Hoa Phat Group, four Vietnamese banks among world’s 2,000 largest companies

Customers conduct transactions at a branch of Vietcombank in Hanoi. (Photo: VNA)

Hanoi (VNA) – Hoa Phat Group and four commercial banks of Vietnam have been named in this year’s Forbes list of the world’s 2,000 largest companies (Global 2000).

In the latest ranking, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ranks at the 950th position while Vietnam Technological and Commercial Joint Stock Bank (Techcombank) stands at 1,874th.

This year, Hoa Phat Group is named on the list for the first time with revenues of 1.5 billion USD and market value of 8.53 billion USD.

The total capitalisation of the four Vietnamese banks on the list reached 46.84 billion USD, in which the market value of Vietcombank accounted for more than 36 percent..

Forbes said that despite the challenges of the COVID-19 pandemic and Russia-Ukraine conflict, the world’s top companies still managed to boost sales and profits last year. Besides, the stock values of companies also dropped as inflation and bearish market hindered economic recovery.

Berkshire Hathaway of billionaire Warren Buffett took the No. 1 spot for the first time since Forbes started publishing Global 2000 in 2003, dethroning the Industrial and Commercial Bank of China, which dropped to No. 2 after nine consecutive years at the top of the list, it said.

Big oil groups rebounded rapidly from last year’s low ranks thanks to rising oil prices. ExxonMobil rose from 317th in 2021 to 15th this year, while Shell jumped to 16th from 324th. Both companies saw profits swing back into positive territory after last year’s losses.

Compared to last year, the minimum capitalisation of companies plummeted from 8.26 billion USD to 7.6 billion USD. However, the minimum levels of other indexes all increased over the same period.

Companies in Global 2000 recorded a total of 47.6 trillion USD in revenue, 5 trillion USD in profits, 233.7 trillion USD in assets, and 76.5 trillion USD in market capitalisation.

There are 58 countries represented in the 2022 list, in which, the US is the leading nation with 590 companies, followed by China (including Hong Kong) with 351 companies and Japan with 196 companies./.