Industry ministry wants to relinquish control over 11 state-owned firms

By Anh Minh August 23, 2023 | 09:48 pm PT

A truck manufactured by VEAM Motor. Photo courtesy of the company

The Ministry of Industry and Trade has proposed that 11 state-owned companies that it manages, including major ones such as VEAM Motor and Habeco, be transferred to other entities.

They should be managed by the Commission for Management of State Capital at Enterprises (CMSC) and State Capital Investment Corporation (SCIC), it said.

CMSC, set up in 2018, and SCIC, in 2005, were established to manage investments in public sector companies.

But many companies were established long before them and have always been managed by the ministry.

VEAM Motor, a manufacturer of trucks and special vehicles, was established in 1990. Habeco, which makes Hanoi Beer, was established in 1890.

They respectively reported pre-tax profits of VND6.12 trillion and VND517 billion last year.

But some of their subsidiaries have accumulated losses, the ministry said.

Other companies in the list include Vietnam Paper Corp, Machines and Industrial Equipment Corp, and Vietnam Engineering and Construction Jsc.