State giants reap record profits in 2022

A number of Vietnamese state-run giants have announced record revenues and profits in 2022, despite the global economic downturn.

Vinacomin said its 2022 revenue reached VND168,500 billion ($7.19 billion), a record high. The mining group's profit hit VND8,100 billion ($345 million), exceeding its target by 56% and up 154% year-on-year. It paid taxes of VND21,060 billion ($898 million).

Vinacomin's total assets at the end of 2022 were VND123,500 billion ($5.27 billion), up 3% compared to the beginning of the year. By December 31, 2022, equity was VND38,740 billion ($1.65 billion).

The giant said the price of input materials and fuel like gasoline, iron, and steel, that had to be imported, surged in 2022, driving production costs up by about VND3 trillion ($127.98 million).

In 2023, Vinacomin set a revenue target of nearly VND169 trillion ($7.21 billion), up 2% year-on-year, and a profit plan of VND5 trillion ($213.3 million).

Meanwhile, chemical group Vinachem recorded industrial production value calculated at actual prices of VND61,057 billion ($2.61 billion), exceeding its plan by 22% and up 21% year-on-year.

The company's revenue was estimated at VND62,262 billion ($2.65 billion), a 19% increase compared to its plan and up 17% year-on-year.

In 2022, Vinachem paid VND2,052 billion ($87.56 million) to the state budget. The average income of employees reached VND13 million ($554) per month, up 8% year-on-year. The group's consolidated profit reached VND6,023 billion ($256.8 million) in 2022, up 2.8 times year-on-year.

In 2023, it set a revenue target of VND63,100 billion ($2.69 billion), up 1.5% year-on-year.

Petrovietnam also made an impression when it said that it had set many new records after 61 years of establishment.

The oil and gas group recorded a consolidated pre-tax profit of VND82,200 billion ($3.49 billion) in 2022, while revenue reached VND931,000 billion ($39.67 billion), up 60% and up 48% year-on-year, respectively, both an all-time high.

In 2023, due to the complicated and unpredictable international and domestic situation, Petrovietnam only set a revenue target of VND677,700 billion ($28.91 billion), excluding Nghi Son Refinery and Petrochemical Complex, down 27% year-on-year, and consolidated profit target of VND34,000 billion ($1.45 billion), down 58.6%.

The Airports Corporation of Vietnam (ACV) reported a pre-tax profit of VND7,561 billion ($320 million) in 2022, up 10 times year-on-year, thanks to the air transport market's recovery after two years of a pandemic-induced hiatus.

The airport operator's 2022 revenue was estimated at VND15,381 billion ($651.7 million), equivalent to 149% of its target and two times more than in 2021.

The company aims to reap revenue of VND18,414 billion ($778.91 million) in 2023, up 20% year-on-year, and pre-tax profits of VND8,448 billion ($357.9 million), up 11%.

However, some corporations reported heavy losses.

State utility Vietnam Electricity (EVN) is forecast to incur a loss of VND31 trillion ($1.31 billion) this year due to surging input costs and stagnant selling prices regulated by the government.

MobiFone said that its parent company's pre-tax profit reached VND2,713 billion ($115.6 million) in 2022, hitting just 63% of the target and down nearly 74% compared to 2021.

The parent company's revenue reached VND28,329 billion ($1.21 billion), or 90% of the plan.

A number of other state corporations including Vietnam Railways and Vietnam National Coffee Corporation also failed to complete their pre-tax profit plans.