The State Audit of Vietnam made public on early 18 July results of state budget auditing for 2011 particularly 21 state-owned enterprises (SOEs).
Accordingly, 2010 saw plentiful difficulties such as soaring interest rates, inflation and consumer price index hitting SOEs. Yet, 19/21 enjoyed profits except for Vietnam Electricity Group (EVN) and Vietnam Waterway Construction Corporation posting loss of 8,416 billion dong and 73.5 billion dong for 2010 respectively.
Capital acquisitions ratio has been found relatively high at many, i.e. receivables to total assets ratio of 50.88pct at Truong Son Construction Corporation, 37.58pct at Vietnam Waterway Construction Corporation, 22.73pct at HUD and 22.49pct at Construction and Infrastructure Development Corporation.
Most of SOEs have been involved in non-core areas, thus hitting core businesses, said the auditing agency. External investment is estimated to reach 672 billion dong or 10.37pct of Vietnam National Shipping Lines (Vinalines); 1,828.8 billion dong (excluding electricity and fuel) or 12.09pct of charter capital of Vietnam National Coal and Mineral Industries Group (TKV); 4,511.4 billion dong or 4.13pct of charter capital of EVN.
Also, 11/21 SOEs largely depend on self-acquired capital and loan capital, some of which have high debt-to-equity ratio, thus would be exposed to financial imbalances. For instance, Truong Son Construction Corp saw the figure mounting to 9.19xs, Construction and Infrastructure Development Corp 4.79xs, HUD 4.01xs, Vinalines 3.12xs and TKV 2.15xs.