State-owned enterprises (SOEs) have fulfilled their production and trade missions and posted impressive growth in total revenue, State budget collections, development investment capital, and employee incomes, according to a government report sent to the National Assembly.

Of the country’s 827 SOEs, 676, with more than 50 per cent of charter capital held by the State, recorded a year-on-year increase of 24 per cent in pre-tax profits in 2022 to over VND241.1 trillion ($10 billion).

Their total revenue was up 29 per cent year-on-year to over VND2.6 quadrillion ($108 billion).

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

The government assessed that SOEs play a key role in the economy. In particular, many are important in ensuring national energy security, such as the Vietnam Oil and Gas Group (PetroVietnam), Electricity of Vietnam (EVN), and the Vietnam National Coal and Mineral Industries Group (Vinacomin), and in digital transformation and digital infrastructure development, such as Viettel, the Vietnam Posts and Telecommunications Group (VNPT), and MobiFone, according to the report.