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Homepage E-Paper 02-23-2019
Five SOEs to be handed over to SCIC in Q1
Tuesday,  2/5/2019, 12:26 

Five SOEs to be handed over to SCIC in Q1

The Saigon Times Daily

The headquarters of Vietnam Steel Corporation in Hanoi. Five State-owned enterprises have been told to be transferred to SCIC in the first quarter of the year - PHOTO: VIETNAM STEEL CORPORATION

HCMC – Five State-owned enterprises (SOEs) under the Ministry of Industry and Trade must be transferred to the State Capital Investment Corporation (SCIC) in the first quarter of the year, VnEconomy reported, citing Directive No.03/CT-BCT signed by Minister Tran Tuan Anh.

The five SOEs are Vietnam Steel Corporation, Foreign Trade Freight Forwarding and Warehousing JSC, Construction and Export-Import JSC, Vietnam Agricultural and Native Product JSC, and Construction and Building Material JSC.

An SCIC representative said SCIC would restructure these SOEs, if need be, to improve their efficiency and thus optimize the use of State capital in the equitization process.

SOEs in the SCIC’s portfolio will be categorized into two groups. Group A is for long-term investment and Group B for flexible investment such as restructuring SOEs for divestment. SCIC will take appropriate measures for managing each group to ensure the effective use of State capital.

According to Directive No.01/CT-TTg issued by the prime minister on bolstering the reform, restructuring, equitization of State businesses, SCIC plays a pivotal role in performing these tasks. In addition, this directive asks State agencies that have yet to let the firms under their management go public in the 2016-2018 period must transfer these entities to SCIC for recapitalization and equitization.

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