SOEs remain vital to Vietnam’s economy, with improved operational efficiency. However, restructuring and equitization efforts are ongoing to enhance capital utilization and minimize state asset losses.
Arcoding to Ministry of Finance, state-owned enterprises (SOEs) showed positive business performance during the 2016–2022 period, although the number of enterprises wholly owned by the state decreased from 583 in 2016 to 478 in 2022. Key highlights include:
Growth in assets and equity:
- Total assets of SOEs reached VND 3,927,466 billion in 2022, a 4% increase compared to 2021.
- Equity amounted to VND 1,845,505 billion, up 3% from 2021.
Revenue and profit growth:
- Total revenue reached VND 2,752,607 billion, a 29% increase compared to 2021.
- Pre-tax profit was VND 247,905 billion, a 23% rise.
- Total taxes and fees paid to the state budget were VND 391,550 billion, up 21%.
SOEs continue to play key roles in essential public services, energy, telecommunications, and natural monopoly sectors. SOEs provided employment for nearly 1 million workers with relatively stable incomes.
Proportion of state capital in Vietnam’s economy
As of the end of 2022, total state capital invested in enterprises amounted to VND 1,720,837 billion, equivalent to: 43.8% of the total assets of state-invested enterprises. Of this, enterprises wholly owned by the state accounted for the majority, at VND 1,556,863 billion.
While the scale of state capital remains significant, the government has narrowed its investment focus to four strategic areas:
- Provision of essential public services.
- National defense and security.
- Natural monopoly sectors.
- High-tech industries and large-scale investments to drive rapid economic development.
SOEs remain vital to Vietnam’s economy, with improved operational efficiency. However, restructuring and equitization efforts are ongoing to enhance capital utilization and minimize state asset losses.
Here are biggest SOEs:
- Vietnam Oil and Gas Group (Petrovietnam – PVN)
- Viettel Group (Military Industry and Telecom Group)
- Vietnam National Coal and Mineral Industries Group (Vinacomin)
- Vietnam Electricity (EVN)
- Vietnam Tobacco Corporation – One Member Limited Liability Company (Vinataba)
- Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank)
- Military Commercial Joint Stock Bank (MB)
- Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV)
- Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank)
