Many SOEs recover from pandemic’s impacts: Ministry

Rigs of the Vietnam Oil and Gas Group in the Bach Ho oil field (Photo: VNA) 

Hanoi (VNA) – After severe impacts of the COVID-19 pandemic, enterprises investedwith state capital has begun to bounce back since 2021, according to theMinistry of Finance.

Ina recent report on the investment, management, and use of state capital atenterprises in 2021 sent to the National Assembly, Minister of Finance Ho Duc Phoc saidthere were 826 businesses invested with state capital as of December 31 lastyear, including 673 state-owned enterprises (SOEs) and 153 firms with capital partlycontributed by the state. Their total assets are worth over 3.7 quadrillion VND(153.2 billion USD), up 2% from 2020.

Theirtotal revenue surpassed 2.1 quadrillion VND, up 8% year on year.

Meanwhile,consolidated reports by groups, corporations, and parent - subsidiary companiespointed out that these enterprises’ revenue topped 1.5 quadrillion VND last year,up 9%.

Thefirms posting high revenue are mainly large-scale ones. The best performers areVietnam Electricity – EVN (over 440 trillion VND), Vietnam Oil and Gas Group –Petrovietnam (over 380 trillion VND), Military Industry and Telecoms Group –Viettel (nearly 150 trillion VND), Vietnam National Coal and Mineral IndustriesGroup – Vinacomin (over 114 trillion VND), and Vietnam Posts and TelecommunicationsGroup – VNPT (over 54.67 trillion VND), statistics showed.

Thereport noted that in 2021, some parent companies recorded revenue increases ofmore than 30% compared to the previous year, including Vietnam NationalChemical Group (156%), Company of Economic Cooperation (87%), TechnologicalApplication and Production One Member Limited Liability Company (77%), VietnamExpressway Corporation (66%), and Petrovietnam (41%).

Consolidated reports by groups, corporations, and parent - subsidiary companies also showed that their pre-tax profits approximated 157 trillion VND, up 33% from 2020. Most of the ones with pre-taxprofits of over 5 trillion VND were large companies, including Petrovietnam (nearly52 trillion VND), Viettel (nearly 37 trillion VND), and EVN (nearly 18 trillionVND).

However, some businesses witnessed sharp declines in pre-tax profits such asVietnam Paper Corporation (down 90%), Hanoi Transport Corporation (90%), andHousing and Urban Development Corporation (52%).

Phoc said some SOEs have yet to clearly exercise their roles in leadingand promoting other economic sectors to grow or boost the connectivity of valueadded chains.

Besides, loss-making and poor-performing projects have yet to be handledthoroughly, thus affecting the restructuring of SOEs, the report added./.

VNA