Vietnam Airlines' aircraft at Van Don international airport of Quang Ninh Province. Photo: VNA

Vietnam National Petroleum Group (PLX) reported the highest revenue in 2020. Its fourth quarter results showed net revenue was 123.9 trillion VND, equivalent to 5.39 billion USD.

It was followed by Vingroup JSC (VIC), Mobile World Investment Corporation (MWG), Hoa Phat Group JSC (HPG) and Masan Group Corporation (MSN) with revenues reaching 110.5 trillion VND (4.8 billion USD), 108.5 trillion VND (4.7 billion USD), 90.1 trillion VND (3.9 billion USD) and 77.2 trillion VND (3.4 billion USD), respectively.

Other companies gaining billions of dollars in revenues included Vinhomes JSC (VHM) with 70.89 trillion VND (3.08 billion USD), Vietnam Dairy Products JSC (VNM) with 59.6 trillion VND (2.95 billion USD), Binh Son Refining and Petrochemical Company Limited (BSR) with 58 trillion VND (2.5 billion USD), PetroVietnam Oil Corporation (OIL) with 50 trillion VND (2.2 billion USD), Vietnam Airlines JSC (VHN) with 40.6 trillion VND (1.8 billion USD) and PetroVietnam Power Corporation (POW) with 29.7 trillion VND (1.29 billion USD).

However not all of these companies posted outstanding performance compared to the year before (2019). Some companies like MSN, HPG and VHM thrived while others like PLX, OIL, BSR, HVN and VIC witnessed their revenues drop.

In 2020, PLX’s revenue dropped 34.6 percent year-on-year, while OIL’s net revenue also declined by 36.6 percent against 2019.

Meanwhile, MSN’s revenue doubled that of 2019 on the growth in its meat business and consumer goods. HPG also recorded spectacular performance last year with net revenue increasing 1.4 times. HPG’s crude steel production reached 5.8 million tonnes for the first time in 2020, double the amount of 2019.

Higher revenues, not higher profits

Despite gaining billions of dollars in revenue, MSN’s profit after tax still decreased by 78 percent year-on-year to 1.4 trillion VND.

The main reason for the fall in profit was the merger of VinCommerce and the rise in minority interest in Masan Consumer Joint Stock Company (MCH) due to the diversity of MSN's ownership, according to Masan.

Even though Vietnam Airlines (VHN) was on the list of big gainers in revenue, the carrier still posted a big loss in profit after tax last year. Its profit after tax was negative 11.1 trillion VND. In 2019, the profit after tax was 2.5 trillion VND.

The outbreak of COVID-19 was the main cause for the loss of the national carrier as it forced Vietnam Airlines to close international flights and restrict domestic flights.  VNA

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