Summary

SAI Vietnam reviewed the financial and economic activities of nine state-owned companies and corporations by the end of 2023. For example, TKV mining corporation's net profit amounted to 6.474 trillion VND (250 million USD), Petrolimex oil and gas company – 3.110 trillion VND (120 million USD), Vinataba national tobacco corporation – 1.527 trillion VND (8 million USD). The lowest net profit was recorded in the field of marine cargo transportation and housing construction. The return on equity after taxes at some state-owned enterprises exceeded 10%, and at some - 20% (for example, at the national tobacco corporation Vinataba). The auditors noted the financial results of the state corporations as positive, but pointed out a number of shortcomings in the management and use of capital and assets, as well as errors in accounting and declaration of obligations to the state budget. As a result of the audit, the adjusted total assets of all enterprises increased by 396.59 billion VND (15 million USD). SAI stated that the main reason for overdue receivables is inefficiency in managing both debt and financial flows in general. In some state-owned companies, the uncollectible receivables amounted up to 25% of the total receivables. Among other problems in the management of state-owned companies and corporations, SAI noted: non-liquid stocks, outstanding accounts payable for construction in progress, lack of assessment of the cost of materials for some facilities after repairs, lack of reserves for reduction of the cost of inventories and depreciation of fixed assets. As a result of the audit, two joint-stock companies, whose equity capital had already exceeded the authorized capital at the audit date, submitted applications to the competent authority and are under special financial supervision.