Vietnamese businesses earn billion-dollar profits in 2022, despite challenges

By Anh Tu   January 25, 2023 | 05:00 am PT
Vietnamese businesses earn billion-dollar profits in 2022, despite challenges
The headquarter of military-run telecom giant Viettel in Hanoi. Photo by Viettel
Despite the global recession in 2022, several Vietnamese firms still recorded strong growth and earned billions of dollars in profits.

In 2022, most businesses faced economic fluctuations and difficulties caused by the impact of the Russia-Ukraine war and high inflation. However, some companies in Vietnam still managed to perform well.

The fluctuations in the market brought opportunities for the Vietnam Oil and Gas Group (PVN) to set many records, including the highest profits in 61 years.

Last year, the revenue and consolidated profit of this oil and gas giant shot up to VND931.2 trillion (US$39.5 billion) and VND82.2 trillion ($3.5 billion), respectively.

CEO Le Manh Hung said PVN achieved these gains partly because of the oil price hikes in 2022.

Military-run telecom giant Viettel recorded its highest profit since 2017 with a pre-tax profit of VND43.1 trillion.

Last year, Viettel recorded growth in all areas, including telecommunications, foreign investment, digital transformation technology and high-tech industrial production.

Consolidated revenue of the group increased by 6.1% to VND163 trillion.

In the banking industry, Vietcombank continued to hold the top position in profits earned, with earnings increasing by 40% against 2021 to VND36.77 trillion.

The three remaining banks in the "Big 4" group also experienced strong growth last year, recording profits of nearly US$1 billion, with BIDV’s profit rising 80% to VND22.56 trillion while that of Vietinbank increased 15% to VND20.5 trillion and of Agribank up 40% to VND20 trillion.

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