The total revenue of State-owned enterprises (SOEs) this year has been estimated to hit VND1.41 quadrillion ($58.7 billion), or 4 per cent higher than the annual target, according to the Ministry of Planning and Investment.

As of the end of 2022, Vietnam had 478 enterprises with 100 per cent charter capital held by the State and 198 others with State investment.

In the first half of 2023, total revenue from SOEs reached over VND689 trillion ($28.7 billion), equivalent to 50 per cent of the annual target.

SOEs posting strong performance include the Vietnam Oil and Gas Group (PetroVietnam), Electricity of Vietnam (EVN), the Vietnam National Coal and Mineral Industries Group (Vinacomin), the Vietnam National Petroleum Group (Petrolimex), the Vietnam Posts and Telecommunications Group (VNPT), and MobiFone.

SOEs earned VND2.6 quadrillion ($108 billion) last year, a year-on-year rise of 29 per cent.