73 enterprises subject to divestment include some high-profile companies in the stock exchange. — Photo scic.vn

HÀ NỘI — The State Capital Investment Corporation (SCIC) has recently announced its first phase of divestments for 2023, which includes 73 enterprises with some high-profile companies in the stock exchange.

The companies that can catch investors’ eyes include Bình Minh Plastic JSC (BMP), Vietnam Seaproducts Joint Stock Corporation (SEA), LICOGI Corporation - JSC (LIC), Phả Lại Thermal Power JSC (PPC), Hải Phòng Thermal Power SJC (HND) and Quảng Ninh Thermal Power JSC (QTP).

The Government’s investment arm has successfully completed divestments in four enterprises so far, which include Quảng Ngãi Road Management and Construction JSC (29 per cent of capital), II Quảng Bình Road Repair and General Construction JSC (53 per cent), Quảng Bình Road Maintenance and Complex Construction JSC (65 per cent) and Inland Waterways Management Maintenance JSC N09 (51 per cent).

However, SCIC's list is currently lacking the so-called "blockbusters" that are highly sought-after by both domestic and foreign investors, such as FPT Corporation (FPT), Vinamilk (VNM), Tiền Phong Plastic JSC (NTP) and brewer Sabeco (SAB). These are also the companies that offer high dividend rates to SCIC.

Since 2018, the equitisation of state-owned enterprises (SOEs) through divestment of state capital on the stock exchange has been at a standstill, which has made the stock market unattractive to new investors, particularly those from abroad.

SCIC’s chairman Nguyễn Chí Thành has suggested the need for the state investment fund to facilitate indirect investment, and SCIC to be transformed into a state-owned investor that can compete with foreign investment funds.

As of December 31, 2022, SCIC's portfolio comprises 119 enterprises, with a state capital of VNĐ47.8 trillion (US$2 billion) out of a total charter capital of VNĐ166 trillion.

It reported revenue of VNĐ10.7 trillion in 2022, up 51 per cent on-year and surpassing the annual target by 35 per cent. In 2023, SCIC has set lower targets of nearly VNĐ 6.7 trillion in revenue and VNĐ2.9 trillion in after-tax profit. — VNS