FAST500 reports shows health and vitality of private businesses

The report on Vietnam’s fastest growing enterprises (FAST500) was officially released on March 30, 2011. The report shows the health and vitality of the Vietnamese business community, especially private businesses.

The FAST500 report releasing ceremony took place in the morning of March 30 with the participation of Deputy Minister of Information and Communication Nguyen Minh Hong, the international marketing expert Professor John Quelch, now Dean of the China Europe International Business School CEIBS, former Associate Dean of Harvard Business School.

Managers of 60 enterprises, representing the FAST500 Club, attending the ceremony and received the FAST500 certificates directly from Deputy Minister Nguyen Minh Hong.

The impressive breakthrough made by retailers

The top five enterprises with highest growth rates include Nguyen Kim Trade Joint Stock Corporation, Sabeco Song Hau Trade Joint Stock Corporation, Dong A Joint Stock Company, The Gioi Di Dong Joint Stock Company, and Thien Quang Joint Stock Group.

Retailer Nguyen Kim has become the leader in the FAST500 thanks a very impressive growth rate of 673 percent. The retailer who ranked fourth in top 500, The Gioi Di Dong, has a high growth rate of 300 percent and it is now holding 10 percent of the mobile phone market share. Other enterprises, including Dong A, Thien Quang all have large distribution networks that cover many provinces and cities nationwide and have products exported to many markets, including the EU, Africa, Laos and Cambodia.

Le Thao Trang, Marketing Director of The Gioi Di Dong, said that the distribution chain’s total turnover in 2010 reached three trillion dong, increasing by 15 percent over 2009. The chain expects to obtain a turnover of six trillion dong in 2011.

“The reason that put The Gioi Di Dong into the list of the top five businesses with fastest growth rates is simply that in the last few years, we have been continuously expanding the market. The number of supermarkets has increased from 40 to 80 located in 30 cities and provinces. Besides, we have always paid attention to heighten the service quality,” Trang said.

Businesses should listen to consumers

While VNR500, the report on the 500 Vietnamese biggest enterprises, and V1000, the report about the 1000 biggest tax paying enterprises, show an overall picture about the scale and the contributions of Vietnamese enterprises to the national economy, FAST500 is considered the ruler that measures the dynamism and flexibility of Vietnamese enterprises.

The database that serves the ranking of FAST500 includes the figures and documents of the four-year business period (2006-2009) of enterprises. The noteworthy thing is that the business environment in the four years was rather complicated: Vietnam officially joined WTO, then witnessed a hot development period, and then witnessed economic downturn due to the global crisis, and it then it began a recovery process. Therefore, the enterprises listed in FAST500 can be seen as the enterprises with high vitality and flexibility.

Talking with FAST500’s enterprises, Professor John Quelch said that enterprises should consider consumers as their wives or their bosses, because if there is no customer, enterprises will have no turnover. Therefore, enterprises should listen to consumers and well understand them.

Congratulating FAST500’s enterprises, Deputy Minister Nguyen Minh Hong said FAST500 by VietNamNet and Vietnam Report makes new progress in accessing and ranking enterprises in Vietnam. The honor for fastest growing enterprises will create a new driving force that helps enterprises better themselves.

Deputy Editor-in-Chief of VietNamNet Pham Anh Tuan said that FAST500 will be released every year in the future in order to recognize and respect the achievements of the enterprises that have high and effective growth.-VietNamNet

Tags: Vietnam FAST500