The companies in the top 500 fastest-growing companies in Vietnam (FAST500) in 2023. (Photo courtesy of the organiser)

Speaking at the ceremony, Nguyen Van Ba, Editor-in-Chief of VietNamNet said in 2023, Vietnam is entering a new development phase with many challenges and opportunities. The global economic and political situation has been complicated, posing many challenges for businesses’ development.

However, with political stability and the Government's efforts in promoting economic reform, Vietnam is one of the bright spots in the region and the world. GDP in the first quarter of 2023 increased by 3.32% over the same period last year, maintaining an appropriate growth rate in the context of the general difficulties of the world economy when many countries were in recession.

According to the WB’s forecast, Vietnam’s GDP could reach 6.5% this year. The economy has benefited from free trade agreements and attracting FDI. In addition, the Government has been implementing solutions to support businesses and promote domestic production.

The business community plays a huge role in economic growth and sustainable development. In particular, firms with stable growth rates and pillars in key industries make an important contribution to the country’s development by creating jobs, attracting investment, and contributing to the State budget.

“The annual announcement of FAST500 recognises and honours businesses’ achievements in production and business activities. In addition, this is an opportunity for firms to exchange and seek business opportunities,” he added.

These are firms with good business performance, based on the main criteria of double revenue growth and social responsibility.

In addition, this year's Top 10 list are all key players in industries that have many achievements in providing products to customers, showing solid bravery with stable financial capacity, and good resilience in the face of difficult market context.

According to a survey by Vietnam Report, 81.3% of enterprises reported still having revenue growth momentum in 2022 and about 70% recorded increased profits compared to the previous year, of which more than half achieved profit growth of over 75%.

However, the growth rate of revenue and profit in the period of 2021-2022 was lower than that of 2020-2021.

Many representatives in FAST500 believed that the success of businesses is being able to maintain stable operations in a year full of fluctuations and unexpected risks.

Despite many concerns about an uncertain future, FAST500 businesses keep positive expectations. In particular, the outlook for the world economy would improve in the second half of 2023 when concerns about inflation are cleared and central banks reach the end of the tightening policies.

In addition to the Top 10 fastest-growing companies in Vietnam in 2023, the organiser also announced the Top 10 Real Estate Companies and Top 10 Building Material Companies.

FAST500, launched in 2011, is based on the compound annual growth rate (CAGR) in terms of revenue and business performance. Other criteria such as total assets, after-tax profit, and companies’ prestige on the media are also taken into account to identify their scale and stature in the industries they operate in./.