The State Enterprise Policy Office (Sepo) expects the state-controlled Vayupak Fund to continue delivering a strong return of around 6% this year.
According to Tibordee Wattanakul, director-general of Sepo, the fund's performance shows positive momentum, with operating profits last year and this year trending favourably, supporting distributions to unitholders in the next payout period.
The fund's earnings are based on its fiscal year, and it generated a return of 6.09% in the last fiscal year, with profits scheduled for distribution this year totalling 18 billion baht.
This year the fund's operating performance is strong, supported by the recovery in the local stock market, Mr Tibordee said. Profits generated this year will be distributed to investors next year.
He said the fund is likely to achieve returns of around 6% again this year, with little cause for concern given its effective management mechanisms and the supportive outlook for the capital market.
The Vayupak Fund remains an important vehicle for generating stable returns for the Finance Ministry and its unitholders, said Mr Tibordee.
The fund benefits from favourable market conditions and an investment strategy focused on companies with strong corporate governance (CG), which is expected to support sustainable long-term returns in line with the fund's objectives, he noted.
Support for the value of the fund's assets is provided by improved CG standards, as reflected in CG ratings.
However, state enterprises in which the ministry is a shareholder may face certain limitations in achieving higher CG scores because they are required to comply with government policies, Mr Tibordee said.
For example, a board chair may be appointed based on official positions or established practices rather than by CG considerations.
Yet these organisations are expected to strengthen their governance standards by emphasising CG performance in their evaluations, aiming to enhance confidence among service users and investors in the capital market, he said.
Regarding state enterprise investment expenditure, Mr Tibordee said the investment disbursement target for this year is 238 billion baht.
As of May, 43% of the budget had been disbursed, an improvement of 4% year-on-year.
He said he expects total disbursement for the year to reach at least 95%.
The ministry instructed Sepo to monitor state enterprise investment spending on a monthly basis.
Regarding state enterprise revenue remittances to the Treasury, Mr Tibordee said the target for the current fiscal year is 180 billion baht.
Actual remittances are likely to total 200 billion baht, exceeding the target by 22 billion, he said.
State enterprises have remitted 160 billion baht so far, and an additional 40 billion is expected to be transferred by the end of September.
