Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade BCHUSD, Bitcoin and Cryptocurrencies

BUY & SELL BCHUSD | View BCHUSD News & Updates

Buy Sell BCHUSD, Bitcoin and Cryptocurrencies

Gov’t arm lacks the experience for large projects, investors say   2009-09-11 - Thanh Nien, TBKTSG

The Vietnam Association of Financial Investors said the government’s investment arm should not be allowed to invest in three large Ho Chi Minh City projects because it doesn’t have enough experience.

In a proposal sent to the city government and the Ministry of Finance, the non-profit association said SCIC, or the State Capital Investment Corp., is a newly established investment arm whose staff are mainly government officials without business administrative backgrounds.

Moreover, it would be easier to generate funds for the projects if the city chose a reputable alliance of foreign and local investors, the association said.

SCIC last month sought approval from the city government to invest in the North-South Highway and Hiep Phuoc Port Urban Area, the Vietnam Economic Times reported. The corporation had earlier obtained permission to build a US$3 billion financial and exhibition center in the new urban area of Thu Thiem.

The association said SCIC should focus on projects that businesses are unable or unwilling to do, or on helping small- and medium-sized enterprises.

Instead of competing with other investors, the government’s investment arm should build hospitals and public transport projects to make full use of its funds, said the proposal.

SCIC has a chartered capital of VND15 trillion ($830 million), with state capital accounting for 46.63 percent. It has invested in 754 businesses since its establishment in 2006.

The corporation in July said it would invest in major energy and infrastructure construction projects using the money it earns from selling off shares in 272 businesses this year.

Other news

Vietnam sugar output drops 20 percent, pushing prices up   2009-09-10

Vietnam Railways, Japan agree contract for Hanoi track work   2009-09-10

HCMC stocks see 'correction'   2009-09-10

BUSINESS IN BRIEF 10/9   2009-09-10

Banks want interest rate ceiling removed, central bank says ‘no’   2009-09-10

Vietnamese producers urged to cement position in Cambodia   2009-09-10

Ninh Thuan hosts investment forum   2009-09-10

Dollar price reaches highest peak in history   2009-09-10

Losing control over traditional markets, domestic products unsalable   2009-09-10

Vietnam protects rice export price   2009-09-10

Vietnam prices to rise 5.7 percent by December: report   2009-09-09

Local gold breaks VND22 million   2009-09-09

Nam Viet Commercial plans Hanoi stock listing by early 2010   2009-09-09

BUSINESS IN BRIEF 9/9   2009-09-09