List of 500 fastest growing firms announced

Thursday, 2016-02-25 11:39:00
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Top 500 fastest growing companies in Vietnam in 2016 were announced at a ceremony held on February 24. (Credit: enternews.vn)
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NDO – A list of top 500 fastest growing companies (FAST500) in Vietnam in 2016 was released on February 24 by the Viet Nam Report and VietNamNet newspaper from the Ministry of Information and Communications.

The top 10 leading companies were the An Long Food JSC., the ANTS Technology Co. Ltd., the Saigon Petro Co. Ltd., the FLC Group, the Novaland Group, the Hoa Binh Group, the Tuan Loc Construction Investment JSC., the Power Generation Company 2, the PetroVietnam Power Nhon Trach 2 JSC. and the European Plastic JSC..

The Vietnam Report studied business performance from 2011 to 2015 in combination with forecasts on 2016 economic prospects and opportunities brought by the Trans-Pacific Partnership (TPP) Agreement and the ASEAN Economic Community. The survey laid a reliable basis for investors to determine business growth of Vietnamese firms.

Accordingly, over 76% of surveyed companies plan to expand their business to take advantage of new growth opportunities; 22.1% will maintain the operation and merely 1.6% will narrow the business.

The surveyed companies mainly focus on increasing the revenue and profit, cutting costs and promoting new products and services at the selected rates of 89.8%, 64.4% and 59.3% respectively.

According to the Vietnam Report, the newly-signed TPP, which will be effective in 2018, will open numerous opportunities for the country’s economy in the future with added investment, more facilitated trade links, gradually-lifted tariffs, more equal competitiveness and transparent information. However, many businesses hastily made investments, increased operation capital and expanded markets without calculating difficulties, leading to debts, losses and even bankruptcy.

To avoid the growth trap, the FAST500 firms chose appropriate business plans to elevate productivity, improve products’ quality, enhance marketing effectiveness, balance investment appropriately and actively cope with potential instability.

The FAST500 has been released annually since 2011. After six years, the list has helped feature growth of businesses in the economy. To be included in the list, the companies have done their utmost to assert their strength in doing business, contributing to the country’s economic growth.

Together with the FAST500, the Vietnam Report also announced the top 500 fast growing medium and small-sized enterprises in Vietnam in 2016 to recognise positive contributions to the economy of the largest economic sector.