return icon

State-owned groups hard hit by Covid-19

The State Capital Management Committee has revealed reports from 19 state-owned groups and corporations which showed that they are losing some VND279.76 trillion (USD12.16 billion) in revenues this year due to the Covid-19.




The Vietnam National Textile and Garment Group is facing difficulties in getting new orders or exporting the finished products due to the virus outbreak.

According to the reports, the eight largest groups in different fields are estimated to face losses of over USD1.1 billion if the epidemic continues.

In the first quarter of this year, the Vietnam National Petroleum Group (Petrolimex) made only VND28.45 trillion in revenue, a fall of VND1.7 trillion compared to the same period last year. This was attributed to the continuous oil price falls due to the Covid-19 pandemic.

Despite efforts, the group incurred losses of VND572 billion in the first quarter and these are forecasted to amount to VND1.1 trillion.

“As the epidemic is still complicated and flights, boats and passengers buses are all suspended, we have a large inventory, which has largely affected our production and business," Petrolimex said.

The Vietnam Rubber Group also reported a fall of VND1.2 trillion and VND44 billion in revenues and pre-tax profit, respectively compared to last year's first quarter's numbers.

According to the group's leaders, the virus outbreak has badly affected their business, which can result in a fall of VND2.2 trillion and VND1.8 trillion (48%) in revenues and profit, respectively against their plan for 2020.

The Vietnam National Coal and Mineral Industries Group also reported a fall of about VND1 trillion in revenues in the first quarter. The group will face a shortage in materials supply if the epidemic lasts long.

The State Capital Management Committee said that the Vietnam Northern Food Corporation (Vinafood 1) estimated a fall of between VND2.1 trillion-VND6.1 trillion in revenues depending on the epidemic situation. The Vietnam Southern Food Corporation (Vinafood 2) is also facing the same situation with a loss of VND97 billion in the first quarter.

The Vietnam National Coffee Corporation (Vinacafe) which already made losses in the past two years of 2018 and 2019 will surely see more losses this year.

According to Vinacafe, they are facing difficulties in export even the prices have fallen to their lowest in 15 years. The group reported a loss of VND25 billion in the first quarter of 2020.

The State Capital Investment Corporation said that 81 out of 145 state-owned enterprises that they are managing have reported negative impacts from the Covid-19 pandemic. Of the number, 35 enterprises have been badly affected including the Vietnam National Textile and Garment Group which has a large number of employees while being unable to get new orders or export the finished products.


Some SOEs seek to restore state governing policy

Some SOEs seek to restore state governing policy

Many state-owned corporations (SOEs) have asked to be put under the management of ministries as they were in the past. The proposal has been described by VCCI chair Vu Tien Loc as a "step back in the reform process".

VN to develop large-scale SOEs

VN to develop large-scale SOEs

The Government has asked the Ministry of Planning and Investment to build a project on developing large-scale State-owned enterprises (SOEs) to promote their role in the country’s socio-economic development.  


Vietnam among top 10 best places to go for budget honeymoon

The nation has been listed among the top 10 best places to go for a budget honeymoon in 2023 by prestigious global travel website Lonely Planet.

Vietnam’s industrial production to rise 6.6% in 2023: S&P Global

Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence.

Vietnamese athletes to receive 1 mln USD for Paris Olympic gold

Vietnamese athletes competing in the Paris 2024 Summer Olympics, scheduled for July 26 to August 11, 2024, will receive 1 million USD in bonus for each gold medal; 500,000 USD for silver and 200,000 for bronze.


Party chief’s book on corruption fight to make debut

Google Doodle honours first female Vietnamese newspaper editor Suong Nguyet Anh

The world’s most popular search engine Google has paid tribute to Suong Nguyet Anh, the first female editor of the nation’s first women’s newspaper by posting a drawing of her on its homepage on February 1.

Banh Cuon among world top 10 dishes visitors should try in 2023

Australian travel magazine Traveller has listed Banh Cuon, Vietnamese steamed rice rolls, among the top 10 best meals from around the world that visitors should try in 2023.

Party chief directs key tasks for new year

Party Secretary Nguyen Phu Trong on Tuesday chaired a meeting of the Secretariat of the Communist Party of Vietnam (CPV) Central Committee, mapping out key tasks for the new year.


Domestic market to drive tourism recovery in 2023: insider

Some big companies made profits in 2022, but others incurred losses

While Duc Giang Chemicals and Binh Son Refining and Petrochemical have reported big profits for Q4 and the year 2022, Vietnam Airlines and leading steel manufacturer Hoa Phat saw big losses for the year.

Vietnamese couple help German bicyclist in distress

Trung and Nhung, a Vietnamese couple, on the way to travel across Vietnam on Tet holiday, saw a foreigner who was facing troubles because of strong winds in Ninh Thuan.

Vietnam develops green agriculture to increase exports to EU

Vietnam is paying attention to mobilising resources to invest in developing green agriculture with an aim to raising the market share of its agricultural exports to the European Union.

Vietnamese team comes first at Southeast Asian Fencing Championship

Vietnam secured the first position at the 2023 Southeast Asian Fencing Championship which has taken place recently in Malaysia.

2023 - Time for Edtech to thrive in Vietnam

Experts are positive about the development of Vietnam’s education technology (Edtech) market in 2023 if local Edtech companies can overcome post-pandemic challenges.

UK imports from Vietnam in 2022 put at over US$6 billion

United Kingdom (UK) imports from Vietnam amounted to US$6.06 billion last year, rising by 5.2% over 2021, according to the General Department of Vietnam Customs.

Five more registration officials in Hanoi prosecuted for soliciting bribes

Police of Hanoi’s Thuong Tin District has started legal proceedings against five officials at 2915D Registration Centre for taking bribes.