by Prime Minister Nguyen Tan Dung. Photo for illustration (hoinongdan) Five categories of commodities are listed for reserve, including those for economic and social security, natural disaster response, security and national defense. Food storage will be equivalent to 500,000 tonnes of paddy rice in 2015. By 2020, petrol reserve will be able to feed a 10-day usage (equal to around 500,000 cubic metres of petroleum). It will include 700,000 tonnes of crude oil. Under the strategy, 10,000 tonnes of rice seeds, 1,500 tonnes of maize varieties, and 130 tonnes of vegetable varieties will be put aside each year. The Prime Minister has also approved plans to restructure the Vietnam National Chemical Group (Vinachem) and the Vietnam National Coffee Corporation (Vinacafe) for the 2012-2015 period. Accordingly, Vinachem will still remain a State-owned economic group, which will focus on main business lines of making chemicals, fertiliser and crop-protection products. The group is also tasked to hold 100 percent charter capital in its two subsidiary units and 65-75 percent of charter capital in five other units. From now until 2015, it will hold 50 percent to under 65 percent of charter capital in its 13 enterprises and not more than 50 percent in 10 others, and divest capital in 13 other enterprises. Under the plan to restructure Vinacafe, the corporation’s major business lines will be growing coffee trees, producing, processing and trading coffee. Besides, it will produce coffee-made drinks. Vinacafe’s charter capital will be decided by the Minister of Agriculture and Rural Development after being agreed by the Ministry of Finance. The corporation will still remain a State-owned enterprise with 13 holding companies. By 2015, the corporation will hold 100 percent of charter capital in its 25 subsidiary units, over 50 percent in two units and less than 50 percent in four units. It will divest all of its capital in six other units. Source: VNA