Jan 18, 2012

Vietnam - Thirty enterprises post over $1b revenue



In 2011, although Vietnam's economy faced many difficulties still 500 Vietnamese largest enterprises were able to post outstanding growths in revenue over previous year, Vu Dang Vinh, Vietnam Report's general director said.

According to Vinh, the criteria to rank VNR500 in 2011 had some modifications in comparison with 2010 when minimum revenue of enterprises reached over 1.5 trillion dong while previously; the requirement was only 1.2 trillion dong. For private enterprises, the minimum revenue of companies must reach over 600 billion dong.

However, despite stricter criteria together with rougher business conditions, the revenue of enterprises at the bottom of the VNR 500 in 2011 was still higher than that of 2010 by 20 percent. This was also why 27 percent of enterprises in the ranking list in 2010 were excluded from 2011 ranking list.

Vinh noted about the strong emergence of private company group in the VNR 500 in 2011, with about 37.4 percent in the ranking list while in 2009 the proportion was only 30 percent and it was 31.2 percent in 2010.

VNR 500 results also showed that the state-dominated corporations, groups and companies continued to account high percentage in the rankings in 2011 at a rate of 41.6 percent.

Top ten Vietnamese largest companies were still familiar giants such as Vietnam National Oil and Gas Group (PetroVietnam-PVN), Vietnam National Coal and Minerals Industries Group (Vinacomin) and Electricity of Vietnam (EVN).

Notably, the Top 30 first companies in the ranking list in 2011 are eligible to join the club of $1 billion revenue with average revenue of $3.2 billion.

In addition, the Top 50 first companies in the ranking list in 2011 meet the revenue criteria to be able to stand in the Forbes 2000 ranking list on Top 2000 globally largest companies.

In the context of economic difficulties, the majority of Vietnam's largest businesses' leaders are aware that, it is necessary to have efforts, self-creation from businesses' leaders, a consensus of officials and employees, association and business expansion of Vietnamese enterprises in the international market to create competitiveness and momentum for enterprises to overcome difficulties and seize new opportunities in 2012.

Representative of Intimex Group Joint Stock Co said that Intimex Co jumped three steps from 14th position to 11th place (in comparison with 2010) in the ranking list of Vietnam's largest private firms.

To get these three steps, Intimex had to make a great effort and its revenue must increase one and half times year-on-year. This showed a huge competitive pressure in the market.

VietBiz24



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