Vietnam to Triple SCIC's Capital to US$937.5 Mln

The government of Vietnam announced on November 29 that it has approved a decision to triple the registered capital of The State Capital Investment Corporation (SCIC) to VND15 trillion (US$937.5 million) from current VND5 trillion.

 

The government of Vietnam established SCIC two years ago to manage state funds and properties in the enterprises which have sold shares to the public.

 

Deputy Prime Minister Nguyen Sinh Hung in his recent working session with SCIC set the target for SCIC to become a strategic business of the government.

 

SCIC said it took over VND6.56 trillion from more than 690 state-owned companies out of the 1,000 SOEs by the end of August, and expects to manage VND7 trillion from 970 companies this year.

 

SCIC has established partnerships with more than 20 major international financial groups and signed memoranda of understanding with seven foreign organizations, namely Khazanah, Korea Exchange, Korea Investment and Securities, SK Securities, Golden Bridge, HSBC and Reuters.

 

The government of Vietnam agreed to name Minister of Finance Vu Van Ninh as chairman of the company’s board. (VNA)