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Tan Tao profit more than doubles on factory demand
Tan Tao Investment Industry Corp., an operator of industrial zones in Vietnam, said profit last year more than doubled as the fastest economic growth since 1996 increased demand for factory space.
Tan Tao profit rose to VND372 billion (US$23 million) from VND149 billion in 2006, according to a statement posted on the website of the Ho Chi Minh City Stock Exchange Friday.
The Southeast Asian nation’s economic growth quickened to 8.5 percent last year, with industries and construction expanding 10.6 percent.
Vietnam plans to move factories out of densely populated urban areas this year, Transport Minister Ho Nghia Dung said at a recent press conference.
“Investors prefer industrial parks because they have valuable infrastructure and give preferential tax rates,” Nguyen Thi
Suong, a vice president at Ho Chi Minh City-based Tan Tao, said Friday.
The company has been building industrial parks, electricity and water plants, roads and a film studio in Vietnam, according to Suong.
Tan Tao plans to trade shares abroad in 2008, Suong said.
Net profit from the Tan Duc Industrial Park, the company’s biggest increased to VND149 billion in 2007 compared to VND23 billion in 2006.
“Income from the park has helped increase Tan Tao’s profit,” she added.
Thanhnien
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