Vietnam's top 500 fastest growing enterprises 2024 announced

Hanoi (VNA) – The 2024 list of the top 500 fastest growing enterprises in Vietnam (FAST500) has been released by the Vietnam Report JSC.

The top 10 businesses consist of Binh Thuan Plastic Group JSC, HD Securities Corporation, Orient Securities Corporation, Imedia Technology and Services JSC, SOL E&C Construction Investment JSC, Vietnam Vitadairy Milk JSC, Taseco Land Investment JSC, Stellapharm J.V. Co. Ltd, CNC Technology Solutions JSC, and Bee Logistics Corporation.

The rankings were based on several criteria, including compound annual growth rates, total assets, equity, pre-tax profits, and media reputation.

Aside from releasing the FAST500 rankings, the Vietnam Report JSC also announced the results of a business survey.

Accordingly, 51.7% and 46.7% of the interviewed companies said they failed to achieve last year’s revenue and profit targets, respectively. Both the rates of companies reaching and surpassing the two targets were lower than in 2021 - 2022. Notably, the rates of those with declined revenue and profits increased almost twice and 1.5-fold compared to the same period of 2021 - 2022.

General Director of the Vietnam Report JSC Vu Dang Vinh said after a trying period, it is not easy to shore up market confidence, as well as business confidence. In particular, as difficulties still linger on, even staying afloat becomes a considerable challenge to enterprises.

He cited statistics showing that the number of companies withdrawing from the market in the first two months of 2024 was higher than the figure of firms entering the market and resuming operations. Among them, the number of enterprises suspending operations topped 49,000, up 27.1% year on year.

Vinh noted that though grey still dominates the panorama, it is encouraging that business optimism has improved in part. In the survey, conducted in January - February, businesses rated the economic prospect 3.5 out of 5 – higher than in 2023, and their own prospect 3.8.

Enterprise optimism can create a positive cycle, he said, adding that it also reflects their readiness to face challenges and seek opportunities in all circumstances, along with their confidence and adaptability in a challenging business environment./.