On the morning of June 16, in Ho Chi Minh City, VRG held the 2023 Annual General Meeting of Shareholders. Reporting on the implementation of production and business tasks in 2022, Mr. Le Thanh Hung, General Director of VRG, said that the total revenue of the whole group reached more than 28,000 billion VND, equal to 100.1% of the plan; consolidated pre-tax profit reached more than 5,700 billion VND, equal to 116.3% of the plan.
As for the parent company - the group, revenue and pre-tax profit reached nearly VND3,900 billion and over VND1,700 billion, respectively, equivalent to 107.41% and 143.03% of the plan. In particular, VRG ensures jobs and an average income of over VND8 million/person/month for over 80,000 workers, an income increase of more than 14% compared to the approved salary plan.
The Presidium conducts the 2023 VRG Annual General Meeting of Shareholders
Mr. Tran Cong Kha, Party Secretary and Chairman of the Board of Directors of VRG, shared that 2023 is forecast to continue to be a year of many difficulties and challenges for the rubber industry. Unfavorable changes in weather, interest rates and high input cost factors, while the prices of rubber latex and rubber wood have not changed positively compared to 2022... will significantly affect the production and business results of VRG and its member units.
VRG's production and business activities are expected to have many difficulties and advantages intertwined, but the difficulties are greater due to the continuous decline in the selling price of rubber latex, the industry's main product, and its difficulty in consumption; the rubber industry is having difficulty operating due to limited design capacity and strong competition from domestic and foreign enterprises; the hydropower sector is currently small-scale, limited by design capacity, water source, and power generation hours; the industrial park companies have basically run out of clean land for lease.
In addition, rubber wood and wood products will continue to face difficulties due to the adverse effects of the domestic real estate market and economic recession in other countries, competition from China, Malaysia, etc. Moreover, input costs of enterprises such as land rent, fuel costs, energy, wages, etc. are continuously increasing.
Synchronize solutions to overcome difficulties
Recognizing the immediate difficulties, VRG agreed to approve a slightly reduced plan for 2023 compared to the implementation of 2022.
Accordingly, VRG's 2023 plan targets with consolidated revenue and pre-tax profit are VND 27,527 billion and nearly VND 4,855 billion, respectively; of the parent company - the group's revenue and pre-tax profit are VND 3,792 billion and VND 1,395 billion.
Mr. Do Huu Huy spoke at the congress
VRG General Director Le Thanh Hung said that to achieve the plan's goals, VRG will stick to 5 major areas including agriculture , industrial parks, rubber industry, wood processing, and hydropower. Thereby, directing the implementation of exceeding the volume of exploitation, processing, consumption... to ensure revenue even when the selling price declines. VRG will also strictly control costs and prices in the direction of balancing the output selling price to ensure the implementation of the planned profit.
At its member units, VRG continues to thoroughly implement the viewpoint of investing in items and projects with high economic efficiency to increase production capacity, limit investments that generate additional indirect costs; the balanced capital during the year focuses on paying off bank loans to reduce financial pressure.
At the parent company - the group will focus on investing in developing industrial park and industrial cluster projects; large-scale wood processing projects. According to Mr. Le Thanh Hung, VRG currently has great potential in the fields of industrial parks, industrial clusters, urban areas and services.
Accordingly, VRG reported to the ministries and branches that there are currently 5 large-scale industrial parks that have been and are being vigorously implemented, including the Nam Tan Uyen Industrial Park Expansion Project Phase 2 ( Binh Duong ); Project for investment in construction and business of industrial park infrastructure (Binh Phuoc); Project for investment in construction and business of technical infrastructure of Rach Bap Industrial Park Expansion (Binh Duong); Project for investment in construction and business of infrastructure of Hiep Thanh Industrial Park - Phase 1 (Tay Ninh); Project for Minh Hung 3 Industrial Park Expansion (Binh Phuoc).
Mr. Tran Cong Kha spoke at the congress
Mr. Pham Van Thanh, member of the Board of Directors of VRG, also emphasized that in 2023, VRG will try to convert part of the rubber land area to develop industry and industrial parks. However, currently there are still regulations and legal issues, so it is expected that some projects will be cleared by the end of 2023. VRG leaders hope that the group's revenue in the coming time will grow strongly, maximize what has been available, promote digital transformation and export activities...
In addition, VRG and its member units focus on seriously and effectively implementing the directions of the Central Government, the State Capital Management Committee at Enterprises and relevant ministries and branches; effectively implementing the work of latex exploitation and rubber replanting; closely monitoring the production situation to promptly have appropriate plans...
VRG will also strengthen purchasing activities to increase revenue, promote the capacity of processing factories, reduce costs and increase jobs and wages for workers; strengthen marketing activities, expand markets, promote effective consumption of products, especially latex and rubber wood products; monitor market developments to manage floor prices appropriately, promptly and effectively...
Make the most of all available resources
Mr. Do Huu Huy, Vice Chairman of the State Capital Management Committee at Enterprises, acknowledged and highly appreciated VRG's efforts in completing the tasks assigned by the State in the context of facing many difficulties and challenges.
Mr. Do Huu Huy shared that VRG needs to recognize that the group's growth in recent years has slowed down, the efficiency of some financial investments has decreased, rubber prices have dropped sharply, and the progress of exploiting industrial zones has been slow. This requires the group to innovate in the following years, actively and urgently building a restructuring project for the group in the period of 2021 - 2025.
"To successfully complete the 2023 plan, I propose that the group representing the state capital portion at the group coordinate with the Board of Directors of VRG to focus on developing drastic solutions, fully implementing the direction of the State Capital Management Committee at enterprises; further promoting the role and responsibility of the head; proactively assessing and forecasting domestic and foreign markets. In addition, it is necessary to have policies to attract labor resources, increase the application of science and technology, focus on maximizing all available resources, especially land resources for the goal of stable and sustainable development", the Vice Chairman of the State Capital Management Committee at enterprises emphasized.
Mr. Do Huu Huy also noted that in the coming time, VRG needs to direct its affiliated units in localities in the Northwest and Central Highlands to proactively maintain security, order and politics in the areas where they are located, ensuring safety for production and business activities.
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