Facilities of Petro Việt Nam Gas JSC (GAS). GAS owned the largest cash amount on the stock market as of December 31, 2023, reaching VNĐ40.7 trillion (approximately US$1.7 billion). — VNA/VNS Photo

HÀ NỘI — Due to challenging business conditions and high deposit interest rates earlier this year, many companies were quick to increase their deposit amounts to earn interest.

As of the end of 2023, Mobile World Investment Corporation (MWG) held VNĐ24.3 trillion in cash and cash equivalents.

MWG increased its cash holdings amid difficulties faced by its retail chains, Thế Giới Di Động and Điện Máy Xanh, due to weak consumer demand and fierce competition. This strategy contributed to the company's financial revenue reaching VNĐ2.16 trillion for the whole year of 2023, a 65 per cent increase compared to 2022. After deducting financial costs of VNĐ1.55 trillion, MWG achieved a net profit of over VNĐ600 billion from this segment, which helped the company escape losses.

Petro Việt Nam Gas JSC (GAS) owned the largest cash amount on the stock market as of December 31, 2023, reaching VNĐ40.7 trillion (approximately US$1.7 billion). This figure increased by over VNĐ6 trillion since the beginning of the year and continued to rise by more than VNĐ700 billion compared to the end of the third quarter of 2023. With such a massive cash reserve, PV Gas earned VNĐ2 trillion in interest from deposits in the past year, a 67 per cent increase compared to the previous year. This translates to a daily interest income of VNĐ5.5 billion from bank deposits. Meanwhile, the company's interest expenses for the entire year amounted to only VNĐ340 billion.

Over the past year, Bình Sơn Refining and Petrochemical Company Limited (BSR) also recorded a significant increase of 52 per cent in financial revenue compared to the same period, reaching VNĐ2.66 trillion. This was mainly due to nearly VNĐ1.6 trillion in interest from deposits and over VNĐ1.05 trillion in exchange rate differences. BSR held a cash balance of VNĐ38.12 trillion at the end of the year, an increase of approximately VNĐ13.1 trillion compared to the beginning of the year.

After divesting from PGBank, Vietnam National Petroleum Group (PLX) experienced a strong 60 per cent increase in cash compared to the beginning of the year, reaching nearly VNĐ30 trillion. The company generated VNĐ2.74 trillion in financial revenue in 2023, a 27 per cent increase compared to the same period. This included VNĐ1.17 trillion in interest from deposits and loans, a 35 per cent increase. Conversely, interest expenses also rose sharply by 40 per cent compared to the same period, reaching over VNĐ900 billion.

Airports Corporation of Vietnam (ACV) reported a cash balance of nearly VNĐ28.8 trillion, a decrease of over VNĐ4 trillion compared to the beginning of the year. The company earned more than VNĐ1.6 trillion in deposit interest throughout 2023, the same as in 2022. The interest expense was only about VNĐ67 billion as ACV had minimal short-term borrowings (VNĐ410 billion). The long-term debt of over VNĐ10 trillion mainly came from ODA sources with low-interest rates.

FPT Corporation (FPT) recorded a cash balance of VNĐ24.38 trillion at the end of 2023, an increase of nearly VNĐ4.9 trillion over the year. Deposit interest income in 2023 amounted to over VNĐ1.64 trillion, a 22 per cent increase compared to the previous year. The interest expense was VNĐ832 billion.

Vietnam Dairy Products Joint Stock Company (Vinamilk or VNM) held over VNĐ23 trillion in cash. The company earned over VNĐ1.5 trillion in deposit interest in 2023, a 28 per cent increase compared to 2022. Meanwhile, the interest expense amounted to only VNĐ354 billion.

Viettel Global Investment Joint Stock Company (Viettel Global or VGI) also had over VNĐ23 trillion in cash, an increase of more than VNĐ6 trillion since the beginning of the year. The company earned over VNĐ1.2 trillion in deposit interest in 2023, a 38 per cent increase compared to the same period. Conversely, interest paid on loans was only VNĐ375 billion.

Saigon Beer-Alcohol-Beverage Corporation (Sabeco or SAB) reported VNĐ22.8 trillion in cash, a 3 per cent decrease compared to the beginning of the year. With a significant deposit amount, Sabeco earned nearly VNĐ1.4 trillion in deposit interest in 2023, a nearly 36 per cent increase compared to 2022. The interest expense was only VNĐ50 billion as the total debt was only VNĐ700 billion. — VNS