SCIC has recently announced its second phase of divestments in 2024, including 31 companies. There are eight companies on the stock exchange, like Tien Phong Plastic JSC, Ha Giang Mineral & Mechanics JSC, FPT Corporation, Vietnam National Construction Consultants Corporation, An Giang Fisheries Import and Export JSC, Saigon Machinery Spare Parts JSC, Ben Tre Construction Material JSC, and Haiphong Construction & Infrastructure Development.

Notably, SCIC plans to divest all 5.8 per cent of its stake in FPT Corporation, equivalent to about $24.9 million. This will be the largest deal value in SCIC's second-phase divestment list for 2024. If successful, SCIC will no longer be a shareholder of FPT.

In addition, SCIC will also sell its 37.1 per cent stake to collect $18.8 million, making it the second-largest deal. Other potential deals include SCIC's divestment of an 87.3 per cent stake in VGV to bring back $12.3 million, a 97.4 per cent stake in Transport Investment Co-operation and Import Export JSC for $9 million, and a $98.8 per cent stake in Thai Nguyen Industrial Zone Infrastructure Development JSC for $5.5 million.

In the first phase of divestments in 2024, SCIC planned to offload capital to 27 state-owned enterprises. Among them, SCIC successfully divested from Vinacontrol Group Corporation and Film No. 1 JSC.

According to its 2023 audited financial report, SCIC achieved revenue of more than $278.9 million, down 30 per cent compared to 2022. Of which, revenue from investments declined by 92 per cent to $4.6 million. Meanwhile, revenue from dividends and distributed profits decreased by more than 29 per cent to nearly $212.2 million.

Thanks to increased gross profit and reduced losses in affiliated companies to more than $66.7 million, SCIC reported a pre-tax profit of more than $220 million in 2023, twice as much as the same period last year.

VIR