The transfer of State capital ownership of 19 State-owned enterprises (SOEs) to the State Capital Management Committee was complete after the committee received five firms from the Ministry of Agriculture and Rural Development (MARD) on Thursday afternoon.

The businesses included Vietnam Rubber Group, Vietnam Forest Corporation, Vietnam National Coffee Corporation, the Northern Food Corporation and the Southern Food Corporation, who together had a total capital of around VND50 trillion (US$2.17 billion).

The Viet Nam Rubber Group was the largest firm with a total capital of VND40 trillion and nearly 500,000 hectares of forestry land.

The MARD became the last of five ministries to transfer ownership in 19 SOEs to the mega committee after the ministries of Industry and Trade, Finance, Transport and Information and Communications completed their transfers.

Nguyen Hoang Anh, chairman of the State Capital Management Committee, said the committee would work closely with the ministries to improve the operation efficiency of the SOEs and ensure efficient use of State capital.

Following the transfers, the State Capital Management Committee manages total assets of VND2.3 quadrillion.

The committee was officially launched on September 30 with the aim of separating State capital management from corporate administration to enhance the efficiency of SOEs. — VNS