Ceramic firm Viglacera (VGC) report profit up 15 per cent in 2020
Glass and construction ceramic producer Viglacera reported pre-tax profit of more than VND860 billion (US$37.4 million) in 2020, 15 per cent higher than the annual plan.
This is a positive result especially in the context of the COVID-19 pandemic. Not only has the demand for construction and use of construction materials decreased, but the competitive pressure of the domestic market has also increased sharply.
The falling oil prices helped the company reduce direct fuel costs and input material costs, thereby reducing production costs.
The company has new opportunities for increasing exports as the US-China trade war redirected the demand for construction materials to Viet Nam. Bilateral and multilateral free trade agreements with Japan, Canada, the US and Europe have also opened up opportunities for exporting new products.
Viglacera General Director Nguyen Anh Tuan said in the coming years the company aimed to expand and invest strongly in the southern market.
He said the glass segment in the southern market had shown positive development, adding that the company had successfully set up Viglacera Float Glass Company in Binh Duong Province and Phu My Ultra White Float Glass Factory in Ba Ria - Vung Tau Province.