According to news from Vietnam Report Joint Stock Company, this agency has just announced the Top 500 Fastest Growing Enterprises in Vietnam in 2024 (FAST500).
Source: Statistics from FAST500 Ranking from 2020 to present, conducted by Vietnam Report.
The event marks a 14-year journey of searching, recognizing and honoring the worthy achievements of businesses with good business performance, based on key criteria such as compound annual growth rate (CAGR) in revenue, total assets, equity, pre-tax profit and business reputation in the media...
This year, the top 10 companies on the list are Binh Thuan Plastics Group Joint Stock Company, HD Securities Joint Stock Company, Tien Phong Securities Joint Stock Company, Imedia Technology and Services Joint Stock Company, SOL E&C Construction Investment Joint Stock Company, Vitadairy Vietnam Dairy Joint Stock Company, Taseco Real Estate Investment Joint Stock Company, Stellapharm Joint Venture Company Limited, CNC Technology Solutions Joint Stock Company and Bee Logistics Joint Stock Company.
Also within the framework of announcing the FAST500 Ranking in 2024, Vietnam Report conducted a survey of enterprises to outline the overall growth picture of Vietnamese enterprises, the most important factors contributing to the growth of enterprises in the past year and the business's operational orientations in the coming time. Accordingly, more than half of the achievements in 2023, equivalent to 51.7% of enterprises, said they did not complete the annual revenue plan; 46.7% of enterprises did not reach the profit target in 2023.
On the contrary, the rate of enterprises completing and exceeding the plan in both indicators is lower than in the 2021-2022 period. Notably, the rate of enterprises with declining revenue and profit increased nearly double and one and a half times compared to the same period.
According to Mr. Vu Dang Vinh, General Director of Vietnam Report, after a difficult period, restoring market confidence and first of all, the confidence of businesses themselves is not easy; especially in the context of continuing difficulties, businesses' ability to stay in the market has also become a big challenge.
In the two months of 2024, the number of enterprises withdrawing from the market exceeded the number of enterprises entering and re-entering the market; of which, the number of enterprises temporarily suspending business was more than 49,000, an increase of 27.1% over the same period in 2023. This proves that many persistent challenges have forced many enterprises to stop production and business to wait for new opportunities.
Although the overall picture is still grey and cannot be eliminated overnight, the positive point is that the level of optimism among businesses has somewhat improved.
According to the survey results conducted by Vietnam Report in the first two months of 2024, the economic outlook was assessed by businesses at 3.5/5 - a positive level compared to 2023.
Meanwhile, the outlook for the business itself is rated more optimistic at 3.8/5. Business optimism can create a positive cycle, accompanied by a spirit of willingness to face challenges and seek opportunities in all situations, demonstrating the confidence and adaptability of the business in a difficult business environment.
Furthermore, signs of recovery, although slow and uneven, have gradually appeared in a number of sectors and industries.
GDP growth rate tends to increase gradually over the quarters while exports, although down 4.6% last year, in the last quarter of 2023 alone, this sector recovered nearly 8.8% over the same period.
According to the survey results, the growth scenario of 5-5.5% is the scenario chosen by the most businesses with a voting rate of 31.6%.
This scenario is lower than the average GDP growth rate in the pre-COVID-19 period, but significantly higher than the global growth rate in 2024 according to the International Monetary Fund's forecast published in January 2024 of 3.1% and the World Bank's forecast of 2.4% at the same time.
Assessing the negative impacts on economic growth in 2024, Mr. Vinh analyzed that the world economy will not be in recession but growth will slow down. International organizations also share this view when forecasting that international economic growth in 2024 will be slower than in 2023.
The estimate is likely to be 2.4%, slower than the 2.7% in 2023 and lower than the 3% average in the 10-year period before the COVID-19 pandemic from 2011 to 2019. This creates significant risks to export markets, international investment and tourism.
In addition, international trade may lose its growth momentum. Mr. Vinh said that in 2024, import and export activities will still face many risks and are difficult to predict.
The trend of trade protectionism is becoming more prevalent, many countries have measures to bring investment back to their home countries with trade barriers to protect and promote domestic production.
Global trade growth is expected to recover to 2.4% in 2024 but will likely remain well below the pre-pandemic trend of 3.2%. Meanwhile, global fragmentation and geopolitical tensions continue, creating new risks of disruptions to supplies and goods.
In addition, there is pressure on bond maturity in 2024. Thanks to the efforts of the regulatory agency, the corporate bond market has been gradually improving since the second half of 2023.
However, the pressure on the market in 2024 is still very large when the volume of corporate bonds due to mature this year has peaked with a total maturity value of nearly VND 279,219 billion; most of which are real estate bonds with the figure of VND 115,663 billion, equivalent to 41.4%.
This could increase liquidity pressure for businesses, create financial pressure and affect business restructuring and plans.
Therefore, in 2024, businesses will really need to focus all resources, business goals and cost-cutting measures to strongly promote production and trade to compensate for market difficulties, Mr. Vinh recommended./.
According to VNA
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