|SJC is a national gold brand, accounting for 90 per cent of gold bullion market share in the domestic market. — Photo vov.vn|Viet Nam News
HÀ NỘI – HCM City People’s Committee will equitise Sài Gòn Jewelry Co Ltd (SJC), Việt Nam’s largest gold and gold jewelry production and distribution company, in 2019.
Together with SJC, seven public utility companies are also set to be equitised next year.
The municipal committee assigned the city’s board for State-owned enterprise (SOE) management reform to perfect the plan for SOE re-organisation and reform in the 2018-20 period.
SJC, formed in 1988, is a State-owned enterprise under the HCM City People’s Committee operating under the parent-subsidiary company model with production and trading gold and jewelry as its main business. It accounts for 90 per cent of the gold bullion market share in the domestic market.
In May 2011, the State Bank of Việt Nam (SBV) appointed SJC as the sole entity authorised to produce gold bars in Việt Nam.
In 2017, SJC recorded VNĐ22.95 trillion (US$998 million) in revenue and VNĐ85.4 billion in pre-tax profit.
Apart from JSC, other businesses subject to equitisation next year are the public service companies of districts of 7, 8, 9, Bình Thạnh, Gò Vấp and Nhà Bè, along with the Liksin Industry – Printing – Packaging Corporation.
Meanwhile, the city asked the Government to exclude HCM City Irrigation Management Company from equitisation.
At the proposal of the board for SOE management reform, the municipal People’s Committee also agreed to keep 100 per cent of State capital at the Sài Gòn Water Corporation.
The southern city is accelerating procedures and approval of plans on equitisation and divestment of State capital from 39 businesses.
It added that the businesses had completed asset assessment pending approval of equitisation plans, and on receiving approval, they expected to complete equitisation within 2018 and 2019. – VNS