The Vietnamese government could see a windfall of over US$7 billion as it moves towards a full divestment from major state-owned enterprises (SOEs).
VnExpress reports that Prime Minister Nguyen Xuan Phuc has ordered the State Capital and Investment Corporation (SCIC), the government’s investment arm, to proceed with selling its stakes in 12 SOEs.
These include well-known brands such as Vinamilk, Bao Minh, Tien Phong Plastics and FPT, according to VietnamNet. The state’s 45% stake in Vinamilk is worth US$4.5 billion alone.
The other major cash cows are Sabeco and Habeco, Vietnam’s largest domestic brewers. In a surprise move, the government recently announced that it will divest all of its shares in both companies by the end of next year. The state holds an 89% stake in Sabeco worth an estimated US$2 billion, and an 82% stake in Habeco worth roughly US$400 million.
Given such figures, the full divestment of the above corporations would bring around US$7.2 billion into the state coffers at a time when Vietnam’s public debt has ballooned in recent years.
[Photo via Tin Nhanh Chung Khoan]
