The Vietnamese unit of Samsung Electronics is the fastest growing business in Viet Nam in 2015, according to a report released Tuesday.

Samsung Electronics Vietnam Co. Ltd. secured the top notch in the 5th annual FAST500 report, compiled by Vietnam Report Co., a Ha Noi-based company that ranks businesses, and newswire VietNamNet.

The Vinacomin Power Corporation LLC, a subsidiary of Viet Nam’s coal and minerals giant Vinacomin, comes in at second place, followed by Vung Ang Petroleum JSC, Long Son Co. Ltd., and European Plastic JSC.

Workers are shown working at the LCD TV production plant of Samsung in Viet Nam.

Samsung Electronics Vietnam (SEV) is a 100% South Korean-invested company headquartered in Bac Ninh Province.

The company began its operations in Viet Nam in April 2009 with an initial investment of 670 million USD, according to Vietnam Report.

The FAST500 ranks businesses based mostly on their compound annual growth rate (CAGR) between 2010 and 2013, plus growth in 2014 and growth forecast for 2015, the Vietnam Report said on its website.

Other factors including the return on assets and return on equity ratios, as well as the businesses’ reputation, are also counted.

The CAGR is a business and investing specific term for the geometric progression ratio that provides a constant rate of return over the time period.

The average CAGR in the last three consecutive years of the top ten FAST500 businesses is 102.18%, according to the report.

The compilers claim that the FAST500 report was built on objective, scientific, and independent principles and is up to international standards, with reference from such popular reports as the Inc500, Fortune500 and Deloitte500.

The FAST500 report has been released annually since its inception in 2011.

“By being present in the FAST500, businesses have demonstrated their activeness, creativity, and effort for growth during the hard domestic and global economic times,” the Vietnam Report said.

Headquartered in Ba Dinh District, the Vietnam Report is “a pioneer in making reports that rank businesses, products, and services,” according to its website.