A transaction office of HDBank (Photo: VietnamPlus) Hanoi (VNA) – Among the 10 most profitable firms in the banking – financial – securities sector in 2019, banks continue to be the focus of attention while the “trillions-of-VND” club has seen changes.
The Vietnam Report JSC and online newspaper VietNamNet recently held a ceremony to announce the Profit500 2019 list, which names the most profitable businesses of the country this year.
The Vietnam Oil and Gas Group (PetroVietnam) tops the rankings. This is the second year that the group has taken the leading position among the top 500 enterprises.
Others in the top 10 include Samsung Electronics Vietnam Thai Nguyen Co. Ltd, Viettel Military Industry and Telecoms Group, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Honda Vietnam, PetroVietnam Gas Corporation, VinGroup, Vietnam Dairy Products JSC (Vinamilk), Vietnam Technological and Commercial Joint Stock Bank (Techcombank), and Hoa Phat Group.
Among the 10 most profitable firms in the banking – financial – securities sector in 2019, banks continue to be the focus of attention while the “trillions-of-VND” club has seen changes.
[Over 2 mln USD for development of Vietnam's banking sector]
In particular, Vietcombank is the best performer of this group as it recorded a pre-tax integrated profit of 17.592 trillion VND (760.62 million USD) in the first nine months of 2019, up 50.6 percent from the same period last year and equivalent to 85.8 percent of this year’s target. Of the sum, the parent firm earned 17.25 trillion VND, which soared 51.9 percent year on year and equivalent to 85.4 percent of the target for 2019. The return on assets (ROA) and return on equity (ROE) reached 1.65 percent and 25.75 percent, respectively, a sharp increase from 2018 and higher than the sector’s average.
The Vietnam Bank for Agriculture and Rural Development (Agribank) ranks second with a pre-tax profit of 9.7 trillion VND, fulfilling 88 percent of its plan for this year and higher than the figure in the whole 2018.
It is followed by Techcombank, which posted a pre-tax profit of 8.86 trillion VND, up 14 percent from a year earlier. This sum includes 3.198 trillion VND in the third quarter, climbing 24 percent year on year.
Over the last three quarters, the Military Commercial Joint Stock Bank (MBBank) earned 7.616 trillion VND in pre-tax profit, up 26.6 percent, while the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) reported the figure at 7.199 trillion VND, fulfilling 76 percent of its annual target.
Meanwhile, the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) enjoyed impressive business results. The pre-tax profit in the third quarter alone surged by 51 percent from the same period of 2018, adding up to the profit of 3.448 trillion VND in the nine months – the highest so far.
Its ROA and ROE were 1.7 percent and 20.2 percent, respectively, making HDBank one of the listed banks with the best performance in these regards.
Aside from ranking businesses, Vietnam Report also issued assessments of indicators, the business environment, as well as sectors with growth potential, of which the banking sector is in the fifth place for the 2020 – 2025 period.
Profit500 was created to enhance the prestige and brand of businesses, help them approach new opportunities, attract investors and improve their competitiveness.
Vu Dang Vinh, director general of Vietnam Report, said this year was considered a bright spot of the Vietnamese economy with many remarkable achievements such as a promising growth rate of 6.98 percent.
In addition, the consumer confidence index has also improved, he said.
Evaluating the business and investment environment in the first nine months of this year, many businesses at the event shared the view that reform and innovation efforts have had positive results.
Indicators of macroeconomic governance of the Government, capital assessment, tax system and tax administration have all been evaluated highly.
Earlier, Vietnam Report announced the ranking of the 10 most prestigious retail companies this year.
They included VinCommerce General Trading Services JSC, Aeon Vietnam Co. Ltd, BigC, Southern Airports Services JSC (Sasco), and Lotte Vietnam Shopping Joint Stock Company./.
