SOE sales, profit fall in HCMC

State-owned enterprises (SOE) sales in HCMC reached VND15,630 billion (US$742 million)  in the first quarter this year, a decrease of 18.7 percent since the same period last year, according to the HCMC Corporate Finance Department.

Illustration photo (Source: SGGP)

Profit decreased 40 percent since the same period last year, according to the department. This was revealed at a meeting held by Chairman of HCMC People’s Committee Le Hoang Quan.

Banks are concentrating capital to aid businesses in recovering from the recession. The private sector has been innovative with this aid.

State-owned businesses have yet to take full advantage of this, said Chairman Quan.

He asked SOE leaders to follow city proposals to heighten competition, management, and cooperation. He wants SOE to create restructuring plans.

Relevant departments should guide businesses to abide by new policies according to regulations.

HCMC now has 108 state own enterprises operating under the city People’s Committee. Of these, 15 companies are going to merge, dissolve, bankrupt or being sold to others.

By Van Anh – Translated by Hai Mien

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