Business

Telecoms, IT, retail firms top Vietnam’s profit-making list

Telecommunications, IT and retail firms took the lead in terms of profitability last year on the list of Profit500 – the top 500 firms with the highest profits in Vietnam.
Telecoms, IT, retail firms top Vietnam’s profit-making list ảnh 1Viettel takes the lead in the top 500 firms with the highest profits in Vietnam. (Photo: 3gviettel.vn)

Hanoi (VNS/VNA) - Telecommunications,IT and retail firms took the lead in terms of profitability last year on thelist of Profit500 – the top 500 firms with the highest profits in Vietnam.

The ranking, announced by Vietnam ReportCompany on October 17, revealed that the industries witnessed high profitgrowth despite accounting for a small number on the list, with 3.6 percent and1.2 percent of the total companies, respectively.

Experts believe that the IT sector willcontinue seeing strong growth in the future.

In addition, the food and beverage sectoralso showed high business results, both in terms of the number of firms on thelist and highest average pre-tax profit.

The construction, building materials andreal estate sector has the highest number of firms in the ranking, accountingfor 17.4 percent of the total. It was followed by the financial and food andbeverage sectors, with 11.4 percent and 10 percent, respectively.

Most of businesses on the list reportedincreasing revenue and profit in the first nine months of the year and showedoptimism in terms of prospects and profitability next year.

More than 26 percent of the surveyed firmsbelieved that instability in the economy’s growth had been one of the biggestchallenges to profitability of businesses this year. Enterprises paid attentionto climate change and disasters in the past two years, impacting theirproduction and business.

Vietnam Report’s survey also said over ahalf of the local companies believed that sales in the first three quarters ofthe year had the most impact on their revenue, and not prices or spending.Firms paid attention to human resources, sales and marketing, and IT. Some 70 percentof businesses said investing in human resources brought positive results intheir profit.

Firms planned to focus on applying IT andautomation as well as developing human resources for sustainable growth nextyear.

They expected that IT would have thehighest growth in the future, followed by construction, real estate,healthcare, retail and trade centres.

The Profit 500 ranking aims to honourVietnamese firms with high profitability and potential to become key pillarsfor the country’s future development. These firms have also contributed topromoting Vietnam’s brand name in the international business community.

The ranking has independent assessmentsbased on criteria of return on total assets, return on equity, return onrevenue, pre-tax profit and revenue. In addition, it also determinedbusinesses’ reputation on the media and labour scale.

The award ceremony is on November 23 in Hanoi.

The 10 highest profit firms are ViettelGroup, Samsung Electronics Vietnam Co Ltd, Vietnam Oil and Gas Group(PetroVietnam), Vietnam Dairy Products Joint Stock Company (Vinamilk), PetroVietnamGas Joint Stock Corporation, Vietnam Joint Stock Commercial Bank for Industryand Trade (Vietinbank), Truong Hai Auto Corporation, Joint Stock CommercialBank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bankfor Investment and Development of Vietnam, and Hoa Phat Group Joint StockCompany.-VNA
VNA
#Vietnam Telecoms #Vietnam IT #Vietnam retail #Vietnam Report Company #Vietnam Profit500 #Vietnam News Agency #vietnamplus
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