From August 6, the State Capital Investment Corporation (SCIC) will have a new charter capital of VND 5 trillion, 10 times higher than the current one.
The increase is mentioned in Government Decree No. 57/2014/ND-CP of June 16, on the organization and operation charter of SCIC.
The corporation, with state-invested equity, is assigned to manage the state capital in enterprises entrusted by ministries, ministerial-level agencies and provincial-level People’s Committees.
Under the new regulation, the SCIC’s responsibilities are to preserve the investments, and maintain profitability and improve capital management efficiency at the enterprises.
It is also supposed to implement other Government-assigned tasks related to corporate organization, privatization, financial consultancy, and merger and acquisition.
The SCIC will have to be dissolved if it suffers losses in three consecutive years, or fails to complete the missions within two years.
The new decree will replace Decision No. 152/2005/QD-TTg of June 20, 2005.-