Representatives from banks and companies are at the ceremony announcing the top ten companies in banking, insurance and technology in Việt Nam in 2023. — Photo courtesy of Vietnam Report

The Vietnam Report JSC in collaboration with vietnamnet.vn has announced the top 10 companies in banking, insurance and technology in Việt Nam in 2023.

The 10 banks honoured in 2023 are Vietcombank, VietinBank, Techcombank, BIDV, Military Bank, VPBank, ACB, AgriBank, TPBank, and VIB.

The most prestigious life insurance companies are Bảo Việt Insurance, Dai-Ichi Vietnam, AIA Vietnam, Prudential Vietnam, Chubb Vietnam, Generali Vietnam, Hanwha Life Vietnam, Cathay Vietnam, MB Ageas and Mirae Asset Prévoir.

The top 10 prestigious IT companies are Viettel, FPT, Việt Nam Post and Telecommunications( VNPT), Mobifone, CMC, VNPT-Vinaphone, Vietnam Technology and Telecommunication Joint Stock Company, Hanel Joint Stock Company, Việt Nam Maritime Communication and Electronics Company, and Tiến Phát Technology Joint Stock Company.

The annual rankings are based on independent research and assessment by Vietnam Report. The firms honoured in this year's lists are all effective, experienced, well-positioned and reputable representatives, making positive contributions to the overall development of the industry in particular and Việt Nam’s economy in general in recent years.

According to a survey by Vietnam Report, banks did not expect breakthrough growth in the second half of 2023. The industry outlook is forecast to be stable, with a growth rate of between 42 per cent and 44. 2 per cent compared to the survey results in 2022 and 2021.

However, opportunities coming from the State Bank's new policies such as flexible interest rate management, closely following market developments, and global digital transformation are expected to bring great impetus for banks to overcome difficulties.

For the insurance industry, headwinds in the market have had a strong impact, especially the series of cases related to insurance distribution channels through banks that have pulled down public confidence in the life insurance market.

The IT industry has made progress and continued to be a bright spot in Việt Nam's economy in 2022. But from the end of 2022 to the beginning of 2023, businesses in the industry are affected by weak demand due to the risk of world economic recession and inflationary pressure.

To maintain growth in the current difficult context, businesses need to maintain their development goals and come up with balanced and comprehensive action strategies around technology and process issues and people such as improving competitiveness compared to other technology competitors and enhancing training of high-quality human resources. — VNS