The country’s giant oil and gas company, PetroVietnam (PVN), tops the list of loss-making state-owned enterprises (SOE) with massive debts of VND288 trillion, or US$13.8 billion, the government said in its report released to National Assembly delegates. The report, which reveals the financial state of the state-run groups and corporations as of the end of last year, also shows that EVN, the country’s sole electricity generator, stands at the highest position in the list of SOEs with the largest overdue liabilities, at more than VND10.1 trillion. The state-run enterprises last year raked in a combined VND1,577 trillion in revenues, a 25 percent increase compared to 2010, the report said. Pre-tax profits also saw a 12 percent increase to VND135.1 trillion. “Amid the hard economic time, the SOEs have extended efforts to fulfill their duty and contribute to help the government combat inflation, ensure social security, and stabilize macro-economy,” it stated. EVN also follows PVN in the largest debtor list, with VND257 trillion. Standing at the next positions are the Vietnam National Coal and Mineral Industries Group (VND71 trillion), Vietnam Industry Construction Group (VND69.5 trillion), and the Vietnam National Shipping Lines (Vinalines) (VND62 trillion). EVN holds a record accumulated loss of VND38 trillion, followed by Vinalines (VND5.7 trillion), and Petrolimex, the country’s largest fuel wholesaler, with VND2.39 trillion. The government also admitted in the report that the divestment of the SOEs from non-core businesses such as securities, investment fund, insurance, and banking has been facing difficulties. The SOEs were earlier asked not to invest in such sectors, and to completely divest from them by the end of 2015.
More
Vietnam's Party General Secretary Nguyen Phu Trong laid to rest in Hanoi
Party General Secretary Nguyen Phu Trong entered into eternal rest at Mai Dich Cemetery in Hanoi on Friday
Read more
Vietnamese court starts bankruptcy proceedings against firm that built almost 500 houses illegally
Phuc Thuan Phat Trading and Construction JSC, headquartered in District 12, Ho Chi Minh City, had previously sent a request to the provincial court, asking for bankruptcy proceedings against LDG
1 day agoIn Vietnam, people spend $5.6bn shopping online in H1
Up to over 1.5 million products were sold through the five largest e-commerce platforms in Vietnam
1 day agoVietnam state securities commission proposes allowing foreign investors to trade stocks without full deposits
If foreign investors fail to make full payments, securities companies through which foreign investors make transactions will take responsibility for the payment
14 hours agoDa Nang puts huge number of apartments up for rent
Each apartment features one to three bedrooms
4 days agoVietnamese business introduces automobile security solution to world
In front of hundreds of technology leaders from around the world, the Vietnamese firm presented their idea, which considerably improves security for smart automobiles
2 days agoHighlights
Vietnam's Party General Secretary Nguyen Phu Trong laid to rest in Hanoi
Party General Secretary Nguyen Phu Trong entered into eternal rest at Mai Dich Cemetery in Hanoi on Friday
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
Vietnam's Party General Secretary Nguyen Phu Trong laid to rest in Hanoi
Party General Secretary Nguyen Phu Trong entered into eternal rest at Mai Dich Cemetery in Hanoi on Friday
French rail network hit by 'sabotage' on eve of Paris Olympics
A fourth attempted act of vandalism south-east of the capital was thwarted by rail workers who spotted intruders in the early hours of Friday
Vietnam state securities commission proposes allowing foreign investors to trade stocks without full deposits
If foreign investors fail to make full payments, securities companies through which foreign investors make transactions will take responsibility for the payment
Fire destroys 21 electric sightseeing cars in Vietnam’s Hoi An
The blaze broke out at around 4:30 am on Friday
Long An seeks to build 3 bridges to enhance connectivity in southwest Vietnam
As proposed, Provincial Road 827E will feature three new bridges over the Can Giuoc, Vam Co Dong and Vam Co Tay rivers
19-year-old girl detained for transporting 15kg of illicit drugs from Laos to Vietnam
The provincial border guard teamed up with the police in Savannakhet, Laos to arrest two more Vietnamese people for their involvement in the cross-border drug trafficking ring
Thousands of residents queue up for hours to pay tribute to Vietnam’s Party General Secretary Nguyen Phu Trong
Over 5,600 delegations, comprising 252,000 people, paid their final respects to Party General Secretary Nguyen Phu Trong
OpenAI enters Google-dominated search market with SearchGPT
Shares of Google's parent company Alphabet ended three percent lower on Thursday after OpenAI's announcement
Vietnam Party General Secretary Nguyen Phu Trong’s car makes appearance at his funeral
The car reflected the Party leader’s simple, economical, humble lifestyle, and his devotion to the nation and people
Paris to kick off 2024 Games under tight security
Some 45,000 police, 10,000 soldiers and 2,000 private security staff will ensure the safety of the parade along the river Seine, its banks and surrounding monuments, in an unprecedented display of security