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netvlz
Joined: 10 Apr 2012
Posts: 180
Thu May 31, 2012 8:35 pm |
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 State-owned enterprises in debt crisis
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State-owned enterprises (SOEs) in Vietnam had amassed a combined debt of over VND415.347 trillion (USD19.88 billion) to banks by September 2011.
State-owned economic groups have large debts than other SOEs
The figure was included in the Ministry of Finance (MoF)’s plan to restructure SOEs.
Of the sum, 12 economic groups owed VND218.738 trillion (USD10.47 billion), accounting for 52.66% of SOE debt and 8.76% of the banking system’s total lending.
The State-owned Vietnam National Oil and Gas Group (PetroVietnam), the country’s biggest oil producer, topped the list, owing VND72.3 trillion (USD3.46 billion).
It was followed by the Electricity of Vietnam Group (EVN) with VND62.8 trillion (USD3 billion), Vietnam National Coal-Mineral Industries Group (Vinacomin) with VND20.5 trillion (USD981.33 million), and Vietnam Shipbuilding Industry Group (Vinashin) with VND19.6 trillion (USD938.24 million).
The ministry also said that 30 out of 85 State-owned groups and corporations reported debts three times higher than their equity.
Seven groups owed ten times more than their total equity. These were Vietnam Industrial Construction Corporation (VINAINCON), Civil Engineering Construction Corporation No. 1 (Cienco 1), Civil Engineering Construction Corporation No. 5 (Cienco 5), Civil Engineering Construction Corporation No. 8 (Cienco  , Military Petroleum Company (MIPECO), Thanh An Corporation, and Vietnam Highway Investment and Development Corporation.
The ministry noted that the current financial condition of SOEs has proven to be unsafe and that many faced the risk of bankruptcy.
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