One-third of State groups face alarming financial woes Tu Hoang By Tu Hoang – The Saigon Times Daily HANOI – The State-owned economic sector is encountering an increasingly heavy debt burden, with many enterprises falling into a red-alert financial status, according to a report from the Ministry of Finance. According to a report on last year’s financial situations and business operations of 91 State-owned groups and corporations sent to National Assembly deputies, the total liabilities of State groups and corporations amounted to nearly VND1,300 trillion last year, up nearly 19% from the previous year. Therefore, the average debt-to-equity ratio of this sector was 1.77 last year. However, there are grave problems found at many enterprises. The report signed by Minister of Finance Vuong Dinh Hue showed that 30 groups and corporations had the ratio higher than three, with the ratio of over 10 recorded at eight enterprises, 5-10 times at 10 enterprises and 3-5 times at 12 enterprises. This means there were up to one-third of State groups and corporations facing the alarming financial status regarding the debt-to-equity ratio which is considered unsafe if exceeding three times. The most heavily indebted was Vietnam National Oil and Gas Group (PVN) with…
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