On March 11, 2024, Vietnam Report Joint Stock Company (Vietnam Report) in collaboration with VietNamNet newspaper announced the FAST500 Ranking – Top 500 Fastest Growing Companies in Vietnam in 2024.
The FAST500 Ranking recognizes achievements of companies that have performed well in business, based on the main criterion of compound annual growth rate (CAGR) of revenue. In addition, criteria such as total assets, equity, pre-tax profit, and corporate reputation in the media are also used as supplementary factors to determine the scale and position of companies in their respective industries.
List of Top 10 companies in the FAST500 Ranking in 2024
Compared to last year’s ranking, there have been many changes. Except for Bee Logistics, other companies that were in the top 10 in 2023 did not make it to the top 10 in 2024.
The top-ranking company this year is Binh Thuan Plastic Group Joint Stock Company. Some notable names in the top list include Securities Joint Stock Company HD, Securities Joint Stock Company TP, Sol E&C Investment Construction Joint Stock Company, Taseco Real Estate Investment Joint Stock Company, etc.
According to the ranking, in 10 out of 12 months of 2023 (excluding February and August), the Purchasing Managers’ Index (PMI) for the Vietnamese manufacturing industry, published by S&P Global, remained below the 50-point threshold, indicating a somewhat bleak production and business environment for companies due to the weakness in both domestic and global demand.
For the first time since 2009, Vietnam’s average export and import turnover recorded a negative growth rate. According to data from the General Statistics Office, the total export and import turnover in 2023 is estimated to reach 683 billion USD, decreasing by 6.6% compared to the previous year, with exports decreasing by 4.4% and imports decreasing by 8.9%.
Alongside declining orders and a lack of market for products, difficulties related to capital sources due to matured corporate bonds, upcoming loan repayments to banks, and a high level of indebtedness have caused many businesses to struggle. On average, for every 10 new businesses, 8 have exited the market in 2023.
A survey conducted by Vietnam Report showed that more than half (51.7%) of the businesses reported not achieving their revenue targets, while 46.7% did not reach their profit targets in 2023. In contrast, the percentage of businesses that experienced a decrease in revenue and profit nearly doubled compared to the same period in the previous year.
The situation is unlikely to see one-sided improvement, but 2024 is expected to be a “buffer” year for the market to gradually restore confidence, with businesses gradually overcoming challenges, clearer driving forces for recovery, and opportunities being recreated. In particular, this year is considered a time of major changes both in Vietnam and globally, reshaping the business environment.
According to Vietnam Report, in general, the economic growth in 2024 will mainly rely on the “four-horse cart”: Accelerate innovation, improve the legal framework, ensure institutional consistency and legal environment for economic development; Stimulate domestic consumer demand; Enhance public investment – implement public investment efficiently and effectively, creating spillover effects to non-state investment; Boost exports of goods and services.
