On April 24, in Hanoi , Vietnam Report Joint Stock Company (Vietnam Report) in collaboration with VietNamNet Newspaper held a ceremony to announce the Top 500 Fastest Growing Enterprises in Vietnam (FAST500), Top 10 and Top 5 Real Estate - Construction - Building Materials Companies in 2024.
The event aims to recognize and honor the outstanding achievements and significant efforts of the Vietnamese business community during the recent turbulent period, while creating momentum for development in the new period.
Specifically, the Top 10 of the FAST500 Ranking includes names such as Binh Thuan Plastics Group Joint Stock Company, HD Securities Joint Stock Company, Tien Phong Securities Joint Stock Company, Imedia Technology and Services Joint Stock Company, SOL E&C Construction Investment Joint Stock Company, Vitadairy Vietnam Dairy Joint Stock Company, Taseco Real Estate Investment Joint Stock Company, Stellapharm Joint Venture Company Limited, CNC Technology Solutions Joint Stock Company and Bee Logistics Joint Stock Company.
This is the 14th consecutive year that the FAST500 list has been published to search for, recognize and honor the strongly developing enterprises of the Vietnamese economy - enterprises with good business performance, based on the main criteria of compound revenue growth rate and social responsibility.
In addition, the Top 10 and Top 5 lists this year are all key enterprises in the construction and real estate industry that have achieved many successes in providing products to customers, creating an impressive image in the eyes of the public and investors, demonstrating a strong will with stable financial capacity and good resilience when facing a difficult market context.
Mr. Vu Dang Vinh, General Director of Vietnam Report, commented that in the face of "headwinds", the production and business situation of Vietnamese enterprises has been somewhat gloomy in recent times due to the weakening of aggregate demand both domestically and internationally. Vietnam Report's survey results show that up to 51.7% of FAST500 enterprises said they did not complete their revenue plans, while 46.7% of enterprises did not achieve their profit targets in 2023. On the contrary, the rate of enterprises completing and exceeding the plan in both indicators is lower than in the period 2021 - 2022. Notably, the rate of enterprises with declining revenue and profit increased nearly double and one and a half times compared to the same period.
Meanwhile, after going through many ups and downs in 2023, although there are still many difficulties, the real estate - construction - building materials market is gradually improving. Vietnam Report's survey of real estate enterprises shows that last year, the three biggest driving forces contributing to business results were the company's reputation and brand in the market; a team of highly skilled, experienced, and disciplined personnel; and the review, reduction, and effective use of costs. Growth prospects in each segment are also differentiated: segments serving the needs of industrial development, real housing needs, and suitable for people's financial conditions will recover first; housing segments, luxury apartments, and resort real estate will recover more slowly.
Assessing the growth prospects of enterprises, the General Director of Vietnam Report said that the situation is unlikely to change overnight, but 2024 is expected to be a "buffer zone" for the market to gradually restore confidence, enterprises gradually conquer challenges, the driving forces leading to recovery are clearer and opportunities are recreated; in which, emphasizing the role of the Government and the flexible adaptability of enterprises themselves. According to enterprises, in 2024, economic growth will mainly rely on the "four-horse carriage" that will promote innovation, perfect the legal corridor, ensure institutional synchronization and the legal environment for economic development; stimulate domestic market consumption; increase public investment - quickly and effectively implement public investment capital, create spillovers to non-state investment and boost the export of goods and services.
Within the framework of the Announcement Ceremony, Vietnam Report researched and published a bilingual report on Vietnam Economic Growth in 2024 with the theme "Rebuilding competitiveness to seek growth opportunities". In addition to assessments of the prospects of the macro economy and businesses this year, the report updates on challenges, drivers of growth and promising industries in the coming time. In addition, the report also clarifies the trends and roles of different levers for businesses in the process of planning appropriate strategies, reaffirming their position in the market, as well as accelerating their transformation, ready to rebuild a new growth trajectory.
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