The Government has given the green light to a bankruptcy resolution plan for the Shipbuilding Industry Corporation (SBIC) and its seven subsidiary companies.

Under an equitization plan for 2022-2025, the Ministry of Construction (MOC) will divest from large corporations, including HUD, Coma and Lilama, but will still hold 100 percent of the capital of Vicem, the cement manufacturer.

State-owned enterprises (SOEs) in Vietnam reported their revenue last year surged by 29% against the previous year to over VND2.7 quadrillion, according to a report by the Ministry of Finance.

Finance Minister Ho Duc Phoc recently delivered a comprehensive report to the National Assembly, detailing the oversea investment landscape of state-owned enterprises during 2022.

After decades of overseas investments, 16 State-owned enterprises, primarily PetrolVietnam (PVN) and Viettel, have brought back profits exceeding US$2 billion.

As many as 30 State-owned enterprises invested over US$6.6 billion overseas by the end of 2022, according to a report of the Ministry of Finance.

The State Capital Management Commission (SCMC) has sent a document to the Ministry of Planning and Investment (MPI) showing its view about the splitting of the National Load Dispatch Centre (NLDC) from Electricity of Vietnam (EVN).

The total consolidated revenue of 19 State-owned economic groups and corporations hit 1.871 quadrillion VND (77.9 billion USD) last year, or 20% of the country’s gross domestic product (GDP), up 0.6% from 2018.

The Ministry of Industry and Trade has proposed transferring 11 SOEs in which it represented the State ownership to the Commission for the Management of State Capital at Enterprises and the State Capital Investment Corporation.

State-owned enterprises (SOEs) have a long history and social prestige, but their large operation scale and way of thinking and management appear to be barriers to digital transformation.

The Government has just requested the Commission for the Management of State Capital at Enterprises to carry out plans to transfer Vietnam Air Petrol Company (Skypec) from the Vietnam Airlines Corporation to the Vietnam Oil and Gas Group.

The State Capital Investment Corporation (SCIC) has recently announced its first phase of divestments for 2023, which includes 73 enterprises with some high-profile companies in the stock exchange.

Stakeholders are calling for a new decision-making mechanism for State-owned enterprises to allow them to operate more independently and sustainably.

While state-owned enterprises made strong efforts to recover during 2022, more tasks and plans are waiting for them in the path ahead to show their key role in the national economy.

Five of the 12 delayed or former loss-making projects under the Ministry of Industry and Trade (MoIT) have become profitable, while the seven others made positive changes.

Deputy Prime Minister Le Minh Khai, on November 29, signed Decision No.1479/QD-TTg approving the plan to rearrange State-owned enterprises and enterprises with State capital in the 2022-2025 period.

With a slew of state-owned enterprises performing poorly, there have been warnings that slow reform will continue undermining the country’s competitiveness and investment climate.

It was critical for State-owned enterprises (SOEs) to strengthen innovations as Viet Nam set the target of having at least 25 SOEs with a market capitalisation of US$1 billion and more.

The Government has set a target of having at least 25 State-owned enterprises (SOEs) with a market capitalization of over US$1 billion each by 2025, of which ten will have a market cap of over US$5 billion each.