Saigon Transport Engineering Corp was officially put into operation on November 9 under the form of a parent holding company. The restructured company has 722.9 billion dong of capital.
Accordingly, the parent company is comprised from Saigon automobile engineering company and six subsidiary financially independent companies of TBTC, Isamco, Samco An Lac, Samco Thu Duc, Samco Binh Trieu and labour export Co. There are 27 member companies which are SOEs shifted into one-member limited companies and fully capitalised by the Corp; SOEs shifted into joint stock companies in which the Corp hold the controlling stake of more than 50%; and associated companies which are joint ventured by the Corp or member companies.
The Corp after this merge is expected to become a conglomerate in the business of automobile manufacturing, public transport and related products and services.