Econ
47 major state firms post revenue of US$30 billion in Jan-Jun
This resulted in a total pre-tax profit of VND68.66 trillion (US$2.95 billion) in the January – June period, or 71% of the year’s plan, local media reported.
The combined revenue of 47 major state-run economic groups and corporation stood at VND691.5 trillion (US$29.7 billion) in the first six months of 2018, equivalent to 70% of the year’s plan, according to Dang Quyet Tien, head of the Ministry of Finance’s (MoF) Corporate Finance Department.
This resulted in a total pre-tax profit of VND68.66 trillion (US$2.95 billion) in the January – June period, or 71% of the year’s plan, and a contribution of VND102.35 trillion (US$4.4 billion) to the state budget, Tien said at a conference on November 19.
Comparing to the pre-divestment period, financial capabilities of major SOEs have improved, Tien added.
Tien pointed to the fact that business results of 300 SOEs between pre- and post-equitization period in 2015 had witnessed an average increase of 49% in pre-tax profit, state budget contribution 27%, charter capital 72%, total asset value 39%, revenue 29% and income of employees 33%.
As of 2017, total asset value of 294 SOEs post-equitization reached VND543.85 trillion (US$23.39 billion), up 6% year-on-year.
Meanwhile, the combined payables of those firms in subject stood at VND337.62 trillion (US$14.52 billion), and charter capital VND210.03 trillion (US$9.03 billion), up 14% year-on-year.
Total revenue of 294 state firms climbed 21% year-on-year in 2017 to VND482.54 trillion (US$20.76 billion) and pre-tax profit VND36.63 trillion (US$1.57 billion), up 11%.
Vice Minister of Planning and Investment Nguyen Van Hieu said the number of wholly state-owned enterprises in Vietnam is projected to be trimmed by five times from 500 currently to 100 by 2020.
From 2016 to September 2018, the divestment process resulted in proceeds of VND154.30 trillion (US$6.66 billion) from divesting VND16.46 trillion (US$710.88 million) in book value, according to the MoF.
In the January – September period, the government raised VND9.14 trillion (US$394.87 million) from divesting VND3.77 trillion (US$162.88 million) in book value.
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Comparing to the pre-divestment period, financial capabilities of major SOEs have improved, Tien added.
Tien pointed to the fact that business results of 300 SOEs between pre- and post-equitization period in 2015 had witnessed an average increase of 49% in pre-tax profit, state budget contribution 27%, charter capital 72%, total asset value 39%, revenue 29% and income of employees 33%.
As of 2017, total asset value of 294 SOEs post-equitization reached VND543.85 trillion (US$23.39 billion), up 6% year-on-year.
Meanwhile, the combined payables of those firms in subject stood at VND337.62 trillion (US$14.52 billion), and charter capital VND210.03 trillion (US$9.03 billion), up 14% year-on-year.
Total revenue of 294 state firms climbed 21% year-on-year in 2017 to VND482.54 trillion (US$20.76 billion) and pre-tax profit VND36.63 trillion (US$1.57 billion), up 11%.
Vice Minister of Planning and Investment Nguyen Van Hieu said the number of wholly state-owned enterprises in Vietnam is projected to be trimmed by five times from 500 currently to 100 by 2020.
From 2016 to September 2018, the divestment process resulted in proceeds of VND154.30 trillion (US$6.66 billion) from divesting VND16.46 trillion (US$710.88 million) in book value, according to the MoF.
In the January – September period, the government raised VND9.14 trillion (US$394.87 million) from divesting VND3.77 trillion (US$162.88 million) in book value.
