MoIT to transfer five enterprises to SCIC in Q1
The Vietnam Steel Corporation is among five enterprises the Ministry of Industry and Trade plans to transfer State capital ownership representative rights to the State Capital Investment Corporation in the first quarter of this year. (Source: laodong.vn)
They included the Vietnam Steel Corporation, the Foreign Trade Freight Forwarding and Warehousing Joint Stock Company, the Vietnam Agricultural Products Joint Stock Company, the Construction and Import-Export Joint Stock Company and the Construction Investment and Building Materials Joint Stock Company, according to the ministry’s recently-issued Directive No 3/CT-BCT.
The move is part of the ministry’s efforts to implement the Prime Minister’s Directive No 01/CT-TTg issued early this year about speeding up the restructuring, equitisation and pestment in State-owned enterprises (SOEs).
The Prime Minister’s directive sets March 31 as the deadline for ministries, ministerial-level agencies and local authorities to complete the transfer of State capital ownership representative rights in SOEs to the SCIC.
The progress of State capital pestment and SOE equitisation has been slow in recent years, so the Prime Minister has asked ministries and local authorities to review and list SOEs which must be equitised or pested from between 2018-2020 to ensure feasibility. If the pestment and equitisation face difficulties, the SOEs must be transferred to the SCIC.
According to Nguyen Chi Thanh, the SCIC’s deputy director, State capital ownership representative rights in around 100 SOEs must be transferred to the SCIC. Thanh expected the transfer to be completed before the deadline.
After receiving State capital ownership representative rights, the SCIC would focus on implementing financial and operational restructuring to improve efficiency and maximise the value of State capital before pestment.
In 2018, the SCIC received State capital ownership representative rights in 14 SOEs worth more than 4 trillion VND (174 million USD), significant increases over sums received in the two previous years which were at around 1 trillion VND each. It sold State capital ownership representative rights in nine enterprises to collect 7.6 trillion VND in 2018, nearly three times higher than the cost price.
The SCIC held a portfolio of 144 enterprises as of the end of 2018 with a value of 20.94 trillion VND out of a charter capital of 85 trillion VND.
The SCIC reported an after-tax profit of 8.2 trillion VND in 2018, 30 percent higher than 2017.
Related News
Binh Duong Customs and Korean businesses solve difficulties and obstacles
15:03 | 28/04/2024 Customs
The supporting industrial enterprises transform for sustainable development
08:20 | 01/05/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Latest News
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines
More News
Việt Nam to promote local tourism
13:37 | 30/04/2024 Headlines
April 30 Victory – Glorious milestone in national history
13:34 | 30/04/2024 Headlines
Vietnam secures remarkable economic successes since national reunification
13:31 | 30/04/2024 Headlines
Precious significance of Điện Biên Phủ Victory
16:44 | 29/04/2024 Headlines
Tourism sector surges with over six million visitors in four months
16:40 | 29/04/2024 Headlines
Removing the yellow card, seafood businesses commit to "say no to IUU"
07:51 | 29/04/2024 Headlines
Vietnam ranks third in Southeast Asia in startup investment attraction
14:57 | 28/04/2024 Headlines
All-out efforts needed to get IUU yellow card removed: Minister
14:55 | 28/04/2024 Headlines
Vietnam expected to become e-commerce powerhouse in Southeast Asia
19:49 | 27/04/2024 Headlines
Your care
Exports, FDI remain Vietnam’s bright spots: HSBC
17:16 | 02/05/2024 Headlines
Growth engines rev up in first four months
17:12 | 02/05/2024 Headlines
Vietnam fulfills Chairmanship of Asia Pacific Group at UN for April
19:38 | 01/05/2024 Headlines
Startups gradually mature in international markets
08:22 | 01/05/2024 Headlines
Việt Nam to promote local tourism
13:37 | 30/04/2024 Headlines