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).

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.