More than 65 percent of Vietnam’s top 500 businesses with the fastest growth rates in 2013 are from the private sector, twice as much as that of state-owned companies.

According to the FAST 500 ranking in 2013 announced on February 18, Intimex Nha Trang JSC topped the list, followed by CNG Vietnam JSC and Phan Minh Trade and Services Co. Ltd.

FAST 500 is conducted by Vietnam Report Joint Stock Company (Vietnam Report). It is based on the Compound Annual Growth Rate (CAGR) which considers firms’ total assets, labour and post-tax profit, as well as turnover in the 2009-2012 period.

This year’s ranking shows that the average growth rate of these in the 2009-2012 period stood at 44.7 percent, lower than that recorded between 2008 and 2011.

Of the total, the food and beverage industry posted the highest number of businesses in the list, accounting for 18 percent. Construction and real estate came next with 16 percent while mineral, oil and gas was third with 9 percent.

Nearly 88 percent of the surveyed firms forecast that 2014 will be a better year for the business sector, according to Vietnam Report.-VNA