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PVN tops state-run debtor list with $13.8bln

PVN tops state-run debtor list with $13.8bln

Wednesday, November 21, 2012, 11:56 GMT+7

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.

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