Major losses at state-owned firms urge withdraw of state capitalVietnam National Chemical Group (Vinachem) Chairman Nguyen Phu Cuong confirmed last week that the firm was making big losses in a meeting with the State Audit of Vietnam. Vinachem, like the troubled shipbuilder Vinashin and shipping lines Vinalines, shows a disappointing performance history by state-owned firms despite benefiting from incentives. Losses in the billions and trillions of dong are familiar to the public when referring to losses at state-owned firms or projects, despite the country's GDP per capita currently stands at just VND40 million (USD1,762). And the leaders of these companies might not have thought too much about the losses as the capital is from the state budget but not from their pocket. This situation means that the withdrawal of state capital from many sectors is now an urgent task that should be done to regain public confidence.

Source: VietNamNet News August 19, 2018 02:03 UTC