Ministry of Transportation to hand over 8 inland waterway companies to SCIC

On November 7, 2016, the Ministry of Transportation (MOT) hosted a ceremony to transfer the state ownership representative rights at 8 inland waterway management and maintenance joint stock companies to the State Capital Investment Corporation (SCIC). Attendance at the ceremony includes Mr. Nguyen Hong Truong, Vice Minister of Transportation along with representatives from MOT’s relevant Divisions and Departments and Mr. Hoang Nguyen Hoc, SCIC’s Board Member and Deputy CEO along with representatives from SCIC’s relevant Departments.

Mr. Vu Anh Minh, Director of Business Management Department, MOT, and Mr. Hoang Nguyen Hoc, Deputy CEO, SCIC, signed the hand-over memo under the witness of Mr. Nguyen Hong Truong, Vice Minister of Transportation and representatives from relevant Divisions and Departments of MOT and SCIC

In undertaking the instruction of Deputy Prime Minister, Mr. Vuong Dinh Hue, the Resolution of the Party Civil Affairs Committee of MOT, 8 inland waterway management and maintenance joint stock companies No. 4, 7, 11, 12, 13, 14, 15 were transferred to SCIC. Previously, these companies were under the management of Vietnam Inland Waterway Department. These companies were equitized and transformed into the model of joint stock companies in early 2015.

Mr. Nguyen Hong Truong, Vice Minister of Transportation, delivered a speech at the ceremony

At the ceremony, Mr. Nguyen Hong Truong, Vice Minister of Transportation, requested that the 8 transferred companies quickly consolidate and reinforce their performance, continue to uphold their own strengths in maintaining inland waterway infrastructure. In addition, Mr. Truong emphasized that they should also focus on their development and business expansion so as to improve their staff’s life standards and maintain the collaboration with the Department of Inland Waterway and MOT to best deploy their projects to get better results in the maintenance of inland waterway infrastructure system.

Mr. Hoang Nguyen Hoc, SCIC’s Deputy CEO, delivered a keynote at the ceremony

Mr. Hoang Nguyen Hoc, on behalf of SCIC, conveyed the appreciation to the leaders of MOT in instructing the transferred companies to best manage the state capital as well as prepare thorough documents for the hand-over process. According to Mr. Hoc, after hand-over process, SCIC will keep the close collaboration with relevant line ministries and local authorities to apply good corporate governance and state capital management practice, as well as the reinforcement of the companies’ value. Although the transferred state capital amount in 8 companies is not significant, the hand-over represents the determination of MOT, SCIC and 8 companies in implementing the Government’s Resolution of SOE restructuring. Mr. Hoc affirmed that SCIC will accompany 8 companies’ leaders to fulfill their assigned tasks, preserve and develop the state capital at these companies.