Most of the released financial reports of listed
companies on the Ho Chi Minh City bourse showed a satisfactory business
result for the third quarter of the year. Some companies have
reportedly fulfilled the yearly plan already, despite the big
difficulties of the national economy.


The Group of Financing and Promoting Technology (FPT)
have reportedly over-fulfilled the targeted norms by 14.6% in turnover
and 3% in pre-tax profit. FPT’s total turnover has reached nearly
VND12,450bil ($778mil) by the end of Q3, fulfilling 83.3% of the yearly
plan. The group hopes to obtain the turnover of $1bil by the end of
this year.


Meanwhile, some other listed companies have reported
they have fulfilled their yearly plans already. Hapaco, the paper
producer, has a turnover of VND373bil ($23.3mil), exceeding the yearly
plan by 16.6%. Hoa Phat, the multi-field group, has also reported a
profit which is 46% higher than the targeted yearly plan.


Most of the remaining companies have fulfilled 70% of
the yearly plan over the last nine months. Vinamilk (VNM), the dairy
producer, has received 74.5% of the targeted turnover, while Thien Nam
(TNA) 75.86% of turnover and 83.19% of the pre-tax profit, and Tay Ninh
Rubber 98.3% of the yearly plan’s turnover.


Only ten out of 164 listed companies on the Ho Chi
Minh City bourse have released their financial reports, while the
deadline for report release will come in two weeks. However, analysts
said that investors can have a sigh of relief with the satisfactory
business result of the reported companies, adding that the ray of light
has flashed on the gloomy stock market.


According to Dinh The Hien, MA, a financial expert,
only the enterprises that have the turnover by the end of Q3 fulfilling
70-75% of the yearly plan, can hope that their yearly plans can be
fulfilled. Meanwhile, the enterprises with the lower turnover would not
reach the goals of the year.


Explaining this, Hien said that Q4 would be the most
difficult period, when the side effects of the tightened monetary
policies are clearly shown. He added that businesses will only feel
more comfortable by early the next year.


“The enterprises which rely on loans will find it
difficult to obtain the targeted profit,” said Le Dat Chi from the Ho
Chi Minh City Economics University.


He went on to say that the macroeconomic factors do
not support enterprises. High interest rates of loans have lessened the
production capacity of enterprises.


Chi said he would not be surprised if other companies
announce they would not fulfill the yearly plan. However, he said that
the enterprises which have fulfilled 80% of the yearly plan so far and
will reach the finish line on schedule.


Prior to that, local newspapers reported that some
listed companies, foreseeing that the previously set targets were
unfeasible, have adjusted their targets. These included Tan Dai Hung
Plastics, Dien Quang Lamp Joint Stock Company, and Sa Giang
Import-Export.