Mr. Nguyen Thanh Nam was born in 1969 - Photo: Viettel
Viettel Post Chairman Retires at Age 55
Mr. Nguyen Thanh Nam (born in 1969) recently submitted his resignation from the position of Chairman and member of the Board of Directors of Viettel Post to retire after many years of dedication.
In his resignation letter, Mr. Nam did not mention details, only stating that he was leaving "for personal reasons". Previously, Mr. Nam held the highest position on the Board of Directors of Viettel Post since April 2021.
The withdrawal from the Board of Directors of Viettel Post took place a few days after Mr. Nam resigned from the position of Deputy General Director of Viettel Group in early August.
On the side of Viettel Post's Board of Directors, they said they have received Mr. Nguyen Thanh Nam's resignation letter and will soon announce the appointment of a new Chairman of the Board of Directors.
"We are committed that the transition process will go smoothly...", Viettel Post representative affirmed.
Regarding Viettel Post, this enterprise is a member of Viettel Group, with a charter capital of over 1,217 billion VND. This is also one of the units with a large market share in the postal, delivery and logistics market in Vietnam...
According to the listing prospectus published by Viettel Post earlier this year, they have occupied 18.6% market share in the postal and freight delivery industry (as of the end of the second quarter of 2023, according to the assessment of the Ministry of Information and Communications).
Looking at the business results data, it can be seen that VTP's revenue peaked in the period from 2021 to 2023 (in 2023, revenue decreased compared to 2021 and 2022 but was still significantly higher than the previous period).
However, profits did not increase as strongly as revenue growth, and even declined somewhat compared to the peak period of 2019 - 2020.
Data: Audited financial statements of the enterprise
High competition, low net profit margin
The financial report for the second quarter of 2024 shows that VTP's net revenue reached VND9,618 billion in the first 6 months of this year, a slight decrease compared to the same period last year. However, after-tax profit reached VND151 billion, a decrease of nearly 13%.
Looking at VTP's business performance reports over many quarters, it can be seen that cost of goods sold always accounts for a large proportion. For example, in the first 6 months of this year, cost of goods sold accounted for nearly 96% of revenue.
VTP's gross profit margin therefore only reached 4.1% in the first 6 months of this year and net profit margin reached nearly 1.6%. However, it should be noted that this is not a high level but has gradually improved.
For example, in 2023, Viettel Post achieved net revenue of VND19,587 billion, down more than 9% compared to the previous year. Gross profit reached VND880 billion, up 36%. Net profit margin reached 1.9%, while in 2022 it was only nearly 1.2%.
Net profit margin is a tool for shareholders to know how much final profit the business retains for each dollar of revenue. Data: TTO
Looking at the net profit margin of VTP - a "big guy" in the market, it partly shows the fierce competition in price and market share of Vietnam's delivery and logistics industry before the invasion of foreign competitors.
Recently, VTP announced that it has officially signed an agreement with Pingxiang City (China) to cooperate in establishing a representative office and building a China-ASEAN agricultural products trading center.
Previously, Viettel Post signed an agreement with the Nanning City government to focus on cooperation in developing logistics and cross-border trade between China and Vietnam.
According to a report published by Allied Market Research, the Vietnamese express delivery service market will achieve a compound annual growth rate of 24.1% per year from now until 2030. As one of the leading enterprises in the industry, many experts believe that VTP is expected to benefit significantly from the rapid growth of the industry.
Ms. Nguyen Ngoc Anh - expert of KB Securities (KBSV), believes that VTP's delivery market share will increase to 20-21% by the end of this year, motivated by continuously attracting large partners, which are foreign corporations...
Source: https://tuoitre.vn/chu-tich-xin-nghi-huu-truoc-tuoi-viettel-post-kinh-doanh-ra-sao-2024082309030896.htm
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