Dao said the corporation, the representative of state-owned capital in state-owned enterprises, would diversify financial and project investments, making those in major sectors a priority.

The corporation has 538 enterprises in its portfolio.

"The selling of state-owned capital would be one of the major priorities of the Government as state-owned capital in state-owned enterprises is reduced in industries that do not need a great deal of State control," the Government's Enterprise Reform and Development Vice Chairman Pham Viet Muon told reporters.

The SCIC sells state-owned capital by public auction, with securities companies acting as consultants and trading agencies.

Last year, SCIC divested 106 companies, including the entire state-owned stake in 97 local firms for VND642 billion (US$29.86 million), more than twice their book value. SCIC gained a total revenue of VND2.75 trillion ($127.91 million), including a pre-tax profit of VND2.44 trillion ($113.49 million).

Since it was established in 2005 to December 31 last year, SCIC has overseen a State stake in 932 enterprises, divested 442 enterprises and sold the entire State stake in 399 firms for VND2.21 trillion ($102.79 million) compared to the book value of VND984 billion ($45.77 million). - VNS