11:16:34 AM | 15/7/2008
The state-owned groups and corporations had invested total VND7.37 trillion (US$460.6 million) in securities, banking and finance sectors by the of June 2008, said the government&rsquos Steering Committee for Enterprises Reform and Development.
The figure is summarized based on the reports of these utilities, the committee announced at the press conference July 10.
Accordingly, 13 groups and corporations invested in securities and financial investment funds with total value of VND1.061 trillion (US$66 million), equal to 1.3 per cent of their equities and 0.13 per cent of total assets.
As many as 19 state-owned groups and corporations pumped VND4.426 trillion (US$277 million) in establishing commercial banks, accounting for 1.3 per cent of equities and 0.55 per cent of assets.
Total investments in setting up securities companies reached VND420 billion (US$26 million), equivalent to 0.12 per cent of their equities and 0.05 per cent of assets, with the participation of 13 groups and corporations.
As many as 18 state powerhouses poured VND1.463 trillion (US$91 million) in real estate sector, making up 0.43 per cent of equities and 0.18 per cent of assets.
In total, investments of the state groups and corporations in these sectors occupy 2.16 per cent of their equities and 0.92 per cent of their assets.
Pham Viet Muon, deputy head of the committee, said the figure is not big, but several corporations have used the state equities, development investment funds and capital for infrastructure construction to invest in financial sector, causing bad effects on their core businesses.
Vietnam now has eight economic groups, including VNPT, Vinacomin, PetroVietnam, EVN, Vinashin, Vinatex, VRG, Bao Viet, and 96 corporations and large-scaled state companies. (Securities Investment)
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