The Ministry of Finance has just reported to the Prime Minister on the results of financial supervision, performance assessment and ranking of enterprises in 2019.

According to the report, there are still fourowner’s representative agencies(Ministry of Culture, Sports and Tourism, Commission for the Management of State Capital at Enterprises (CMSC), Ho Chi Minh City People's Committee and Son La Provincial People's Committee) that have not yet submitted reports or reported insufficiently results of financial supervision, performance assessment and ranking of enterprises to the Ministry of Finance.

Report has not been implemented seriously

According to the report of the Ministry of Finance, currently one out of 20 ministries, ministerial-level agencies and government-attached agencies that have not sent reports on financial supervision results of state-owned enterprises and State-invested enterprises, is the Ministry of Culture, Sports and Tourism.

One out of 20 ministerial-level agencies that have sent insufficient reports on financial supervision of state-owned enterprises and State-invested enterprises, is the Commission for the Management of State Capital at Enterprises (this Commission has reported results of only 13 of 19 enterprises, and six of 19 enterprises have not yet reported).

Regarding the submission of the report on performance assessment and ranking of enterprises, the Ministry of Finance said that 16 of 18 ministries, ministerial-level agencies, government-attached agencies have submitted reports.

One out of 18 ministries, ministerial-level agencies and government-attached agencies that has not yet submitted the report is Ministry of Culture, Sports and Tourism.

One out of 18 ministerial-level agencies that has sent insufficient reports is the Commission for the Management of State Capital at Enterprises; two of 63 People's Committees of provinces and cities directly under the Central Government have not sent reports including Son La and HCM City.

Thus, as of September 30, although the time limit has passed four months (May 31, 2020), four owner’s representative agencies (Ministry of Culture, Sports and Tourism, Commission for the Management of State Capital at Enterprises, Ho Chi Minh City People's Committee and Son La Provincial People's Committee) have not yet submitted reports or submitted insufficient reports to the Ministry of Finance.

Especially, the Commission for the Management of State Capital at Enterprises, as the owner of 19 large groups and corporations across the country, total revenue of 19 enterprises accounts for 59.69% of total revenue of state-owned enterprises and State-invested enterprises nationwide. However, it still has delayed the submission of the report.

The Ministry of Finance proposes the Prime Minister to request the owner's representative agency to report on results of financial supervision, performance assessment and ranking of enterprises in accordance with regulations, in a sufficient, accurate and timely manner in order to avoid the situation that the Ministry of Finance must synthesize and report many times, affecting the reporting progress and the synthesis of the Finance Ministry.

Many businesses show signs of financial instability

Based on the reports of the owner's representative agencies, the Ministry of Finance synthesizes the data of 138 SOEs under ministries, ministerial-level agencies, and government agencies across the country with total revenue in 2019 of VND924,961 billion (up 24.37% compared to 2018).

Of which, the revenue of 13 enterprises under the Commission for the Management of State Capital at Enterprises was VND669,478 billion (accounting for 72.38% of total revenue, up 16.52% compared to 2018).

Total profit after tax in 2019 was VND83,166 billion (down 5.32% compared to 2018).

There were 133 of 138 profit-making enterprises; and five loss-making enterprises (including Corporation 15, Hanoi Agricultural Produce and Foodstuff Import-Export One Member Company Limited, Vietnam National Chemical Group, Vietnam Maritime Corporation and Vietnam Coffee Corporation).

The State budget remittance in 2019 was VND113,818 billion (an increase of 8.08% compared to 2018), of which six enterprises reported having overdue debts of VND112 billion.

Up to 46 of 138 enterprises were assessed as having financial security; four enterprises were assessed as financially insecure; two enterprises were assessed as showing signs of financial insecurity; the remaining enterprises have not been fully evaluated and synthesized by the owner.

For State-invested enterprises, according to the reported data of 47 enterprises, the total revenue in 2019 was VND337,810 billion (down 4.75% compared to 2018), the total profit after tax in 2019 was VND34,408 billion (up 25.79% compared to 2018), the State budget remittance in 2019 was VND29,410 billion (down 1.37% compared to 2018); there were 40 of 47 profit-making enterprises and seven loss-making enterprises.

The Ministry of Finance synthesizes data of 342 SOEs managed by the People's Committees of provinces and cities nationwide.

Accordingly, the total revenue in 2019 was VND173,400 billion, the total profit after tax was VND19,970 billion, the State budget remittance was VND49,228 billion.

Among 342 enterprises, 237 of 342 enterprises were assessed as financially secure, six enterprises were assessed as financially insecure and 10 enterprises were assessed as showing signs of financial insecurity.

The remaining enterprises have not been synthesized and evaluated by the owner’s representative agency.