Top 500 fastest-growing companies in Vietnam in 2023 announced

Friday, 19/05/2023 21:45
Tin Viet Finance JSC, Dolphin Sea Air Services Corporation and VPS Securities JSC are among the top 10 in the 500 fastest-growing companies in Vietnam (FAST500) in 2023, VNA reported an announcement by the Vietnam Report JSC and the VietNamNet e-newspaper.
The companies in the top 500 fastest-growing companies in Vietnam (FAST500) in 2023. (Photo courtesy of the organiser) 

The others in the top 10 included Vantage Logistics Corporation, Bee Logistics Corporation, Super Cargo Service Company Limited, Deo Ca Traffic Infrastructure Investment JSC, MB AGEAS Life Insurance Company Limited, Thien Phu Si JSC and Mirae Asset Securities (Vietnam).

Speaking at the ceremony, Nguyen Van Ba, Editor-in-Chief of VietNamNet said in 2023, Vietnam is entering a new development phase with many challenges and opportunities. The global economic and political situation has been complicated, posing many challenges for businesses’ development.

Source: Vietnam Report) 

However, with political stability and the Government's efforts in promoting economic reform, Vietnam is one of the bright spots in the region and the world. GDP in the first quarter of 2023 increased by 3.32% over the same period last year, maintaining an appropriate growth rate in the context of the general difficulties of the world economy when many countries were in recession.

According to the WB’s forecast, Vietnam’s GDP could reach 6.5% this year. The economy has benefited from free trade agreements and attracting FDI. In addition, the Government has been implementing solutions to support businesses and promote domestic production.

The business community plays a huge role in economic growth and sustainable development. In particular, firms with stable growth rates and pillars in key industries make an important contribution to the country’s development by creating jobs, attracting investment, and contributing to the State budget.

“The annual announcement of FAST500 recognises and honours businesses’ achievements in production and business activities. In addition, this is an opportunity for firms to exchange and seek business opportunities,” he added.

These are firms with good business performance, based on the main criteria of double revenue growth and social responsibility.

Source: Vietnam Report)  

In addition, this year's Top 10 list are all key players in industries that have many achievements in providing products to customers, showing solid bravery with stable financial capacity, and good resilience in the face of difficult market context.

According to a survey by Vietnam Report, 81.3% of enterprises reported still having revenue growth momentum in 2022 and about 70% recorded increased profits compared to the previous year, of which more than half achieved profit growth of over 75%.

However, the growth rate of revenue and profit in the period of 2021-2022 was lower than that of 2020-2021.

Many representatives in FAST500 believed that the success of businesses is being able to maintain stable operations in a year full of fluctuations and unexpected risks.

Despite many concerns about an uncertain future, FAST500 businesses keep positive expectations. In particular, the outlook for the world economy would improve in the second half of 2023 when concerns about inflation are cleared and central banks reach the end of the tightening policies.

In addition to the Top 10 fastest-growing companies in Vietnam in 2023, the organiser also announced the Top 10 Real Estate Companies and Top 10 Building Material Companies.

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 assets, 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.

Italian festival entertains wine lovers in HCM City

A wide range of premium Italian wine products were introduced to Vietnamese wine-lovers at an Italian festival held on May 19 in Ho Chi Minh City, reported VOV.

Italian wine festival is held on May 19 in Ho Chi Minh City. (Photo: 

Enrico Padula, consul general of Italy in Ho Chi Minh City, said the event aims to help Vietnamese people gain a greater understanding of Italian cuisine, while serving as a bridge to connect the respective cultures of the two countries.

The festival was jointly organised by Gambero Rosso, the Italian Embassy in Vietnam, and the Consulate General of Italy in Ho Chi Minh City, drawing the participation of 50 Italian wineries.

Participants at the event were given the chance to sample some of the finest Italian wines, whilst also attended bartending classes put on by leading Italian experts.

Furthermore, the organisers gave the Top Italian Restaurants awards to several high-quality Italian pizzerias and restaurants based in Ho Chi Minh City.

The event was the third of its kind held in Vietnam and the second in Ho Chi Minh City, with the occasion attracting thousands of visitors.

Times Higher Education, Vietnam cooperate to improve higher education quality

According to VNA, representatives from the Ministry of Education and Training and Times Higher Education (THE) - which is known for publishing the annual Times Higher Education – QS World University Rankings - on May 18 discussed further cooperation to improve the quality of higher education in Vietnam.

An overview of the meeting (Photo courtesy of Ministry of Education and Training) 

At the meeting, Director of the ministry’s International Cooperation Department Pham Quang Hung said that Vietnam has been making efforts to improve the quality of training and ranking of Vietnamese universities in recent years.

Vietnam seeks THE's recommendations for Vietnamese universities based on the organisation's ranking criteria, he said, proposing that the two sides hold discussions on possibilities and directions for cooperation and consider the signing of a Memorandum of Understanding.

At the meeting, THE’s chief global affairs officer Phil Baty offered many suggestions with the hope of assisting Vietnam in improving the general standard of higher education and enhancing the world's recognition of the quality of teaching, research, and social responsibility of universities in Vietnam.

He agreed that the two sides will discuss and look for potential areas of cooperation, as well as sign a memorandum of understanding with specific goals and terms as a basis for future work plans.

According to the THE representative, Vietnamese universities have been regularly present in the world university rankings. He said many Vietnamese universities have the potential to be included in the ranking in the next few years. In addition to the six universities that have already made their names on the THE rankings, 12 others are expected to soon meet the threshold for world university rankings.

Baty said THE can provide data, share information and advise potential universities in the process of improving their rankings. THE can also provide information and data to assist Vietnam’s education and training sector in identifying areas that need improvement.

Within the framework of the working session, the two sides agreed to organise a seminar on university ranking this year./.