State capital investment corporation set to be strategic investor
The SCIC targets to become a government strategic investor with total assets of 22.5 billion USD by 2020, as heard at a ceremony marking its 10th founding anniversary in Hanoi on October 19.
National Assembly Chairman Nguyen Sinh Hung (centre) at the event (Source :VNA)
The State Capital Investment Corporation (SCIC) targets to become a government strategic investor with total assets of 22.5 billion USD by 2020, as heard at a ceremony marking its 10th founding anniversary in Hanoi on October 19.
It was awarded with the Labour Order, the first class, on the occasion.
National Assembly Chairman Nguyen Sinh Hung and Deputy Prime Minister Vu Van Ninh attended the ceremony.
By 2030, it is set to develop into a regional-scale financial corporation that manages a combined 46 billion USD.
Looking back at the past 10 years, the SCIC exercised its State ownership representation rights in around 1,000 enterprises worth more than 8.7 trillion VND (395.4 million USD), including six equitised corporations. At the PM’s request, an additional 20 State-owned corporations and groups will transfer their ownership rights to the SCIC from 2015-2016.
The return on equity ratio averages 15-17 percent, bringing a total after-tax profit of more than 30 trillion VND (1.36 billion USD).
Compared to 2005, its turnover has soared 65-fold, total assets are up 14 times, State budget contribution is up 41 times and after-tax profits have increased 61.5 times.
The SCIC has offloaded State capital to pull in 5.36 trillion VND (243.6 million USD) and its portfolio now comprises 230 firms with a booking value of 17 trillion VND (772 million USD) and market value of 78 trillion VND (3.54 billion USD).
Its total equity is currently valued at nearly 35 trillion VND (1.59 billion USD).
It has also taken the lead in equitisation with 90 percent of its single-member limited liability companies going public.
In his speech, Deputy PM Ninh asked the SCIC to continue improving its operating model, speeding up divestment in several companies and performing its role as a shareholder in several large-scale and efficient firms.-VNA
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National Assembly Chairman Nguyen Sinh Hung (centre) at the event (Source :VNA)
