Military-run telecom firm Viettel outpaced the revenue of the Vietnam Posts and Telecommunications Group (VNPT); Military Bank (MBB) paid the highest salaries in the Vietnamese banking industry; Saigon Newport Corporation paid an average monthly salary of VND18 million and 17-months salary in a year.
In the face of economic slowdown, many military-owned enterprises still announced hefty revenues and profits.
At a recent annual review meeting of the communication industry for 2012, Nguyen Manh Hung, Deputy General Director of Viettel Group, said his company’s revenue exceeded VND140,058 billion (US$7 billion) in 2012, representing a year on year rise of 18.5 per cent and surpassing that of VNPT Group with VND130,300 billion (US$6.5 billion).
The military-run telco also saw a nearly 60 per cent increase in profit to reach VND27,000 billion, trebling that of VNPT with VND8,500 billion in the year.
In 2011, although its revenue was lower than that of VNPT, Viettel’s profit also doubled its rival. As regards overseas investment, he said Viettel is now investing and doing business in seven countries with a combined population of 110 million people, including three countries in Asia nations, two in Africa and two in America. Its overseas revenue rose 45 per cent to nearly US$600 million while its profit surged 85 per cent to US$76 million.
Viettel said it expects 20 per cent growth in revenue in 2013 and the rate in foreign countries will be 50 per cent.
Military Bank (MBB) reported the highest credit growth in the industry in 2012. In the third three quarters of 2012, its net profit was VND2,023 billion.
In the third quarter, the lender raked in a gross profit of VND842 billion and a net profit of VND633 billion, an increase of nearly 20 per cent over the same period of 2011.
While operating expenditures reduced, provisions for credit reserve risks rose 41 per cent year onyear in the first nine months of 2012. As of September 30, 2012, the lender’s risk reserve cost reached VND904 billion, compared with only VND643 billion in the same period of 2011.
As of September 30, MBB’s outstanding loans totalled more than VND64,800 billion. Credit growth was 10.65 per cent in the nine-month period while deposit growth was 12.11 per cent to reach VND100,429 billion. Its bad debt ratio was just 1.99 per cent.
Less-known Saigon Newport Corporation (SNP) is extremely powerful in wharf and logistics services. Its market share of container freight handling accounts for more than 85 per cent in the southern region and 46 per cent in Vietnam. SNP is the 34th largest container port in the world.
In 2012, the company's revenue reached VND6,400 billion, up 14 per cent over the previous year.
Together with huge revenues and profits, military-run enterprises also pay highest wages in the industry.
Le Dang Dung, Deputy General Director of Viettel, said the group has 25,000 employees, each of whom is paid approximately VND18 million per month, higher than in competitors like FPT and VNPT, with some VND10 million each month.
Salary at MBB is also the highest in the banking industry with each employee paid VND15 million a month, surpassing last year's top-placed Vietinbank.
Tran Khanh Hoang, Deputy General Director of SNP, said that his company has over 4,000 employees. Each is paid VND18 million a month and 17-month salary in a year.
T.N
Vietnamese
