| State Financial Investment Company to be launched |
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3/18/2010 4:47:34 PM HCMC Chairman Le Hoang Quan has issued the decision of establishment of Hochiminh City State Financial Investment Company (HFIC). This is a Limited company has chartered capital of VND 5,000 billion, the State owns 100%, held on the basis of the conversion from the HCM City Investment Fund for Urban Development (HIFU). Functions and duties of HFIC is to mobilize capital from organizations and individuals from within the country and abroad with other forms of issuing bonds, loans of financial- credit institutions, receiving fund, the entrusted capital sources, etc. Speaking at the ceremony, HCM City Vice Chairman Nguyen Thi Hong emphasized: With economic growth is increasing rapidly, the City needs invesment capital for growing every year about 50,000 billion VND. Therefore the City need a strong enough financial institutions to focus resource mobilization and foreign capital. To implement activities effectively, HFIC has to concentrate on researching about development direction of the City to build long-term strategies of operation, very focusing on paying attention to mobilizing resources and creating investment, particularly the development of infrastructure and technology, social infrastructure and key economic sectors. At the launching ceremony, HFIC signed contracts funded Ton Duc Thang University 100 billion and JSC Electrical Cable VN - Cadivi more than 85 billion within seven years. |
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