PVN tops local enterprise revenue

The report, compiled by consultancy firm Vietnam Report (VNR), lists the 500 largest companies in Vietnam in terms of revenue in 2014.

This is the seventh consecutive year that PVN has taken the top position.

The runners-up are the Republic of Korea-invested firm Samsung Electronics Vietnam and Petrolimex, the main distributor of oil refinery products.

The total revenue of the top 10 businesses in the list was 110.33 billion USD.

Statistics from the report show that State-owned enterprises (SOEs) still hold a major position in the economy, as they account for 59 percent of the top 500 firms in terms of the total revenue.

In addition, the report says that 15 percent of the large businesses came from the minerals and petroleum sector, contributing 33 percent of the total revenue. It was followed by the power sector with 19 percent, and the finance and banking sector with 10 percent.

The report adds that the economic structure should be adjusted by reducing dependence on natural resources, and encouraging the manufacturing and information sectors.

VNR also says that foreign direct investment (FDI) businesses have improved their position in the economy as they contributed 22 percent of the total revenue in the list. Of these, Samsung Electronics Vietnam is the only FDI firm in the top 10 companies.

VNR's survey also reveals that the top 500 companies are confident about business results this year, as more than half of them expect higher revenue, profits, labour productivity and orders in comparison with last year.

More than 64 percent of the surveyed firms said that their production and business would be better this year; 28 percent predicted that the situation would be stable, while seven per cent said that it would be worse.

Notably, around 95 percent of the businesses forecast that the business operations next year will be stable and better than this year, especially in terms of turnover, profits and orders.

Most of the surveyed companies said that the restructuring in public investment and SOEs had not been effective, while that in finance and the banking sector was relatively effective.

Hanoi took the lead among the country's localities in attracting FDI firms, as it accounted for 45 percent of the total revenue. It was followed by HCM City with 21 percent and Bac Ninh province with 10 percent.

Investments from Samsung Electronics Vietnam and Nokia have made Bac Ninh province a locality that makes high contributions to the list.

More than 76 percent of the surveyed businesses said that the government should continue to help the macro-economy, especially by curbing inflation. This could help them provide exact forecasts on the business outlook, avoid financial risks and promote investment in the long-term period.

Top 10 companies in terms of revenue

1. The National Oil and Gas Group (PVN)

2. Samsung Electronics Vietnam

3. Vietnam National Petroleum Group (Petrolimex)

4. The Electricity of Vietnam (EVN)

5. Military Telecom Group (Viettel)

6. Binh Son Refining and Petrochemical Company

7. Vietnam Posts and Telecommunications Group (VNPT)

8. PetroVietnam Oil Corporation (PV Oil)

9. The Vietnam National Coal, Mineral Industries Holding Corporation Limited (Vinacomin)

10. The Vietnam Bank for Agriculture and Rural Development (Agribank).