1. Bao Minh Insurance Corporation (Stock Code: BMI)

- State capital: 50.7%

- Book value (State capital): VND383 billion 

- The actual value (State capital): VND880 billion 

- Profits in 2014: VND 120 billion 

Bao Minh, formerly known as the Ho Chi Minh City Insurance Company, was founded in 1994 under the management of the Ministry of Finance. In 2004, the company was equitized and became a joint stock corporation, operating mainly in the field of insurance and investment.

Before being listed on the stock exchange in 2008, the charter capital of Bao Minh was VND755 billion, 50.7% held by the State, equivalent to nearly VND383 billion at par value. Bao Minh planned to raise its capital to VND1.1 trillion but it has not fulfilled the plan and the State still holds that capital, represented by the SCIC. Based on the market price dated October 16, the shares were worth VND880 billion (over $40 million).

Bao Minh is the third largest insurance firm in Vietnam.

In addition to the State, its employees and Vietnamese shareholders and foreign investors are holding more than 42% of the shares of Bao Minh, in which AXA of France and Firstland own nearly 22.3%.

In 2014, the company earned net profit of VND120 billion ($6 million), up 21% over the previous year and exceeded the plan by 6%. The company now ranks 3rd in Vietnam insurance market, with 9.5% of the market shares by the end of 2014. In the first six months of 2015, it earned VND83.4 billion of profit, up 47% over the same period last year.

2. Vietnam National Reinsurance Corporation (Stock Code: VNR)

- State capital: 40.36%

- Book value (State capital): VND529 billion 

- The actual value (State capital): VND1,270 billion

- Profits in 2014: VND335 billion 

The Vietnam National Reinsurance Corporation (Vinare) was established in 1994. From the beginning, the shareholder structure of Vinare was quite diverse, with 56.5% held by the State, 40.5% by 13 non-life insurers such as Bao Viet, Bao Minh, PVI, and PJICO ... and the remaining shares held by other entities. 

After 10 years, Vinare’s charter capital grew from VND343 billion to VND1,310 billion, or nearly four times. The capital held by the State also increased from VND193.8 billion to VND529 billion; however, the ownership rate fell to 40.36%.

Local financial institutions also divested holdings of Vinare to give room to foreign shareholders, who are holding 34.68% stake, including 25% of Swiss Re and 5.3% of Franklin Templeton. 

In the period of 2010 - 2014, Vinare’s after-tax profit grew 15% annually on average and the total assets increased by 14%.

3. Ha Giang Engineering and Mineral Company (Stock Code: HGM)

- State capital: 46.6%

- Book value (State capital): VND29.3 billion

- The actual value (State capital): VND58.7 billion

- Profits in 2014: VND86.5 billion

Formerly known as the Ha Giang Mechanical Engineering Company, Ha Giang Engineering and Mineral Company was converted into a joint stock firm in 2006. It operates in the fields of manufacturing, supply of metal antimony, refined lead ore and refined zinc ore. 

Initially, the company had a chartered capital of VND10 billion, raised to VND60 billion in 2009, of which the SCIC holds 49%. 

Presently, the firm’s charter capital is VND126 billion and the proportion held by SCIC fell to 46.6%. However, in terms of absolute value, the State capital in this unit has doubled over the past five years, to VND58.7 billion.

Shareholders are mainly domestic institutional and individual shareholders. Only more than 1% of shares belong to foreign investors.

Last year this company earned profits of more than VND86.5 billion, up 35% compared to the same period of 2013. In the first half of this year, its profits fell by a half, to VND11.6 billion.

4. Tien Phong Plastic Company (Stock Code: NTP)

- State capital: 37.1%

- Book value (State capital): VND57 billion

- Actual value (State capital): VND230 billion

- Profits in 2014: VND364 billion

Tien Phong Plastic Company was formed in 1958 and it became a joint stock company in 2004. Two years later, the company was listed on the stock exchange.

Before the listing, it had charter capital of VND144.5 billion, of which 37.1% held by the SCIC, equivalent to VND53.6 billion. 

At present, the State still maintains its ownership rate of 37.1% but as the charter capital increased to VND619.7 billion, the value of State shares also rose to VND230 billion, more than four times higher than 10 years ago.

Notably, in the list of shareholders, Thai investors hold nearly 24% of the total of 36% of the shares belonging to foreign investors.

In 2014, the company earned VND3,000 billion of revenue, an increase of 20% over 2013 but profit before tax decreased by 3% to VND364 billion due to rising input costs. 

In the first six months of this year, the company obtained profit of VND175.5 billion, up 7% compared to the same period last year. 

On the Stock Exchange, NPT shares are priced at VND53,100, bringing the State capital to VND1,220 billion.

5. Vietnam Infrastructure and Real Estate Company

- State capital: 47.6%

- Book value (State capital): No data

- Actual value (State capital): VND195 billion

- Corporate profits in 2014: No data

The Vietnam Infrastructure and Real Estate JSC (VIID) was established in 2008 by the SCIC and the Refrigeration Electrical Engineering JSC (REE), which are strong in the fields of infrastructure investment, capital management and financial investment. VIDD’s current charter capital is VND410 billion.

