Vietnam news in brief - February 9
Read the Hanoi Times for more updates about the country.
Listed businesses raise net profit by 30% on-year: VNDirect
| A Vietcombank office in Hanoi. Photo courtesy of the bank |
As of February 5, more than 1,100 listed companies on all three bourses reported their total net profit increased 30% on-year in Q4, according to VNDirect Securities Corp (VNDS). Steel producers and banks had the highest earnings, as their profits gained 26.7% and 22.5% on-year. Mid-cap companies were the biggest earners as their net profits gained 130.3% on-year.
Retailers benefited from a stronger domestic purchasing power and saw their profits up 43% on-year. Meanwhile, power companies saw profits down a third from the previous year due to El Nino phenomenon and halted operations at coal power plants.
Vietnam's highest export in nearly two years
In January, Vietnam recorded an export turnover of nearly US$33.6 billion, a 42% increase from last year, and the highest level since April 2022, according to the Ministry of Industry and Trade. The total import-export value in the first month of 2024 saw a strong increase, reaching over $64 billion, a nearly 38% rise compared to the same period last year. Specifically, exports increased by 42%, totaling around $33.6 billion. The strong export growth was driven by the agriculture, forestry, fisheries, and processing industries, which saw increases of approximately 97% and 38%, respectively.
Vingroup chairman Pham Nhat Vuong remains the wealthiest, total assets reach $7.1 billion
Vietnamese billionaire and chairman of conglomerate Vingroup Pham Nhat Vuong remained the richest man on the stock market in the 2023 lunar year. As of February 8, also the end of the lunar year, Vuong’s total assets reached US$7.15 billion, according to Bloomberg.
Budget carrier Vietjet CEO Nguyen Thi Phuong Thao ranked second with a $2.4-billion worth, and Tran Dinh Long, Chairman of steel giant Hoa Phat, had his assets rise by $500 million to $2.3 billion thanks to the recovery of the firm shares on the stock market.
Vietnam’s export surge to Thailand in 2023
In 2023, Vietnam's export turnover to Thailand reached $7.19 billion, accounting for 22% of the total export value to ASEAN and making it the largest export market within the bloc.
During the period from 2013 to 2023, Vietnam’s export turnover to Thailand consistently reached a value of $1 billion or more. The growth trend continued in 2022 when exports to Thailand brought in $7.5 billion, a 22% increase compared to 2021.
