Industrial park developer Tan Tao admits Covid-19 impacts on its business last year but is confident in returning to its former success soon.
Dang Thi Hoang Yen, also known as Maya Dangelas, said at the company’s general meeting Friday that last year, the company saw post-tax profits falling 13.2 percent from 2019 to nearly VND180 billion ($7.83 million).
The Covid-19 pandemic had prevented foreign investors from coming to Vietnam, which impacted the company, formally known as Tan Tao Investment and Industry Corporation, said Yen, who attended the meeting online from the U.S.
However, Tan Tao is still luckier than many other companies that have gone bankrupt or had to let workers go, she said.
The pandemic, however, gave the company time to restructure and improve internal administration, had been neglected in the past.
“Tan Tao will return to its golden time next year,” Yen said, adding so far this year the company had attracted interest from Japanese and American investors.
Tan Tao will prioritize big investors this year, especially in Tan Duc Industrial Park in southern Long An Province, which is near full capacity. The company therefore would not focus on urban residential complex development this year.
It will form a venture with a foreign company to build the largest pharmaceutical technology industrial park in California for research and educational purposes.
It will also establish a venture in the U.S. to produce smart construction glass there.
The company targets a post-tax profit growth of 32 percent to VND237 billion this year.