Hanoi (VNS/VNA) - The Ministry of Finance (MoF) has said thesupervision of financial results from State-owned enterprises (SOEs), carriedout by the Committee for Management of State Capital at Enterprises, (or SuperCommittee) was “very slow”.

In a recent report submitted to the Prime Minister on the synthesis offinancial supervision, performance evaluation and enterprise classification in2019, the MoF said they received relevant reports from 18 out of 20 ministriesand ministerial-level agencies with 138 SOEs.

According to the report, the Ministry of Culture, Sports and Tourism has yet tosend its reports, while the super committee only reported on 13 enterprises outof the total 19 SOEs. Among the SOEs providing reports, the super committeeonly finished evaluating the performance of five, while the other eight havenot yet been finished evaluating their performance in 2019.

Regarding the reported results in 2019 of 138 SOEs, they paid 113.8 trillion VND(4.94 billion USD) to the State budget in 2019, an 8.08 percent increasecompared to 2018. They also had total profit after tax of 83.16 trillion VND,down 5.32 percent compared to 2018.

The total revenue of these 138 SOEs reached more than 924.9 trillion VND, anincrease of 24.37 percent compared to 2018.

Among 138 SOEs, there were 133 profitable ones. Five which reported lossesincluded Corporate 15, Hanoi Agricultural Import and Export One Member LimitedCompany, Vietnam National Chemical Group (Vinachem), Vietnam National ShippingLines (Vinalines), and the Vietnam National Coffee Corporation (Vinacafe).

The MoF also reported six enterprises with overdue debt of 112 billion VND.

Among 46 SOEs assessed on financial safety, four businesses were reported asfinancially insecure, while two businesses were reported with signs offinancial insecurity.

Other businesses have not been fully synthesised and evaluated by their owners.

Combining data on 342 SOEs managed by the People's Committees of provinces andcities across the country, MoF said that the total revenue of SoEs in 2019 was 173.4trillion VND, total profit after tax was 19.97 trillion VND, adding they paidthe State budget more than 49.2 trillion VND last year.

Nationwide, the MoF said there were 182 profitable enterprises, 12 loss-makingbusinesses, 10 enterprises with financial insecurity and ten businesses showingsigns of financial insecurity.

In this report, the MoF emphasised that: “The Government pays special attentionto the progress of monitoring, evaluating the efficiency and enhancinginformation transparency in SOEs. The Government has assigned the task to theministry to synthesise and urge all relevant units to submit reports in 2019.However, four months after the deadline, there were still ministries andministerial-level agencies that have not yet sent reports.”

Among the reports, the MoF emphasised that performing the ownership function in19 large SOEs with total revenue accounting for 59.69 percent of total revenueof all SOEs, the super committee did not submit full reports, saying: “Theirreporting activities are very slow.”

The Ministry of Finance requests the owner's representative agencies to reportthe results of financial supervision, evaluate the efficiency and rateenterprises in accordance with regulations, fully and accurately report thesituation of enterprises and guarantee the reporting time limit.

Following the direction of the Prime Minister and in order to increase theeffectiveness and efficiency of State management, the MoF was urgentlyreviewing and collecting comments on problems and recommendations to amend andsupplement Decree 87/2015/ND-CP on supervision of state capital investment andfinancial activities in SOEs and their performance evaluation.

It is not the first time the ministry has commented on the delay in submittingthe reports. Since the beginning of the year, it has sent documents to ask theministries and agencies to be responsible in the supervision and evaluation oftheir SOEs./.