With a 47.6% ownership rate, SCIC is currently representing VND195 billion of state capital. SCIC Director Lai Van Dao said that as VIID is not a listed firm, SCIC will auction VIID shares.

6. Binh Minh Plastic Company (Stock Code: BMP)

- State capital: 29.6%

- Book value (State capital): VND42.2 billion

- Actual value (State capital): VND1,611 billion

- Profits in 2014: VND369 billion

Established in 1977, Binh Minh Plastic Company started as a small business. Through various forms of ownership and development phases, it has become one of the leading enterprises in the plastic industry in Vietnam. 11 million shares of BMP were officially listed on July 11, 2006.

At the time of listing, its charter capital is VND107 billion, in which the State held 39.47%, or VND42.2 billion, and foreign shareholders accounted for 36.47% or about VND39 billion.

In 2006, Binh Minh Plastics reached revenue of VND503 billion and after-tax profit of VND98 billion. By the end of 2014, its total assets increased to VND1,928 billion and equity reached VND1,718 billion. The total revenue reached VND2,500 billion, five-fold over that in 2006; equity and after tax profit was VND369 billion. By June 2015, BM revenue was VND1,321 billion and after tax profit was approximately VND255 billion.

As of October 16, the total capitalization of BMP reached VND5,548 billion. In particular, the State holds 29.6% of shares, about VND1,611 billion. Foreign investors hold about 49%, or VND2.718 billion.

7. Vietnam Dairy Products JSC (Code: VNM)

- State capital: 45.1%

- Book value (State capital): VND795 billion

- Actual value (State capital): VND57,532 billion

- Profits in 2014: VND6,068 billion

Vinamilk was listed on the stock exchange on January 19,2006 with registered capital of about VND1,590 billion. In particular, the State holds 50.01%, or VND795 billion and foreign shareholders accounted for 28.76% ie VND457 billion.

After nearly nine years of listing, Vinamilk is now one of the largest enterprises on the stock market. As of October 16, Vinamilk’s total capital reached VND127,214 billion.

Currently, the State holds approximately 45.1% of the capital in Vinamilk, or VND57,532 billion and foreign investors owns 49%, or VND62,344 billion. 

Its total sales in 2014 was VND35,703 billion, after tax profit reached 6,068 billion. The first six months of 2015, revenue VNM is 10.692 billion, profit after tax reached VND2,185 billion.

8. FPT Joint Stock Corporation (Code: FPT)

- State capital: 6%

- Book value (State capital): VND44.3 billion

- Actual value (State capital): VND1,117 billion

- Profits in 2014: VND2,456 billion

Over 60 million FPT shares of the FPT Technology Development Investment JSC, now FPT Corporation, were listed in December 2006 with a par value of VND10,000. At the time of listing, the charter capital of FPT was VND608 billion, in which the State owned 7.3%, or VND44.3 billion and foreign shareholders 12.21%, equivalent to VND74 billion.

FPT has become a multi-industry conglomerate, pioneering in the technology sector in Vietnam. As of October 16, FPT's market capitalization reached VND18,560 billion. Currently state owned capital is VND1,117 billion, corresponding to 6%. Foreign shareholders own 48.99%, or over VND9,000 billion.

In 2014, FPT’s revenue was estimated at VND35,114 billion, before tax profit at VND2,456 billion. In the first six months of 2015, FPT’s consolidated revenue was VND19,328 billion, up 27% y-o-y. Profit before tax was VND1,350 billion, up 10%.

9. Sa Giang Import Export JSC (Code: SGC)

- State capital: 45.1%

- Book value (State capital): VND20.8 billion

- Actual value (State capital): VND182 billion

- Profits in 2014: VND18.5 billion

Sa Giang Import Export JSC was listed in September 2006, with charter capital of VND40.8 billion. The State held 51% of shares, equivalent to VND20.8 billion. 

At present Sa Giang’s capital is VND328 billion, in which the state holds 45.1%, or VND182 billion, foreign shareholders own only 1.17%. 

In 2014 SGC had turnover of VND210 billion and after tax profit of VND18.5 billion. In the first six months of 2015, sales reached nearly VND110 billion and after-tax profit of VND8.7 billion.

10. FPT Telecom Company (FPT Telecom)

- State capital: 50.17%

- Book value (State capital): VND625 billion

- Actual value (State capital): VND3,251 billion

- Profits in 2014: VND762 billion

Founded in 1997, FPT Telecommunications Joint Stock Company (FPT Telecom) began as the Center for Online Services with four founding members and the first online network of Vietnam entitled "Vietnam Intellectual". 

After more than 18 years, FPT Telecom has become one of the leading telecom and Internet service providers with over 5,000 employees, and 60 branches at home and abroad.

In 2014, the company completed the increase of charter capital from VND997 billion to VND1,246 billion through issuing shares. SCIC holds up to 50.17% and 45.64% are owned by FPT Corporation. The rest belong to other shareholders.

At present, the State stake in the company worth VND3,251 billion, 5.2 times over the book value. In 2014, the company's revenue reached VND4,825 billion, up 12% y-o-y and exceeded the plan. Profit after tax was VND762 billion.

Linh Nhat

State waits 10 years to sell its stake in Vinamilk

State waits 10 years to sell its stake in Vinamilk

State waits 10 years to sell its stake in Vinamilk