Hanoi (VNA) – A two-dayseminar discussing the role of State-owned enterprise (SOEs) reform insocio-economic development opened in Hanoi on April 17, as part of the Vietnam-Cubafriendly cooperation framework.

The event aimed to shareexperience with the Permanent Commission for theImplementation and Development of Cuba in equitisation, legal regulations oncorporate development, improved working capacity of SOEs, management of capitalallocation for SOEs, and the sale of stakes for workers in the restructuringprocess.

Chairman ofthe State Capital Investment Corporation (SCIC) Nguyen Duc Chi said the eventlooks to strengthen ties between the SCIC and the commission.

The SCIC isready to share its experience in updating socialist-oriented economic modelsand hoped that the Cuban side could use this information to help successfullyreform their SOEs, he said.

Chi addedthat the SCIC acquires the rights to representing State ownership in 1,055firms with a total State capital of over 14.8 trillion VND (643 million USD).

As astakeholder, the SCIC actively joined in the restructuring of SOEs, madedecisions on business plans, and increased investment in efficient SOEs. As aresult, their return on equity averaged 19-20 percent from 2013-2018, while thetotal dividends surpassed 34 trillion VND.

The SCICsuccessfully sold capital in 955 SOEs and wholly divested in 892 others, with atotal turnover of 47 trillion VND, much higher than the initial capital of over11 trillion VND, he said. –VNA