HCM City on March 16 officiallyinaugurated its own finance and investment company, aiming to enhancethe city’s State-owned capital management and investment effectiveness.
HCM City Finance and Investment State-owned Company (HFIC), formerlyHCM City Investment Fund for Urban Development (HIFU), has a chartercapital of 5 trillion VND (315 million USD) and operates in the form ofa holding company.
The city People’s Committee authorised HFIC to represent, on a trialbasis, the ownership of State capital in State-owned enterprises andjoint stock companies that were previously State-owned under themanagement of the HCM City People’s Committee, according to HFICChairwoman Ngo Kim Lien.
HFIC will mobilise capital from local and foreign individuals andinstitutions through channels such as issuing bonds and borrowing moneyfrom finance and credit organisations and entrusted capital resources.The company will make both direct and indirect investments in thecity’s priorities sectors.
HFIC will issue municipal and project bonds under the city’s authorisation.
Social and technical infrastructure development projects and other keyeconomic projects under the city’s socio-economic developmentprogrammes may obtain loans from the company.
Its other functions will also include the provision of financial services and investment consultancy.
HCM City was first among the country’s cities and provinces to putHIFU into operation in May 1997 with an initial charter capital of 202billion VND. The figure increased to 2.113 trillion VND at 2009’s end./.
HCM City Finance and Investment State-owned Company (HFIC), formerlyHCM City Investment Fund for Urban Development (HIFU), has a chartercapital of 5 trillion VND (315 million USD) and operates in the form ofa holding company.
The city People’s Committee authorised HFIC to represent, on a trialbasis, the ownership of State capital in State-owned enterprises andjoint stock companies that were previously State-owned under themanagement of the HCM City People’s Committee, according to HFICChairwoman Ngo Kim Lien.
HFIC will mobilise capital from local and foreign individuals andinstitutions through channels such as issuing bonds and borrowing moneyfrom finance and credit organisations and entrusted capital resources.The company will make both direct and indirect investments in thecity’s priorities sectors.
HFIC will issue municipal and project bonds under the city’s authorisation.
Social and technical infrastructure development projects and other keyeconomic projects under the city’s socio-economic developmentprogrammes may obtain loans from the company.
Its other functions will also include the provision of financial services and investment consultancy.
HCM City was first among the country’s cities and provinces to putHIFU into operation in May 1997 with an initial charter capital of 202billion VND. The figure increased to 2.113 trillion VND at 2009’s end./.
