Politics

Cabinet meeting mulls SCIC’s selling of stake in businesses

Prime Minister Nguyen Xuan Phuc has emphasised the need to publicly choose qualified consultant firms in order to prevent state capital losses caused by wrong stake valuations.
Cabinet meeting mulls SCIC’s selling of stake in businesses ảnh 1Prime Minister Nguyen Xuan Phuc at the regular Cabinet meeting (Source: VNA)

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has emphasised the need to publicly choose qualified consultant firms in order to prevent state capital losses caused by wrong stake valuations while selling State Capital Investment Corporation (SCIC)’s shares in businesses.

He gave the instruction after hearing Minister of Finance Dinh Tien Dung’s report on the SCIC’s selling of its shares in enterprises listed in the stock market or those in the unlisted public company market (Upcom) during the regular Cabinet meeting on October 3.

Mentioning the Vietnam Dairy Products JSC (Vinamilk) which is operating fruitfully, the leader said it is a must to publicise the auction to decide the best trading price and consultant firm.

“The offload of State capital in the businesses, especially in beer and milk companies, should abide by legal regulations,” the PM noted.

The SCIC reported that it successfully sold stake in 12 enterprises in 2014 and 2015.

According to the Finance Ministry, the corporation’s divestment over the years is in line with the law and helps hasten the selling of State capital in the State-owned enterprises.

Established in 2006, the SCIC is currently managing State capital in over 500 enterprises operating in different sectors, ranging from financial services to energy, manufacturing, IT, telecommunications, transportation, consumer products and health care.-VNA

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