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Performance of SOEs in Vietnam improves in first 8 months

HANOI, Sept. 25 (Xinhua) -- The business management and operation of state-owned enterprises (SOEs) in Vietnam have shown signs of improvement in the first eight months of this year, according to the Ministry of Planning and Investment.

The total revenue of Vietnamese SOEs reached 1,136.621 trillion Vietnamese dong (about 46.73 billion U.S. dollars), or 71 percent of the annual target, and 102 percent compared to the same period last year, Vietnam News reported on Monday.

According to the report of the Ministry of Planning and Investment, the most profitable enterprise is Vietnam Oil and Gas Group, with revenue of 35.89 trillion Vietnamese dong (1.47 million dollars), or 103.3 per cent of the annual target, followed by Airports Corporation of Vietnam, State Capital Investment Corporation, and Vietnam National Petroleum Group.

Vietnam Railways Corporation has been named the most improved SOE with significantly better business performance compared to the same figures of the previous year.

The enterprise reported a pre-tax profit of 143.9 billion Vietnamese dong (5.9 million dollars) in the first eight months of 2023, 139.6 percent of the annual target and 193.7 percent compared to the same period last year.

Vietnam has so far had nearly 680 SOEs with a total asset value of 3.8 quadrillion Vietnamese dong (157.08 billion dollars), including 1.7 quadrillion Vietnamese dong of the state budget, Vietnam News Agency reported.