Taking into account the potential sale of 108 SOEs in the list, SCIC’s revenue in 2019 could reach VND21.6 trillion (US$934.55 million).
The Vietnamese government’s investment arm State Capital Investment Corporation (SCIC) has announced the list of 108 state-owned enterprises (SOEs) subject to divestment in 2019, Vietnam Finance reported.
On the list are some major corporations including Bao Minh Corporation, where SCIC owns a 51% stake, FPT (6%), Bao Viet Group (3%), Quang Ninh Thermal Power (11%), LICOGI (41%), Vietnam Vegetable Oil Industry Corporation – Vocarimex (36%), and Hai Phong Thermal Power (9%), among others.
Notably, Vinamilk is also included in the list but required specific instruction from the prime minister.
Being tasked with restructuring state-owned enterprises (SOEs), since its establishment, SCIC has divested state capital from a total of 986 companies for proceeds of VND37 trillion (US$1.59 billion), 4.4 times the book value of VND8.3 trillion (US$357.94 million).
In 2018, SCIC successfully divested its stakes in Binh Minh Plastic and Vinaconex, raising VND2.3 trillion (US$101.2 million) and VND7.36 trillion (US$317.45 million), respectively.
Overall, SCIC withdrew state capital from nine SOEs in 2018, which resulted in net earnings of over VND5.7 trillion (US$245.76 million).
As of December 31, 2018, SCIC’s portfolio included a large portfolio of over 142 enterprises which are operating in various sectors, such as financial service, energy, manufacturing, telecommunications, transportation, among others, with state capital of VND20.6 trillion (US$887.94 million) out of the combined charter capital of VND84.17 trillion (US$3.62 billion).
In 2019, SCIC targeted revenue of VND6.5 trillion (US$281.24 million) and pre-tax profit of VND5.02 trillion (US$217.2 million).
Taking into account the potential sale of 108 SOEs in the list, SCIC’s revenue in 2019 could reach VND21.6 trillion (US$934.55 million).
SCIC posted its revenue in 2018 of VND12.7 trillion (US$549.48 million), up 72% year-on-year.
A major part of SCIC revenue came from the liquidations of investments worth VND7.79 trillion (US$337 million), accounting for 61% of total and equivalent to an 8-fold increase against 2017, followed by dividends of VND3.33 trillion (US$144 million) or 26% of the total, down 34% year-on-year.
Last November, the Ministry of Finance handed over SCIC to the Commission for the Management of State Capital (CMSC), dubbed as “super committee”.
SCIC was among 19 leading state-run groups and corporations that ought to be handed over to the committee, holding a combined capital of VND1,000 trillion (US$43.02 billion) and assets of over VND2,300 trillion (US$98.96 billion).
At the launching ceremony of the commission on September 30, 2018, Prime Minister Nguyen Xuan Phuc said the CMSC is aimed to improve efficiency of state-owned enterprises (SOEs), in turn providing greater competitiveness for the economy.
Illustrative photo.
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Notably, Vinamilk is also included in the list but required specific instruction from the prime minister.
Being tasked with restructuring state-owned enterprises (SOEs), since its establishment, SCIC has divested state capital from a total of 986 companies for proceeds of VND37 trillion (US$1.59 billion), 4.4 times the book value of VND8.3 trillion (US$357.94 million).
In 2018, SCIC successfully divested its stakes in Binh Minh Plastic and Vinaconex, raising VND2.3 trillion (US$101.2 million) and VND7.36 trillion (US$317.45 million), respectively.
Overall, SCIC withdrew state capital from nine SOEs in 2018, which resulted in net earnings of over VND5.7 trillion (US$245.76 million).
As of December 31, 2018, SCIC’s portfolio included a large portfolio of over 142 enterprises which are operating in various sectors, such as financial service, energy, manufacturing, telecommunications, transportation, among others, with state capital of VND20.6 trillion (US$887.94 million) out of the combined charter capital of VND84.17 trillion (US$3.62 billion).
In 2019, SCIC targeted revenue of VND6.5 trillion (US$281.24 million) and pre-tax profit of VND5.02 trillion (US$217.2 million).
Taking into account the potential sale of 108 SOEs in the list, SCIC’s revenue in 2019 could reach VND21.6 trillion (US$934.55 million).
SCIC posted its revenue in 2018 of VND12.7 trillion (US$549.48 million), up 72% year-on-year.
A major part of SCIC revenue came from the liquidations of investments worth VND7.79 trillion (US$337 million), accounting for 61% of total and equivalent to an 8-fold increase against 2017, followed by dividends of VND3.33 trillion (US$144 million) or 26% of the total, down 34% year-on-year.
Last November, the Ministry of Finance handed over SCIC to the Commission for the Management of State Capital (CMSC), dubbed as “super committee”.
SCIC was among 19 leading state-run groups and corporations that ought to be handed over to the committee, holding a combined capital of VND1,000 trillion (US$43.02 billion) and assets of over VND2,300 trillion (US$98.96 billion).
At the launching ceremony of the commission on September 30, 2018, Prime Minister Nguyen Xuan Phuc said the CMSC is aimed to improve efficiency of state-owned enterprises (SOEs), in turn providing greater competitiveness for the economy.
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