SCIC Reshuffles the Deck

Production activities at the Garment Factory No.10, one of the restructured state-owned companies in Ho Chi Minh City. (Photo:TK)

The State Capital Investment Corporation (SCIC), which is expected to create a breakthrough in the management of state-owned capital in enterprises, made its official debut in Ha Noi yesterday.

Initially, SCIC’s task is to take over the management of state capital in restructured state-owned and equitized companies.

The corporation manages capital based on the market mechanism and its own investment mechanism to eliminate the state administrative body’s control over enterprises’ operations and thus improve the domestic capital market.

Even though it has just made its official debut, SCIC already manages the capital of some 200 enterprises in which the state holds a stake.

The corporation plans to restructure the portion of state-owned capital in several major companies including Bao Minh Insurance, Vinamilk, technology giant FPT, and the primarily domestic carrier Pacific Airlines.

By N.Q, H.M – Translated by Trong Khuong

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