1 billion revenue companies

Meanwhile, it recorded a net revenue of VND38.45 trillion, according to its consolidated Q2 financial statement. All main business segments saw growth in revenue, especially the real estate and industrial segments with year-on-year increases of 62 percent and 53 percent respectively. As of June 30, the conglomerate’s total assets and equity were valued at VND417.88 trillion and VND144.44 trillion, respectively. Vingroup, has set a revenue target of VND170 trillion ($7.3 billion) for 2021, up 54 percent year-on-year. It targets post-tax profit of VND4.5 trillion in 2021, approximately the same as last year. It plans to boost its business activities in all its core sectors of technology, industry and services this year. … [Read more...] about Vingroup pre-tax profits up 34 pct

OCB’s pre-tax profit saw a rise by over 42 per cent in the first half of the year, compared to 2020, Photo Le Toan Banks are being seen as more ideally positioned and resilient amid the pandemic than other institutions, as their latest financial statements in the first half of 2021 reveal optimistic results. According to its latest report, VPBank (HSX: VPB) in H1 achieved a consolidated pre-tax profit of more than VND9 trillion ($391.3 million), up 37.2 per cent on-year, in which individual bank’s services created 88 per cent of the whole consolidated profit. VPBank saw its return on assets ratio attaining 3.3 per cent for the first time, and its return on equity reach 25.7 per cent. The bank, as a result, beats analysts’ expectations thanks to its leading performance indicators compared to other domestic peers. Likewise, MB (HSX: MBB) targets to gain VND13.2 trillion ($573.9 million) in consolidated profit, up 20 per cent on-year, with total assets and credit growing 11 per … [Read more...] about Shrewd activities resulting in banking bonuses for 2021

Masan’s sole focus lies on serving consumers' daily needs Masan’s consolidated net revenue reached VND41.19 trillion ($1.79 billion) in the first half of the year, a 16.4 per cent on-year growth against last year, primarily due to strong double-digit organic growth in branded consumer and meat businesses, a 1.7-per-cent growth in modern retail in the second quarter, and a 137.6-per-cent revenue growth at Masan High-Tech Materials (MHT). Accordingly, The CrownX, Masan’s integrated consumer-retail platform that consolidates VinCommerce (VCM) and Masan Consumer Holdings (MCH), delivered first-half earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2021 of VND2.85 trillion ($124.2 million), more than doubled compared to last year as the margin expanded to 11.2 per cent. VCM delivered positive earnings before interest and taxes (EBIT) in June, with a 2.1-per-cent EBITDA margin for 1H2021 and management plans to achieve break-even EBIT in 3Q2021. New stores … [Read more...] about Masan posted high earnings in the first half of 2021 following rising demand

Vietnam raked in $1.2 billion in rubber export in the first six months, equal to a 83.6 per cent jump on-year Recent figures from the General Department of Customs show that Vietnam counted more than $1.2 billion and $644 million in rubber and rubber product exports in the first half of this year, showing 83.6 and 66.8 per cent jumps on-year. The export price of rubber remains high, fetching an average $1,718 per tonne in the second quarter this year, compared to the $1,660 in Q1/2020. As a result, businesses operating in rubber production and processing have been soaring against the previous year. Vietnam Rubber Industry Group (GVR) earned an estimated VND10.193 trillion($443.17 million) in revenue in H1, up 49.6 per cent on-year. Meanwhile, the revenue from business activities of Dak Lak Rubber Investment JSC jumped 78 per cent on-year, reaching VND243 billion ($10.57 million) with a marked improvement in its profit margin. Accordingly, the company reaped nearly VND50 … [Read more...] about Rubber firms pick up rosy profits despite COVID-19

The US will not take any trade action against Vietnam The European-American Market Department under the Ministry of Industry and Trade (MoIT) announced that the Office of the United States Trade Representative (USTR) has issued a formal conclusion of the investigation under Section 301 of the 1974 Trade Act into the acts, policies and practices of Vietnam related to the valuation of Vietnam’s currency. Based on the agreement between the US Department of the Treasury and the State Bank of Vietnam which provides a satisfactory resolution of the matter subject to investigation, the USTR will not take any trade action against Vietnam. The MoIT welcomes and highly appreciates this decision of the USTR. It has particularly positive implications for bilateral economic-trade relations, business and investment environment in Vietnam, and multifaceted cooperation between the two countries, according to the ministry. This is also a positive step following the agreement … [Read more...] about VIETNAM BUSINESS NEWS JULY 30

Inside a steel production line of Hoa Phat Group. — Photo hoaphat.com.vn Steel producers continued to post great results in the second quarter of this year, supported by high steel prices. In a statement to the State Securities Commission of Viet Nam (SSC), Hoa Phat Group (HPG) said that its revenue reached VND35.4 trillion (US$1.54 billion) in the second quarter, resulting in profit after tax of over VND9.7 trillion. In the first half of this year, Hoa Phat reported revenue of nearly VND66.9 trillion, up 67 per cent year-on-year. Its profit after tax was more than VND16.7 trillion, three times higher than the same period last year. The significant growth was driven by higher steel prices. Due to disruptions amid COVID-19 outbreaks around the world, prices of materials for steel productions like coke and iron ore jumped, causing steel prices to surge. On the Shanghai Futures Exchange, the price for October delivery of rebar was 5,737 yuan per ton yesterday, up 32 per cent … [Read more...] about Steel producers record big profits on high prices