UP TO 83.3% OF FAST500 FIRMS OPTIMISTIC ABOUT 2022 OUTLOOK

Some 83.3 percent of the 500 fastest-growing companies in Vietnam (FAST500) are optimistic about the outlook and growth opportunities of the domestic market this year, given that the economy is on course to recover to the pre-pandemic level, according a recent survey conducted by Vietnam Report.

Some 89.2 percent of them are planning to expand business while 86.5 percent said they have contingents of highly-qualified, experienced and disciplined personnel, the survey shows.

About 67.6 percent of the survey companies are confident about their competitive edge as they boast good relations with partners and customers, and high-quality and competitive-priced products.

Around 62.2 percent show changes in their awareness of the strong wave of digital transformation in all areas, and that they must have clear visions and business strategies to catch up with the market trends.

FAST500 firms give priority to six strategies to deal with growth challenges. About 91.9 percent of them plan to ramp up personnel training, 83.8 percent will focus more on sales promotion, 67.6 percent want to accelerate digital transformation, 56.8 percent are committed to ensuring employment, wages and benefits of their workers, 48.6 percent aim to strengthen their risk management system, and 37.8 percent plan to step up cooperation and investment in the near future.

The survey also reveals that FAST500 expects this year, the government will continue stabilising the macro-economy, keeping inflation under control, expanding trade promotion, launching more support packages and accelerating public administrative reforms, so as to facilitate their business activities.

They also hope that government will build a better business environment and help unleash more potential resources to provide momentum for sustainable growth.

FAST500 was announced last week based on independent research and assessment of Vietnam Report JSC. It complies with international standards and was drawn up in consultation with domestic and foreign experts.

The FAST 500 rankings are also based on international standards, including the models of the Inc 500, Fortune 500 and Deloitte 500.

The performance of the companies was calculated by the CAGR on revenue and also based on criteria such as total assets, the number of workers, after-tax profits and prestige in the media.

This year, Hung Thinh Land JSC, MB AGEAS Life Insurance Company Limited and Tin Viet Finance JSC topped the list.

Source: VCCI