Red ink continues to plague businesses
Red ink continues to plague businesses
Many companies continue to report losses for the first half of the year after being hit hard by the resurgence of Covid-19.
Medical staff disinfect a Vietnam Airlines aircraft in Noi Bai International Airport. Photo by VnExpress/Ba Do
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Vietnam Airlines saw its loss increase by 65 percent year-on-year to nearly VND10.8 trillion ($475 million).
Saigon Railway Transport and Hanoi Railway Transport reported losses of over VND20 billion and VND76 billion.
While many shipping companies have posted profits thanks to rising logistic costs, Vietnam Sea Transport and Chartering reported a loss of VND100 billion, and Oriental Shipping and Trading, VND70 billion.
Vietnam Sun Corp, which operates Vinasun taxis, lost for the sixth quarter in a row, which took H1 losses to nearly VND100 billion, or 20 percent more than it had expected.
Habac Nitrogenous Fertilizer and Chemicals bucked the industry trend with a loss of VND5.1 trillion despite fertilizer prices rising to a new peak and demand surging.
Petro Vietnam Construction posted a ninth consecutive quarterly loss in the second quarter.
The VND60 billion took its accumulated losses to over VND4 trillion, or more than its charter capital.
Infrastructure developer Tasco reported a loss of VND70 billion, a nearly eight-fold increase year-on-year as traffic demand plunged due to social distancing.
Several global organizations have lowered their GDP growth forecast for Vietnam.
Lender HSBC has cut its forecast from 6.6 percent to 6.1 percent, while the Asian Development Bank has brought it down from 6.7 percent to 5.8 percent.
The government targets growth of 6-6.5 percent.
