All but 7 Vietnamese state-owned firms post after-tax profits in 2023: report
All but seven of 143 state-owned enterprises (SOEs) in Vietnam reported after-tax profits totalling VND101.96 trillion ($4.1 billion) last year, according to a Ministry of Finance report.
The report, which reflects the efficiency level of wholly state-owned enterprises, showed that the seven SOEs incurred losses amounting to VND23.55 trillion ($948.3 million) in 2023, with several showing signs of financial instability.
The seven loss-making enterprises were: Technical and Vocational Education and Training Equipment Company Limited (VND82 million or $3,300); Ha Long Fisheries Company Limited (VND15 billion or $604,000); Agricultural Publishing House One Member Company Limited (VND639 million); Ha Thanh One Member LLC (VND276 million); Sports and Tourism Publishing House One Member Company Limited (VND339 million); National Documentary and Scientific Film Studio One Member Company Limited (VND4.6 billion), and EVN (VND23.55 trillion).
Mining group Vinacomin posted revenue of VND149.2 trillion ($6 billion) in 2023. Photo courtesy of the government's news portal.
Three of the seven lossmakers reported accumulated losses of VND53.4 trillion ($2.15 billion) by the end of 2023, it said.
National utility Vietnam Electricity (EVN) recorded an accumulated loss of VND50.6 trillion ($2.04 billion); Vietnam Railways Corporation (VNR), VND1.93 trillion; and Vietnam National Chemical Group (Vinachem), VND884 billion.
SOEs earning high revenues in 2023 included: EVN with VND420.5 trillion ($16.93 billion), up 9.1% from 2022; Petrovietnam with VND213.3 trillion, down 1.25%; Agribank with VND177.9 trillion, up 11.3%; Vinacomin with VND149.2 trillion ($6 billion), up 2.8%; and military-run telecom group Viettel VND103.5 trillion, up 2.4%.
Of these, high after-tax profits were recorded by Viettel with VND32.2 trillion ($1.3 billion); Agribank, VND20.5 trillion; and Petrovietnam, VND20.4 trillion.
Five SOEs reported overdue debts totaling VND580.9 billion ($23.4 billion), with Ha Thanh One Member LLC accounting for 43% of the total at VND233.7 billion. The remaining four companies were: Truong Son Construction Corporation; Corporation 15; Housing and Urban Development Corporation; and The Gioi Publishers One Member Company Limited.
The report also assessed 107 of 143 SOEs as financially safe; four as financially insecure; and 10 as showing signs of financial instability.
- Read More
Vietnam's benchmark VN-Index records sharpest drop in 25-year history
VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), saw the sharpest decline in its 25-year history on Monday, down by 94.76 points, or 5.47%, to 1,636.43.
Finance - Mon, October 20, 2025 | 5:49 pm GMT+7
Construction contractor Coteccons sets record FY2026 targets, capital base hike via share issue
Coteccons Construction JSC (HoSE: CTD), one of Vietnam’s largest construction contractors, has set ambitious targets for its fiscal year 2026, driven by a record order backlog and its push into international markets.
Companies - Mon, October 20, 2025 | 4:50 pm GMT+7
Real estate, gold markets to be fully established by 2026: Prime Minister
Vietnam plans to complete comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.
Finance - Mon, October 20, 2025 | 3:33 pm GMT+7
Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province
Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.
Society - Mon, October 20, 2025 | 2:48 pm GMT+7
Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts
Businesses and online shop owners in Vietnam should pay greater attention to human resources and logistics, considering these factors “keys” to competitive advantage in the increasingly volatile e-commerce market, according to experts.
Economy - Mon, October 20, 2025 | 10:54 am GMT+7
Construction stocks ignite Vietnam’s market rally by year-end
FDI inflows into Vietnam are hitting record highs, while faster public investment disbursement and stable construction material costs are fueling a late-year surge in construction stocks, analysts said.
Finance - Mon, October 20, 2025 | 10:44 am GMT+7
Vietnam's central bank struggles to rein in cross-ownership
Cross-ownership and bank manipulation in Vietnam have eased, yet control remains elusive as shareholders and related parties conceal ownership through nominees, the State Bank of Vietnam (SBV) said in a report to the country’s legislature.
Banking - Mon, October 20, 2025 | 8:34 am GMT+7
Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam
Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.
Industries - Sun, October 19, 2025 | 7:35 pm GMT+7
Vietnam's stock market regulator introduces green bond disclosure handbook
By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.
Finance - Sun, October 19, 2025 | 2:11 pm GMT+7
Central Vietnam province Lam Dong seeks investment for 72 projects
The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.
Industries - Sun, October 19, 2025 | 1:31 pm GMT+7
Vietnam's leading conglomerate Vingroup ventures into senior living market
Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.
Industries - Sun, October 19, 2025 | 12:28 pm GMT+7
Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years
Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.
Companies - Sun, October 19, 2025 | 10:02 am GMT+7
REE to set up 2 subsidiaries for wind projects in southern Vietnam
Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.
Energy - Sun, October 19, 2025 | 8:00 am GMT+7
Australian CEO detained, NSH Petro’s recovery hopes collapse
The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.
Companies - Sat, October 18, 2025 | 6:53 pm GMT+7
Maintaining market status upgrade a bigger challenge: official
Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.
Finance - Sat, October 18, 2025 | 1:30 pm GMT+7
HCMC partners with Nasdaq to develop int’l financial center
The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).
Top News - Sat, October 18, 2025 | 11:56 am GMT+7
