19 state-owned enterprises makes $229 billion over a four-year period

Dai Le Friday | 09/30/2022 15:04

Photo: stylemotivation

The total revenue of 19 groups and corporations under the Committee for the Management of State Capital at Enterprises (CMSC) in the period 2018-2021 is estimated at VND5,464 trillion ($229.5 billion).

After four years, 19 organizations and businesses have essentially maintained their production, business, and development investment activities steadily and constantly, according to the committee.

Overall revenue for the whole group and company above VND5,464 trillion ($229.5 billion) an average of over VND1,366 trillion/year ($57.4 billion/year), and total profit before tax exceeded VND378 trillion ($15.8 billion) an average of over VND 94.5 trillion /year ($3.9 billion/year).

The parent company's assets were worth VND1,646 trillion ($69 billion) as of December 31, and the combined assets of these 19 firms amount to VND2,399 trillion ($100 billion) or 65.3% of all the assets of enterprises with state-contributed capital.

The roles, duties, powers, and responsibilities of the State owner's representative in businesses have been carried out by CMSC with increasing professionalism, yielding several benefits for the advancement of firms.

The Committee has served as the Steering Committee's permanent body for the past four years, handling projects and businesses that are running late and ineffectively in the industry and commerce sector.

For instance, the Committee aggressively cooperated with ministries and sectors on 10 significant projects that were behind schedule several years ago and required a total expenditure of up to VND 259,000 billion ($10.8 billion).

The Vietnam Oil and Gas Group (PVN) and the Vietnam National Chemical Group (Vinachem) have been given permission by Politburo to use the legal capital of five project firms, respectively.

Many favorable developments in manufacturing and commercial operations were brought about by one project (Dinh Vu Polyester Fiber Production Project - PVN). The output and results of 3 projects and firms have improved since 2021 thanks to the favorable market, even if there was a cumulative loss of VND 13,394 billion ($563 million) as of June 30.

The Committee's leaders said that they will put into practice synchronized directing and operating solutions to benefit businesses and enterprises in their operations. consistently fulfill the role of representing state capital owners in businesses. Cooperate with appropriate organizations to quickly resolve and eliminate issues.

Source: ZingNews