Consequently, SCIC currently does not consider divesting state capital from leading state owned enterprises (SOEs), including Vietnam Dairy Products (Vinamilk) with 36% stakes, Traphaco (36%), Vietnam National Reinsurance Corporation (VINARE) (40%), and Bao Minh Insurance Corporation (51%), said SCIC 2017 report on enterprises' restructuring and innovation.
SCIC continues effortin in divestmenting from SOEs in 2018.
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However, SCIC plans to divest its shares in Tien Phong Plastic (37%), Binh Minh Plastic (30%), FPT (6%), Vinacontrol (30%), Vietnam Construction and Import - Export (Vinaconex) (58%), Domesco Medical Import -Export (35%).
Other SOEs subject for SCIC's divestment including: Vietnam Vegetable Oils Industry Corporation (Vocarimex) (36%), Thang Long Corporation (25%), Vietnam Television Tower (33%), Civil Engineering Construction 8 (Cienco 8) (18%), Civil Engineering Construction 5 (Cienco 5) (40%), Vietnam Medical Equipment Corporation (14%), Vietnam Plastic (Vinaplast) (66%).
SCIC's primary objectives are to represent the State's capital interests in enterprises and invest in key sectors and essential industries with a view to strengthening the dominant role of the state sector while respecting market rules.
In 2017, SCIC collected VND21.2 trillion (US$930 million) through divesting state funds from state-owned enterprises (SOEs), an increase of 19 times the initial investment, according to the company 2017 year-end report.
The company has successfully divested State stakes in 38 SOEs, including the sales of the entire State holding in 36 firms and partial divestments at 2 firms for a return of VND932 billion (US$409 million), 2.2 times the initial investment of VND424 billion (US$18.6 million).
Taking into account the first round of divesting 5.4% of the charter capital at Vietnam Diary Products (Vinamilk), SCIC has collected VND21.2 trillion (US$930 million) in total.
Since its establishment in 2006, SCIC has completed selling State stakes at 986 SOEs and transferring purchase rights at 19 SOEs for a return of VND28 trillion (US$1.2 billion), 3.5 times the initial investment of VND8 trillion (US$351 million).
As of December 2017, SCIC's portfolio consisted of 133 SOEs with the book value of State capital reaching VND19 trillion (US$834 million) of the total charter capital of VND90.6 trillion (US$3.9 billion). There were 22 companies in the A1 Group representing 63.55% of SCIC's portfolio, 9 in the A2 Group (1.22%), 32 in the B1 Group (26.16%), and 70 in the B2 Group (9.07%).
In 2018, SCIC will step up efforts to speed up the progress of taking over State ownership in SOEs and encourage relevant ministries and provinces/cities to transfer the ownership of State capital in SOEs back to SCIC, following the Prime Minister's request.
