Vietnam Education Publishing House posts record profit

Vietnam Education Publishing House reported a net profit of VND355 billion ($14 million) in the first half of this year, an all-time high.

The figure was a 23% growth year-on-year, according to a report sent to the Ministry of Education and Training and the Ministry of Finance.

The wholly state-owned publisher said its net revenue exceeded VND2,224 billion ($87.65 million) in the period, an increase of nearly 36% compared to the same period in 2023.

However, due to surging expenses, the company’s gross profit margin narrowed from 28.6% to 24.5%.

In the six-month period, the leading publisher's financial costs, which were mainly loan interests, dropped by 50%, while sales costs increased by 18%, costing nearly VND94 billion ($3.7 million).

As of June 30, its total assets reached more than VND2,460 billion ($96.95 million), down more than 14%, mainly thanks to reduction in inventory. The publisher also has more than VND184 billion ($7.25 million) in cash and cash equivalents.

The company’s return on equity ratio (ROE) in the first half of this year increased sharply from 34.64% to 76.3%. Its return on assets rose from 10% to 14.4%.

Vietnam Education Publishing House, under the Ministry of Education and Training, was established on June 1, 1957. The entity is responsible for compiling, editing, printing, and distributing textbooks and educational publications to serve research, teaching, and learning of majors and at all educational levels nationwide.

In July 2010, the education ministry decided to convert Vietnam Education Publishing House into a one-member limited liability company, with the state as the sole owner.

On June 7 this year, the Ministry of Education and Training awarded its decision to appoint Nguyen Tien Thanh as chairman and general director of Vietnam Education Publishing House for a five-year term, starting from May 15, 2024.

Chairman’s commitment to expand revenue, profit

Speaking at the appointment event, Minister Nguyen Kim Son emphasized that the appointment was a joy not only for Nguyen Tien Thanh and Vietnam Education Publishing House, but also for the education ministry and the education sector.

“I expect Vietnam Education Publishing House will have more innovations and reforms, creating pioneering breakthroughs which are fuelled by traditional values to bolster the education and training sector’s comprehensive and fundamental innovations,” he said.

Chairman and general director Nguyen Tien Thanh noted that being appointed is both an honor and a great responsibility for him.

“I deeply feel that, from today, I will become part of the team that has nurtured the proud 67-year history of Vietnam Education Publishing House. Until now, here, there have been 3-4 generations of editors, authors, and staff who have been passionate about making educational books.

“A kind of work full of inspiration but also a lot of hardship. It has built the brand of a publishing house that always fulfills its mission in the interest of the education sector and the society. We have always led the publishing market in terms of reputation, output and revenue,” said Thanh.

The head of Vietnam Education Publishing House affirmed that he and his staff will continue the journey that previous generations have pursued by well organizing production and business to ensure efficiency, growth in revenue and profit, fulfilment of tax payment obligations and improvement of workers’ lives.

“Preserving state capital and growing revenue and profit will be the means and tools to achieve core value goals: Completing political tasks and social obligations, which is providing adequately and promptly highest-quality educational books and textbooks, with cheapest prices,” said the new chairman and general director.

Nguyen Tien Thanh was born in 1968. His hometown is Vinh Phuc province. Thanh graduated from the Faculty of Literature of the General University, now the University of Social Sciences and Humanities under the Hanoi National University.

He has more than 20 years of working as a leader in the media circle. Thanh held the following positions: reporter for Thanh Nien (Young People) newspaper (April 1991-March 1996); deputy head of the editorial board of Thanh Nien (March 1996-January 1999); deputy editor-in-chief of Gia dinh va Xa hoi (Family and Society) newspaper (January 1999-November 2001); deputy editor-in-chief of Doi song va Phap luat (Life and Law) newspaper (November 2001-May 2010); editor-in-chief of Life and Law newspaper (May 2010-April 2020); editor-in-chief of Life and Law magazine (April 2020 - until being appointed as chairman and general director of Vietnam Publishing House).