The Ho Chi Minh City People’s Committee has issued a plan for restructuring state-owned enterprises and those with state capital under its management by the end of 2025. The plan includes the equitization of 10 enterprises by 2025, with the state’s common ownership ratio ranging from 50-65%.
Image: List of enterprises to be equitized.
The only enterprise in which Ho Chi Minh City will retain over 65% ownership is the Saigon Trading Group (Satra). Satra also stands out from the list with its superior scale of assets and profits.
As of the end of 2023, Satra’s total assets and owner’s equity stood at VND 27,700 billion and VND 23,800 billion, respectively. Satra consistently generates profits of several thousand billion VND annually, mainly from its 40% stake in two joint ventures producing and distributing Heineken beer in Vietnam.
Apart from Satra, eight other enterprises will have state capital exceeding 50% but less than 65% after equitization. The first is Saigon Industry Corporation (CNS), with a charter capital of over VND 3,091 billion and total assets of nearly VND 4,666 billion as of the end of 2023. CNS is one of the largest enterprises in Vietnam’s tobacco manufacturing industry.
Ben Thanh Group, Resco, and Saigoncons are among the enterprises that own substantial real estate and have large joint ventures and associates in the real estate and hospitality sectors. Resco holds 30% in Sheraton Saigon Hotel, 16% in Keppel Land Watco (Saigon Centre); Saigoncons owns 30% in Park Hyatt Saigon Hotel and 30% in Metropolitan Tower. Similarly, Ben Thanh Group has significant capital in Sofitel Saigon and Renaissance Riverside Saigon hotels.
Another prominent enterprise in the manufacturing sector is the Saigon Transportation Mechanical Corporation (SAMCO), a leading automobile company. SAMCO produces SAMCO-branded trucks and buses and holds stakes in joint ventures with Mercedes-Benz and Isuzu Vietnam.
Proposed Planning for Adding 2 New Cities in Ho Chi Minh City
According to Architect Ngô Viết Nam Sơn, Ho Chi Minh City should consider planning two cities within the city in the south and north.
Comprehensive regional connectivity
In addition to building strong physical infrastructure, Ho Chi Minh City needs to strengthen its soft connections with other provinces in the region in order to promote economic development. This includes prioritizing the training of skilled workforce and ensuring access to quality healthcare.
2023 Remittances Surpass Half of Ho Chi Minh City’s Budget Revenue
As part of the Homeland Spring 2024 program in Ho Chi Minh City, this morning (2/2), the overseas Vietnamese delegation had a tour of the City Hall and met with city leaders.
Three Economic Growth Scenarios for Ho Chi Minh City in Q1 2024
At the socio-economic meeting reviewing the results of January and setting the goals for February 2024, held this morning (1/2), the Ho Chi Minh City Institute for Research and Development has presented three economic growth scenarios for the first quarter of Ho Chi Minh City.
Emotional Kieu people when admiring Ho Chi Minh City from Metro Line 1
Ho Chi Minh City has undergone a remarkable transformation since the day I left. It now boasts a completely different appearance, exuding a fresh and vibrant energy. This sentiment was captured by Mr. Nguyen Duong Nam Phuong, a Vietnamese American, who was amazed by the city’s newfound liveliness.
