Vietnam F&B enterprises dominate the FAST500 ranking for 2020
|Vietnamese giant loaves of bread attract worldwide attention|
|Summer snack: Vietnamese transparent shrimp & pork dumplings|
|Hanoi requires street food vendors to wear masks|
|Food and beverage industry has a growth of 68.9 percent (Photo: VOV)|
The report says food and beverage industry has a growth of 68.9 percent, followed by retail (66.7 percent) and telecommunications and information technology (66 percent).
Topping the list is bioplastics company An Tien Industries, followed by Quang Ninh Port Joint Stock Company and Khai Anh – Binh Thuan Food Trading Co. Ltd.
In the five-year period from 2015 to 2019, the average compound annual growth rate (CAGR) of the enterprises in the top 500 was 28 percent, according to the report. This period witnessed the rise of the private sector, asserting its role as the country’s economic engine with a CAGR of 30.1 percent. The number of enterprises in this sector also dominated the FAST500 listing with 74.2 percent.
The private sector generates about 42 percent of GDP, contributes about 30 percent of the national budget and employs 85 percent of the nation’s workforce, the report said.
|A woman picks food at a supermarket in Hanoi (Photo: VnExpress)|
The VNR also identified the top five contributing factors for the accelerated growth of enterprises in the 2015-2019 five-year period.
The leading factor was the growth of domestic and regional markets, followed by developing new lines of products, expanding existing markets, developing new market segments, and the availability of skilled labor at competitive costs.
The report also mentioned five challenges for the growth of enterprises: market fluctuations due to Covid-19 impacts; an increase in competition; increase in input costs; complicated administrative procedures and uncertainty in the business environment.
The VNR says the industries with the highest growth potential for the next three years are: telecommunications and information technology; clean agriculture; retail; and healthcare and pharmaceutical.
The report is based on independent research and evaluation of compounded annual growth rate of sales and other parameters like return on assets, return on equity, profits, and corporate credibility in the media.
|Prime Minister: Businesses growth need resolving to boost up |
Prime Minister Nguyen Xuan Phuc in his conference with the business community said that enterprises should find opportunities to express the resolve to revive the ...
|New government decree helps boost small and medium enterprises development in Vietnam |
With the recent promulgation of Decree No.37/2020/ND-CP, the Vietnamese government offers a lifeline for small- and medium-sized enterprises as a necessary preparation to cope up ...
|Vietnam small and medium enterprises get 50% tax cut proposed |
The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be 50% reduced for small and medium-sized enterprises (SMEs) this year ...