HCMC – The Ministry of Industry and Trade will transfer the Government’s stake in the Saigon Beer-Alcohol-Beverage Corporation (Sabeco) to the State Capital Investment Corporation (SCIC) before August 31 to prepare procedures for withdrawing State capital from the country’s biggest brewery.

Vu Quoc Anh, head of the ministry’s Department of Finance and Business Reform, said the ministry has received the related documents and is accelerating the transfer process. According to Decision No. 908 of the prime minister issued on June 29, the Government will transfer its stake in 14 enterprises to SCIC before August 31. Four of them belong to the Ministry of Industry and Trade including Sabeco, Vietnam Industrial Construction Corporation, Vietnam Agricultural Products Joint Stock Company and General Construction and Export - Import Joint Stock Company. The decision aims to accelerate the withdrawal of State capital from enterprises in line with the medium-term public investment plan in the 2016-2020 period and boost the restructuring of State-owned companies. The prime minister has asked ministers, leaders of Government departments and leaders of cities and provinces under the jurisdiction of the Central Government to ensure the progress, transparency, publicity and efficiency of the withdrawal of State capital.