Real estate, finance companies remain in difficulties
Forecasting the turnover of finance companies, the report by VBPS Securities Company, said that the profit of banks like Sacombank and ACB may see the decrease of 15-20% in comparison with the third quarter.
Duong Thu Huong, Secretary General of the Viet Nam Banking Association, also said at the workshop forecasting the business environment in 2009 that banks will still face difficulties. The credit growth rate for 2009 is expected not to exceed the growth rate of 24% in 2008. The bad debts, which are thought to break out in the second half of the fourth quarter of 2008, will force banks to tighten their disbursement policy.
Bao Viet Securities Company in a recent report also said that real estate loaning and real estate project implementation will not be able to be carried out until the end of the first quarter of 2009 at the earliest.
Meanwhile, the demand for capital of export companies will decrease in the context of decreasing exports (the export turnover is believed not to exceed 10% in 2009).
Securities companies, according to VPBS, will see the minus growth rate. HPC and BVS have reported the loss of VND 85.3 billion and VND 300 billion respectively, in the first nine months of the year.
Insurance companies will also bear heavy damages due to the sharp falls of the stock market and natural disasters in the fourth quarter of 2008.
As for real estate firms, VPBS has predicted that in Q4, the turnover and profit of the companies will decrease by 10-15% over Q3. That explains why banks still say ‘no’ to many real estate developers.
Healthcare, oil and gas companies fulfill plan
Pharmacy companies are forecast to fulfill the yearly plan, except PPC, which is thought to meet difficulties due to the exchange rate fluctuations for foreign loans.
There are eight technology companies listing on two bourses, including two, VHG and TLC, which reported loss for Q3. SAM, which reported loss of VND65.5bil for the first half of the year, but has got the turnover of VND87.47bil after the third quarter thanks to the turnover of VND153bil in Q3.
Consumer products companies will see slight increase
Only one company among consumer products makers has reported loss so far this year; RIC, which is operating in the field of entertainment with the accumulative loss of VND 7.1 billion after three quarters.
Other companies all have reported satisfactory results with the turnover in the first nine months of 2008 higher than the same period of 2007. PET, for example, has the nine-month turnover up by 63% and profit up by 57% over 2007.
Vinamilk has reported the turnover of almost VND 7.08 billion by the end of October, fulfilling 86% of the yearly plan.
Securities investors have been advised to choose the share items of the companies which do not have relations to export-import activities, since the world’s demand has been narrowed. Meanwhile, they have been advised to inject money in the fields, which do not bear impacts from the global economic crisis, including oil and gas, consumer production, and technologies. (Lao dong)
