Vietnam steel maker SMC targets $3.3 mln profit in 2024
Steel manufacturer SMC Trading Investment JSC has set a goal of earning VND80 billion ($3.3 million) in profit in 2024, a positive figure compared to a serious loss of VND586 billion ($24.15 million) recorded in the first nine months of 2023.
As the first steel maker to announce its 2024 business plan, SMC, listed on the Ho Chi Minh Stock Exchange (HoSE) as SMC, aims to sell 900,000 tons of steel of all kinds this year.
In addition, the company’s board of directors has agreed on a plan to redeem a bond package worth VND200 billion ($8.24 million), with a fixed coupon rate of 8.2% per year, which was issued in 2021 and is set to mature in August 2024.
SMC said the redemption will be conducted on June 2, 2024, two months before the bonds were set to mature, after reaching agreements with the bondholders and getting the competent authority’s approval.
The bondholders are Shinhan Vietnam Bank Limited and Shinhan Securities Vietnam Company Limited.

SMC workers check steel products. Photo courtesy of the company.
According to its financial statement, SMC’s revenue reached VND3.14 trillion ($129.4 million) in Q3/2023, down 44% over the same period last year. With below-cost prices and skyrocketing production costs, the steel maker suffered a loss of VND178 billion ($7.33 million) in the quarter, compared to a loss of VND219 billion in the same period of 2022.
In the first nine months of 2023, SMC's loss hit VND586 billion. The loss pulled the company's undistributed profit down from VND343 billion ($14.13 million) at the year beginning to minus VND205.8 billion ($8.48 million) as of September 30.
The Q3/2023 financial statement also showed that SMC had to set aside VND272 billion ($11.2 million) for more than VND1.3 trillion ($53.56 million) of bad debt. Among its debtors are many real estate companies, including Delta-Valley Binh Thuan Company Limited (VND440 billion), Da Lat Valley Real Estate Company Limited (VND169 billion), Hung Thinh Incons Joint Stock Company (VND63 billion), and The Forest City Company Limited (VND131 billion).
Amid difficulties, the SMC board of directors unanimously approved the policy of narrowing production and business activities, cutting personnel throughout the system and reducing all incurred costs.
In November 2023, the board approved the transfer of the land use rights of 6,197 square meters of land at Dong An Industrial Park in the southern province of Binh Duong for VND49 billion ($2.02 million).
At the end of 2022, the company's equity reached nearly VND737 billion ($30.37 million), with Hanwa Co Ltd holding 19.57% of its charter capital, chairwoman Nguyen Thi Ngoc Loan 14.24%, Nguyen Cam Van 13.82%, and Nguyen Huu Kinh Luan 4.78%.
On the stock market, SMC closed Friday at VND10,250 ($0.42) per share.
Steel company Pomina (HoSE: POM) is also in a difficult situation. In the first nine months of 2023, it recorded revenue of VND2,948 billion ($121.44 million), down 74% over the same period the previous year, and a loss of VND647 billion ($26.65 million), far exceeding the plan of only VND150 billion. Its accumulated loss as of September 30, 2023 was VND868.5 billion ($35.78 million), equal to 31% of its charter capital.
Thai Nguyen Iron and Steel JSC, registered on the Unlisted Public Companies Market (UPCOM) as TIS, reported a nine-month loss of VND194.3 billion ($8 million), while Vnsteel-Nha Be Steel JSC (UPCOM: TNB) incurred a loss of VND1.2 billion ($49,443).
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