Recent challenges for them include Covid-19 for aviation and tourism companies and plunging oil prices for energy companies, while some have been struggling for years due to difficulties with certain projects, according to a recent government report.

Their pre-tax profit last year plummeted by 21 percent to VND116.78 trillion, it said.

The company with the highest profit last year was telecom firm Viettel with VND39.37 trillion, but it also had doubtful debts worth VND1.74 trillion.

Petrovietnam was second with VND19.86 trillion but this represented a 36 percent drop from 2019.

Vietnam Electricity’s profit fell 24 percent to VND15.32 trillion amid higher input costs.

Other companies whose profits fell sharply were Vietnam Air Traffic Management Corporation (VATM), down 99 percent, and coal miner Vinacomin, down 48 percent.

Some posted huge losses.

Vietnam Airlines reported a loss of VND11.18 trillion and Vietnam Television, VND265 billion.

The country has 459 companies fully owned by the government, 187 that are 50 percent owned and 161 in which the government has less than a 50 percent stake.