The list, known as Fast500, was released yesterday by Vietnam Report, a business data provider, and compiled based on the compound annual growth rate over the 2008-2011 period.
Hoa Phat Energy, a subsidiary of Hoa Phat Group, recorded impressive growth when its revenue skyrocketed from VND21 billion (US$1 million) in 2008 to VND3 trillion (US$144 million) in 2011.
The core business of Hoa Phat Energy, which is headquartered in northern Hai Duong province, is coal production and power generation.
The other companies in the top five, which had an average growth rate of 374% during 2008-2011, are Intimex Nha Trang JSC, Thanh Thanh Dat Company, Eurowindow and Thanh The Seafood Company.
Overall, revenue of the 500 enterprises rose by an average of 62.2% during the 2008–2011 period, higher than the 54% and 57% during the 2006-2009 and 2007-2010 periods respectively.
However, their profit growth was not commensurate with the increase in revenue.
Data shows that only 26% of firms with doubling revenues in that period recorded the same growth rate in profits.
A breakdown of economic sectors shows that property developers dominate the list with the highest number of firms, followed by the number of agriculture and forestry companies.
However, in terms of growth rate, the mechanic industry recorded highest growth during 2008-2011, averaging 86%, followed by telecoms firms with a growth rate of 72.7% during the same period.
