Top billion-dollar state-owned corporations in Vietnam in 2023

PVN’s revenue equivalent to 9.2% of GDP

The Committee for Management of State Capital at Enterprises (CMSC) is currently managing 19 state-owned corporations and corporations. According to a newly released report, the total revenue of parent companies of 19 corporations in 2023 is estimated to reach more than 1.1 million billion VND (about 46 billion USD), exceeding 5% of the yearly plan and decreasing by nearly 4%. compared to 2022.

According to CMSC, if excluding the losses of Vietnam Electricity Group (EVN), the group's pre-tax profit is estimated at 53,256 billion VND, exceeding 66% of the year's plan and increasing 10% over the same period. If EVN is included, pre-tax profit only reaches 28,661 billion VND, fulfilling 89% of the year's plan.

According to data published on CMSC, the largest revenue growth comes from Vietnam Tobacco Corporation (Vinataba) with an increase of 36% compared to the previous year.

Vietnam Airlines Corporation (Vietnam Airlines - Code: HVN) and Southern Food Corporation (Vinafood II) also witnessed an increase of up to 30% in revenue.

In addition, Vietnam Maritime Corporation (VIMC - Code: MVN) and Vietnam Expressway Development Investment Corporation (VEC) also recorded double-digit revenue growth over the same period.

Revenue of Vietnam Oil and Gas Group (Petrovietnam - PVN), Vietnam Coal and Mineral Industries Group (TKV), and Vietnam Posts and Telecommunications Group (VNPT) inched up slightly by 1%.

Meanwhile, the corporations that witnessed a decline in revenue are the State Capital Investment and Trading Corporation (SCIC) with a 35% decrease and Vietnam Forestry Corporation (Vinafor) with a 28% decrease. The revenue of Vietnam National Chemical Group (Vinachem) and Vietnam Rubber Industry Group decreased by 11% and by 4%, respectively.

Vietnam Oil and Gas Group (Petrovietnam - PVN) is the unit with the largest 2023 revenue in the statistical group. The total revenue of the entire group in 2023 has set a new record in its operating history when reaching 942,800 billion VND (equivalent to more than 39 billion USD), breaking the record of 2022 when it increased by 11,600 billion VND. Total revenue of the entire group is equivalent to 9.2% of the country's GDP.

PVN believes that there were more difficulties than advantages for the oil and gas industry 2023. The international geopolitical situation and the East Sea are complex and unpredictable.

Vietnam Airlines Corporation (Vietnam Airlines - Code: HVN) said that its total consolidated revenue is estimated at about 92,000 billion VND, 1.4% higher than planned, up nearly 30% over the same period last year.

At the annual general meeting (AGM) on December 16, the board of directors forecasts that for the whole year of 2023, the parent company is estimated to lose about 5,350 billion VND, with a consolidated pre-tax loss of 6,082 billion VND.

Vietnam Maritime Corporation - Joint Stock Company (VIMC - Code: MVN) owns 84 wharves with a total length of 13,882 m, accounting for more than 26% of the total number of wharves and nearly 17% of the total wharf length of the country. In addition, the corporation also manages a fleet of 59 ships with an average ship age of 20 years old.

In 2023, VIMC revenue is estimated to reach 17,964 billion VND, exceeding 4% of the plan. VIMC's pre-tax profit reached 2,084 billion VND, equal to 90% of the year's target. Compared to 2022, its revenue increased by 25% but profit decreased by 32%.

Vietnam Tobacco Corporation (Vinataba) considers 2023 as the most difficult year since its establishment. Production and business activities of the entire corporation continued to be affected by economic difficulties, inflation and financial crisis, and increasing costs. Smuggled tobacco products and second-generation cigarettes are widely sold on the market and there is no management policy, causing losses to the State budget and affecting consumers.

In the context of difficult consumption, Vinataba has continued to account for nearly 64% of the industry's domestic output market share.

The company's total revenue in 2023 is estimated to reach 30,200 billion VND, exceeding 10% of the plan and increasing by more than 36% over the same period last year. Profit is estimated at 1,800 billion VND, exceeding 30% of the yearly target and slightly decreasing by nearly 3%.

Business results of state-owned corporations in 2023

Source: CMSC

Compiled by VBI