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Vietnam gov’t agency to invest in energy, infrastructure projects
The State Capital Investment Corp. (SCIC), the investment arm of the government, said it would invest in big projects in energy and infrastructure run by other state-owned corporations.
Ngo Viet Son, Director of the corporation’s Investment Department III, told Thanh Nien Daily the investments would be funded by the money SCIC earns from selling off shares in 272 businesses this year.
The shares, with a book value of VND560 billion (US$31 million), would be acquired through auctions, stock exchange deals and deals with investors, Son said. He added the company had already sold its holdings in 66 companies for VND230 billion ($13 million) in the first half of the year.
SCIC is looking to sell its shares in small-scale businesses in mineral, agricultural materials, trading, aquaculture, school materials, tourist and real estate sectors.
The divestment is part of a plan to structure SCIC’s investment portfolio, Son said. He noted the government has asked the corporation to reduce its investment beyond key sectors and focus on large projects to support national development.
In an effort to stop the freefall of the benchmark index, which had dropped 45 percent in 2008, the government had ordered the SCIC to buy shares in March last year, according to Finance Minister and SCIC Chairman Vu Van Ninh.
In the first two quarters of 2009, SCIC made VND868.9 billion ($51 miliion) in pretax profits, equal to 58.78 percent of its forecast this year, the company announced without giving earlier figures for comparison. Its gross revenues were more than VND1 trillion ($58 million), accounting for 42.76 percent of this year’s forecast.
SCIC has a chartered capital of VND15 trillion ($830 million), with state capital accounting for 46.63 percent. It has invested in 754 businesses since its establishment in 2006.
Minh Quang
thanhnien
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