13/05/2015 15:22 GMT+7 Email Print Like 0

State capital ownership to be transferred to SCIC

Hanoi, May 13 (VNA) – The Prime Minister has instructed that state capital ownership in state-own enterprises (SOEs) should be managed by the State Capital Investment Company (SCIC).

The PM has requested ministries, ministerial bodies and localities to supervise the transfer of capital to the SCIC, ensuring the completion of the process by the end of August.

The SCIC, which was formed under a Government Decision in 2005 as a Government shareholder in SOEs, is responsible for managing and investing State capital in various sectors, including financial services, banking, insurance, energy, manufacturing and telecommunications. Transportation, consumer products and healthcare sectors also fall under its purview.

During the last nine years, the SCIC has successfully sold capital in 746 enterprises, earning 7.202 trillion VND (334.97 million USD), 2.3 times more than the book value.

Its total assets have reached 69 trillion VND (3.2 billion USD), 13 times higher than when it was established. Its equity is estimated to be over 31 trillion VND (1.44 billion USD), nine times more than in 2005.
VNA/VNP