10:45 (GMT +7) - Monday 01/06/2020


Total SOE debts exceed $71 billion

Released at: 11:43, 01/12/2014

Total SOE debts exceed $71 billion

Government report also shows SOE assets, revenue, State budget contributions, and profits on the rise.

by Thong Dat

The total debts of State-owned enterprises (SOEs) at the end of 2013 reached more than $71.4 billion, of which $491 million is considered bad debt, a recent government report states.

Of the 796 SOEs where the State holds 100 per cent of charter capital are 100 State-owned corporations and eight State economic groups. As at the end of 2013 the total assets of these SOEs stood at $136.6 billion, an increase of 12 per cent compared to 2012. Their contributions to the State budget amounted to $13.1 billion, up 23 per cent, total revenue saw an increase of 1 per cent, to $81 billion, while pre-tax profit rose to $8.6 billion, a 15 per cent increase.

Loans from commercial banks and credit institutions to SOEs stood at $23.2 billion, up 12.3 per cent against 2012. Debts owed to foreign creditors totaled $15.5 billion, of which short-term loans were $1.7 billion and long-term loans $13.8 billion. These SOEs also borrowed $5.9 billion from the government's ODA funds.

Meanwhile, the eight State economic groups hold $125.7 billion in total assets, an increase of 10.8 per cent over 2012. Their revenue increased 8 per cent, to $47 billion, while their pre-tax profit also increased 14 per cent to reach $6.5 billion. However, their debts totaled $14.2 billion, accounting for 11.3 per cent of total assets, while bad debts increase 15.8 per cent. PetroVietnam topped the list of debtors, with $136 million in bad debts, followed by Vinacomin with $42.3 million and Airports Corporation of Vietnam with $32.3 million.

As at September 2014, SOEs had divested nearly $108 million from non-core sectors; 3.7 times higher than in 2013 but accounting for only 10.2 per cent of the total proposed divestment of $1 billion by 2015. $4.3 million was pulled out of the securities sector, $96 billion from the banking sector, $4.9 billion from the insurance sector, and $3.6 million from investment funds.

User comment (0)

Send comment