The conglomerate, which has a 62.1 percent family shareholding, generated revenues of $5.6 billion in 2019 and employed 51,100 employees, according to the latest report from Family Capital, a U.K.-based online publishing company dedicated to the global family enterprise sector, in cooperation with consulting firm PricewaterhouseCoopers (PwC).

Run by the country's first billionaire, Pham Nhat Vuong, the group has reported a market cap of $15.5 billion as of March this year.

Vingroup is a conglomerate with the country's largest real estate operations and interests in retail, healthcare, education, automobiles, smartphones and electronics.

The annual ranking measured 750 family businesses in 55 countries and territories based on 2019 revenues.

In order to qualify for the ranking, the family or group of families would have to control at least 50 percent of the voting shares in a privately held company and at least 32 percent in a publicly listed company.

The 750 family businesses generated $10.3 trillion in 2019, up from $9.1 trillion in 2018; and they employed 33.6 million people, compared with 30.5 million in 2018.

The U.S. is still the number one nation for top family businesses, with 166 of its companies in the top 750, followed by Germany with 96.

Family businesses are a core economic factor in any country, including Vietnam.

The 100 largest family businesses contribute about 25 percent of the country's GDP, Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said recently.