MoIT transfers ownership of two major industrial corporations to SCIC

MoIT transfers ownership of two major industrial corporations to SCIC

The transfer involved the Machinery and Industrial Equipment Corporation (MIE) and Vietnam Industrial Construction Corporation (VINAINCON), with nearly VNĐ1.9 trillion in State capital transferred.

Deputy Minister Phan Thị Thắng and SCIC Chairman Nguyễn Chí Thành signing the transfer minutes. — VNA/VNS Photo

The Ministry of Industry and Trade (MoIT) on Monday handed over State ownership representation rights at two major industrial corporations to the State Capital Investment Corporation (SCIC).

The transfer involved the Machinery and Industrial Equipment Corporation (MIE) and Vietnam Industrial Construction Corporation (VINAINCON), with nearly VNĐ1.9 trillion (US$72.3 million) in State capital transferred.

Deputy Minister of Industry and Trade Phan Thị Thắng said the transfer implements the Party and Government's policy on specialising management and improving State capital investment efficiency in enterprises.

It was carried out based on direct instructions from Deputy Prime Minister Hồ Đức Phớc in Document 183/VPCP-ĐMDN dated January 14, 2025.

"This marks the opening of a new development phase, creating conditions for enterprises to access more advanced and professional capital management methods," Thắng said.

MIE has charter capital of nearly VNĐ1.42 trillion ($55 million), with the State holding 99.57 per cent. The corporation plays a key role in the mechanical manufacturing sector.

VINAINCON has charter capital of VNĐ550 billion, with State capital accounting for 82.75 per cent. It is a reputable brand in electrical and industrial construction.

SCIC Chairman Nguyễn Chí Thành said MoIT has been a leading ministry in transferring enterprises to SCIC from 2007 to 2025, completing procedures for 76 companies.

"The transfer today is clear evidence of the determination to implement the Government's resolution on enterprise restructuring," Thành said.

The transfer gives both corporations an opportunity to renew management thinking and improve capital use efficiency. SCIC will leverage its resources and experience to help unlock capital flows, expand markets and increase State asset value.

Thắng said MoIT will continue supporting SCIC and the enterprises in terms of mechanisms and industry policies. 

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