Samsung Electronics Viet Nam has overtaken Viet Nam National Oil and Gas Group (PetroVietnam) to become the largest firm in Viet Nam in 2017.

Viet Nam Report Company on Tuesday announced the top 500 largest Vietnamese enterprises list (VNR500) in terms of capital, sales and profits. Samsung Electronics Viet Nam has been among the top 10 for the past five years. However, this year, it topped the ranking, followed by Electricity of Viet Nam and PetroVietnam.

The ranking also recognised the presence of the banking sector following two years of not being listed, with the Bank for Agriculture and Rural Development of Viet Nam (Agribank) and the Bank for Investment and Development of Viet Nam (BIDV) mentioned on the list.

The ranking acknowledged the strong development of the private sector this year. In 2007, when the first VNR500 ranking was announced, private firms accounted for only 20 per cent of the total. The number this year rose by 2.5 times, accounting for half of the enterprises in the ranking.

Truong Hai Auto Corporation lost its top spot among largest business private companies in Viet Nam this year to Vingroup, while Vinamilk was at third position on the list.

Several other big names were also ranked, such as FPT, Masan, Mobile World, Doji and Hoa Phat. Notably, newly privatised retailer Intimex advanced in the top places.

State-owned enterprises contributed the highest turnover among the three economic sectors. However, SOEs’ turnover was reduced from 59 per cent in 2016 to 52 per cent this year.

The increasing number of private companies and their turnover contribution on the VNR500 2017 partly reflected the Government’s efforts in improving business environment to facilitate all economic sectors as well as achievements in the privatisation process of SOEs.

The ranking this year continued to highlight key industries of the economy, including electricity, minerals, petroleum and finance, as well as food and beverage, and IT. The electricity sector contributed highest turnover on the list in the 2015-17 period.

The Top 500 Largest Enterprises list from the Revenue Ranking Board follows the Fortune 500 model. In its 11th year, the VNR500, this year, honours firms with outstanding achievements in 2017.

The award ceremony will be organised in Ha Noi on January 19, 2018. — VNS