An assembly line of Samsung Electronics Vietnam. Samsung Electronics Vietnam has overtaken PetroVietnam to become the largest firm in Vietnam in 2017. (Photo: dantri.com.vn) Hanoi (VNA) - Samsung Electronics Vietnam hasovertaken the Vietnam National Oil and Gas Group (PetroVietnam) to become thelargest firm in Vietnam in 2017.
The Vietnam ReportCompany on December 5 announced the top 500 largest Vietnamese enterprises list (VNR500) in termsof capital, sales and profits.
Samsung Electronics Vietnam hasbeen among the top 10 for the past five years. However, this year, it toppedthe ranking, followed by Electricity of Vietnam Group (EVN) and PetroVietnam.
The ranking also recognisedthe presence of the banking sector following two years of not being listed,with the Bank for Agriculture and Rural Development of Vietnam (Agribank)and the Bank for Investment and Development of Vietnam (BIDV) mentioned on thelist.
The ranking acknowledgedthe strong development of the private sector this year. In 2007, when the firstVNR500 ranking was announced, private firms accounted for only 20 per cent ofthe total. The number this year rose by 2.5 times, accounting for half of theenterprises in the ranking.
The Truong Hai AutoCorporation lostits top spot among largest business private companies in Vietnam this yearto Vingroup, while Vinamilk was at third position on the list.
Several other big nameswere also ranked, such as FPT, Masan, Mobile World, Doji and Hoa Phat. Notably, newly privatised retailer Intimex advanced inthe top places.
State-owned enterprisescontributed the highest turnover among the three economic sectors. However,SOEs’ turnover was reduced from 59 percent in 2016 to 52 percent this year.
The increasing number ofprivate companies and their turnover contribution on the VNR500 2017 partlyreflected the Government’s efforts in improving business environment tofacilitate all economic sectors as well as achievements in the privatisationprocess of SOEs.
The ranking this yearcontinued to highlight key industries of the economy, including electricity,minerals, petroleum and finance, as well as food and beverage, and IT. Theelectricity sector contributed highest turnover on the list in the 2015-17period.
The Top 500 LargestEnterprises list from the Revenue Ranking Board follows the Fortune 500 model.In its 11th year, the VNR500, this year, honours firms with outstandingachievements in 2017.
The award ceremony will beorganised in Hanoi onJanuary 19, 2018.-VNA
VNA
