Businesses remain optimistic for remainder of the year

Scores of businesses have already unveiled their second-quarter business results, with many showing healthy figures.

In the first half of this year, Hang Xanh Motors Service JSC (Haxaco) reaped $7.5 million in pre-tax profit, soaring 134 per cent on-year.

This year, the company aims to reach $9.2 million in its profit-before-tax target, meaning it has completed 81 per cent after just six months.

Haxaco’s board chairman Do Tien Dung unveiled that the company is committed to fulfilling its profit target in only nine months.

However, Dung is cautious saying that the auto trade relies heavily on macro factors like fuel price, inflation, and interest rates.

Haxaco is confident in reaching its full-year business targets early

The auto industry is facing many challenges as customers find it harder to borrow after the central bank declined to loosen credit limits for banks and the scarcity of auto components continues.

“Haxaco avoids heavy reliance on bank capital sources. We have created several scenarios to mitigate the obstacles and secure sound business results by the end of the year and beyond,” said Dung.

Real estate developer Khai Hoan Land also posted a strong performance during the period.

The company eyed a 232 per cent jump in post-tax profit and a 150 per cent hike in revenue on-year, reaching almost $5.6 million and $21.7 million respectively.

“We believe we will surpass our full-year projection this year,” said Phung Quang Hai, the company’s deputy CEO.

Export firms in several sectors such as textiles and clothing, seafood, electronic device production, and woodwork manufacturing have also posted impressive H1 growth thanks to the strong rebound in export markets post-pandemic.

Apparel maker TNG counted $141 million in revenue and $5.4 million in post-tax profit in the first six months of this year, equal to a 37 per cent and a 51 per cent jump on-year.

In July, TNG is expected to reap $30 million in revenue, pushing up its total in the year to date to $171 million, equalling 70 per cent of its full-year plan.

The IDI International Development and Investment Corporation raked in $185 million in revenue and $18.7 million in post-tax profit.

Its revenue saw a 33 per cent jump on-year while its post-profit target rose nearly 8-fold.

Leading retailer Digiworld is also confident in reaching its full-year revenue and profit targets.

Banks deliver upbeat first-half performance A raft of banks has released their second-quarter and first-half financial reports, rendering a rosy profit picture during the period, rooted in positive credit growth.

Seafood firms toast to first-quarter upbeat performance Many listed seafood producers and exporters eyed record revenue and profit figures, leveraging spikes in prices and favourable market conditions.

Investment sentiment upbeat in industrial property arena The logistics sector has seen a number of large-scale investments in the first months of the year as it experiences a period of significant growth that is vital to the ongoing development of the country’s economic recovery.

After six months, the company amassed $513 million in revenue and $15.3 million in post-tax profit, marking 28 per cent and 58 per cent jumps respectively.

The past two years have been a big test of strength for local firms and entrepreneurs, however, those that have adapted flexibly have proven their capacity to sustain the headwinds and champion inspiring business results.