PVFC Allowed to Raise Capital to US$187.5Mln
The PetroVietnam Finance Company (PVFC), under the state-run Vietnam Oil and Gas Group (PetroVietnam), has been licensed to raise its registered capital to VND3 trillion (US$187.5 million) in 2007, tripling the previous figure.
The capital increase is expected to help the firm expand business in the year.
PVFC achieved a prosperous year in 2006. Its revenue reached VND1,016 billion, ranking among the few Vietnamese firms with revenue of VND1 trillion. The company posted pretax profit of VND128 billion (US$8 million) last year.
As of the end of 2006, PVFC’s assets totaled VND17.73 trillion (US$1.1 billion).
PVFC is a wholly-owned non-banking offshoot of PetroVietnam. It uses available capital sources to make loans and invest in enterprises and credit organizations. The firm also acts as an underwriter of bond and share issues.
In 2007, PVFC targets total assets of VND40 trillion, deposits of VND37 trillion and outstanding loans of VND12 trillion. The firm eyes to obtain revenue of VND2.66 trillion and profit of VND400 billion. (Vietnam and World Economy)
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