In its consolidated audit report for 2025, the State Audit reviewed the production and business performance of multiple state corporations and companies.

The findings show that all nine reviewed groups and corporations recorded profits. Post-tax profits in 2024 reached VND33,350.98 billion (US$1.33 billion) for PVN; VND8,007.88 billion (US$320 million) for VNA; VND5,318.49 billion (US$213 million) for VNPT; VND2,377.43 billion (US$95 million) for Vinachem; VND617.10 billion (US$25 million) for Dong Bac Corporation; VND337.84 billion (US$13 million) for Vnsteel; VND283.06 billion (US$11 million) for Vietlott; VND228.85 billion (US$9 million) for Dofico; and VND60.80 billion (US$2.4 million) for Hancorp.

Return on equity at several entities exceeded 30%, notably Vietlott at 49.3% and Dong Bac Corporation at 31.37%.

However, the audit also pointed to shortcomings in capital and asset management. Some companies have yet to establish proper cash management regulations, while others demonstrated ineffective cash flow management.

At Vnsteel, subsidiaries such as Vinausteel-Vnsteel and Vingal-Vnsteel failed to include interest rate quotations from banks in their deposit selection dossiers.

Tan Son Nhat Cargo Services Joint Stock Company has not developed monthly, quarterly, or annual cash flow plans, nor retained documentation comparing bank interest rates. Meanwhile, both Tan Son Nhat Cargo Services and Vietnam Airport Ground Services Company Limited have not analyzed cash flows to optimize deposit amounts and terms. Another logistics firm at Tan Son Nhat Airport only referenced interest rates from two banks where it maintains regular accounts.

In the construction and real estate sectors, several entities reported large inventories. At Hancorp, the parent company recorded VND698.81 billion (US$28 million) in inventory, while Hanoi Construction Joint Stock Company No.1 held VND357.64 billion (US$14 million), and Hancorp 1 Investment Trading Joint Stock Company reported VND50.07 billion (US$2 million). Ongoing construction costs have also remained unsettled for years, including projects dating back to 2015.

The State Audit further noted that some enterprises continue to operate inefficiently, with sustained losses.

At Hancorp, four out of seven subsidiaries posted accumulated losses totaling VND25.07 billion (US$1 million), with two reporting no revenue in 2024.

At VNPT, nine out of 24 subsidiaries recorded accumulated losses of VND354.99 billion (approximately US$14 million) against invested capital of VND579.85 billion (US$23 million).

At Vnsteel, two subsidiaries posted accumulated losses of VND131.50 billion (US$5 million) on invested capital of VND1,253.21 billion (US$50 million), with provisions set aside at VND225.05 billion (US$9 million).

At Dofico, three out of seven subsidiaries remain loss-making, including Buu Long Investment Development Company Limited, which reported accumulated losses of VND179.13 billion (US$7 million), equivalent to 54% of its equity.

At VNA, one subsidiary recorded accumulated losses of VND11,056 billion (US$440 million) against invested capital of VND632.87 billion (US$25 million), with full provisioning made. Two other subsidiaries were profitable but still carried accumulated losses of VND113.58 billion (US$4.5 million) as of the end of 2023.

At PVGAS, three subsidiaries recorded accumulated losses totaling VND1,052.06 billion (US$42 million), including one undergoing dissolution procedures.

At PetroVietnam Drilling and Well Services Corporation, one subsidiary reported accumulated losses of VND374.92 billion (US$15 million), requiring provisions equivalent to 25.81% of invested capital, while another posted a loss of VND43.45 billion (US$1.7 million) in 2024.

The audit also highlighted losses in joint ventures, affiliates, and other long-term investments.

At Vnsteel, eight affiliated companies recorded accumulated losses of VND3,441.21 billion (US$138 million) against invested capital of VND2,016.62 billion (US$81 million), with provisions totaling VND1,105.05 billion (US$44 million). Two additional long-term investments also reported losses.

At VNPT, seven out of 27 joint ventures and affiliates posted accumulated losses of VND275.52 billion (US$11 million), while several others failed to submit financial statements for 2024. Some long-term investments are undergoing dissolution or bankruptcy.

Vietnam Airlines reported two affiliated companies with accumulated losses of VND112.8 billion (US$4.5 million), while a related ground services company recorded profits in 2024 but still carried accumulated losses of VND77.33 billion (US$3 million).

At Hancorp, six out of 13 affiliated companies reported accumulated losses of VND173.09 billion (US$7 million), alongside multiple long-term investments with ongoing losses or suspended operations.

At Dofico, four out of nine affiliated companies remain loss-making, with several reporting losses ranging from 43% to exceeding their equity.

PVPower recorded accumulated losses of VND488.46 billion (US$20 million) in two long-term investments as of the end of 2023, and VND104.97 billion (US$4 million) in another by the end of 2024.

At Apatit Vietnam Company Limited, one long-term investment posted accumulated losses of VND2,520.77 billion (US$101 million), with full provisioning equal to its investment value, while another has ceased operations since the fourth quarter of 2013. Meanwhile, Da Nang Rubber Joint Stock Company dissolved one long-term investment in 2024.

Tam An