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Vietnam’s 2022 economic growth projected at 7%

Vietnam’s GDP is likely to expand by around 7 percent in 2022, much higher than 2.58 percent growth of 2021.

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Minister of Planning and Investment Nguyen Chi Dung made the above statement at the Cabinet meeting in Hanoi on July 4.

With this scenario, the economy needs to expand 9 percent in the third quarter and 6.3 percent in the last quarter this year, the minister said.

In the first half, the Southeast Asian country’s GDP accelerated to 6.42 percent growth compared to the optimistic scenario of 5,1-5,7 percent as figured out in the Government’s Resolution No. 01/NQ-CP, dated January 01, 2021 on major tasks and solutions for implementation of socio – economic development plan and state budget estimate for 2022. 

Especially, the GDP grew 7.72 percent in the second quarter, which is the fastest growth pace for April-June period since 2011.

Earlier, the World Bank predicted Vietnam’s 2022 GDP growth at 5.5 percent if the COVID-19 pandemic is controlled.

The projection is lower than the Vietnamese Government’s predictions at 6.5-7 percent, HSBC at 6.5 percent and Standard Chartered at 6.7 percent.

Source: https://e.nhipcaudautu.vn/economy/vietnams-2022-economic-growth-projected-at-7-3346528/

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Vietjet’s fourth-quarter revenue increases over four times

Vietjet Aviation Joint Stock Company (HoSE: VJC) reported net sales of VND11,807 billion ($503 million), which is 4.2 times more than the same period in 2021 and back closer to pre-pandemic levels.

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Vietjet reported net revenue of VND11,807 billion ($503 million) in the fourth quarter of 2022, an increase of 323% over the fourth quarter of 2021. Vietjet experienced a loss after tax of VND 2,171 billion ($92 million) for the entire year. In the history of the business, this was the first year with a loss.

The firm had a gross loss of VND3,843 billion ($163 million) due to a substantial increase in the cost of goods sold to VND15,650 billion ($667 million). This is the biggest quarterly gross loss ever for Vietjet.

Both financial income and expenditures were much larger than they were during the same period in 2021, totaling VND2,064 billion ($88 million) and VND1,353 billion ($57 million), respectively. The fourth quarter of the prior year only had a loss of VND82 billion ($3.5 million), but the current quarter saw a net loss of VND3,746 billion ($160 million).

In the fourth quarter of 2022, Vietjet unexpectedly reported VND 1,625 billion ($69 million) in “other income,” a significant increase from the VND 7.8 billion ($332 thousand) recorded the previous quarter.

Due to this exceptional result, Nguyen Thi Phuong Thao’s airline only had a loss after taxes of VND 2,358 billion ($100 million), which is significantly less than the net loss from the aforementioned commercial operations. The fourth quarter result is still Vietjet’s greatest ever after-tax deficit, though.

Vietjet reported a net profit of VND39,342 billion ($1.6 billion) for the whole 2022 fiscal year, a threefold increase over the prior year. To VND2,167 billion($92 million), the gross loss grew by 6%. After-tax loss of VND2,171 billion ($92.5 million), in contrast to a profit of VND122 billion ($5.2 million) in 2021.

Source: https://e.nhipcaudautu.vn/companies/vietjets-fourth-quarter-revenue-increases-over-four-times-3350414/

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Vietnam Airlines risks stock delisting

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The Ho Chi Minh City Stock Exchange (HoSE) on Thursday warned that Vietnam Airlines (HVN) could be delisted if an audit proves the company has logged an operating loss for three consecutive years.

In its warning, the HoSE cited the firm’s consolidated financial statement for the last quarter of 2022 in which Vietnam Airlines posted an accumulated loss of nearly VND34.2 trillion (US$1.46 billion) in 2022. 

The carrier also reported that its equity was negative VND10.2 trillion ($435.4 million) last year.

According to the Law on Securities, the stock of a public company must be delisted if it suffers annual operating losses for three consecutive years, if its accumulated losses exceed its charter capital, or if its equity is negative.

As such, if Vietnam Airlines’ audited consolidated financial statement for 2022 shows a loss, it will be the firm’s third consecutive year of operational losses and its ticker will be delisted, the HoSE warned. 

On June 1, 2022, the HoSE issued a decision to put HVN into ‘under control’ status after the firm released a report on its accumulated losses and negative equity. 

In its most recent quarterly consolidated financial statement, Vietnam Airlines attempted to explain its operating losses, noting that it has implemented a series of short- and long-term solutions during the past year to minimize damage caused by the COVID-19 pandemic.

It also declared that it was adding more capital and increasing its operational cash flow.

However, due to the slow recovery of the international aviation market, negative factors such as high fuel prices, ongoing global conflicts, and increased fluctuations in exchange and interest rates, the national carrier continued to suffer losses in both the fourth quarter and the whole of 2022.

Nonetheless, Vietnam Airlines expressed its belief that the global aviation market would gradually recover from the last quarter of 2022 and that the firm will have a better 2023.

Vietnam Airlines has decided to completely restructure itself for the 2021-25 period in a move that was approved by shareholders and relevant agencies. 

