Vietnam-Germany Steel Pipe Joint Stock Co (VG PIPE-coded VGS) and An Binh Commercial Joint Stock Bank (ABBank)’s Vinh Phuc branch recently signed a short term credit contract worth 100 billion dong to support the working capital for VGS.
This credit contract has brought ABBank’s total credit line to VGS to 1.3 trillion dong.
In the first half of this year, VGS reported exports of $10 million.
Ending Q1, it gained 315 billion dong revenue, up 2.67 percent year-on-year, and after tax profit at 2.94 billion dong, down 75.34 percent from the same period last year.
Thus the company’s revenue fulfilled 15.75 percent of the year’s revenue target of two trillion dong and 7 percent of the year’s profit plan (39.5 billion dong).