Telecommunications, IT and retail firms took the lead in terms of profitability last year on the list of Profit500 – the top 500 firms with the highest profits in Viet Nam.

Viettel takes the lead in the top 500 firms with the highest profits in Viet Nam

The ranking, announced by the Viet Nam Report Company on Tuesday, revealed that the industries saw high profit growth despite accounting for a small number on the list, with 3.6% and 1.2% of the total companies, respectively.

Experts believe that the IT sector will continue seeing strong growth in the future.

In addition, the food and beverage sector also showed high business results, both in terms of the number of firms on the list and highest average pre-tax profit.

The construction, building materials and real estate sector has the highest number of firms in the ranking, accounting for 17.4% of the total. It was followed by the financial and food and beverage sectors, with 11.4% and 10%, respectively.

Most of businesses on the list reported increasing revenue and profit over the past 9 months, and showed optimism in terms of prospects and profitability next year.

More than 26% of the surveyed firms believed that instability in the economy’s growth had been one of the biggest challenges to profitability of businesses this year. Enterprises paid attention to climate change and disasters in the past two years, impacting their production and business.

Viet Nam Report’s survey also said over a half of the local companies believed that sales over the past 3 quarters had the most impact on their revenue, and not prices or spending. Firms paid attention to human resources, sales and marketing, and IT. Around 70% of businesses said investing in human resources brought positive results in their profit.

Firms planned to focus on applying IT and automation as well as developing human resources for sustainable growth next year.

They expected that IT would have the highest growth in the future, followed by construction, real estate, healthcare, retail and trade centres.

The Profit 500 ranking aims to honour Vietnamese firms with high profitability and potential to become key pillars for the country’s future development. These firms have also contributed to promoting Viet Nam’s brand name in the international business community.

The ranking has independent assessments based on criteria of return on total assets, return on equity, return on revenue, pre-tax profit and revenue. In addition, it also determined businesses’ reputation on the media and labour scale.

The award ceremony is on 23 November in Ha Noi.

(Source: VNS/ DA NANG Today)