VietNamNet Bridge - In a report to the National Assembly on the operation of State-owned corporations, the government said that State-owned firms have a total equity of VND1,112,445 billion, up 6% compared to 2013.

According to the consolidated report of 10 state-owned groups and corporations, the total losses by the end of 2014 of 19 corporation is VND24,451 billion (nearly $1.1 billion). The Vietnam Shipping Lines Corporation (Vinalines) topped for the total losses by the end of 2014 with VND20,687 billion, followed by the Southern Food Corporation with VND1,125 billion, Corporation 15 of the Ministry of Defence with VND59 billion, Haprosimex VND500 billion and Song Da Corporation VND413 billion.

State capital at 15 state corporations which were officially transformed into joint-stock companies in 2014 is VND63,987 billion.

In 2014 the total revenue of state corporations, the corporation reached VND1,572,050 billion, up 2% compared to 2013. For the parent groups, total revenue reached VND852,212 billion, an increase of 8%.

The rate of turnover/total average assets in 2014 was 0.56 times and the sales/average equity was 1.41 times. The average revenue growth rate was 2%.

More specifically, the government said big revenue primarily came from big groups, including: VND381,359 billion of the Vietnam Oil and Gas Group (PetroVietnam), VND209,241 billion of the Electricity of Vietnam Group (EVN), VND193,003 billion of the Viettel Telecom Group, VND80,205 billion of the Vietnam Coal - Minerals Industry Group, VND70,611 billion of Vietnam Airlines, VND68,495 billion of the Vietnam Post and Telecommunications Group (VNPT), VND41,234 billion of the Vietnam Chemical Group, and VND36,258 billion of MobiFone.

Revenue growth rate was 2%, but profit before tax of state-owned corporations decreased by 2% to VND175,569 billion.

The government said, after restructuring, some companies operated effectively and partly compensated for their accumulated losses of the previous year, for example the Vietnam Coffee Corporation, the Multimedia Communications Corporation (VTC), and Truong Son Construction Corporation.

US$1 - VND22,500