State Capital Investment Corporation

Tổng công ty Đầu tư và Kinh doanh vốn Nhà nước · Vietnam · Asia · Founded 2005 · State holding company · Not an IFSWF member

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Focus

State Capital Investment Corporation: what it invests in

Consumer and retailAgriculture and food securityTelecoms and mediaHealthcare and life sciencesIndustrials and manufacturingInfrastructure and utilities

Strategic state holdingsPublic equitiesPrivate equity

Geography Mainly domestic

Scale

State Capital Investment Corporation: how big it is, and on what basis

VND 72,474bn total assets (end 2025)

Total assets (balance sheet)As of 2026-07-01

In US dollars: about USD 2.76B. Converted at VND 26,298 per USD, 31 December 2025

Transparency

State Capital Investment Corporation: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Total assetsS4: VND 72,474bn (about USD 2.76B, end 2025); As of 2026-07-01
Portfolio valueS2: Over VND 200,000bn (about USD 7.6B); As of 2025-12-31
Dividends, 2025S5: VND 8,131bn (from 42 companies); As of 2026-07-05
After-tax profit, 2025S4: About VND 12,715bn; As of 2026-07-01
Average ROE, 19 yearsS2: 13% a year; As of 2025-12-31
Vinamilk stakeS5: 36%; As of 2026-07-05
Transparency scoreS4: 8.5 of 10; As of 2026-07-01

At a glance. SCIC is Vietnam's state holding company, representing the State as shareholder in equitised companies and investing state capital. It holds large stakes in Vinamilk and Sabeco and earned VND 8,131bn of dividends from 42 companies in 2025. Audited total assets were VND 72,474bn (about USD 2.76B) at end 2025, while SCIC values its portfolio at over VND 200,000bn (about USD 7.6B). S5 S4 S2 S7

Key points

Largest shareholder in Vinamilk and second in Sabeco, with 36 percent of each. S5
After-tax profit of about VND 12,715bn in 2025; record pre-tax profit of VND 11,140bn in 2024. S4 S8
Average return on equity of 13 percent a year over 19 years, with VND 108,145bn paid to the budget. S2
Listed 31 companies for divestment in 2025, including its 5.7 percent of FPT and 34.71 percent of Domesco. S9 S10
Leaders aim to turn it into a national investment fund focused on infrastructure, energy, digital and technology. S11 S12
Handed its 50.17 percent of FPT Telecom to the Ministry of Public Security in November 2025. S5

Interesting facts

Vinamilk alone paid SCIC VND 3,649bn in 2025, nearly 45 percent of its dividend income. S5
In 2012 it had around 416 companies in its portfolio; by 2025, 42 paid it dividends. S1 S5
It has asked for a review of a Laos potash project in which it would be the financial investor. S6

Mandate and goals

Represent the State as owner in enterprises, invest state capital, restructure equitised companies and recycle capital into priority sectors. S11 S12

Sell stakes the State no longer needs to hold. S11
Invest in strategic infrastructure, energy, digital infrastructure and technology. S11
Use seed capital, funds and co-investment platforms to draw private and foreign money. S11

How it invests

Industries	Consumer and retail, Agriculture and food security, Telecoms and media, Healthcare and life sciences, Industrials and manufacturing, Infrastructure and utilities, Energy: oil and gas, Technology S5 S11
Asset classes	Strategic state holdings, Public equities, Private equity S4
Stages	Public markets, Growth, Infrastructure S4
Geography	Mainly domestic. Vietnam, with a potash project in Laos under review S5 S6
Direct / through funds / co-invest	Yes / No / Yes S5 S11
Ticket size	No ticket size published S5
External managers	None described S11
Co-investment programme	Co-shareholder with F&N Dairy Investments in Vinamilk and ThaiBev's Vietnam Beverage in Sabeco; has met foreign sovereign investors such as Oman's S5 S13

Largest holdings: Vinamilk (36%), Sabeco (36%), FPT Corporation VND 839.8bn (cost) (5.7%), Domesco (34.71%) (dates from 2025 to 2026-07-05) S5 S9 S10

Published criteria

Keeps stakes where the State needs to remain owner; sells the rest under Decision 690/QD-TTg. S10
New money to priority sectors with private co-investors. S11

