Business

Most SOEs operating at a profit: audit

Most State-owned enterprises were operating at a profit but still needed to improve their operational efficiency, according to a report by the State Audit Office of Vietnam (SAV).
Most SOEs operating at a profit: audit ảnh 1Illustrative image (Source: Internet)

Hanoi (VNA) - Most State-owned enterprises (SOEs) were operating at a profitbut still needed to improve their operational efficiency, according to a reportby the State Audit Office of Vietnam (SAV).

In 2018, the SAV audited financial reports and the use of State capital at 253enterprises under 31 State-owned corporations.

The audits found that 30 out of 31 State-owned corporations made a profit in2017 and contributed significantly to the State budget.

However, the SAV revealed a number of errors in accounting at SOEs and saidthere was 467.8 million USD in outstanding taxes and fees.

The report also revealed inefficiencies in the operation of SOEs.

Loose management of debts resulted in rising overdue receivables, for example 510billion VND (21.7 million USD) at MobiFone Corporation, 547 billion VND at VietnamElectricity and 1.9 trillion VND at Song Da Corporation, according to thereport.

At the Vietnam National Oil and Gas Group (PetroVietnam), bad debts amounted to11.36 trillion VND. PetroVietnam’s overseas investments were also found to havebeen inefficient and risky, according to the report.

The SAV said that 24 oil and gas exploration had been successful and cost 773million USD. The value of investment transferred abroad by PetroVietnam evenexceeded the limits on the investment certificates for some projects.

Land assigned to SOEs was also found to have not been strictly managed, withareas left deserted and some used for the wrong purposes, causing significantwaste.

Auditing results also pointed out that some SOEs were heavily dependent onbanking credit, which implied financial risks, and some had used loans forimproper purposes.

The SAV’s report also said that the privatisation and State capital divestmentin 2017 had been stagnant.

The audits also found problems in the implementation of 15 build-transfer andbuild-operate-transfer projects, causing significant losses to the State.-VNA
VNA
#State-owned enterprises #SOEs #operational efficiency #State Audit Office of Vietnam #financial reports #State capital #Vietnam #Vietnamplus #Vietnam News Agency
Follow VietnamPlus

Related News

Equitisation of State-owned enterprises remains slow: official

Equitisation of State-owned enterprises remains slow: official

The equitisation of State-owned enterprises (SOEs) is still slow, failing to reach the rate of progress as directed by the Prime Minister, Deputy Minister of Finance Vu Thi Mai said at the Government’s regular press briefing in Hanoi on May 4.
State capital divestment faces pressure

State capital divestment faces pressure

Capital divestment from State-owned enterprises (SOEs) had slowed and was still facing difficulties, said Dang Quyet Tien, Director of the Corporate Finance Department under the Ministry of Finance.

See more

Delegates at the meeting in Hanoi on February 9, 2026. (Photo baotintuc.vn)

Vietnam to release 2026 economic census data seven months earlier

Nguyen Thi Huong, head of the Standing Group of the Steering Committee of the 2026 Economic Census and Director of the National Statistics Office (NSO), said the first phase of data collection was underway nationwide and was scheduled to conclude on March 10.

At Xa Mat international border gate (Photo: VNA)

📝OP-ED: Decree 46 - Not proof of distorted “systemic failure”

Temporary suspensions, adjustments, or revisions of newly enacted policies are never ideal and should be minimised. Yet such course corrections occur worldwide, irrespective of a country's development stage or market-economy maturity. What counts is rapid remediation to contain losses, extraction of lessons to prevent recurrence, and firm resistance to the dissemination of misleading or hostile allegations, which will help both enforcers and those subject to compliance maintain clarity and composure.

Delegates at the signing ceremony of the MoU between the Brazil–Vietnam Chamber of Commerce (BVC) and the Espirito Santo Chapter of the Brazil–Vietnam Chamber of Commerce and Industry (CCBV-ES). (Photo courtesy of the Vietnamese Embassy in Brazil)

Vietnam, Brazil step up trade promotion cooperation

The Brazil–Vietnam Chamber of Commerce (BVC) and the Espirito Santo Chapter of the Brazil–Vietnam Chamber of Commerce and Industry (CCBV-ES) recently inked the MoU to enhance cooperation and expand business opportunities for enterprises from the two countries, with support from the Vietnamese Embassy in Brazil.

Chua Ve container port in Hai Phong (Photo: nhandan.vn)

Vietnam accelerates green transition for seaports

In recent years, while expanding infrastructure and boosting operational efficiency, the country has steadily rolled out a national green port initiative to align with international standards and encourage sustainable growth in the maritime industry.

More than 4.1 million air passengers are forecast during the peak travel period of the Lunar New Year 2026. (Photo: VNA)

19 additional aircraft to be deployed to serve Lunar New Year peak period

During the pre-Tet peak, several routes from Ho Chi Minh City to destinations such as Hue, Thanh Hoa, Vinh, Pleiku, Tuy Hoa, Quy Nhon, Chu Lai and Dong Hoi have recorded booking rates above 90%, with some reaching 100%. In contrast, return flights from localities to Ho Chi Minh City remain low, with many flights reporting booking rates below 35% and several operating as ferry flights to return aircraft.

Shoppers at the first Glorious Spring Fair (Photo: VNA)

Spring Fair 2026: Opportunities for businesses to expand connections

Many businesses are doing more than presenting product functions; they are also telling the story of their raw-material regions, production processes, and social and environmental responsibility. This reflects a clear transition: companies are no longer competing solely on price, but increasingly on perceived value and consumer trust.

Vietnam Airlines will deploy wide-body Airbus A350 aircraft on its new nonstop Vietnam–Netherlands service starting June 16. (Photo: VNA)

Vietnam Airlines to launch first nonstop Hanoi–Amsterdam route

Nguyen Quang Trung, Deputy General Director of Vietnam Airlines, said that the nonstop Hanoi–Amsterdam route marks an important milestone in the carrier’s European network expansion strategy. Its presence at one of the world’s leading aviation hubs will not only broaden the airline’s business opportunities but also help strengthen economic, trade and investment connection, as well as people-to-people exchanges between Vietnam and the Netherlands, and Europe in general.

Central Highlands region's products on display at the first Glorious Spring Fair 2026 (Photo: VNA)

Spring Fair 2026: Traditional flavours find new pathways to market

Products rich in traditional flavours - from confectionery and processed agricultural goods to highland tea - are presented in refreshed designs that preserve cultural identity while meeting rising market standards, opening up prospects for expanded consumption and gradual entry into export markets.