The revenue was a 2 percent increase from 2011, but only accounted for 92 percent of the 2012 annual target, the committee said at a government meeting with corporate leaders in Hanoi.

A street vendor walks past the headquarters of the Vietnam National Coal and Mineral Industries Group in Hanoi. Pre-tax profits of the state-run economic groups also dropped 5 percent from 2011 to VND127.5 trillion last year.

“The average return on equity of the SOEs is 1.84, and the total state budget contribution declined by 12 percent from 2011 to VND294 trillion,” said Pham Viet Muon, deputy head of the committee. “Ten groups and corporations incurred accumulated losses of VND17.73 trillion, some of which posted losses in both 2011 and 2012,” he said, citing the SOE financial report.

Muon said the total debt to total assets ratio of the SOEs is 1.6. “The ratio is still within safe waters, but separately speaking, several enterprises have exceeded the safe limit,” he remarked, adding that some groups in particular posted an alarming ratio.

Foreign debt of the state economic groups also grew from 2011. Foreign liabilities rose 11 percent to VND158.86 trillion, accounting for 21.5 percent of total debts.

The Electricity Group of Vietnam, the Vietnam Airlines Corporation, and the Vietnam Expressway Corporation are among those with the largest amount of foreign debt. Unhealthy financial status Some SOEs posted poor economic effectiveness compared to previous years, with some failing to achieve their annual targets.

“Those operating in the construction and construction materials sectors have posted poor effectiveness due to myriad difficulties,” Muon said. “The financial statuses of many SOEs are unhealthy; some incurred steep losses while others faced high financial risks.”

According to a report by the Ministry of Planning and Investment, revenues for the Vietnam National Coal and Mineral Industries Group in 2012 was VND93 trillion, down by 14.5 percent from 2011, while its pre-tax profits dropped by 82 percent year on year. Meanwhile, the Global Telecommunications Corporation and the Vietnam Waterway Construction Corporation were the two SOEs that posted losses in 2012, the report said.