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State capital ownership at SCIC transferred to ’mega committee’

Update: November, 12/2018 - 17:00
The Ministry of Finance on Monday transferred its ownership at the State Capital Management Corporation (SCIC) to the State Capital Management Committee. — Photo VGP
Viet Nam News

HÀ NỘI — The Ministry of Finance on Monday transferred its ownership of State capital in the State Capital Management Corporation (SCIC) to the State Capital Management Committee.

Nguyễn Hoàng Anh, the State Capital Management Committee’s chairman, said that among 19 enterprises to be put under the management of the committee, SCIC played a special role in the management of State capital at enterprises.

SCIC was founded in 2005 to act as a representative for State capital ownership at independent restructured and equitised enterprises and monitor its capital based on market mechanisms to improve the efficiency in using State capital.

Minister of Finance Đinh Tiến Dũng said that SCIC helped renovate the management of State capital at enterprises from administrative management to the enterprise model and became an effective tool for the restructuring of State-owned enterprises.

Dũng said that the development strategy for SCIC in 2019-25 must be completed to improve the operation efficiency of the corporation to perform its role as a strategic investor of the Government.

In addition, the equitisation and capital divestment at SOEs must be enhanced.

Dũng added that SCIC also needed to expand its capital investment business with a focus on key projects and economic sectors of long-term prospects together with expanding financial investment activities and mergers and acquisitions.

Starting operations in August 2006, SCIC managed a large portfolio of 139 enterprises as of August 31 with total State capital of more than VNĐ20.3 trillion (US$882.6 million) in book value, or nearly 25 per cent of the total charter capital.

According to SCIC’s financial report, as of June 30, its total assets reached nearly VNĐ41.75 trillion.

In the afternoon on the same day, the Ministry of Transport also gave its control of State capital at five SOEs to the committee.

Those included Airports Corporation of Việt Nam, Vietnam Airlines Corporation, Vietnam Railways, Vietnam National Shipping Lines and Vietnam Expressway Corporation.

Deputy Prime Minister Vương Đình Huệ said that transferring the ownership of State capital in SOEs to the State Capital Management Committee would help improve the operation efficiency of SOEs.

According to Hoàng Anh, the State Capital Management Committee would cooperate closely with the relevant ministries to enhance the operation efficiency of SOEs.

On Saturday, the Ministry of Industry and Trade transferred its ownership of State capital in six SOEs to the State Capital Management Committee.

The State Capital Management Committee was founded in February and would take control of State capital at 19 SOEs with total asset of VNĐ2.3 quadrillion from ministries and Government agencies. — VNS

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