Overseas investments saw profit growth in 2023
Overseas investments saw profit growth in 2023
Deputy Prime Minister and Minister of Finance, Hồ Đức Phớc, said that in 2023, 87 overseas investment projects generated revenue totalling over US$9.56 billion, a 1.2 per cent decrease compared to 2022.
A staff member counts dollar currency at an exchange shop in Hà Nội. — Photo vnbusiness.vn |
Of which, 64 projects were profitable, with a total after-tax profit of $690.4 million, marking an increase of $120.85 million, equivalent to 21.22 per cent compared to 2022.
Meanwhile, 23 projects incurred losses, a decrease of six projects compared to 2022. Total losses amounting to $133.21 million, a reduction of $130.19 million, equivalent to 49.4 per cent compared to 2022.
Deputy PM Phớc added that as of December 31, 2023, there were 29 State-owned enterprises (SOEs) and State-invested enterprises engaged in overseas investment, through direct investment or via first-tier and second-tier subsidiaries.
The total overseas investment in 2023 was $52.64 million across nine projects, primarily involving subsidiaries of the Việt Nam Oil and Gas Group (PVN), with a total investment of three projects achieving $49.21 million.
By December 31, 2023, the total overseas investment by SOEs, State-invested enterprises and their subsidiaries amounted to $5.97 billion, equivalent to 53.65 per cent of the registered investment capital.
PVN's overseas investment was the largest, totalling $3.3 billion, which accounted for 56.53 per cent of the total. Viettel followed with $1.4 billion (24.67 per cent) and VRG with $773.47 million (12.96 per cent).
The combined overseas investment of these three enterprises made up 94.16 per cent of the total overseas investment by state-owned and state-invested enterprises.
Overseas investments were concentrated primarily in sectors, including oil and gas, telecommunications, rubber planting and processing, mineral extraction, agriculture, construction, commerce and air transportation.
Notably, the oil and gas, telecommunications and rubber sectors accounted for 95.92 per cent of the total overseas investment.
According to the report, in 2023, the total amount of recovered funds was $261.88 million, of which $153.58 million was profit remittances to Việt Nam.
This was primarily from PVN's projects, which contributed $106.94 million, including $29.32 million in remitted profit and $77.62 million in other recoveries.
Viettel recovered $87.05 million, including $71.84 million in remitted profit. Meanwhile, VRG brought in $30.34 million, of which $28.88 million was profit returned to Việt Nam.
