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Tuesday, June 25, 2024

SOEs reap substantial profits from overseas investments

The Saigon Times

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HCMC – A total of 72 overseas projects of State-owned enterprises (SOE) brought back to the country combined profit of around US$2 billion, the Government said in a report to the National Assembly.

As of the end of 2022, 30 SOEs had collectively invested a total of US$6.62 billion in overseas projects, either directly or indirectly through first and second-tier subsidiary companies.

Among those, PetroVietnam (PVN) has invested over US$4 billion, accounting for nearly 61% of the total overseas investment capital of SOEs, followed by Viettel with US$1.5 billion and Vietnam Rubber Group (VRG) with over US$770 million.

In 2022 alone, 16 SOEs executed 72 overseas projects, resulting in profit of over US$427.4 million. Out of this profit, US$235.7 million was repatriated to Vietnam.

Key contributors to this profit included PVN, Viettel, Vietnam Airlines Corporation, VRG, and Vietnam Electricity Group (EVN).

After decades of overseas investments, these enterprises collectively amassed profits exceeding US$4 billion, with half of it returned to Vietnam. PVN led in terms of profit, with a total of US$2.9 billion, US$1.1 billion of which was repatriated.

In 2022, 94 overseas projects generated combined revenue of over US$9.6 billion, a 24.4% increase against 2021.

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