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2025	FPT Telecom. Transferred about 370.7 million shares (50.17 percent) to the Ministry of Public Security as State owner representative. S5	State asset transfer	Telecoms and media	Public markets	Not published	50.17%
2025	Domesco. Offered its full 34.71 percent of the drug maker by auction and competitive sale. S9	Sale or exit	Healthcare and life sciences	Public markets	VND 1,531bn (starting price)	34.71%
2025	FPT Corporation. Listed its 5.7 percent stake for divestment in 2025. S9	Sale or exit	Technology	Public markets	Not published	5.7%
2024	Thang Long Corporation. Sold its 25.1 percent by auction on HNX, an original investment of VND 105bn. S10	Sale or exit	Industrials and manufacturing	Public markets	Not published	25.1%
2026	Laos potash project. Asked the Ministry of Finance to review entry as financial investor alongside a chemicals group. S6	Co-investment	Mining and metals	Infrastructure	Not published

Case studies

Anchor shareholder in Vinamilk S5

What: Holds 36 percent of Vietnam's largest dairy company, alongside F&N Dairy Investments.
When: 2025
Size: VND 3,649bn dividend in 2025
Why: Long-held State stake in a leading consumer company.
Outcome: Nearly 45 percent of SCIC's dividend income in 2025.

2025 divestment programme S9 S10

What: Plan to cut stakes in 31 companies, with full exits from 74 enterprises targeted in the year.
When: 2025
Size: Includes FPT and Domesco stakes
Why: Recycle capital under the SCIC restructuring plan to end 2025.
Outcome: Thang Long sale completed in December 2024.

Towards a national investment fund S11 S12

What: Leaders and the Deputy Prime Minister back a shift to a national investment fund model.
When: 2026
Size: Not published
Why: Clearer legal basis, more capital and a mandate to invest in priority sectors.
Outcome: Charter capital increase and a dedicated decree requested in January 2026.

Investment process

A Board of Members sets direction, a General Director runs operations, and a Board of Supervisors monitors. The Ministry of Finance is the owner agency. S2 S6

Committee	Role
Board of Members	Chaired by Nguyen Chi Thanh S2
Board of Supervisors	Oversight of operations S2

Stakes transferred by the State or bought as investor. S11
Exits by public auction or competitive sale. S9
Major plans approved by the Prime Minister or Ministry of Finance. S10

How to approach: Contact details on the SCIC website; divestment auctions are announced on Vietnam's stock exchanges. S2

Size and returns

Headline size: VND 72,474bn total assets (end 2025) (Total assets (balance sheet), as of 2026-07-01) S4 S7
In US dollars: about USD 2.76B. Converted at VND 26,298 per USD, 31 December 2025
Portfolio value stated by SCIC: Over VND 200,000bn (about USD 7.6B) (Portfolio value, as of 2025-12-31) S2 S7
Equity, end 2025: VND 66,815bn (Net assets or equity, as of 2026-07-01) S4
Return, 19 years to 2025, average return on equity: 13.0 percent a year (average return on equity, not a portfolio return) S2

Leadership

Name	Title
Nguyen Chi Thanh	Chairman, Board of Members S2 S6
Nguyen Quoc Huy	General Director S2 S6

Governance and transparency

Legal basis: Set up by Prime Minister decision in 2005; restructuring plan under Decision 690/QD-TTg S1 S10
Oversight: Ministry of Finance as owner agency S6
Publishes a yearly governance and organisation report. S5
Audited consolidated statements each year. S4

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, holdings or deal list, audited financial statements, named leadership, regular reporting schedule. S2 S4 S5
Partly published: asset allocation, geographic or sector split, governance and mandate documents. S4 S5

History

Date	Event
2005-06-20	Established by the Prime Minister. S1
2006-08	Starts operating. S1
2012-05-30	Around 416 companies in portfolio. S1
2024-12	Record pre-tax profit; Thang Long stake sold. S8
2025	31 companies listed for divestment. S9
2025-11-11	FPT Telecom stake transferred. S5
2026-01	Charter capital increase requested. S6
2026-07	FY2025 audited statements reported. S4

For family offices

Private investors meet SCIC mainly as buyers of the stakes it sells through public auctions, or as co-shareholders in listed companies. Planned funds and co-investment platforms may add new routes. S9 S11

Bid in SCIC divestment auctions on Vietnamese exchanges. S9
Potential co-investor in future priority sector platforms. S11

Common questions

How big is SCIC?

Total assets of VND 72,474bn at end 2025, about USD 2.76B; SCIC values its portfolio at over VND 200,000bn. S4 S2

Who leads SCIC?

Nguyen Chi Thanh chairs the Board of Members; Nguyen Quoc Huy is General Director. S2

What are its biggest holdings?

Vinamilk and Sabeco, 36 percent each. S5

Is SCIC changing model?

Leaders are working towards a national investment fund model. S11

Is it an IFSWF member?

No. S3

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All sovereign wealth funds in Asia · All state holding companys · All funds in Vietnam

Sources

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