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VietNamNews

State investment firm sets assets target

Update: October, 20/2015 - 09:59
National Asembly Chairman Nguyen Sinh Hung hands over the Labour Order, the first class to the State Capital Investment Corporation (SCIC) in Ha Noi yesterday. — Photo baochinhphu.vn

HA NOI (VNS) — The State Capital Investment Corporation (SCIC) expects to have assets of US$22.5 billion by 2020, it said at a ceremony marking its 10th founding anniversary in Ha Noi yesterday.

By 2030, it is set to develop into a regional-scale financial corporation that manages a combined $46 billion.

National Assembly Chairman Nguyen Sinh Hung and Deputy Prime Minister Vu Van Ninh attended the ceremony.

Looking back at the past 10 years, the SCIC exercised its State ownership representation rights in around 1,000 enterprises worth more than VND8.7 trillion ($395.4 million), including six equitised corporations. At the PM's request, an additional 20 State-owned corporations and groups will transfer their ownership rights to the SCIC from 2015-2016.

The firm was awarded with the Labour Order, the first class, on the occasion.

The return on equity ratio averages 15 per cent to 17 percent, bringing a total after-tax profit of more than VND30 trillion ($1.36 billion).

Compared to 2005, its turnover has soared 65-fold, total assets are up 14 times, State budget contribution is up 41 times and after-tax profits have increased 61.5 times.

The SCIC has offloaded State capital to pull in VND5.36 trillion ($243.6 million) and its portfolio now comprises 230 firms with a booking value of VND17 trillion ($772 million) and market value of VND78 trillion ($3.54 billion).

Its total equity is currently valued at nearly VND35 trillion ($1.59 billion).

It has also taken the lead in equitisation with 90 percent of its single-member limited liability companies going public.

In his speech, Deputy PM Ninh asked the SCIC to continue improving its operating model, speeding up divestment in several companies and performing its role as a shareholder in several large-scale and efficient firms. — VNS

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