In a report recently submitted to the National Assembly, the Government provided a comprehensive overview of the management, investment, and use of state capital within enterprises across the nation for 2023.

The report outlined the financial situation and operational performance of 671 SOEs as of December 31, 2023. These include 473 companies wholly owned by the state and 198 in which the state holds more than 50% of equity. Combined, these businesses control nearly VND 3.9 quadrillion in total assets.

For 2023, pre-tax profit across these enterprises reached VND 211.198 trillion, marking a 13% decline compared to 2022. Despite this, the total debt of SOEs rose by 2% from the start of the year, amounting to over VND 2 quadrillion, with short-term debt accounting for 57% of the total.

Among these enterprises, 72 SOEs (11%) reported losses, with total losses amounting to VND 33.703 trillion. Additionally, 134 SOEs (20%) reported cumulative losses, totaling VND 115.27 trillion.

Looking closer at the 78 state-owned conglomerates, holding companies, and their subsidiaries that are fully state-owned, the Government report indicated that these entities hold VND 2.87 quadrillion in assets. Pre-tax profits for this group amounted to over VND 153 trillion, with the most profitable companies recording pre-tax profits exceeding VND 5 trillion.

However, 18 of these state-owned groups still had cumulative losses totaling VND 60.394 trillion, while eight holding companies reported cumulative losses of VND 54.341 trillion.

Moreover, five conglomerates and holding companies recorded combined losses of VND 26.958 trillion, while three holding companies reported total losses of VND 23.533 trillion.

The report also highlighted that eight of the 78 parent companies were unable to maintain positive equity after accounting for provisions and losses, including cumulative losses.

Total contributions to the state budget from these enterprises reached VND 250.781 trillion, representing a 7% decrease compared to 2022. Major contributors include PVN (VND 87.751 trillion), Viettel (VND 37.764 trillion), Vinacomin (VND 24.744 trillion), EVN (VND 23.467 trillion), and Vietnam Tobacco Corporation (VND 16.949 trillion).

In the group of 198 companies where the state holds more than 50% of the equity, two parent companies are currently in negative equity. These include the parent company of Construction Machinery Corporation and the parent company of Vietnam Airlines Corporation.

Among these 198 companies, 31 (15.6%) reported losses, totaling VND 6.61 trillion. The parent company of Vietnam Airlines alone posted losses of VND 4.789 trillion.

Additionally, 45 companies (23%) reported cumulative losses amounting to VND 52.766 trillion, with three parent companies reporting cumulative losses of VND 35.471 trillion.

Luong Bang