HCM City on March 16 officially inaugurated its own finance and investment company, aiming to enhance the city’s State-owned capital management and investment effectiveness.
HCM City Finance and Investment State-owned Company (HFIC), formerly HCM City Investment Fund for Urban Development (HIFU), has a charter capital of 5 trillion VND (315 million USD) and operates in the form of a holding company.
The city People’s Committee authorised HFIC to represent, on a trial basis, the ownership of State capital in State-owned enterprises and joint stock companies that were previously State-owned under the management of the HCM City People’s Committee, according to HFIC Chairwoman Ngo Kim Lien.
HFIC will mobilise capital from local and foreign individuals and institutions through channels such as issuing bonds and borrowing money from finance and credit organisations and entrusted capital resources. The company will make both direct and indirect investments in the city’s priorities sectors.
HFIC will issue municipal and project bonds under the city’s authorisation.
Social and technical infrastructure development projects and other key economic projects under the city’s socio-economic development programmes may obtain loans from the company.
Its other functions will also include the provision of financial services and investment consultancy.
HCM City was first among the country’s cities and provinces to put HIFU into operation in May 1997 with an initial charter capital of 202 billion VND. The figure increased to 2.113 trillion VND at 2009’s end./.
HCM City Finance and Investment State-owned Company (HFIC), formerly HCM City Investment Fund for Urban Development (HIFU), has a charter capital of 5 trillion VND (315 million USD) and operates in the form of a holding company.
The city People’s Committee authorised HFIC to represent, on a trial basis, the ownership of State capital in State-owned enterprises and joint stock companies that were previously State-owned under the management of the HCM City People’s Committee, according to HFIC Chairwoman Ngo Kim Lien.
HFIC will mobilise capital from local and foreign individuals and institutions through channels such as issuing bonds and borrowing money from finance and credit organisations and entrusted capital resources. The company will make both direct and indirect investments in the city’s priorities sectors.
HFIC will issue municipal and project bonds under the city’s authorisation.
Social and technical infrastructure development projects and other key economic projects under the city’s socio-economic development programmes may obtain loans from the company.
Its other functions will also include the provision of financial services and investment consultancy.
HCM City was first among the country’s cities and provinces to put HIFU into operation in May 1997 with an initial charter capital of 202 billion VND. The figure increased to 2.113 trillion VND at 2009’s end./.
