DEFINITION of 'State Capital Investment Corporation - SCIC'
A state-owned investment fund formed by the Communist Party of Vietnam in 2005 to invest in state enterprises. SCIC's stated goals as a sovereign wealth fund are to be an active shareholder in the state enterprises, to be a professional financial consultant and to earn returns that can be reinvested in the government.
BREAKING DOWN 'State Capital Investment Corporation - SCIC'
SCIC manages businesses in sectors including financial services, energy, manufacturing, telecommunications, transportation, consumer products, healthcare and information technology.
Vietnam, also referred to as the Socialist Republic of Vietnam, is a communist state with a centrally planned economy, but it has implemented economic reforms to introduce elements of the free market.