Negative effects of the COVID-19 pandemic and uncertainties in the global markets caused some enterprises under the Commission for the Management of State Capital at Enterprises (CMSC) to see sharp declines in profits this year, with some even posting great losses and reductions in equity.

However, with great efforts and determination, corporations have successfully restored production and business activities, contributing to socio-economic development, generating significant revenue for the state budget, stabilising the macro-economy, building the infrastructure system, and creating a driving force for the development of industries, Nguyen Hoang Anh, Chairman of CMSC, said at a conference on reviewing the work of CMSC and its corporation members in 2022.

Accordingly, the total revenue of 19 groups and corporations is estimated to reach over VND1.1 quadrillion (US$47.8 billion), equal to 114 per cent of the yearly plan and 133 per cent compared to 2021.

Except for Vietnam Electricity (EVN) which reported a sudden loss due to objective reasons (being unable to increase electricity prices), the total profit before tax of 18 groups and corporations was estimated at more than VND39.2 trillion, an increase of 73 per cent compared to the plan and 17 per cent over last year.

Of which, 15 out of 19 groups and corporations completed and exceeded the revenue plan; 17 out of 19 groups and corporations completed and exceeded the plan in terms of profit before tax, and 16 out of 19 groups and corporations have completed and exceeded the plan for payment to the state budget.

Some groups and corporations have made great efforts, achieved many positive results, and exceeded the plan in many production and business targets compared to previous years such as Petrolimex, Vinachem, Vietnam National Coal and Mineral Industries Group (TKV), and Vietnam Electronics and Informatics (VEC).

On the implementation and disbursement of investment capital in 2022, after four years of transferring to CMSC, the Commission's corporation members have approved, carried out, or completed 41 projects in group A, and 125 group B projects, according to Hoang Anh. — VNS