22:18 (GMT +7) - Wednesday 19/12/2018

Vietnam Today

PetroVietnam tops Profit500 Ranking

Released at: 13:53, 01/12/2018

PetroVietnam tops Profit500 Ranking

Photo: enternews.vn

Vietnam Report's Profit500 Ranking lists 500 most profitable companies.

by Linh Chi

The Profit500 Ranking, which lists the 500 most profitable companies in 2018, was announced in Hanoi on November 29 by the Vietnam Report JSC.

Topping the list was the Vietnam Oil and Gas Group (PetroVietnam), followed by the Viettel Military Industry and Telecoms Group, Samsung Electronics Vietnam, Honda Vietnam, the PetroVietnam Gas Joint Stock Corporation (PV Gas), the Vietnam Dairy Products Company (Vinamilk), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Hoa Phat Group, the Vietnam Joint Stock Commercial Bank for Industry and Trade (Viettinbank), and Vingroup.

In the first ten months of 2018, PetroVietnam’s total revenues reached VND499.5 trillion ($21.47 billion), 21.1 per cent higher than the target and up 23.6 per cent year-on-year, according to a report from the Vietnam News Agency.

The group contributed VND90.9 trillion ($3.9 billion) to the State budget in the period, 23.2 per cent higher than the yearly target.

Enterprises in construction, building materials, and real estate accounted for 14.8 per cent of those on the list, electricity 12.8 per cent, finance 11.2 per cent, and food, beverages and cigarettes 10.4 per cent.

According to Vietnam Report’s survey, the average pre-tax profit of the top 500 most profitable companies in 2017 grew more than 65 per cent against 2016. The sectors with the highest return on asset (ROA) and return on equity (ROE) were telecommunications, information technology, pharmaceuticals, healthcare, transportation, and food, beverages and cigarettes.

The survey found most business insiders (51.4 per cent) expect technology to remain the leader in attracting investment, followed by construction and real estate (40 per cent) and retail (34.3 per cent).

In the Profit500 Ranking, the companies with the highest average pre-tax profits are in telecommunications, information and technology and have potential to show stable growth profit indicators.

While the world is moving towards Industry 4.0, the application of technology in Vietnamese businesses remains in its early stages due to a lack of capital, infrastructure, and a skilled workforce, the survey noted.

Businesses expect Industry 4.0 to help cut their costs, optimize efficiency, and increase market share.

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