“The corporation believes that its business activities have gradually stabilized and is preparing for recovery and development in the near future,” the airline claimed.

HVN now trades at around VND13,200 ($0.56) per share, down 11 percent just this month.

In January 2022, HVN was trading at VND27,300 ($1.16) per share.

Established in 1995, Vietnam Airlines has 19 subsidiaries and two affiliates.

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The Ho Chi Minh City Stock Exchange (HoSE) on Thursday warned that Vietnam Airlines (HVN) could be delisted if an audit proves the company has logged an operating loss for three consecutive years.

In its warning, the HoSE cited the firm’s consolidated financial statement for the last quarter of 2022 in which Vietnam Airlines posted an accumulated loss of nearly VND34.2 trillion (US$1.46 billion) in 2022. 

The carrier also reported that its equity was negative VND10.2 trillion ($435.4 million) last year.

According to the Law on Securities, the stock of a public company must be delisted if it suffers annual operating losses for three consecutive years, if its accumulated losses exceed its charter capital, or if its equity is negative.

As such, if Vietnam Airlines’ audited consolidated financial statement for 2022 shows a loss, it will be the firm’s third consecutive year of operational losses and its ticker will be delisted, the HoSE warned. 

On June 1, 2022, the HoSE issued a decision to put HVN into ‘under control’ status after the firm released a report on its accumulated losses and negative equity. 

In its most recent quarterly consolidated financial statement, Vietnam Airlines attempted to explain its operating losses, noting that it has implemented a series of short- and long-term solutions during the past year to minimize damage caused by the COVID-19 pandemic.

It also declared that it was adding more capital and increasing its operational cash flow.

However, due to the slow recovery of the international aviation market, negative factors such as high fuel prices, ongoing global conflicts, and increased fluctuations in exchange and interest rates, the national carrier continued to suffer losses in both the fourth quarter and the whole of 2022.

Nonetheless, Vietnam Airlines expressed its belief that the global aviation market would gradually recover from the last quarter of 2022 and that the firm will have a better 2023.

Vietnam Airlines has decided to completely restructure itself for the 2021-25 period in a move that was approved by shareholders and relevant agencies. 

“The corporation believes that its business activities have gradually stabilized and is preparing for recovery and development in the near future,” the airline claimed.

HVN now trades at around VND13,200 ($0.56) per share, down 11 percent just this month.

In January 2022, HVN was trading at VND27,300 ($1.16) per share.

Established in 1995, Vietnam Airlines has 19 subsidiaries and two affiliates.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230203/vietnam-airlines-risks-stock-delisting/71286.html

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Vietnam Tech unicorn VNG record a loss of over $56 mln in 2022

In 2022, VNG lost over VND1,315 billion ($56 million) after taxes. The undistributed after-tax profit of VNG, however, had still been greater than VND5,311 billion ($226 million) by the end of 2022.

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According to the financial report for the fourth quarter of 2022 from VNG Joint Stock Company (Code: VNZ), net sales climbed marginally by 6% to VND2,037 billion ($86.7 million) from the same quarter in 2021.

The gross profit margin increased to 45% in the fourth quarter of 2022 from 40% in the same quarter the previous year. 

This tech unicorn had a post-tax loss of over VND547 billion ($23.3 million) due to expenses depleting gross earnings, a substantial rise from the loss of VND267 billion ($11.3 million) during the same period. The fourth quarter of 2022 saw a VND435 billion ($18.5 million) net loss for VNG.

VNG’s cumulative net revenue in 2022 was 7,801 billion ($332 million), an increase of 2% from 2021. Since disclosing the information, the corporation has experienced a record loss after taxes of more than VND1,315 trillion ($56 billion). 

However, VNG had more than VND5,311 billion ($226.4 million) in cumulative unremitted after-tax earnings by the end of 2022.

With the above statistics, VNG fell short of its loss goal of VND993 billion ($39 million) for 2022 and only achieved 77% of the revenue forecast.

The entire assets of VNG exceed VND9,092 billion ($387 million) by the end of 2022, a decrease of less than 2% from the year’s commencement. Which accounts for one-third of total assets and is down VND2,000 billion ($85 million) from the start of the year. This technological group has VND3,079 billion ($131 million) in cash, cash equivalents, and bank deposits. VNG received interest on deposits totaling more than VND89 billion ($3.7 million) in 2022.

Besides, VNG also recorded VND1,484 billion ($63.2 million) of investment in affiliated companies and other units, 3.7 times higher than the first year. 

Only the investment in Dayone was profitable in the year, the rest of Rocketeer, Ecotruck, Beijing Youtu, Telio, and Funding Asia companies all lost, and VND1,000 billion  ($42.6 million) for the VNG Data Center project, this is the new data center with the largest rack scale in Vietnam, which has just been opened by VNG in mid-December, 2022.

By the end of 2022, the corporation had more than 7.1 treasury shares valued at more than VND1,264 billion ($53.9 million). All of these treasury shares will be offered by VNG to BigV Technology JSC for VND177,881 per share ($7.58).

Source: VietnamBiz

Source: https://e.nhipcaudautu.vn/companies/vietnam-tech-unicorn-vng-record-a-loss-of-over-56-mln-in-2022-3350413/

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