VNSTEEL was estimated to have increased its revenue by 6 per cent to touch 18.3 trillion VND, making pre-tax profit of 600 billion VND, a year-on-year rise of 108 percent.Hanoi (VNA) - Two giant State-ownedcorporations, Vietnam National Petroleum Group (Petrolimex) and Vietnam SteelCorporation (VNSTEEL), achieved record profits last year, according to aconference held by the Party Organisation of the CentralEnterprises Bloc (CEB).
Petrolimexearned more than 6.2 trillion VND in profit, reaching 158 percent of its yearlytarget, and a return on equity (ROE) rate of 50 percent. Meanwhile, VNSTEEL wasestimated to increase its revenue by 6 percent to touch 18.3 trillion VND,making pre-tax profit of 600 billion VND, a year-on-year rise of 108 percent.
CEBreported that the revenue of its 33 corporations and groups was estimated at 1.429quadrillion VND (63.15 billion USD) last year, 92.8 percent of the previousyear. Of which, over 195 trillion VND was sent to the State budget, equal to 87percent compared with 2015.
Earningsof the Vietnam National Oil and Gas Group (PetroVietnam) were reported to havedropped due to decreased oil price. It’s estimated to have reached 440 trillionVND in revenue and 24.2 trillion VND in pre-tax profits in 2016. The group isexpected to send 86 trillion VND to the State budget, 74.7 percent of thefigure in 2015.
Althoughthe bloc’s revenue dropped, there were still effective operations of businessesin service areas such as Vietnam Post and Telecommunications Group,Vietcombank, State Capital Investment Corporation, Vietnam Airlines, Petrolimexand VNPost.
Speakingat the conference, Chairman of the Party Central Committee’sCommission for Economic Affairs Nguyen Van Binh required the CEB’s staff, Partymembers and workers to resolve the shortcomings of last year, including lowresults of business and production; a number of investment projects wereineffective or incurred big losses; backward technology; and weaknesses incorporate administration, divestment of the State capital and restructuring.
Bình saidthe State businesses were a key part of the State economy, playing an importantrole in the country’s development. Therefore, it is necessary to continueaffirming their key role in the State economy, ensuring the most effectiveresults in operation, production and business.-VNA
