1 business showing signs of financial insecurity
Gia Lai Provincial People's Committee has just sent a report to the Ministry of Finance on the results of financial supervision in the first 6 months of 2025 for state-owned enterprises and enterprises with state capital.
Gia Lai province currently has 18 enterprises with 100% state capital, represented by the Gia Lai Provincial People's Committee. Of these, 2 enterprises operate in the lottery business; 2 enterprises operate in the irrigation sector; 14 enterprises operate in the forestry sector.
These 18 enterprises have equity of more than 4,392 billion VND; total assets of more than 8,989 billion VND.
Regarding the production, business and financial situation, in 6 months, 18 enterprises had net revenue from sales and service provision reaching over 784 billion VND, excluding cost of goods, gross profit reached over 161 billion VND (up more than 126% over the same period). In terms of net profit from business activities, these enterprises recorded over 106 billion VND (up 146% over the same period, reaching more than 69% of the yearly plan), profit after tax reached over 87 billion VND.
Regarding profits, the People's Committee of Gia Lai province informed that, through the indicators reported by enterprises, in the first 6 months of 2025, 12/18 enterprises preserved capital, and the use of capital and assets of enterprises was effective.
These 12 enterprises include: Binh Dinh Provincial Lottery Company Limited; Gia Lai Provincial Lottery Company Limited; Gia Lai Irrigation Works Exploitation Company Limited; Ha Thanh Forestry Company Limited; Song Kon Forestry Company Limited; Quy Nhon Forestry Company Limited; Dak Roong Forestry Company Limited; Kong Chieng Forestry Company Limited; Kong Chro Forestry Company Limited; Lo Ku Forestry Company Limited; So Pai Forestry Company Limited; Tram Lap Forestry Company Limited.
Of these, 6 enterprises have not preserved capital, and 5 enterprises have had business results in the first 6 months of the year that resulted in losses of 908.34 million VND.
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| Kong H'de Forestry One Member Co., Ltd. has a debt of more than 221 million VND that has been outstanding for many years and has not been paid, and has bad debt of more than 347 million VND. Photo: TL |
These enterprises include Binh Dinh Irrigation Works Exploitation Company Limited; Ha Nung Forestry One Member Co., Ltd.; Ia Pa Forestry One Member Co., Ltd.; Ka Nak Forestry One Member Co., Ltd.; Krong Pa Forestry One Member Co., Ltd.
The reason given is that business contracts have not been fully paid. It is expected that in the last 6 months of the year, after receiving payment of revenue sources, the business results in 2025 will be profitable, and the enterprise will preserve capital.
Gia Lai Provincial People's Committee requested 5 companies to implement capital preservation solutions, improve production and business efficiency, ensure profitable business results in 2025, and preserve capital.
As for Kong H'de Forestry Company Limited, this company has had an accumulated loss of more than 1,117 billion VND for two consecutive years.
“Kong H'de Forestry One Member Co., Ltd. urgently checks and compares bad receivables that have not been provisioned for, compares long-standing debts, handles them in accordance with regulations; strictly implements State regulations on financial management and enterprise accounting regime”, Gia Lai Provincial People's Committee requested.
At the same time, the Department of Finance was assigned to preside over the organization and implementation of the review and assessment of the production, business and investment activities and related issues of Kong H'de Forestry One Member Co., Ltd. in the past time, signs of financial insecurity stated in the Company's Financial Supervision Results Report; review the legal basis and the necessity of implementing a special financial supervision regime for the enterprise.
Continue to divest capital from 2 enterprises
Gia Lai province currently has 3 enterprises in which the state holds 51% of the charter capital (with a capital contribution of more than 173.55 billion VND), including: Quy Nhon Urban Green Park and Lighting Joint Stock Company; Binh Dinh Environment Joint Stock Company; Binh Dinh Water Supply and Drainage Joint Stock Company.
The business performance of the 3 enterprises in the first 6 months had a total revenue of 326,664 billion VND; profit after tax of 23,561 billion VND.
Gia Lai Provincial People's Committee assessed that the capital use at the enterprise was effective, capital preservation, and full implementation of State regulations. Gia Lai Provincial People's Committee continued to invest and maintain the proportion of State capital held at these enterprises.
In addition, Gia Lai province currently has two enterprises in which the state holds less than 50% of the charter capital, including Binh Dinh Minerals Joint Stock Company (contributed capital of VND 30,981 billion, 24.99% ratio) and Binh Dinh Pharmaceutical - Medical Equipment Joint Stock Company (contributed capital of VND 124,856 billion, 13.34% ratio).
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| Binh Dinh Pharmaceutical - Medical Equipment Joint Stock Company (Bidiphar) has a charter capital of more than 935 billion VND, of which the state contributes more than 124 billion VND. |
According to the People's Committee of Gia Lai province, in the first 6 months of the year, Binh Dinh Pharmaceutical - Medical Equipment Joint Stock Company had a stable financial situation and production and business activities when recording net revenue from sales and service provision reaching more than 952 billion VND (up more than 111% over the same period), profit after tax reaching 171,346 billion VND (up 122.79% over the same period, reaching 61.84% of the yearly plan).
Therefore, the use of state capital in enterprises is effective (return on investment/total assets: ROA is 7.19%).
Meanwhile, Binh Dinh Mineral Joint Stock Company, a business facing difficulties in production and business activities, has not yet achieved the financial plan set by the 2025 Shareholders' Meeting. Specifically, sales revenue and service provision only reached over VND 50 billion (36.93% of the plan); after-tax profit was only over VND 4.6 billion (31.15% of the yearly plan).
Therefore, Gia Lai Provincial People's Committee believes that Binh Dinh Mineral Joint Stock Company, an enterprise that preserves state capital, has generally not used its capital and assets effectively, and its profitability is still low due to difficulties in production and business activities (ROA only reached 1.84%).
Gia Lai Provincial People's Committee assigned the Department of Finance to study and review the proposed content of the representative of state capital in enterprises on the implementation of the state capital divestment plan at Binh Dinh Minerals Joint Stock Company and Binh Dinh Pharmaceutical - Medical Equipment Joint Stock Company; based on regulations, on the basis of the market situation, actual production and business activities and results of state capital divestment implementation at enterprises, advise and propose to the Provincial People's Committee according to regulations.
Source: https://baodautu.vn/gia-lai-co-16-doanh-nghiep-duoc-danh-gia-su-dung-von-nha-nuoc-hieu-qua-d391940.html
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