The Ministry of Industry and Trade has just reported the results of supervision and inspection of state capital management and investment activities at enterprises assigned to manage in 2025.
If Vietnam Paper Corporation and BMC Construction Materials and Trading Installation Co., Ltd. continue to have to deal with prolonged problems, then the financial picture of Hanoi Beer - Alcohol - Beverage Joint Stock Corporation (Habeco) and Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM) is quite bright.
These two businesses still maintain profitability and basic financial indicators at a safe level. However, the requirement for restructuring and improving capital utilization efficiency is still present.
According to Habeco's 2025 financial supervision report, the enterprise's charter capital reached 2,318 billion VND, of which state capital was about 1,896 billion VND. Total revenue and other income reached 6,152.35 billion VND, equal to 103.75% compared to the same period.
In 2025, Habeco achieved pre-tax profit of 488 billion VND and after-tax profit of 400 billion VND. The ratio of payables to equity of the parent company is 0.41 times, while the return on equity (ROE) reached 9.31%.
However, behind the relatively healthy balance sheet is still the problem of restructuring investments.
Habeco currently contributes capital to invest in 26 companies, including 16 subsidiaries and 6 joint ventures, associates and 4 other investment units.
In which, 17 companies operate in the field of production and trading of beer, wine, and soft drinks; 4 companies operate in supporting industries for the main production industry such as packaging production, transportation service business; 5 companies operate outside the industry (including 3 companies operating in the real estate sector, 1 driver training company and 1 general business company).
By the end of 2025, out of 16 Habeco subsidiaries, 15 companies were profitable. The only subsidiary that was losing money was Hanoi Alcohol and Beverage Joint Stock Company.
Habeco is applying special financial supervision to 3 subsidiaries, including: Hanoi Beer - Thai Binh JSC, Hanoi Alcohol and Beverage JSC and Hanoi Beer - Quang Binh JSC.
Habeco has developed the "Habeco and member companies restructuring project for the period 2021 - 2025" to submit to competent authorities for approval.
In the project, Habeco develops a plan to restructure and divest investment capital in companies operating outside the main production and business lines and companies operating inefficiently, in order to focus resources, improve operational efficiency and competitiveness.
However, the restructuring plan of Habeco and member companies for the period 2021 - 2025 has expired. The enterprise is continuing to build a restructuring plan for the period 2026 - 2030 to submit to competent authorities for approval, aiming to divest capital in companies operating outside the main production and business sectors and inefficient operating units.
Meanwhile, Vietnam Engine and Agricultural Machinery Corporation - JSC (VEAM) stands out with a large profit scale, but the revenue structure strongly depends on financial activities.
According to a report by the state capital representative department at VEAM on financial supervision in 2025, VEAM's parent company achieved total revenue and other income of approximately 8,053 billion VND. Of which, net revenue from sales and service provision only reached 553.5 billion VND, while financial operating revenue reached 7,497 billion VND, accounting for about 93% of total revenue.
The Ministry of Industry and Trade assesses that in 2025, VEAM's financial revenue and after-tax accounting profit are both higher than the same period last year. The after-tax profit margin shows that VEAM uses capital and manages assets effectively; has the ability to pay outstanding debts, while preserving and developing capital.
However, large profit scale does not mean that core production and business activities are commensurate with the resources the enterprise is holding.
The total long-term investment value of the parent company at the end of 2025 is 3,374.2 billion VND, of which about 220 billion VND has been provisioned.
In 2025, VEAM's investments in the two joint ventures Honda Vietnam and Toyota Vietnam achieved high efficiency. Meanwhile, the investment efficiency in VEAM's subsidiaries is still limited, especially in companies where VEAM holds 100% of capital.
The financial picture of Habeco and VEAM shows that the problem posed to the two enterprises is not only maintaining profits, but also continuing to restructure the investment portfolio and improve the efficiency of capital use. Therefore, definitively handling outstanding debts is still an important requirement for the state-owned enterprise sector.
