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The Saigon Times

Saigon Times Group is a leading Vietnamese media organization with prestigious business and consumer publications. After three decades of development, we have built a good reputation through our publications on economy, business and markets for Vietnamese and foreign readers.

Basic

Free

  • Free access to daily domestic news, podcasts and videos

Premium

$5 $1 /month
(VND 23,900)
Monthly Annual

  • Unlimited access to domestic news, podcasts, videos and magazine articles on current social / economic / trade / investment issues, commodity / financial/securities markets, M&A activity, FDI, local and foreign business communities and more.

AUTOMATIC RENEWAL REMINDER

  • Your payment method will then be automatically charged ₫ 899.000 every 365 days thereafter.
  • Your subscription will continue until you cancel.
  • You can cancel by using My account. Under My account, select "Unsubscribe" and then follow the instructions to cancel.
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28.9 C
Ho Chi Minh City
Friday, July 11, 2025

State-run firms incur huge losses from overseas projects

By Van Phong

Must read

HCMC – Thirty projects invested overseas by State-run enterprises racked up total losses of US$335.5 million in 2021, up 42% year-on-year.

Among them, eight projects in telecommunications made a combined loss of US$293.3 million due to foreign exchange rates and high fees and taxes.

The Vietnamese Government said that global economic uncertainties and geopolitical tensions had resulted in the losses.

Some of these overseas projects were suspended due to their poor performance. These projects were PVEP’s oil and gas exploration and production project, the salt mining project in Laos and Viettel Cameroon.

As of late 2021, 30 State-owned firms had had 137 overseas projects, mainly in the oil and gas, telecommunications and rubber fields, up by six projects against 2020, according to the Government.

State-owned firms poured over US$43.6 million into 21 overseas projects in 2021, with PVEP’s project accounting for US$18.9 million and Viettel’s project making up US$15 million.

Last year, State-owned enterprises’ overseas investments totaled over US$6.6 billion, reaching 55% of the total pledged capital. PVN came first in investments at US$4 billion, representing 60% of the total overseas investment. Viettel came second with US$1.5 billion, followed by Vietnam Rubber Group with US$770.8 million.

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