The Prime Minister has appointed Nguyen Duc Chi as the new chairman of the State Capital Investment Corporation (SCIC).

Nguyen Duc Chi has been appointed as new chairman of the State Capital Investment Corporation (SCIC) (Source: chinhphu.vn)

Chi, born in 1970, was chief of staff in the Ministry of Finance. He will replace Tran Van Dao, who was appointed SCIC chairman in August 2013.

Launched in August 2006, SCIC's primary objectives are to represent the state capital interests in enterprises and to invest in key sectors and essential industries with a view to enhancing the efficiency of state capital utilisation and strengthening the dominant role of the state, while respecting market rules.

As of late 2015, the investment arm was representing the state's shareholding rights in 230 enterprises with a total book value of about 17 trillion VND (754.2 million USD), excluding investments made directly by the Prime Minister. SCIC holds stakes of 30 percent to more than 50 percent in many large companies, such as dairy producer Vinamilk, FPT Telecom, Bao Minh Insurance Corporation and Thieu Nien Tien Phong Plastics, besides Binh Minh Plastics, Hau Giang Pharmaceuticals and insurance firm Bao Viet Holdings.

VNA