Vietnam’s Top 500 Enterprises in 2024: New Report Findings

Posted by Written by Vu Nguyen Hanh Reading Time: 5 minutes

A recently published report on Vietnam’s top 500 enterprises (VNR500) and 500 largest private companies in 2024 showcases which sectors are among key contributors to the country’s economic growth, suggesting improved prospects for businesses.


According to the Vietnam Report JSC, Samsung Electronics Thai Nguyen Co. Ltd. is the largest enterprise in Vietnam in 2024, followed by Vietnam Oil and Gas Group (Petrovietnam), Vietnam National Petroleum Group (Petrolimex), and Vingroup JSC. 

In addition to recognizing these leading companies, the report highlights sectoral developments, showcasing the growth and resilience of enterprises across Vietnam’s economy.

Top 10 of the 500 Largest Enterprises in Vietnam in 2024

Samsung Electronics Thai Nguyen Co. Ltd.

Vietnam Oil and Gas Group (Petrovietnam)

Vietnam National Petroleum Group (Petrolimex)

Vingroup JSC

Vietnam Bank for Agriculture and Rural Development (Agribank)

Bank for Investment and Development of Vietnam (BIDV)

Viettel Group

Vietnam JSC Bank for Industry and Trade (Vietinbank)

Binh Son Refining and Petrochemical JSC (BSR)

Vietnam National Coal and Mineral Industries Group (Vinacomin)

Source: Vietnam Report 2024

Top 10 of the 500 Largest Private Enterprises in Vietnam in 2024

Vingroup JSC

Hoa Phat Group

Mobile World Co. Ltd. (thegioididong.com)

Vietnam Prosperity JSC Bank (VPBank)

Masan Group

Doji Gold and Gems Group

Vietnam Technological and Commercial Joint- stock Bank (Techcombank)

Truong Hai Auto Corporation (THACO)

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank)

Vinamilk

Source: Vietnam Report 2024

Construction sector remains key economic growth driver

The industry-construction sector continues to be a crucial economic driver in Vietnam. According to 2024 VNR500 data, this sector remains dominant in terms of enterprise numbers, although total revenue saw a slight year-on-year decline of 0.7 percent. Another key growth area for Vietnam’s economy is the services sector, which reported a 13.7 percent increase in total revenue over the previous year. Financial enterprises led this growth, achieving an impressive revenue increase of 23.1 percent. In contrast, the agriculture-forestry-fishery sector faced challenges from declining orders in 2023, resulting in a 7.8 percent drop in total revenue by year-end compared to the previous year.

Sector-wise Vietnam’s Top 500 Enterprises in 2024

Business performance overview

Several top industries in the VNR500 ranking experienced notable revenue growth in 2023, including:

  • Finance (+23.1 percent)
  • Mechanical (+16.1 percent)
  • Food, Beverage, and Tobacco (+6.6 percent)
  • Construction (+6.4 percent)

In contrast, some sectors faced revenue declines due to weak consumer demand and stagnant exports, such as:

  • Retail (-7.5 percent)
  • Chemicals (-7.4 percent)
  • Minerals (-5.2 percent)
  • Electricity (-4.6 percent)

In terms of overall business performance, the average return on assets (ROA) and return on equity (ROE) for VNR500 enterprises decreased by 0.7 percent and 2.0 percent, respectively, compared to the previous year. Notably, the foreign direct investment (FDI) sector demonstrated better asset and equity efficiency than the other sectors. Similarly, the average return on sales (ROS) saw an overall decline of 0.2 percent, with the public and private sectors both experiencing drops of 1.9 percent and 2.4 percent, respectively. The FDI sector, however, saw a slight increase of 0.1 percent in ROS compared to the previous year.

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Optimistic outlook for businesses in Vietnam

The year 2024 is seen as a crucial milestone for Vietnam’s objectives under the 2021-2025 plan, with the government, businesses, and citizens working together to address challenges such as slow economic growth, geopolitical instability, and rising inflation following the prolonged pandemic.

