Logo of Phnom Penh Post newspaper Phnom Penh Post - Tricky markets VN firms in tough spots abroad

Tricky markets VN firms in tough spots abroad

Tricky markets VN firms in tough spots abroad

Vietnamese state-own enterprises (SOEs) that operate in foreign countries, including many in Cambodia, were reported to have lost millions of dollars due to poor market selection and risk assessment, said a report from a Vietnamese news agency released on Sunday.

According to the report from VN Express International, 29 percent of Vietnam’s SOEs had accumulated losses by the end of 2016.

Nguyen Duc Thanh, president of the Vietnam Institute for Economic and Policy Research, said that one of the main reasons for these losses is that the companies made mistakes selecting which markets to invest in.

“SOEs tend to choose markets that have a good relationship with Vietnam at a state level in hopes that this will give them an advantage, which is not true,” Thanh said. “They often aim for the world’s least developed countries such as Laos or Cambodia, or politically or economically unstable markets such as Venezuela or Africa, but it’s very difficult to make a profit in these markets.”

Among many state-own companies, the Vietnam National Coal and Mineral Industries Group reportedly suffered losses of $16.6 million according to a report by the Government Inspectorate released in December last year.

MOST VIEWED

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with

  • PM takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • Khmer cinema classics back on big screen for free at WB Arena’s outdoor movies series

    On a recent Saturday evening at WB Arena, Bunsong was enjoying a tasty BBQ meal with his family after work on the long tables that had been arranged out in front of the restaurant as they watched a Khmer action movie on a big outdoor

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the