Major state-owned enterprises report fall in profits

By Minh Son   January 18, 2020 | 08:23 pm PT
Nine teen major state-owned enterprises posted pre-tax profits of nearly 100 trillion $4.3 billion in 2019, marking a year-on-year drop of 10 percent. 

The 19 groups and corporations posted consolidated revenues of VND1.48 quadrillion ($63.8 billion), 99 percent of the 2019 target and a 6.4 percent increase over 2018, according to the Commission for the Management of State Capital at Enterprises.

The groups and corporations include the The Vietnam National Oil and Gas Group (PetroVietnam), Airports Corporation of Vietnam (ACV), Vietnam Posts and Telecommunications Group (VNPT), the Vietnam Railways Corporation, and Vietnam Electricity (EVN).

PVN and EVN were the top gainers, each gaining almost VND400 trillion ($17.3 billion) in revenue for respective growth of 16.9 percent and 14.5 percent.

The commission also said that 10 out of 19 saw an increase in pretax profits last year.

Of these, VNPT and ACV saw their respective pretax profits rise 10.1 percent and 30.6 percent to VND7.1 trillion ($306 million) and VND10 trillion ($431 million).

PetroVietnam, on the other hand, saw its pretax profits fall 13.3 percent year-on-year to VND43.8 trillion ($1.9 billion) despite higher revenues.

Together, the 19 groups and corporations increased their state budget contributions by 17.6 percent year-on-year to more than VND221 trillion ($9.6 billion).

Total exports of businesses under the commission topped $2.2 billion, with rice, latex, alumina, tobacco and charcoal the leading export products.

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