The Ministry of Finance has recently sent a report to the Prime Minister (the second time) on the result of financial supervision and enterprise performance assessment and ranking in 2019.

Overdue debts of VND 112 billion

Based on reports from the owner’s representative agencies on State-owned enterprises (SOE) under ministries, ministerial-level agencies and government agencies, the Ministry of Finance has compiled data of 138 SOEs.

As a result, total revenue in 2019 was VND924,961 billion, an increase of 24.37% year-on-year. Of which, revenue of 13 enterprises under the State Capital Management Committee atEnterprises wasVND 669,478 billion (amounting to 72.38% of total revenue, an increase of 16.52% year-on-year).

Total after-tax profit in 2019 was VND 83,166 billion, a year-on-year decrease of 5.32%. The amount paid to the State budget in 2019 was VND 113,818 billion, up 8.08% year-on-year.

In addition to 133 profitable firms, five enterprises reported losses, namely Corporation 15, Hanoi Agricultural Import-Export Company Limited, Vietnam National Chemical Group, Vietnam National Shipping Lines and Vietnam National Coffee Corporation.

The Ministry of Finance also reported six firms with overdue debts of VND 112 billion, of which, the Ministry of Defence had Ha Thanh One Member Limited Company with an overdue debt of VND 32 billion; Tay Bac One Number Limited Liability Company with an overdue debt of VND 16 billion, and South Laos Friendship Company Limited with an overdue debt of VND 20 billion.

The Ministry of Science and Technology had NEAD Technology Application and Development one member Company Limited with an overdue debt of VND 12.7 billion and the Ministry of Agriculture and Rural Development had Ha Long Fisheries One Member Company Limited with an overdue debt of VND 29 billion and HN Agricultural Product Import and Export Company Limited with an overdue debt of VND 7.6 billion.

Notably, only 46 of 138 enterprises were assessed with financial security; four enterprises were assessed for financial insecurity including Vietnam National Coffee Corporation (under the State Capital Management Committee at Enterprises); two enterprises were assessed as showing signs of financial insecurity; and the remaining firms have not been assessed.

For enterprises with State capital managed by ministries and agencies, the Ministry of Finance reported data of 47 enterprises. Accordingly, total revenue in 2019 was VND 337,810 billion, down 4.75% compared to 2018.

Total after-tax profit was VND 34,408 billion, up 25.79% compared to 2018. State budget payment was VND 29,410 billion, falling by 1.37% compared to 2018.

Out of 47 enterprises, there were 40 profitable ones; seven loss-making ones including: 3-2 Automobile Mechanics Corporation of saw a loss of 21 billion VND (Ministry of Public Security); Transportation Hospital Joint Stock Company VND 27 billion (Ministry of Transport); Construction Machinery Corporation - Joint Stock Company VND 83 billion and Song Hong Corporation - JSC VND 64 billion (Ministry of Construction); Vietnam Satellite Digital Television Company Limited (VSTV) VND 246 billion VND and VTV Broadcast and Telecom Service Company Limited (VTVBroadcom) VND 1.5 billion (Vietnam Television) andSouthern Food Corporation VND 192 billion (State Capital Management Committee at Enterprises).

The Ministry of Finance also said 14 enterprises reported the dividend to be shared in 2019 was VND 16,572 billion.

Total loss in 2019 was VND 137 billion

According to the Ministry of Finance, through synthesis of 342 SOEs managed by the People's Committees of provinces and cities nationwide, the total revenue in 2019 was VND 173,400 billion VND, the total after-tax profit was VND 19,970 billion and the total State budget payment was VND 49,228 billion.

Ffthese 342 enterprises, 237 were assessed as financial insecurity,six financial security and 10as showing signs of financial insecurity. The remaining units have not been evaluated by representative agencies.

35 enterprises reported losses in 2019 with the amount of VND 137 billion and eight enterprises reported overdue debts of VND 147 billion.

For enterprises with State capital, based on reports of the People's Committees of provinces and centrally-run cities, the Ministry of Finance synthesised data of 273 enterprises in 2019. Accordingly, total revenue was VND 89,854 billion, total after-tax profit was VND 6,705 billion and the amount paid to the State budget was VND 8,044 billion.

Of which, there were 224 profitable units and 44 loss-making units. The rest did not report profit or loss.

The Ministry of Finance said 79 enterprises reported their shared dividend in 2019 was VND 1,488 billion.

Regarding the rankings, there were 127 of 138 SOEs under the ministries and agencies ranked by ministries and agencies, of which 102 were ranked A, 11 were ranked B and 14 were ranked C.

According to the Ministry of Finance, as of September 30, although the deadline was four months past (May 31, 2020), the owner’s representative agencies (Ministry of Culture, Sports and Tourism, the State Capital Management Committee at Enterprises, Son La Provincial People's Committee and Ho Chi Minh City People's Committee) have not yet submitted reports or submitted incomplete reports to the Ministry of Finance.

In particular, the State Capital Management Committee at Enterprises, the agency performing the ownership function in 19 large groups and corporations across the country has total revenue of 19 enterprises accounting for 59.69% of total revenue of SOEs and enterprises with State capital nationwide but still delay reporting to the Ministry of Finance.