Businesses set ambitious double-digit growth targets
Businesses set ambitious double-digit growth targets
Ongoing economic recovery continues to serve as a driving force, enabling businesses from various sectors to accelerate growth, with many firms are setting business plans with double-digit growth targets.
Less than two months after unveiling its initial business plan to investors, TMT Motors Corporation, a leading manufacturer and assembler of commercial cars in Vietnam, convened a meeting early this month to approve a revised plan that reshapes its product sales structure and sets ambitious profit targets.
Optimistic about 2025 prospects, Dabaco Group aims to achieve $1.2 billion in revenue for 2025. Photo: baodautu.vn |
Under the new plan, TMT Motors will focus on electric vehicles (EVs) and heavy-duty trucks, aiming to sell 8,075 units, including 3,456 heavy-duty trucks, 1,215 light-duty trucks, and 3,404 EVs.
The company has set a revenue target of nearly $159.1 million (excluding VAT) and a pre-tax profit of $12.5 million, 36.86 per cent higher than the previously announced $9.04 million, marking a dramatic turnaround from the loss of nearly $8 million in the first nine months of 2024.
Responding to the recent surge in its stock price, chairman Bui Van Huu noted that TMT Motors has outlined a robust 2025 business strategy, introducing new vehicle models to the market.
“In early 2024, the company has prioritised inventory clearance, restructured its product line, and collaborated with foreign suppliers to develop visually appealing vehicle models. By December 2024, agreements with international partners for the production of new EVs in Vietnam were finalised, with operations slated to begin in the first quarter of 2025,” Huu said.
Throughout 2024, TMT Motors underwent extensive restructuring to rebuild consumer and dealer confidence, positioning itself for a new production cycle in early 2025 and company representatives expressed confidence in these preparations as a foundation for achieving theirs targets.
Livestock major Dabaco Group has also set a revenue target of $1.2 billion, more than doubling its 2023 record of $458.3 million, its pre-tax profit goal for 2025 is over $45.8 million, representing a 28.3 per cent increase from an estimated $35.7 million in 2024.
Dabaco's leadership announced plans to expedite the implementation of key projects such as green-shelled eggs, ready-to-eat Devi eggs, premium soybean oil COBA, and UMI products.
In addition, the company aims to operationalise its African swine fever vaccine production.
In the garments and textiles sector, Duc Giang Corporation has set a profit target of $1.2 million for 2025, a 21 per cent increase from its 2024 estimation, the company achieved a significant recovery in 2024, recording profits of $1 million, exceeding its planned target by 20 per cent.
Listed companies across the board recorded nearly 21 per cent growth in after-tax profit during the first nine months of 2024 compared to the same period last year, surpassing the 2024 plan of 17.9 per cent and achieving 83 per cent of the annual target.
The financial reporting season for 2024 is expected to focus on the last two weeks of January. However, analysts have a positive outlook on their profit growth for 2024.
According to experts at VPBank Securities JSC, half of the 18 industries under review could achieve double-digit growth rates, the profit outlook for 2025 remains promising with projected growth rates of 25-30 per cent, and the ongoing economic recovery is expected to serve as a key driver, fostering growth across various industry sectors.
Mirae Asset Financial Group’s latest report highlights Vietnam’s economy as poised to achieve high growth during 2025-2030, supported by accelerated infrastructure investment, increased foreign investment, and rising consumer demand.
A report by analysts at SSI Securities Corporation, however, forecasts that export growth in 2025 may slow to 9.5 per cent, down from 14.3 per cent in 2024, due to external challenges and a high comparative base.
“To sustain momentum, domestic drivers like consumption and public investment must be bolstered, while reinstating build-transfer construction projects and improving the business environment for private enterprises are vital measures,” the SSI the report said.
The report assumes that institutional reform efforts will not only come from streamlining the administrative apparatus, reducing intermediaries, and granting autonomy to ministries, sectors, and localities, but also from the official implementation of a series of amended legal documents at the end of 2024 and the beginning of 2025.
“Risk in an unstable world is inevitable. However, Vietnam has prepared a mindset of ‘doing while adjusting’ to face these challenges,” the report said.
