Vietnam government to sell its stakes in 10 major companies

By Manh Quan, Thanh Nien News

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A file photo of a Vinamilk factory. Photo: Hoa Quynh A file photo of a Vinamilk factory. Photo: Hoa Quynh


The government has announced it will sell out its stakes in 10 companies including dairy giant Vinamilk and information technology leader FPT.
Sovereign fund State Capital Investment Corporation (SCIC) will draft detailed plans for the disinvestment, including the time frame involved, and submit them to the government for approval.
The stakes are estimated to be worth at least US$4 billion, more than half of it in Vinamilk alone, of which the SCIC owns 45.1 percent.
Of the other nine companies, the fund’s stake is the smallest -- 6 percent -- in FPT, though it owns 50.2 percent of shares in subsidiary FPT Telecom.
The stake is biggest in insurer Bao Minh Group at 50.7 percent.
The stakes range from 37.1 to 49.9 percent in the rest -- Binh Minh Plastic Joint-stock Company, Ha Giang Mineral Mechanics Joint-stock Company, Sa Giang Import and Export Corporation, Tien Phong Plastic Joint-stock Company, Vietnam Infrastructure Investment & Development Joint-stock Company, and Vietnam National Reinsurance Corporation.
The SCIC, which was founded in 2005, had sold government stakes in 724 businesses for more than VND6.25 trillion ($276.82 million) as of 2014, according to its latest report.
It manages assets of around VND69 trillion ($3.05 billion).

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