SOEs help stabilise macro-economy

Their total revenue was estimated to reach 580.49 trillion VND (24.1 billion USD) in the first half of this year, equal to 53.7% of the yearly target and up 4% year-on-year. Total before-tax profit of these groups and corporations (excluding the Vietnam Electricity - EVN) was estimated at 18.19 trillion VND, equal to 56.7% of the yearly plan, while their combined budget contribution reached 33.5 trillion VND, up 2% over the same period. 

Several groups and corporations have recorded massive export values, making important contributions to the growth of the country's export turnover with the main exports being crude oil, garment and textiles, food, rubber, tobacco, and fertiliser.

Notably, their contributions are reflected in not only revenue and profit, but also their efforts to carry out assigned political tasks. Through production and business activities, they continue to hold key positions and roles in many important economic sectors and fields, and ensure the supply of essential products and services and major balances for the economy. The percentage of their market share and total output is about 87% of electricity, 50% of retail petroleum, 100% of dry gas, 70% of liquefied gas, 70% of fertiliser, 45% of mobile phone subscribers, and 41% fixed broadband. 

In the field of transport, they hold 49% of domestic air passenger volume, and manage 21 out of the 22 civil airports, 16% of sea freight, and 100% railway transportation.

CMSC Chairman Nguyen Hoang Anh has tasked the groups and corporations with completing their production, business and investment plans for 2023 at the highest level, and improve production and business efficiency, and preserve and develop capital and resources allocated by the State.

As of the end of 2022, the groups and corporations under the CMSC had held about 63% of the total equity of State-owned enterprises and about 65% of their total assets

Source: Vietnamplus