Vietnam: SCIC to Manage More VND25 Tln of State Capital in 2008
The Ministry of Finance has signed an agreement to transfer a total of VND25 trillion (US$1.5 billion) from the state-run enterprises privatization and rearrangement fund this year to the State Capital Investment Corporation (SCIC).
SCIC will manage VND10.4 trillion of capital surplus from privatizing state-owned enterprises, and another VND14.3 trillion worth of fund as the end of September.
Head of the SCIC’s Department of Finance and Accounting Cu Anh Tuan said the capital transfer to the SCIC is included in the government’s roadmap of administrative reform to separate the functions of policy making and fund management.
The corporation will use this source of capital to invest in key and strategic projects of the government.
SCIC, established in 2005, is managing state capital in more than 5,000 state-owned enterprises, which are mainly big ones making up 70 per cent of the state's tax contribution. (Vietnam Economic Times, Securities Investment)
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