State capital divestments from big firms discussed Lan Nhi HANOI - The Prime Minister and leaders of ministries and State Capital Investment Corporation (SCIC) joined a recent meeting to discuss criteria and prices for sale of state stakes in big enterprises in the coming time. These entities include 10 big enterprises whose state stakes managed by SCIC as well as Saigon Beer-Alcohol-Beverage Corporation (Sabeco) and Hanoi Alcohol Beer and Beverage Company (Habeco), according to the Government website chinhphu.vn. The 10 companies are Vietnam Dairy Products JSC (Vinamilk), Baominh Insurance Corporation, Vietnam National Reinsurance Corporation, Tien Phong Plastic JSC, Binh Minh Plastics JSC, Vietnam Infrastructure Investment and Development JSC, Ha Giang Mineral and Mechanics JSC, Sa Giang Import Export Corporation, FPT Corporation and FPT Telecom JSC. The Government has set criteria and approved a plan to sell stakes, decide prices and keep original brands of certain enterprises … [Read more...] about State capital divestments from big firms discussed
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The International Finance Corporation - the World Bank's private sector arm - agreed Tuesday to help the State Capital Investment Corporation of Vietnam meet international standards. Under the agreement, the International Finance Corporation (IFC)'s Mekong Private Sector Development Facility (MPDF) will assist the State Capital Investment Corporation (SCIC) - a state agency tasked to reallocate funds for reorganized firms - in devising a development strategy. According to the IFC, MPDF will support SCIC in reviewing and enhancing its charter while strengthening management and corporate structure in line with international standards. … [Read more...] about IFC to help bring international standards to state capital corp.
The Vietnamese government's State Capital Investment Corp. opened its first branch Thursday in Ho Chi Minh City, aiming to better manage state capital in southern firms. Le Thi Bang Tam, the corporation (SCIC) chairwoman, said the new establishment was an important move to make the most of state capital throughout the country. SCIC serves as a government shareholder in state-owned enterprises and is responsible for monitoring and investing capital. … [Read more...] about State capital manager southbound
The Vietnamese government currently holds the controlling interests at a number of state-run businesses, including those operating in sectors that do not necessarily have to be controlled by the state, such as dairy, confectionary, and fertilizer. Many company chiefs and economists have hoped that the government will divest or reduce its stakes at the businesses to make room for other private investors to join, as well as freeing up money to allocate to other public investment, but it seems uninterested in doing so. For instance, the State Capital Investment Corp (SCIC), which represents the government at Vinamilk, has recently rejected the company's proposal of the ESOP, or employee stock ownership plan, saying it may "affect the state capital" at the country's largest dairy producer. SCIC currently holds a 45.08 percent stake, or 375.73 million shares, of Vinamilk. With each share fetching VND136,000 on June 7, the market capitalization of the government is VND51.09 trillion, … [Read more...] about Billions of dollars worth of state capital ‘buried’ in SOEs