Vietnam News

State-owned companies accumulate $505 mln losses

19 octobre 2021
Print Friendly, PDF & Email

Vietnam’s 11 largest state-owned corporations had accumulated losses of VND11.46 trillion ($505 million) as of last year.

Recent challenges for them include Covid-19 for aviation and tourism companies and plunging oil prices for energy companies, while some have been struggling for years due to difficulties with certain projects, according to a recent government report.

Their pre-tax profit last year plummeted by 21 percent to VND116.78 trillion, it said.

The company with the highest profit last year was telecom firm Viettel with VND39.37 trillion, but it also had doubtful debts worth VND1.74 trillion.

Petrovietnam was second with VND19.86 trillion but this represented a 36 percent drop from 2019.

Vietnam Electricity’s profit fell 24 percent to VND15.32 trillion amid higher input costs.

Other companies whose profits fell sharply were Vietnam Air Traffic Management Corporation (VATM), down 99 percent, and coal miner Vinacomin, down 48 percent.

Some posted huge losses.

Vietnam Airlines reported a loss of VND11.18 trillion and Vietnam Television, VND265 billion.

The country has 459 companies fully owned by the government, 187 that are 50 percent owned and 161 in which the government has less than a 50 percent stake.

By Anh Minh – VnExpress.net – October 19, 2021

Articles similaires / Related posts:

  1. The paradoxes of private sector development in Vietnam State-owned enterprises were viewed as a dominant contributor to the development of Vietnam’s economy. But because the state sector is inefficient, and Vietnam is increasingly integrating internationally, the private sector is growing....
  2. Vietnam privatisation plans further behind schedule due to pandemic Vietnam’s plan to privatise scores of state-owned enterprises (SOEs) has fallen further behind schedule amid the pandemic, with only 37 companies divested so far out of a target of 128 in the 2017-2020 period, the Ministry of Finance said....
  3. Nearly 26,000 enterprises shut down in January Some 25,750 enterprises closed down in January, according to the Department of Business Registration, which blamed it on the severe impact of Covid-19....
  4. Vietnam to restructure poorly performing SOEs to make them stronger The Prime Minister has just issued Decision No. 360/QD-TTg approving the project « Restructuring state-owned enterprises (SOEs) to restructure poorly performing state-owned economic groups and corporations in the 2021-2025 period to make them stronger....
  5. Vietnam’s state shipbuilding company faces bankruptcy Vietnam’s state-owned shipbuilding company SBIC is facing bankruptcy, and the government has initiated plans to overhaul the corporation. This follows a resolution passed last month by Vietnam’s Political Bureau (Politburo), which gave a green light to declare SBIC and its seven subsidiaries bankrupt....

En poursuivant la visite de ce site, vous acceptez l’utilisation de traceurs (cookies) vous permettant juste d'optimiser techniquement votre navigation. Plus d’informations

En poursuivant la visite de ce site, vous acceptez l’utilisation de traceurs (cookies) vous permettant d'optimiser techniquement votre navigation. Aucune information sur votre utilisation de ce site ne sera partagée auprès de quelconques médias sociaux, de sociétés commerciales ou d'agences de publicité et d'analyse. Cliquer sur le bouton "Accepter", équivaut à votre consentement.

Fermer