State Capital Investment Corporation development strategy approved

- Tuesday, 14/11/2023, 09:40

Deputy Prime Minister Le Minh Khai has signed a decision approving the development strategy of the State Capital Investment Corporation (SCIC) until 2030 with a vision to 2035, as well as the business and investment plan of the firm until 2025, aiming to turn it into a financial investment organisation with the leading equity scale in Vietnam.

State Capital Investment Corporation development strategy approved -0
Source: vietnamnet

Under the SCIC development strategy until 2030 with a vision to 2035, the corporation will focus on receiving, equitising, restructuring, and selling capital in state-owned enterprises (SOE) without the need for the State to hold capital, while effectively performing the role of an institution and tool of the Government to support and promote the process of restructuring, and reshuffling SOEs to improve their operational efficiency.

The SCIC will be strengthened to ensure its financial and governance resources for its tasks of capital investment and business, investing and developing large-scale and important projects, supporting the country’s economic growth.

Capital business activities of the SCIC will be made following the market mechanism and tasks assigned by the Government, according to the strategy which underlined the orientation of step by step transforming the corporation’s operational model into a professional investment organisation.

The strategy sets specific operational goals for the corporation in particular periods. From now to 2025, the corporation will concentrate on supporting and promoting the process of restructuring, reshuffling and renovating SOEs, while investing and trading capital according to market mechanisms in industries and fields that bring benefits and the SCIC has advantages without a limitation of investment areas.

At the same time, it will make capital investment following political tasks assigned by the Government and the Prime Minister, focusing on key sectors that the State needs to control, or engaging in supporting the settlement of financial difficulties in enterprises due to financial crisis or force majeure.

In the 2026-2030 period, it will concentrate resources to promote capital investment and business activities, focusing on investing in infrastructure projects, large and important projects in accordance with the socio-economic development strategy of the country in each stage.

In the 2031-2035 period, the SCIC will operate in the model of a professional financial investment organisation, serving as the Government’s tool and channel to invest in the economy.

Under the business and investment plan until 2025, it will focus on investing in key areas and projects, as well as sectors and projects that prove effective and attract investment from the society and foreign investors, including high technology, digital economy, energy, key infrastructure projects, smart cities, health care, pharmaceuticals, finance – banking, and high-tech agriculture. It will also invest in groups, corporations and commercial banks.

Meanwhile, the SCIC will pour more capital into major and effective businesses with high potential, along with areas of innovation, contributing to transforming the economy’s growth model basing on science and technology. The corporation will also invest capital in sectors and areas directed by the Government and the Prime Minister using Government capital or capital mobilised by itself.