Seven state companies in HCMC post losses

By Phuong Dong   August 7, 2020 | 08:45 pm PT
Seven state companies in HCMC post losses
Hiep Phuoc Industrial Park in Nha Be District, Ho Chi Minh City operated by Tan Thuan IPC. Photo courtesy of Tan Thuan IPC.
Seven out of 47 Ho Chi Minh City-based public companies reported losses for the first half of 2020.

The biggest, of VND87 billion ($3.7 million), was by bus manufacturer Saigon Mechanical Engineering Corporation (Samco), whose sales had plummeted because of the Covid-19 pandemic.

Tour company Saigontourist posted losses of VND35 billion as travel demand dropped.

Saigon Zoo-Botanical Garden Company Ltd reported losses of VND18.8 billion as its zoo in District 1 was closed in April amid the social distancing campaign.

The combined revenues of the 47 state-owned companies were worth VND29 trillion ($1.2 billion), and their profits were VND3.16 trillion ($136 million).

Saigon Jewelry Company (SJC), which sells the popular SJC gold, had the highest revenues of VND11.43 trillion.

It was followed by mall operator Saigon Trading Group (Satra) and water utility Saigon Water Corp (Sawaco).

Industrial park operator Tan Thuan IPC achieved 73 percent of its revenue target for the year, highest among all the companies.

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