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A series of corporations have bad debts, trillions of dollars in losses.

Bad debts, big bad debts

The State Audit of Vietnam (SAV) has just submitted a report summarizing the audit results of 2022 to the National Assembly. According to this agency, in 2022, it audited the financial statements for 2021 and activities related to the management and use of state capital of 219 units belonging to 20 groups (TDs), corporations (TCTs) and companies.
The audit results show that 19/20 TD, GDT, production and business companies are profitable; The ratio of profit after tax on equity in some units is relatively high. However, the management and use of capital and assets of enterprises still have some limitations.
Most of the units still have errors in accounting, declaring obligations to the State budget, so they need to go through an audit to adjust assets, capital sources, revenue, expenses, and recommendations to increase state budget revenue by 1,411 billion dongs, reduce deductible VAT 8.78 billion dongs.
Notably, many corporations were reminded because of poor debt management and overdue receivables. The parent company - Vinafor, was VND 86.78 billion; the Parent company - South Vietnam Maritime Safety Corporation, 4.21 billion dongs; the Parent company - SCPC, 42.3 billion...
In addition, a series of corporations with large amounts of bad debts were named, led by Vinafood1: Office of the parent company 2,537.98 billion VND, Phuong Dong Food Company Limited 28.26 billion VND, and Luong Joint Stock Company. Yen Luong Food 21.02 billion VND, Ha Tinh Food Joint Stock Company 11.48 billion VND, Thanh Hoa Food Joint Stock Company 5.03 billion VND, Dong Bac Food Joint Stock Company 3.50 billion VND, the company Yen Bai Food Joint Stock Company 1.69 billion VND.

Many units need more financial security.

State Audit pointed out that a series of corporations, corporations have signs of financial insecurity, in which "they" Vicem such as Vicem Tam Diep, Vicem Ha Long, Vicem Song Thao; or Vinafood1 have: Ha Bac Food Joint Stock Company, Nam Dinh Food Joint Stock Company, Thanh Nghe Tinh Food Joint Stock Company, Binh Tri Thien Food Joint Stock Company, Luong Yen Food Joint Stock Company, Joint Venture Company rice production, processing and export; or put under special financial supervision EVN: Power Construction Consulting Joint Stock Company 1.
According to the State Audit, some ineffective or inefficient investment units remain, such as the parent company - Vinafood1, which has 7 subsidiaries and 2 other investments that do not pay dividends in 2021 due to low profits and 8 companies. Subsidiaries pay dividends at the rate of 0.69%/total investment value.
EVN has a Northern Electricity Corporation that has not been paid dividends since investing (in 2005) in Northern Power Development and Investment Joint Stock Company 3; As for TKV, 3 subsidiaries and 3 joint ventures and associates have not yet paid dividends due to insufficient profits to pay dividends or accumulated losses...

Business and investment losses of trillions of dongs

According to the State Audit, in 2021, many corporations and corporations will make losses. Typically, the parent company - VIMC, has 10 subsidiaries. As of December 31, 2021, the accumulated loss is VND 1,677 billion. Or, like the parent company - Vinafood1, there are 9/24 subsidiaries with accumulated losses of VND 381.86 billion.
Besides, the parent company - Vicem, has 5/17 subsidiaries with accumulated losses of VND 4,958 billion; the Parent company - TKV, has 3 subsidiaries with accumulated losses of VND 386.84 billion (of which 2 subsidiaries were not operating in 2021) and 1 company established to implement investment projects but is temporarily suspending investment project. Parent company - VNPT has 4/24 subsidiaries with accumulated losses of 177.4 billion dong.
Regarding investment by state-owned enterprises in joint ventures, associates and other long-term investments, the State Audit pointed out a series of units that have suffered losses or are likely to lose capital, of which Vinataba has 2 accumulated losses. 158.67 billion VND.

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