State Capital Investment Corporation
Country: Vietnam
Established: 2005
US$ Billion: 2.1
Origin: Non-commodity
Transparency Rating: 4
Summary:
The SCIC, established in 2006, is the government shareholder in the State-owned-enterprises and responsible for monitoring and investing its capital based on market mechanisms, and promoting strategies in support of market development and economic growth in Vietnam. One of the main reasons why it was created was to reduce investment in domestic companies and government divisions in the Vietnam Government and in order to diversify their holdings. Despite all these efforts, the state sector in Vietnam remains relatively inefficient and less competitive than the private sector. The SCIC has a chartered capital base of about
VND 5 trillion (US$315 million).
Strategies and Objectives:
Their goal is to become a strategic investor for the government, investing in the domestic and international markets. Currently they own most of the state owned enterprises in Vietnam.
News and Updates
4/15/08
Qatar Investment Authority signs a MOU with SCIC
According to the SCIC, "SCIC has today signed a Memorandum of Understanding (MoU) with the Qatar Investment Authority (QIA) to provide framework for the cooperation between the two organizations. The MoU is signed by Dr. Hussain Al-Abdulla, Board Member (Executive) of the QIA, and SCIC’s CEO, Dr. Tran Van Ta in the witness of the Prime Minister of Qatar, H.E. Hamad bin Jassim Bin Jaber Al Thani, and the Prime Minister of Vietnam, H.E. Nguyen Tan Dung.
The MoU entails the two parties exchanging views and sharing information on and explore investment opportunities in Vietnam as well as raise fund overseas. According to this MoU, SCIC and QIA study the possibility of setting up a investment fund to facilitate the Qatari investment in Vietnam. "
read more: SCIC
12/31/07
Top Management Changes
At a meeting held at the headquarters of the State Capital Investment Corporation (SCIC), Member of the Political Bureau, Standing Deputy Prime Minister, Mr. Nguyen Sinh Hung announced the Prime Minister’s decisions to appoint top positions of SCIC.
In accordance with these decisions, Dr. Le Thi Bang Tam, the Board Chairwoman will retire as of January 01, 2008. She will be replaced by Mr Vu Van Ninh, who holds the job on a temporary basis. Mr Tran Van Ta, former Deputy Minister of Finance, will be the new CEO of SCIC.
read more: SCIC
Location
No 6, Phan Huy Chu St, Hoan Kiem, Ha Noi.
Website
SCIC site
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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