State Capital Investment Corporation (SCIC) expects to make a pre-tax profit of VND6.6 trillion (US$290.5 million) in 2017, posting a 33 per cent year-on-year increase.— Photo sggp.org.vn State Capital Investment Corporation (SCIC) expects to make a pre-tax profit of VND6.6 trillion (US$290.5 million) in 2017, posting a 33 per cent year-on-year increase. The corporation said at a meeting on Wednesday in Ha Noi that it posted revenue of VND7.38 trillion and after-tax profit of VND6.3 trillion, up 36 per cent from the set targets. Last year, it successfully sold its stakes in 38 firms, including total share sales at 36 units and a part of shares at two others. SCIC collected VND932 billion from its divestments, 2.2 times higher than their cost prices. By selling a 5.4 per cent stake in Viet Nam Dairy Product JSC (Vinamilk), which was directly paid to the State budget, SCIC collected VND21.2 trillion, which was 19.1 times higher than cost prices. So far, the corporation has sold State capital in 986 companies since its establishment in 2005, collecting VND28 trillion, 3.5 times higher than cost prices. In November, SCIC successfully sold its 48.3 million shares of Vinamilk, equal to 3.33 per cent of the dairy firm’s capital, to Singaporean firm Jardine Cycle & Carriage for VND186,000 per share in a deal worth a total of VND9 trillion. By the end of last year, SCIC was managing State capital worth VND19.1 trillion in book value at 133 enterprises. SCIC plans to step up the handover… [Read full story]
Vietnam Technological & Commercial Joint-Stock Bank, which is partly owned by HSBC Holdings Plc., posted a 75 percent increase in first-half pretax profit as it expanded its banking network. Techcombank, as the company's known, had pretax earnings of VND551 billion (US$33 million) in the six months ended June 30, Chief Executive Officer Nguyen Duc Vinh said over the weekend, without providing year-earlier figures. The company said last year it earned VND314 billion ($18.75 million). "In the first-half, we opened more branches nationwide, and now the number of branches almost doubled from the same period last year, and that boosted our…... [read more]
Maritime Commercial Joint Stock Bank (Maritime Bank) made pretax profit of VND473 billion (US$27.9 million) in the first half of this year after extracting VND112 billion for risk provision, making up 26 per cent of its average registered capital, the bank said on its Website. Between Jan and Jun, Maritime Bank raised VND43 trillion of deposits. It did not give out any on-year comparative figures. The bank's total assets rise 143 per cent from the beginning of this year to VND46 trillion by the end of June. This year, the lender expects to make pretax profit of VND600 billion. (Investment,…... [read more]
VMS MobiFone, a unit of Vietnam Post and Telecommunication Group (VNPT), said it earned a pretax profit of nearly VND5.86 trillion ($300.51 million) last year, rising 6% on year and making up 52.32% of the VNPT's profit. Its revenues were over VND36.03 trillion in 2010. The figure witnessed an on-year growth of 31.5% and accounted for 35% of total revenues made by the VNPT. It contributed VND4.2 trillion to the state budget during the year. By the end of 2010, MobiFone had more than 20,000 base transceiver stations. It signed up an additional 5.95 million actual mobile subscribers last year,…... [read more]
Foreign banks and financial companies are forecast to make pretax profits of VND1.418 trillion (US$84.8 million), down 42 per cent on year with non-performing loans predicted to rise slightly this year, the State Bank of Vietnam, the central bank said. Although several of them had loss, foreign banks and financial firms see a profitable year, Nguyen Van Giau, governor of SBV said. In the first ten months, foreign banks and credit institutions mobilized VND22.957 trillion (roughly US$1.3 billion), up 46 per cent from a year ago while they lent a total of VND152.952 trillion (US$9.27 billion), the SBV said. The…... [read more]
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) made a pretax profit of VND1,221 billion (US$68.549 million) in the first seven months this year, according to the bank's general director Nguyen Duc Vinh. The Hanoi-based bank earned a pretax profit of around VND190 billion in July, Vinh said, giving no comparison of the same period last year. As of July 31, Techcombank had raised total deposits of VND59 trillion while it lent a total of VND32 trillion, including VND20 trillion for subsidized loans. Vinh, however, said the bank has found it hard to fulfill its earlier-set target to make pretax…... [read more]
