40 most valuable companies in Vietnam: constants and new faces

July 05, 2017 | 10:54
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The 40 most valuable companies in Vietnam have a total revenue of $5.4 billion, which is a 20 per cent increase compared to 2016. This is the second time in a row that Vinamilk tops the list, with a brand value of $1.7 billion. The lowest ranked company on the list is LocTroi, with a value of $13.1 million. 
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All information comes from Forbes Vietnam.

In terms of industrial sectors, companies of the consumer goods sector remain at the top, followed by the banking and finance sector. Information technology ranks third with three representatives.

This year, there are brand new companies on the list, such as Quang Ngai Sugar JSC, Petrolimex or Vietnam National Petroleum Group, Saigon Tourist Travel Service Company, and LocTroi Group.

40 most valuable companies in Vietnam: constants and new faces

The two brands following Vinamilk are Viettel and Vingroup, with brand values of $846.9 million and $299.3 million.

The results are based on Forbes’ rating methodologies, assessing how much the brands help businesses generate more revenues. The most valuable brands belong to the companies with the highest revenues in their respective industries.

After establishing a list of 80 branded companies, Forbes Vietnam along with Vietnam Capital Securities (VCSC) calculated revenue before tax, and evaluated the companies’ intangible assets. Information was gathered from companies’ financial reports as well as data available on stock markets. Unlisted companies have also provided financial documents to Forbes for assessment and evaluation.

Brand valuation is determined by how much a brand can contribute to business success in each industry. Final brand values are based on the average Price-Earnings Ratio (P/E) of each industry. It is measured by current share prices over per share earnings. The higher the P/E rate the more overvalued the brand is. To evaluate the brands of unlisted companies, Forbes Vietnam compared companies of the same size within the same segment and industry.

Because this method requires transparent financial data, Forbes is not capable of producing a solid basis for brand valuation of many private companies and state owned enterprises.


40 most valuable companies in Vietnam: constants and new faces

Vinamilk maintained its role as the most prominent player in the Vietnamese milk industry. In 2016, the total revenue of the company was $2.1 billion, as published in the minutes of the company’s shareholders’ meeting in 2016.

Profit before tax reached $494 million and profit after tax reached $411 million. Vinamilk aspires to increase total annual revenue to $3.5 billion by 2021, with an expected annual growth rate of 10 per cent.


Viettel ranks amongst the top telecommunications providers in Vietnam, with a total revenue of $11 billion in 2015, a 13 per cent increase compared to the revenue in 2014. Profit before tax was $2.2 billion and its return on equity was 41 per cent.


40 most valuable companies in Vietnam: constants and new faces

Vingroup Joint Stock Company is one of the largest listed companies in Vietnam, with a focus on property, hospitality and entertainment, and consumer retail.

Based on Vingroup’s financial reports, its total revenue by 2016 has reached $2.5 billion. Its gross profit has reached $765 million in 2016, while profit after tax was $154 million.

By By Hong Phuc

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