Blue-chip companies saw profit growth slow down last year amid difficulties faced by the manufacturing, retail and property sectors.
Companies making up the VN-30 basket of shares, the benchmark index on the Ho Chi Minh Stock Exchange (HoSE) comprising 11 banks and 19 other companies, saw pre-tax profits rise by 6% to VND350 trillion (US$14.75 billion).
In 2021 the growth had been 28%.
Banks achieved growth of 34% to VND200 trillion.
Vietcombank led with VND37.3 trillion driven by a surge in earnings from credit and foreign exchange.
This was despite making bad debt provisions of 460%.
It was followed by BIDV, MB, VPBank, and VietinBank, all of whom reported profits in excess of VND20 trillion.
Vinhomes led the property sector with VND38.6 trillion, which however represented a 20% decline. Other property developers such as Phat Dat and Novaland also reported falling profits.
Steelmaker Hoa Phat Group’s profits plummeted by 70% to below VND10 trillion, while in 2021 it had been more profitable than even banks. It had a challenging year due to declining steel prices and stalled property projects due to credit tightening.
Rising oil and gas prices helped PV Gas achieve a nearly 70% rise in profits to VND18.8 trillion.
Retailer Masan saw profits halve while electronics retail chain Mobile World reported a 6% drop.
Brewer Sabeco had a good year with profits soaring to VND6.8 trillion, the highest since it was acquired by a Thai company in 2017.
Vinamilk’s profits remained at around VND10 trillion.
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