Some of the businesses named in this year's FAST500 list (Source: Vietnam Report) Those named in the rankings, including the An Tien Industries JSC, Quang Ninh Port JSC, Vien Dong Investment and Trading Development JSC, Sao Mai Group, and Thai Trung Steel Rolling JSC, are described as dynamic businesses and “emerging stars” which have weathered economic difficulties, actively joined in the COVID-19 combat, and helped advertise Vietnamese brands to domestic and international enterprises.
FAST500, launched in 2011, is based on the compound annual growth rate (CAGR) in terms of revenue and business performance. Other criteria such as total asset, after-tax profit, and companies’ prestige on the media are also taken into account to identify their scale and stature in the industries they operate in.
General Director of Vietnam Report Vu Dang Vinh said the average CAGR of the FAST500 firms reached 28.2 percent during 2016-2019.
This period also witnessed the strong emergence of the private economic sector, which has continued to serve as a driver of the Vietnamese economy, he noted, adding that private businesses also account for the majority of the 500 fastest-growing companies, 83.2 percent.
Private enterprises are contributing about 42 percent of GDP and 30 percent of the State budget while employing some 85 percent of the workforce nationwide. Their stable growth and increasing presence in the FAST500 rankings are also a clear illustration of this sector’s development potential in the economy, Vinh added.
A ceremony to officially announce and honour the FAST500 companies are scheduled to take place in Hanoi on April 27./.
VNA
