500 fastest-growing companies in Vietnam announced

Wednesday, 2022-03-09 15:38:11
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Top six sectors expected to enjoy good growth in the next 2-3 years. (Source: Vietnam Report)
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NDO/VNA – Hung Thinh Land JSC, MB AGEAS Life Insurance Company Limited and Tin Viet Finance JSC are among the top 10 in the 500 fastest-growing companies in Vietnam (FAST500) this year as announced by the Vietnam Report JSC and the VietNamNet e-newspaper on March 9.

Other names in the top 10 include Thang Loi Real Estate JSC, Hoang Mai Production Trade and Service Co., Ltd, Pha Le Plastics Manufacturing & Technology JSC, Sao Mai Group Corporation, Nam Hoa Trading & Production Corporation, Tan Viet Securities Joint Stock Company and KB Securities Vietnam Joint Stock Company.

Vietnam Report General Director Vu Dang Vinh said a total of 186 businesses joined this year’s survey, of which 75.8 percent said they maintained their revenue growth in 2021 and 72.6 percent reported pre-tax profits up from 2020. Notably, one third of the interviewed firms said their revenue increased over 75 percent.

They attributed the results to good management, timely measures to cope with the COVID-19 pandemic, advantages in workforce, the introduction of new products and the utilisation of digital transformation in operations.

According to Vinh, the enterprises pinned their hope on the Government’s Resolution No. 02/NQ-CP on improving the business environment and national competitiveness.

FAST500, launched in 2011, is based on the compound annual growth rate (CAGR) in terms of revenue and business performance. Other criteria such as total asset, after-tax profit, and companies’ prestige on the media are also taken into account to identify their scale and stature in the industries they operate in.