The report, compiled by the NA specialized team to supervise the management and use of State capital and assets in enterprises and SOEs equitisation during 2011-2016, was presented by the Chairman of the NA’s Economic Affairs Committee, Vu Hong Thanh.
SOEs posted pre-tax profits of near $6.1 billion in 2011-2016
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However, the supervision team said despite high growth in total assets and capital, increases in revenues, pre-tax profits and contributions to the State budget were sluggish at an average of 3 percent a year. Meanwhile, total debts remained high, rising 26 percent against 2011.
According to Thanh, the investment is still spreading with limited efficiency in subsidiaries and affiliated companies, negatively affecting the financial capacity and efficiency of state capital use in SOEs.
He suggested the Government take measures to improve the quality of management and use of funds to support the reorganization and development of enterprises. The use of revenues from equitisation and divestment should focus on key national infrastructure projects to create long-term resources.
In addition, there should be a mechanism to supervise, inspect, and evaluate the performance of organisations and individuals that exercise the rights, obligations, and responsibilities of the representatives of state capital in enterprises, Thanh added, stressing the need to handle violations in the management and use of state capital and assets in enterprises, as well as during the equitisation of SOEs.
Furthermore, according to Thanh, transparency must be increased for all SOEs in accordance with the standards applicable to public companies, along with the establishment of a national data on SOEs and sanctions to ensure effectiveness in coordinating management and arrangement of enterprises among concerned ministries, sectors, and localities.
As for the overseas investment of Vietnamese firms in general this year, the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) reported that Vietnamese firms invested nearly $150 million in 28 projects abroad in the first quarter of this year.
Among the total, $123.6 million were poured in 23 new projects while the rest was invested in five existing projects.
Finance-banking industry ranked top in attracting interests from the Vietnamese investors in the period, accounting for 70.2 percent of their total newly-licensed and added capital, or $105 million.
It was followed by manufacturing and processing which received $19.9 million, or 13.3 percent of the total investment capital in the quarter.
The other fields were retails and wholesales with seven projects worth $8.5 million, or 8 percent of the total, and accommodation, dinning, communications, construction, freighting and storehouse.
The Vietnamese businesses invested in 16 countries and territories in the reviewed time, with Laos leading the list by accounting for 53.5 percent of total investment, followed by Cambodia, 17.3 percent, Cuba, 13.3 percent, and Australia 8 percent, reported the Foreign Investment Agency.