On the macroeconomic front, Vietnam’s GDP grew by 6.82 percent in the first nine months of 2024, a significant improvement over the 4.40 percent growth rate during the same period in 2023. This strong recovery mirrors pre-pandemic growth trends, prompting the Ministry of Planning and Investment to target an annual growth rate of at least 7 percent. Foreign direct investment (FDI) registrations rose by 14.3 percent in the first ten months of 2024, and the industrial production index (IIP) increased by 8.3 percent. Moreover, Vietnam’s total import-export value reached approximately US$647.87 billion, up 15.8 percent, while international visitor numbers exceeded 14.1 million, a 41.3 percent rise from the previous year. These figures signal a positive trajectory for Vietnam’s economy and business environment.

A survey conducted by Vietnam Report revealed that a higher percentage of businesses reported improvements in sales, profits, and order volumes compared to the previous year. This growth can be attributed to rising revenues and reduced overall costs. Notably, 7.7 percent of businesses reported significant revenue growth, while 10.5 percent saw notable profit increases, surpassing the less than 5 percent reported in the previous year.

Ongoing challenges

Despite the positive outlook, significant challenges persist in 2024. The main concerns for businesses include:

  • Global economic and political instability (77.2 percent)
  • Industry competition (74.3 percent)
  • Rising input material costs (57.1 percent)
  • Slow global economic growth (51.4 percent)
  • Issues related to supply chains, logistics, and distribution (40.0 percent)

While Vietnam has moved past its most challenging phase and entered a recovery stage, geopolitical instability remains a global concern. Key challenges include:

  • Global supply chains: After recovering from the pandemic, global supply chains are once again disrupted by sanctions and transport route obstructions, leading to longer shipping times and higher freight costs.
  • Inflation: Prolonged global inflation has driven production input costs to new highs. However, there is potential for price stabilization as Vietnam and other countries work to curb inflation.
  • Exports: The IMF has downgraded its global growth forecast, from 3.3 percent in 2023 to 3.2 percent for both 2024 and 2025, suggesting that Vietnam’s export growth may not accelerate significantly without a major global growth boost.
  • Natural disasters: Beyond economic factors, climate change and natural disasters pose increasing risks. Vietnam recently suffered severe damage from Typhoon Yagi, which disrupted business operations and caused estimated losses exceeding VND 80 trillion (approx. US$3.16 billion). With the rising threat of natural disasters, businesses are advised to develop specific management strategies, including property insurance, stakeholder relations, and maintaining brand reputation with suppliers, customers, and investors.

Top 3 most promising industries in Vietnam

Vietnam Report’s survey identifies the top three industries with the greatest growth potential over the next 12 months, as perceived by enterprises:

  1. Information technology and telecommunications
    For the third consecutive year, this sector is regarded as the most promising, with 64.7 percent of enterprises recognizing its potential. The digital economy continues to expand, with Vietnam’s digital technology industry generating US$118 billion in revenue, a 17.78 percent increase year-on-year. Software and digital services alone contributed US$6.64 billion, marking a 9.86 percent rise. Strong government support and the vision to transform Vietnam into a tech hub for ASEAN further enhance its growth prospects.
  2. Transportation and logistics
    Ranked second with 41.2 percent of votes, this industry plays a vital role in the supply chain. Freight transport rose by 14.3 percent in the first 10 months of 2024, highlighting the need for improvements in logistics infrastructure. The widespread adoption of digital solutions is driving efficiency and cost reduction, while expanding free trade agreements are opening new market opportunities and fostering further growth.
  3. Electricity and energy
    This sector is critical for economic operations and ranks third due to rising energy demand. The shift toward renewable energy sources, such as solar and wind, aligns with Vietnam’s sustainable development goals. Government incentives and advancements in power systems are expected to strengthen this industry, making it a key contributor to economic growth and competitiveness.

Primary concerns of businesses

In 2024, the government and the State Bank of Vietnam’s market stabilization policies have yielded positive results, offering strong support to Vietnamese businesses and boosting the country’s appeal as an investment destination. To maintain this growth momentum, enterprises recommend several key actions:

  • Continued tax exemptions, reductions, or extensions for tax payments
  • Macro-economic stability and effective inflation control
  • Simplification of administrative procedures and business regulations
  • Improvement of infrastructure, particularly in logistics
  • Strengthening trade promotion activities

The Vietnam business community hopes that support policies and tax relief packages will persist. Furthermore, enhancing trade promotion is crucial to capitalizing on the preferential tax benefits offered by Free Trade Agreements (FTAs) and strengthening Vietnam’s position within global supply chains.

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