Top 10 prestigious firms in property, construction announced

Hanoi (VNA) – Vinhomes JSC and Nova JSC are among the top 10 prestigious firms in the real estate and construction sector this year.

Others named in the list, announced by Vietnam Report JSC and VietNamNet e-newspaper in Hanoi on April 27, include Ecopark Group JSC, Nam Long Investment Corporation and Hung Thinh Corporation.

The firms have been included in the 2021 list of the 500 fastest-growing companies in Vietnam (FAST500).They are honoured for their significant contributions to the domestic construction sector as well as their efforts to move forward in the “new normal” period.

The rankings are based on studies of multiple financial factors, corporate reputation on the media, and surveys of insiders.

Accordingly, all of the interviewed enterprises said they agreed on the need for the Government and firms to draw up anti-COVID-19 scenarios.

More than 72 percent of them said prestige and brand would help them overcome difficulties. Meanwhile, over 45 percent of the respondents believed that healthy financial capacity will help companies sail through crises.

Notably, 36.36 percent hoped that the Government and competent agencies will continue reviewing, cutting and using funding more effectively.

Many said businesses can maintain a foothold and develop in the present context by investing in expanding the market and stepping up digital transformation.

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. /.