State-owned companies report $427M overseas profits

By Anh Minh   October 4, 2023 | 10:49 pm PT
State-owned companies report $427M overseas profits
Employees of Metfone, a subsidiary of Viettel in Cambodia, pose for a picture. Photo courtesy of Metfone
State-owned companies made profits of US$427.4 million overseas last year and $2 billion cumulatively, according to a recent report by the government to the National Assembly.

Thirty companies have invested $6.62 billion overseas.

Of that $4 billion has been invested by oil and gas giant Petrovietnam.

It is followed by Viettel ($1.5 billion) and Vietnam Rubber Group ($0.77 billion).

Petrovietnam and Viettel account for a majority of the accumulated profit of $2 billion.

The companies have 94 projects overseas that had combined revenues of $9.7 billion last year, up 24% from 2021.

Notable among them were Petrovietnam’s oil and gas project in Russia and Viettel’s telecom services in Cambodia and Laos.

Others have made huge losses, such as a prospecting project by Petrovietnam Exploration Production Corp, a potassium mining project by Vinachem in Laos and Viettel’s telecom operations in Cameroon.

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