List of top 50 private companies of vietnam năm 2024

A Petrovietnam's drilling platform on Bach Ho oil field. Petrovietnam has secured the top spot on the list of PROFIT500 in 2023. (Photo: VNA)

Hanoi (VNS/VNA) - Vietnam Report and the online newspaper Vietnamnet have announced a list of the 500 most profitable companies (PROFIT500) in Vietnam in 2023.

Among the companies, the ten on top comprise Petrovietnam, Samsung Electronics Vietnam Thai Nguyen, Viettel, Vietcombank, Techcombank, Petrovietnam Exploration Production Corp, BIDV, Military Bank, Agribank, and VPBank.

The ten most profitable private companies, meanwhile, consist of Techcombank, VPBank, ACB, Vingroup, VIB, Vinamilk, HDBank, Hoa Phat, SHB, and TPBank.

Foreign direct investment companies maintained the lead in terms of return on assets (ROA) with 13.7%, up 2.7% year-by-year. Companies operating in the private sector came next with 11.2% and were followed by those in the public sector (9.2%).

About one-third of companies on PROFIT500 expected economic growth of between 4.5 and 5.0% for the year 2023. Merely 4.5% anticipated that growth would surpass 5.5% whereas 13.6% forecasted it would be less than 4.0%.

More than half of the companies believed that their profits would improve slightly against the first six months of the year, 4.5% forecasted their profits would stay flat, and 40.9% thought otherwise.

Approximately three-fourths of the companies cited weakening demand and global uncertainties as the biggest issues holding them back. Other issues include rising input costs, high inflation in large importing countries, and challenges in the realty and corporate bond markets.

"Falling orders and weak market demand have led to higher unsold inventory, putting a lot of pressure on firms' production plans," said Vietnam Report.

Vietnam Report showed that companies were pinning their hopes on supportive policies from the Government, which are expected to create a low-interest environment conducive to their operation.

Nearly 60% cited cuts in bank lending rates as the driving force behind their profit growth in the second half of the year. Exactly 54.5% relied on cuts in value-added tax whereas 27.3% ticked "the acceleration of public money disbursement".

Vietnam Report also underlined seven key measures to boost profits in the last six months of 2023. Among the measures, expanding into new markets was employed by over 80% of the companies. Enhancing customer services came next with 77.3%, and then seeking new suppliers with about 75%.

It is also worth noting that at the time of the survey, merely 41% of the companies said they had reached over 50% of their profit targets for 2023, lower than the figure of the same time last year (73.9%)./.

On the VNR500 list are Samsung Electronics Thai Nguyen Co. Ltd., Vietnam Electricity (EVN), Vietnam Oil and Gas Group (PetroVietnam), Viettel Military Industry and Telecoms Group (Viettel), and Vietnam National Petroleum Group (Petrolimex), among others.

The country’s 10 largest private enterprises include Vingroup, Mobile World Investment Corporation, Doji Group, Hoa Phat Group JSC, and Masan Group Corporation.

General Director of the Vietnam Report JSC Vu Dang Vinh said that in its 15 years, the VNR 500 honours "locomotives" of the Vietnamese economy that demonstrate their mettle and steadfastness amid challenges caused by the COVID-19 pandemic.

It also promotes the brand of Vietnamese firms to investors at home and abroad and forges links with leading entrepreneurs and scholars across the globe, he added.

The average return on asset (ROA) of the VNR500 enterprises inched down by 0.42 percentage point from 2020 to 5.31 percent this year, and their average return on sales (ROS) saw a year-on-year decline of 0.43 percentage point to 6.15 percent.

Meanwhile, the return on equity (ROE) marginally rose to 16.42 percent from 16.24 percent recorded last year.

The ROS in the State economic sector witnessed a 1.82 percentage point increase against the previous year.

Statistics of Vietnam Report showed that 40.4 percent of the businesses maintained their growth momentum during 2019-2020 and the first nine months of this year.

The 500 largest Vietnamese companies are acknowledged for having been resilient and driven the national socio-economic development amid the pandemic.

The Vietnam Report JSC on January 5 announced the list of the 500 largest Vietnamese companies in 2022 for their key contributions to the nation’s successful post-pandemic recovery.

Business executives receive credits for being in the top 500 Vietnamese enterprises in 2022. Photo: Vietnam Report

The 10 largest companies of the top 500 include Samsung Electronics Vietnam Thai Nguyen, the Vietnam Oil and Gas Group (PetroVietnam), the Vietnam Electricity (EVN), the Vietnam National Petroleum Group (Petrolimex), steel maker Hoa Phat Group, the military-run telecom group Viettel, conglomerate Vingroup, the State-owned Vietnam Bank for Agriculture and Rural Development (Agribank), Mobile World Investment Corporation, and the Bank for Investment and Development of Vietnam (BIDV).

Among the 10 largest private companies in Vietnam are Hoa Phat Group, Vingroup, Mobile World Investment Corp, consumer enterprise Masan, jewelry retailer Doji, the Vietnam Prosperity Bank (VPBank), the Vietnam Dairy Products JSC (Vinamilk), automobile manufacturer Truong Hai Group, Thanh Thanh Cong Group, and the Vietnam Technological and Commercial Joint Stock Bank (Techcombank).

In the 2022 assessment, Vietnam Report honors the companies that have been resilient through adversities and hard times, showing their growth potentialities, qualities of sustainable development and corporate governance, and future prospects.

The five biggest tackles for Vietnamese companies in 2022 are the volatile energy and material prices, increasing competitiveness in the same sector, risks of the global supply chains, pressure of increasing foreign exchange rates, and decline of consuming and purchasing powers.

In the post-pandemic volatility, the Vietnamese economy has made significant efforts to recover and regain its pre-pandemic growth rate. Vietnam records an 8.02% GDP growth rate in 2022, the highest in 12 years.

Vu Dang Vinh, general director of Vietnam Report, said the largest Vietnamese companies had been leading in driving the country’s socio-economic growth.

These companies have adopted digital transformation solutions and renovated their corporate governance systems, Vinh said.

With these actions, the largest Vietnamese companies have been resilient in overcoming the difficulties and challenges brought by the pandemic to stabilize their operations and contribute to the national recovery.

Also, on January 5, Vietnam Report introduced the linguistic White Book on Vietnamese Economy 2023 that provides a sum of 2022 results and delivers professional comments and opinions on Vietnam’s economic prospects in 2023.

How many private companies are in Vietnam?

At the end of 2021, Vietnam had 694,200 private enterprises, accounting for 96.6% of the total operating ones, and employing 58.1% of the total workers. The private enterprises' assess and net revenue made up 59.3% and 57.8% of all enterprises in Vietnam, respectively.

How do I check a company in Vietnam?

All local Vietnam Company searches can be under taken via our Vietnam Company Registry search. Where there is more than one Vietnam Company Registry an Vietnam company search will be made via a local Vietnam company registry search in the city where the company or business is registered.

What are the largest Vietnam companies by market cap?

Large cap Vietnamese companies.

How many companies are listed in Vietnam?

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