Illustrative photo (Photo: VNA) Hanoi (VNA) - State-run Vietnam Oil and Gas Group (PetroVietnam) remains on top ofthe 500 largest Vietnamese enterprises list (VNR500) in 2016 in terms ofrevenue.
Truong Hai Auto Corporation is named thecountry’s largest private enterprise.
The Top 500 Largest Enterprises list from theRevenue Ranking Board follows the Fortune 500 model. It was released on December14 by the Vietnam Report Company (VNR) and online news site VietnamNet.
The 10th year of the VNR500 list has honouredfirms with outstanding achievements in 2016.
On the list, PetroVietnam is followed by SamsungVietnam, Viettel Group and the Electricity of Vietnam (EVN).
On the 500 largest private firms list, Truong HaiAuto Corporation is followed by Vietnam Dairy Products Company (Vinamilk), DojiGold, FPT Corporation and Vingroup Joint Stock Company.
VNR’s survey shows that the top 500 firms wereoptimistic about production and business in the first 10 months of the year.However, 16 percent of the surveyed firms reported decreasing turnover, while15 percent expected reduced after-tax profit in the 10-month period compared tothe same period last year. Local companies have been facing many hurdlesbecause of fluctuations and changes in the world economy and politics.
The report said the number of labourers employedby businesses was stable. In the first quarter of 2017, 60 percent of thebusinesses are expected to maintain their labourers. It is also forecast thatin the next quarter, business will remain stable or improve, in terms ofturnover, profit and overall production, compared to the last quarter of thisyear.
Around 80 percent of the enterprises will scaleup their business, and 19 percent plan to expand, while only 5 percent willmaintain their current situation.
The current trend of integration andco-operation will gather more steam, the report said. So many investors fromThailand, Japan and the Republic of Korea will likely enter the Vietnamesemarket through merger and acquisition (M&A) or through joint ventureprojects. Around 25 percent of the surveyed firms said M&A and jointventure negotiations have been underway for the past three years, while 10 percentof the companies said they are looking for business cooperation.
In response to their strengths and weaknesses inthe international market, 60 percent of the companies said their strengths weremanagement skills and stable supplies. However, only 25 percent of theenterprises said their products and services were their strength, and 12 percentsaid their marketing activities were still a weakness.
The VNR suggest that large local firms shouldpromote their brand names and improve productivity if they want to step intothe global market.
In 2017, the economy shows positive prospects asbig world economies have been gradually getting over their economic crises. Vietnam’srestructuring plan in the 2016-20 period is expected to create breakthroughsand allow companies to grow and expand their businesses.
An awards ceremony will be held in Hanoi on January19 to honour the 500 companies on the list.-VNA
Truong Hai Auto Corporation is named thecountry’s largest private enterprise.
The Top 500 Largest Enterprises list from theRevenue Ranking Board follows the Fortune 500 model. It was released on December14 by the Vietnam Report Company (VNR) and online news site VietnamNet.
The 10th year of the VNR500 list has honouredfirms with outstanding achievements in 2016.
On the list, PetroVietnam is followed by SamsungVietnam, Viettel Group and the Electricity of Vietnam (EVN).
On the 500 largest private firms list, Truong HaiAuto Corporation is followed by Vietnam Dairy Products Company (Vinamilk), DojiGold, FPT Corporation and Vingroup Joint Stock Company.
VNR’s survey shows that the top 500 firms wereoptimistic about production and business in the first 10 months of the year.However, 16 percent of the surveyed firms reported decreasing turnover, while15 percent expected reduced after-tax profit in the 10-month period compared tothe same period last year. Local companies have been facing many hurdlesbecause of fluctuations and changes in the world economy and politics.
The report said the number of labourers employedby businesses was stable. In the first quarter of 2017, 60 percent of thebusinesses are expected to maintain their labourers. It is also forecast thatin the next quarter, business will remain stable or improve, in terms ofturnover, profit and overall production, compared to the last quarter of thisyear.
Around 80 percent of the enterprises will scaleup their business, and 19 percent plan to expand, while only 5 percent willmaintain their current situation.
The current trend of integration andco-operation will gather more steam, the report said. So many investors fromThailand, Japan and the Republic of Korea will likely enter the Vietnamesemarket through merger and acquisition (M&A) or through joint ventureprojects. Around 25 percent of the surveyed firms said M&A and jointventure negotiations have been underway for the past three years, while 10 percentof the companies said they are looking for business cooperation.
In response to their strengths and weaknesses inthe international market, 60 percent of the companies said their strengths weremanagement skills and stable supplies. However, only 25 percent of theenterprises said their products and services were their strength, and 12 percentsaid their marketing activities were still a weakness.
The VNR suggest that large local firms shouldpromote their brand names and improve productivity if they want to step intothe global market.
In 2017, the economy shows positive prospects asbig world economies have been gradually getting over their economic crises. Vietnam’srestructuring plan in the 2016-20 period is expected to create breakthroughsand allow companies to grow and expand their businesses.
An awards ceremony will be held in Hanoi on January19 to honour the 500 companies on the list.-VNA
VNA
