The Ministry of Finance has revealed that twelve out of 136 wholly state-owned enterprises had posted losses of 720 billion VND in total (31 million USD) in the first half of last year, and six others faced warnings regarding financial security.
Hanoi (VNA) -The Ministry of Finance has reported that twelve out of 136 wholly state-ownedenterprises had posted losses of 720 billion VND in total (31 million USD) inthe first half of last year, and six others faced warningsregarding financial security.
The report pointed outstate-owned enterprises (SOEs) that posted big losses, including VietnamMaritime Corporation, Vietnam Coffee Corporation and Corporation 15, with 617billion VND, 37 billion VND and 48 billion VND, respectively.
The report focused onevaluating business performance and publicised financial informationfrom SOEs and enterprises that had at least 50 percent of theircharter capital controlled by the State.
As of November 30, fourout of 20 ministries, ministerial-level agencies and Government agencieshad not submitted full financial reports for the SOEs under theirmanagement, the report said.
On top of that, ten out of the63 People's Committees in the country's provinces and cities hadnot submitted the required reports.
According to the report, in thefirst half of 2019, 136 SOEs gained total revenue of about 344.95 trillion (14.86billion USD) and a total post-tax profit of 29.87 trillion VND (1.28 billionUSD), of which 124 were profitable businesses./.
Prime Minister Nguyen Xuan Phuc will chair a conference on renovating and improving the operational efficiency of State-owned enterprises (SOEs), slated for late September or early October.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
