The Inspectorate of the Ministry of Finance has just issued a conclusion on the inspection of law enforcement on practicing thrift and combating waste in Hung Yen province from December 3, 2024 to December 20, 2024.

Accordingly, regarding the practice of thrift and anti-waste in the management and use of state capital at state-owned enterprises, a report by the Department of Finance of Hung Yen province shows that in 2023, the province will own state capital at 7 enterprises, including 2 100% state-owned enterprises and 5 joint stock enterprises with state capital.

Business results in 2023 show that 2 businesses have accumulated losses up to December 31, 2023, and are at risk of losing capital.

Hung Yen lottery.jpg
Hung Yen Lottery Company is an enterprise owned by the People's Committee of Hung Yen province with state capital. Screenshot

That is Hung Yen Lottery Company Limited, with the owner's investment capital of more than 15.1 billion VND; after-tax profit in 2023 is more than 20 billion VND. However, as of December 31, 2023, the company still has an accumulated loss of more than 4.2 billion VND.

Next, Hung Yen Seed Joint Stock Company, the owner's equity is more than 7.3 billion VND, of which the state capital is nearly 6.4 billion VND, accounting for 86.94% of the total capital contribution. The company's business results in 2023 were a loss of more than 6.1 billion VND; the accumulated loss up to December 31, 2023 was over 24 billion VND.

There are 5 profitable businesses. Hung Yen Irrigation Works Exploitation Company Limited's profit after corporate income tax is more than 280 million VND, the profit after allocating funds in 2023 is 0 VND. Urban Environment and Construction Joint Stock Company's profit after tax in 2023 is more than 181 million VND, the remaining profit after allocating funds in 2023 is 0 VND.

Hung Yen Clean Water Trading Joint Stock Company, after-tax profit in 2023 is more than 3.5 billion VND, remaining profit after setting aside funds in 2023 is more than 3.2 billion VND, profit divided by state capital is 0 VND.

Hung Yen Road Joint Stock Company's after-tax profit in 2023 was over VND495 million, dividend payment profit was over VND346 million and dividend for state capital was over VND34 million. Hung Yen River Management Joint Stock Company's after-tax profit in 2023 was over VND135.9 million, profit for state capital was over VND11 million.

The remaining profits to be paid after distributing funds and profits divided for the state capital in 2023, enterprises have paid into the state budget.

With this result, Hung Yen still maintains the State-owned enterprise holding 100% of the charter capital for Hung Yen Lottery One Member Co., Ltd. and Hung Yen Irrigation Works Exploitation One Member Co., Ltd. for the period 2022-2025.

Maintain state capital in 4 companies: Hung Yen Urban Construction and Environment Joint Stock Company, Hung Yen Clean Water Business Joint Stock Company, Hung Yen Road Joint Stock Company, Hung Yen River Management Joint Stock Company.

Divest all state capital at Hung Yen Seed Joint Stock Company and is expected to complete the transfer of state capital by the second quarter of 2025.

In addition, the inspection conclusion pointed out some shortcomings such as: Some public investment projects and works in 2022 extended the implementation and disbursement time to 2023, and by January 31, 2024, VND 233 billion had not been disbursed; 48 investment projects behind schedule had to adjust the implementation time of the investment project...