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(From Vietnam News Briefs)
Vietnamese bourse-listed Cables and Telecommunications Material Joint Stock Co., or Sacom, has given a profit forecast almost the same as last year, citing sharp competition as the main reason.
Sacom is looking to record net profits of VND70.3 billion ($4.47 million) this year, slightly up from VND69 billion ($4.386 million) last year, according to a statement released at the annual shareholders meeting last Wednesday.
General director Do Van Trac said Sacom might have to discount its products to compete with imports. "Import tax on cables in 2003 fell to 5% from the previously 15%, prompting more cable imports into …