SCIC targets to become a regional-scale financial corporation by 2030
The State Capital Investment Corporation is set to develop into a regional-scale financial corporation that manages a combined 46 billion USD by 2030.
The State Capital Investment Corporation (SCIC) held a ceremony to celebrate its 10th anniversary of founding in Hanoi on October 19.
National Assembly Chairman Nguyen Sinh Hung and Deputy Prime Minister Vu Van Ninh attended the ceremony.
In the past 10 years, the SCIC exercised its State ownership representation rights in around 1,000 enterprises worth more than 8,700 billion VND, including 6 equitised corporations.
Under the Prime Minister's request, an additional 20 State-owned corporations and groups will transfer their ownership rights to the SCIC in the 2015-2016 period.
The return on equity ratio averages 15-17%, generating a total after-tax profit of more than 30 trillion VND.
The SCIC's 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 in the comparison to 2005.
Its total equity is currently valued at nearly 35 trillion VND.
It has also taken the lead in equitisation with 90% of its single-member limited liability companies going public.
The SCIC targets to become a government strategic investor with total assets of 22.5 billion USD by 2020.
By 2030, it is set to develop into a regional-scale financial corporation that manages a combined 46 billion USD.
Addressing the event, Deputy Prime Miniter 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.
On the occasion, the SCIC was presented the Labour Order, the first class.
Deputy Prime Minister Vu Van Ninh makes a speech at the event.
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In the past 10 years, the SCIC exercised its State ownership representation rights in around 1,000 enterprises worth more than 8,700 billion VND, including 6 equitised corporations.
Under the Prime Minister's request, an additional 20 State-owned corporations and groups will transfer their ownership rights to the SCIC in the 2015-2016 period.
The return on equity ratio averages 15-17%, generating a total after-tax profit of more than 30 trillion VND.
The SCIC's 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 in the comparison to 2005.
Its total equity is currently valued at nearly 35 trillion VND.
It has also taken the lead in equitisation with 90% of its single-member limited liability companies going public.
The SCIC targets to become a government strategic investor with total assets of 22.5 billion USD by 2020.
By 2030, it is set to develop into a regional-scale financial corporation that manages a combined 46 billion USD.
Addressing the event, Deputy Prime Miniter 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.
On the occasion, the SCIC was presented the Labour Order, the first class.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
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