70 Vietnamese firms among ASEAN's Top 500

June 28, 2024 | 19:54

(0) user say

70 Vietnamese businesses have been listed on the first-ever Southeast Asia Fortune 500 list, which operate in various sectors of the economy, most notably banking, energy, services, and production.

70 Vietnamese firms among ASEAN's Top 500

The list, based on revenues for the fiscal year 2023, was unveiled in the June edition of Fortune magazine and includes corporations from Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia.

Vietnam ranks fifth in terms of the number of companies listed, following Indonesia, Thailand, Malaysia, and Singapore.

"This list reflects a dynamic and fast-changing region, one that boasts a GDP of $4 trillion, and one whose core economies are growing notably faster than those of Europe or the United States," said Clay Chandler, executive editor for Asia at Fortune.

Among Vietnam's entries, 28 of them are based in Hanoi and 25 in Ho Chi Minh City. The biggest Vietnamese business listed by Fortune is the Vietnam National Petroleum Group, which is ranked 23^rd, with revenues of $11.5 billion.

Among the five largest Vietnamese enterprises highlighted by Fortune, three are in the banking and finance sector, including Agribank (37^th), BIDV (39^th), and Vietinbank (48^th).

The PAN Group has been recognised as Vietnam's largest producer in the agriculture and food sector, with a net revenue of $554 million last year. With a focus on high-end segments and highly processed products, the group was able to surpass its profit targets last year.

The company's key products include rice, shrimp, fish, cashews, coffee, and agricultural chemicals, and are widely distributed across Vietnam, with over 200,000 points of sale. Additionally, these products are exported to more than 40 countries, with key markets including Japan, Europe and the US.

Nguyen Thi Tra My, CEO of The PAN Group, said, "The opportunities ahead are significant as the group has developed sustainably and built a strong reputation over the past decade. The accumulation of expertise and resources over many years now presents numerous growth opportunities."

The PAN Group is also notable for its sustainable development projects in the Mekong Delta. This commitment to sustainability has enabled the group to access domestic and international green and preferential funding sources. A notable example is the agreement with Standard Chartered Vietnam, signed during COP28 in Dubai.

Out of the top 500 companies in Southeast Asia, only 6 per cent have female presidents or CEOs. The fact that five of those 30 female leaders are from Vietnam suggests that while there has been some progress, women are still significantly underrepresented in the region's highest levels of corporate leadership.

The report highlights that the female leaders identified have demonstrated strong performance in areas like corporate governance, profitability, and community and social impact.

Meth seizures hit record in East Asia, Southeast Asia in 2023

The United Nations Office on Drugs and Crime (UNODC) on May 28 published a report showing that 190 tonnes of methamphetamine was seized in East and Southeast Asia in 2023, a record level.