The Ministry of Finance has revealed that twelve of 136 wholly state-owned enterprises had posted losses of VND720 billion (US$30.9 million) in the first half of last year, and six others faced warnings regarding financial security. – VNS Photo

The Ministry of Finance has revealed that twelve of 136 wholly state-owned enterprises had posted losses of VND720 billion (US$30.9 million) in the first half of last year, and six others faced warnings regarding financial security.

The report pointed out state-owned enterprises (SOEs) that posted big losses, including Viet Nam Maritime Corporation, Viet Nam Coffee Corporation and Corporation 15, with VND617 billion, VND37 billion and VND48 billion, respectively.

The report focused on evaluating business performance and publicised financial information from SOEs and enterprises that had at least 50 per cent of their charter capital controlled by the State.

As of November 30, four out of 20 ministries, ministerial-level agencies and Government agencies had not submitted full financial reports for the SOEs under their management, the report said.

On top of that, ten out of the 63 People's Committees in the country's provinces and cities had not submitted the required reports.

According to the report, in the first half of 2019, 136 SOEs gained total revenue of about VND344.9 trillion ($14.8 billion) and a total post-tax profit of VND29.9 trillion ($1.3 billion), of which 124 were profitable businesses. — VNS