Deputy PM: SCIC Needs to Boost State Owned Capital Transfer

Deputy Prime Minister Hoang Trung Hai has urged the State Capital Investment Corporation (SCIC) to accelerate the transfer of state-owned capital in enterprises, the government of Vietnam said on its website.

 

Deputy PM Hai made the remark at the conference on reviewing the one-year operations of SCIC [which is formed to manage state-owned capital of enterprises after Vietnam’s WTO commitments are effective] urged measures to remove shortcomings in a bid to boost the transfer and effectively use.

 

“Relevant ministries, sectors and localities should make greater efforts to achieve the set targets and effectively use,” the Deputy PM noted.

 

VietnamNet cited Le Song Lai, Deputy Director General of SCIC as saying that SCIC planned to withdraw VND227 billion (US$14.18 million) worth of capital from 50 enterprises in this year.

 

SCIC, on behalf of the state, plans to take management over the state capital in 1,033 enterprises by the end of 2007, which have the total value VND7.19 trillion (US$449.25 million) on the books and VND36 trillion (US$2.25 billion) if calculating based on market price.

 

In 2007, SCIC plans to list 22 more companies listed on the bourse. In the time to come, we will gradually reduce the state owned capital proportion in enterprises by selling shares out on the stock market, and buying or selling enterprises. In fact, we have done this with Tien Phong Plastics or Bao Minh CMG insurance. (Government’s website, VietnamNet)