Hanoi (VNS/VNA)💦 - Numerous enterprises have reported rising profits in the first half of the year, with several firms seeing a twofold surge in profits after tax compared to last year. This indicates an economic recovery despite both domestic and international challenges.

Petrolimex has recently provided a written explanation of its impressive business performance in the first six months, with its profits doubling compared to the previous year. Specifically, the parent company's profit after tax surged to over 1.53 trillion VND (61.5 million USD), a significant increase from the over 649 billion VND recorded in the corresponding period last year - a rise of almost 881.6 billion VND. Petrolimex attributed this substantial profit growth to the stable and effective nature of its oil business operations, with sales volumes showing an increase compared to 2023. The global energy supply and oil prices have also remained relatively stable without drastic fluctuations, as witnessed in previous years. In the fuel industry, the business performance of Vietnam Oil and Gas Group (Petrovietnam) has been notable during this same period. The group's total revenue is estimated to be around 567.4 trillion VND, surpassing initial goals by 31%. Petrovietnam's consolidated profit also reached 29.6 trillion VND in the first half of 2024, exceeding goals by 75%. According to the firm, this year, the group has successfully operationalised three LPG tanks at the PV GAS Vung Tau Terminal, while the Thai Binh 2 Thermal Power Plant has officially entered the electricity market. As a result, most of the firm's production and financial targets have been met or exceeded. Previously, Petrovietnam Oil Corporation (PVOil) disclosed its consolidated profit before tax for the first two quarters at 390 billion VND, exceeding goals by 6%. The company's consolidated revenue stood at 64 trillion VND, surpassing goals by 54% for the first six months. An important development in the first half of the year was PVOil's expansion with an additional 60 retail fuel stations, raising the total number of the company's stations to 807. Retail businesses, both local and international, are also thriving. Central Retail, which owns various retail chains like Tops Market and Go!, reported a 5% revenue increase in Vietnam to about 96.9 trillion VND in the first half of the year. Aeon, a successful Japanese retail chain, also saw a 13.8% revenue growth year-on-year in Vietnam. Similarly, domestic companies like WinCommerce and Mobile World Investment Corporation have shown outstanding results. WinCommerce reported its first net profit in the first six months and Mobile World's revenue increased by 15%. Some companies are also expanding geographically. Saigon Trading Group (SATRA) is finalising the opening of its Centre Mall in HCM City, while Vincom recently opened new shopping centres in HCM City and Bac Giang province. Vincom Retail now operates 87 shopping centres across 47 provinces and cities, offering unique shopping, dining and entertainment experiences. Several industry leaders in construction, agriculture and energy that had previously struggled are now back on the profitability track with encouraging figures. For instance, Hoàng Anh Gia Lai JSC recently disclosed a profit after tax surpassing 500 billion VND in the first half of the year. Meanwhile, Hoa Binh Construction Group unveiled its biannual financial report for 2024, showcasing a profit after tax of nearly 830 billion VND. Bamboo Capital Group JSC also posted a remarkable second-quarter business performance this year, with gross revenues over 1.1 trillion VND and a profit after tax exceeding 318 billion VND - an impressive growth rate of over 98% from last year. The company's profit after tax for the first six months reached an exceptional 416.8 billion VND, marking a remarkable increase of over 137% from the previous year. Apart from revenue growth, the substantial surge in profit is mainly attributed to the pivotal energy sector. Bamboo Capital’s energy subsidiary achieved a gross revenue of nearly 690 billion VND in the first half of the year, up 22% year-on-year. Economic and financial analyst Associate Professor Dr Dinh Trong Thinh said that the rise in retail revenue signals effective demand stimulus programmes, signifying a recovery for enterprises from past economic challenges. Previously, when salaries increased from the beginning of July, many were concerned about rising inflation affecting growth. However, given the current developments, Dr. Thinh confidently projects that Vietnam’s GDP in 2024 will be higher, ranging from 6.8 to 7.3%. He added that favourable factors such as low fuel prices, falling material costs and strong consumer incentives are expected to sustain this growth momentum./.