Passengers leave a North-South train operated by the Hanoi Railway Transport JSC.(Photo: VNA)
Hanoi (VNS/VNA) - Vietnameserailway companies reported large losses in 2020 due to the impacts of theCOVID-19 pandemic.
The Hanoi Railway Transport JSC (HRT) earned 469 billion VND (20.5 million USD)in the fourth quarter of 2020, down 21 percent year-on-year.
Cost of goods sold accounts for most of net revenue, thus gross profit totaledonly over 8 billion VND, down sharply compared to 42 billion VND in the sameperiod of 2019. After deducting expenses, the after-tax loss in Q4 wasestimated at nearly 55 billion VND, while in the same period last year its losswas just more than 12.5 billion VND.
In 2020, HRT achieved revenue of 1.94 trillion VND, down 24 percentyear-on-year. It suffered a loss of 195 billion VND in the year while enjoyingprofit of 14 billion VND in 2019.
Previously at the General Meeting of Shareholders in 2020, the company approveda plan for 2020 which expected total revenue to reach 1.63 trillion VND, and aloss up to 335.4 billion VND due to the influence of COVID-19.
The Saigon Railway Transport JSC (SRT) announced Q4 revenue of 282 billion VND,down by 22.5 percent year-on-year. It reported an after-tax loss of more than 105billion VND.
For the whole year 2020, SRT reported an accumulated loss of 218 billion VND,while the business had a profit of 14.6 billion VND in 2019.
Due to the impact of the COVID-19 pandemic, many railway companies faceddifficulties. According to experts, the railway industry in 2020 experiencedthe most difficult period in history.
The Vietnam Railway Corporation (VNR) also announced that its revenue in thefirst nine months of 2020 decreased 34.2 percent year-on-year, equivalent to adecrease of 1.18 trillion VND./.
The Vietnam Railway Corporation (VNR) faces the most difficult period in its history due to the COVID-19 pandemic and flooding in central Vietnam, according to VNR chairman Vu Anh Minh.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
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In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
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A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
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Passengers leave a North-South train operated by the Hanoi Railway Transport JSC.(Photo: VNA)
