SCIC plans higher revenue and profit

Friday, Feb 28, 2020 16:02

The State Capital Investment Corporation (SCIC) plans higher revenue and profit for 2020. — Photo

The State Capital Investment Corporation (SCIC) plans to achieve revenue of more than VND6.9 trillion (US$298.5 billion) this year.

SCIC also plans to earn a profit before tax of VND4.84 trillion and contribute VND3.47 trillion to the state budget.

The plan was approved this week by SCIC’s managing agency the Committee for Management of State Capital at Enterprises (CMSC).

This year, SCIC will continue its tasks of restructuring and equitising State-owned enterprises (SOEs) and making them public on the local market.

Last year, SCIC divested 12 SOEs with revenue of VND314 billion, earning VND232 billion.

However, SCIC chairman’s Nguyen Duc Chi said: “There are still many difficulties and obstacles to increase the number of successful capital-selling enterprises.”

Chi said: “There are many SOEs that are difficult to sell,” adding they failed many times in selling capital of large enterprises such as Vocarimex and Domesco.

Last year, SCIC achieved VND6.76 trillion in revenue and more than VND4 trillion in profit after tax.

Established in 2006 under the orders of the Prime Minister, SCIC acted as the State's representative at companies and is investing in key industries and sectors of the economy to reinforce the State's contribution to the economy with respect to market principles.

It is currently managing a portfolio of various companies that are operating in diversified industries of the economy, such as financial services, energy, industry and telecommunications, as well as construction, transportation, consumer goods, healthcare and IT. — VNS

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