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State-owned firms reap profits
Most State-owned corporations and groups saw profits in the first six months of this year, according to Pham Viet Muon, deputy head of the Steering Committee for Renewal and Development of State Enterprises.
At a press conference in Hanoi on July 10, Mr. Muon said that in the first six months of this year, most State-owned groups and corporations gained more benefits than the same period last year. They earned VND510.8 trillion, accounting for 59 percent of the annual plan, an increase of 50.8 percent compared to the same period in 2007.
They earned VND76 trillion in revenue, achieving 53.5 percent of their annual targets or an increase of 72 percent compared to the same period of 2007.
They contributed VND78 trillion to the State budget, accounting for 68.4 percent of the annual plan, an increase of 58.6 percent compared to the same period last year.
Mr. Muon said those results were very impressive as the global and domestic economies were faced with many difficulties: inflation was high, monetary, stock and real estate markets were seeing complicated changes and input material costs for production were still going up.
Presently, the output of commodities and services of these State-owned groups and corporations accounts for 40 percent of the country’s GDP, and contributes 28.8 percent of total domestic revenue (excluding crude oil and import-export tax).
The State-owned groups and corporations that have earned high revenues included Vietnam National Oil and Gas Corporation, which achieved 76 percent of its annual plan, the Northern Food Corporation, which fulfilled 82.3 percent of its yearly plan, and the Chemical Corporation, which raised its revenue earnings by 63 percent compared to the same period last year.
The groups and corporations that had earned lowest revenues included the Tea Corporation (38.3 percent of the annual plan), the Pharmacy Corporation (38.9 percent), and the Rubber Group (only 32.2 percent).
Some corporations that suffered most in their business operations included the National Petroleum Corporation, which lost VND900 billion, and the Central Construction Corporation, which saw losses of VND88.5 billion.
Mr. Muon further said State-owned groups and corporations will continue to follow Prime Minister Nguyen Tan Dung’s guidelines on controlling inflation, stabilizing the national economy and assuring social welfare and sustainable development.
They had recently reviewed their lists of investments in order to remove 609 ineffective projects with a total capital of VND34 trillion.
The groups and corporations did not increase prices for many essential products and services that serve production and the people.
The PM asked the State-owned groups and corporations to cut unnecessary spending on upgrading their head offices, buying cars, building new offices and studying abroad.
He said that the Government will ask State-owned groups and corporations not to raise prices of important items such as petrol, coal, electricity and transport fees.
Besides, in order to fulfill the tasks of this year, the Government will also ask the State-owned groups and corporations to rearrange and transform enterprises in which the State held 100 percent of capital into joint-stock companies; to dissolve enterprises that were making a loss on their business; and to give priority to key projects and enterprises that produced important items such as petrol, electricity, coal, steel, fertilizer, construction materials, cement, oil and gas.
Mr. Muon added that the country now has 1,720 State-owned enterprises, including seven economic groups, 86 corporations and 1,099 companies, four commercial banks, six State-owned corporations and one commercial bank equitised, with the State holding most stocks.
VOV
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