Construction ministry to divest from multiple firms
The Ministry of Construction (MoC) is planning to divest all state capital in Viglacera Corporation and Song Hong JSC, transferring the right-to-represent ownership of state capital to Vietnam's State Capital Investment Corporation at Hanoi Construction Corp. in 2023.
The information has been sent to the Ministry of Finance outlining expected revenue from divestments in a number of enterprises and the amount forecast to be paid to the state budget from 2021-2025.
Viglacera's headquarters at No. 1 Thang Long, Nam Tu Liem district, Hanoi. Photo courtesy of the company.
From 2024 - 2025, MoC will divest capital from Construction Machinery Corporation JSC and Vietnam Machinery Installation Corp, or Lilama.
The ministry estimated that the value collected and remitted to the central budget from Construction Machinery Corporation at more than VND230 billion ($97.8 million); Lilama at nearly VND370 billion ($15.7 million); Song Hong JSC at more than VND132 billion ($56.2 million); and Viglacera at more than VND5.8 trillion ($246.7 million).
Regarding the case of the Housing and Urban Development Corporation (HUD), the MoC is expected to announce the company's value before December 31, 2025. After equitization, the state is expected to hold a share of 50% or less.
Meanwhile, according to a plan to reorganize state-owned enterprises represented by MoC, the ministry will keep Vietnam Cement Industry Corp (Vicem) as a 100% state-owned company.
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