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Monday, June 17, 2024

SOEs report 29% revenue growth in 2022

By Nguyen Tan

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HCMC – State-owned enterprises (SOEs) in Vietnam reported their revenue last year surged by 29% against the previous year to over VND2.7 quadrillion, according to a report by the Ministry of Finance.

The report indicated a 23% increase in pre-tax profit at nearly VND248 trillion at SOEs and that total debt owed by these enterprises increased by 6% to over VND2 quadrillion.

As of the end of 2022, Vietnam had 827 SOEs, with 478 wholly owned by the State, 198 others more than 50% owned by the State, and 151 less than 50% owned by the State.

The ministry’s report also highlighted overseas investments by 30 SOEs, conducted either directly or through first and second-tier subsidiaries. These investments generated total revenue of US$9.69 billion in 2022, up by 24.43% versus the previous year.

Among the 94 outbound investment projects, 67 reported total profit after tax of US$569.55 million, down by 29.7% from 2021, equivalent to a decrease of US$240.65 million. Meanwhile, 29 of these projects incurred losses of US$263.4 million.

Total assets of SOEs increased by 4% to VND3.82 quadrillion, while equity stood at VND1.81 quadrillion. State investment in these enterprises rose by 3% to VND1.71 quadrillion.

The report noted that SOEs’ payables increased by 6% over 2021 to more than VND2.05 quadrillion, with 55% of the total debt being short-term. Conversely, receivables grew by 15% to VND576 trillion.

The ministry advised SOEs to assess their financial and operational performance, as well as the performance of their subsidiaries, to improve efficiency. It also recommended focusing on core business areas and addressing scattered investments.

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