Vietnam Listed Firms Cautious with Business Plans This Year
Vietnam is expected to continue to feel the effects of the world economic turmoil this year, which has prompted many listed companies to set modest revenue and profit targets for 2009, the Securities Investment newspaper reported.
PetroVietnam Fertilizer Co. (DPM), one of the biggest listed firms on the country’s main exchange, expects a pretax profit of VND1.1 trillion on gross revenues of VND5.8 trillion this year, lower than VND1.5 trillion and VND6.6 trillion estimated in 2008.
DPM’s General Director Phan Dinh Duc said the lower oil price in 2009 will have bad impact on the Vietnam’s economy as a whole and DPM’s fertilizer and chemical trading business.
The country’s giant property developer Hoang Anh Gia Lai Corp. (HAG), meanwhile, targets pretax profit of VND1.1 trillion in 2009 due to difficulties of the real estate market, its chairman Doan Nguyen Duc revealed.
Saigon Garment Manufacturing & Trading JSC (GMC) also expected to earn VND18 billion in pretax profit, lower than VND22.4 billion last year, attributed to the fall in garment export prices in the European market and order cut from U.S. market.
The Ho Chi Minh City Securities Company (HSC) said listed companies’ growth would fall 10 per cent this year.
Ban Viet Securities Co., in its recent report, said that if the government’s stimulus package is well carried out, strengthening the stability of the banking system will be an important foundation to maintain the country’s economic growth in 2009. (Securities Investment)
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