Vietnam Report JSC and online newswire VietNamNet co-hosted a ceremony on October 22 in Hanoi in order to unveil the Top 500 most profitable enterprises in Vietnam (Profit500), along with the leading 10 most reputable companies in the food, beverage, retail, and packaging sectors for this year. 

At the award ceremony (Photo: haiquanonline.com.vn)

Among the Top 10 most profitable enterprises this year were Vietnam Oil and Gas Group, Samsung Electronics Vietnam Thai Nguyen Co, Ltd, the Military Industry-Telecoms Group (Viettel), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Honda Vietnam.

They were joined by Vingroup, PV Gas Vietnam, the Bank for Agriculture and Rural Development of Vietnam (BIDV), and Vietnam Dairy Products Joint Stock Company (Vinamilk).

Each of the recognized businesses have proved to be both effective and sustainable in the face of challenges brought about by the novel coronavirus (COVID-19) pandemic, while also maintaining a firm foothold in their sectors, therefore serving as pillars for the future development of the Vietnamese economy.

In this year's Profit500 rankings, a number of industries continued to record high numbers of businesses. Most notably, construction and real estate made up 23.9%, finance comprised of 11.6%, food and beverages with 10.9%, and electricity with 6.3%.

The event also saw Vietnam Report publish a bilingual report titled "Vietnam Earnings Insight 2020", with a focus placed on restructuring and recovering growth momentum as the nation moves into the new normal period following the successful containment of COVID-19.

The report details how the Vietnamese economy recorded a growth rate of 2.12% during the opening nine months of the year, the lowest level compared to the same period throughout the 2011 to 2020.

Despite this, the report outlines how amid challenges brought about by COVID-19, securing a positive growth rate can be considered a strong achievement for the local economy.

Furthermore, there is also information regarding the challenges faced by Vietnamese businesses within the report, as domestic firms battle to maintain production and business activities, in addition to ensuring social safety regulations while developing a suitable operating system in line with market trends.