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VietNamNews

State capital control transferred

Update: May, 15/2015 - 08:21

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. — Photo tapchitaichinh

HA NOI (VNS) — The Prime Minister has instructed the State Capital Investment Company (SCIC) to take over management of State capital ownership in State-owned enterprises (SOEs).

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 following a Government Decision in 2005 to act 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 past nine years, the SCIC has successfully sold capital in 746 enterprises, earning VND7.202 trillion (US$334.97 million), 2.3 times more than its book value. — VNS

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