Given the stock market’s recent lethargy, the State Capital Investment Corporation (SCIC) is assessing market demand to consider choosing the most efficient capital divestment options at State-owned enterprises (SOEs).
SCIC’s contribution to the state budget, including the payment of corporate income tax and post-tax profit, was 1.5 trillion VND. (Photo: thongcaobaochi.com)
Hanoi (VNS/VNA)- Given൲ the stock market’s recent lethar🍸gy, the State Capital InvestmentCorporation (SCIC) is assessing market demand to consider choosing the mostefficient capital divestment options at State-owned enterprises (SOEs).
This statement was made by SCIC deputy general director Nguyen Chi Thanh at apress conference held on August 8 to review the performance of SCIC - therepresentative of state-owned capital at SOEs, in the first six months of thisyear and set out tasks for the second half.
Thanh said that in the first half of this year, SCIC’s revenue from dividendsreached 1.2 trillion VND (51.5 million USD), equal to 49 percent of the yearlyplan. Financial income reached 715 billion VND, equal to 55 percent of theyearly plan.
Revenue from the sale of State capital, including the share sale at Binh MinhPlastic JSC, was 2.69 trillion VND, accounting for nearly 48 percent of thecountry’s total revenue of 5.59 trillion VND.
SCIC’s contribution to the State budget, including the payment of corporateincome tax and after-tax profit, was 1.5 trillion VND.
Thanh said that the SCIC successfully auctioned 24.1 million shares at BinhMinh Plastics JSC with a value of 96,500 VND per share, earning 2.3 trillionVND.
SCIC Chairman Nguyen Duc Chi said that after 12 years of operation, SCIC hadaccumulated experience in managing State capital in accordance with the law.
By restructuring businesses, SCIC helped them improve their operationalefficiency and expertise in selling capital. The process of selling Statecapital has been built by SCIC with transparency and efficiency assurance, witha wide network of domestic and international investors, Chi said.
However, SCIC admitted that the transfer of State enterprise ownership to theSCIC failed to meet expectations.
Shifting enterprise ownership from ministries and provincial People’sCommittees to the SCIC is an important solution to restructuring State-ownedenterprises (SOEs), but the change requires more drastic measures to hasten theprocess.
For the 2017-20 period, Prime Minister Nguyen Xuan Phuc has required sixministries and 16 localities to transfer State enterprise ownership at 62enterprises to SCIC, with total State capital valued at over 11.2 trillion VND.
But Chi said until the end of June 2018, SCIC had received the Stateownership representatives of just 25 out of the above 62 enterprises.
He said SCIC had six working teams actively working with ministries andlocalities, but the body has no authority to force the ministries andlocalities to transfer ownership.-VNS/VNA
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SCIC’s contribution to the state budget, including the payment of corporate income tax and post-tax profit, was 1.5 trillion VND. (Photo: thongcaobaochi.com) 
