Wednesday, 24/12/2008 13:59

SCIC takes on oversight of restructuring, equitisation fund

The State Capital Investment Corporation (SCIC) has been officially entrusted to manage the Fund for the Restructuring and Equitisation of State-owned Enterprises after Dec. 19’s handover.

The handover was made between the SCIC and the Department of Corporate Finance under the Ministry of Finance, according to a report released on the Government website.

With the handover, the SCIC will manage a total capital of nearly 25 trillion VND (1.5 billion USD) from the fund.

SCIC financial official Cu Anh Tuan said the handover was part of the Government’s plans for administrative reform.

The SCIC would now be exclusively managing the capital sources of equitised enterprises, making operations more effective, Tuan said, adding it could also use the capital source from the fund to invest in the country’s key projects to help boost the national economy.

The corporation was founded by the Prime Minister in 2005 with the primary objective of simplifying State-owned Enterprises (SOEs) reforms and making better use of State capital.

It is charged with representing State capital interest in various types of business, and investing in key sectors to enhance the State’s dominant role in the economy.

The SCIC has a charter capital base of about 5 trillion VND (315 million USD).

Currently, the corporation owns most of the SOEs in the country. The portfolio under SCIC management has reached more than 830 SOEs, whose book value amounts to 7.6 trillion VND (420 million USD).

vna

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