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Vietnam’s 500 biggest businesses in 2008 announced   2008-11-25 - Viet Nam Net

VietNamNet newspaper and Vietnam Report Company on November 25 released the 2008 list of the 500 biggest businesses in Vietnam, the VNR500.


Nguyen Anh Tuan, VietNamNet Editor in Chief, seventh from right, and Prof John Quelch, the next, at the launching ceremony for the VNR500 Club

This year, the VNR500 has been compiled based on the database developed and updated by Vietnam Report and statistics provided by relevant agencies, including the General Statistics Office and General Department of Customs. The figures were updated through December 31, 2007. The rankings of enterprises were determined based on turnover.


Besides VNR500, which honours the 500 biggest enterprises in Vietnam, no matter state-owned, foreign-invested or private, Vietnam Report has also released a list of Vietnam’s 500 biggest private-run businesses. In order to be eligible to be considered for this list, enterprises must have the private capital of at least 51%.


In order to be considered for the VNR500, businesses need to have the minimum turnover of VND800bil, and in order to be considered for the list of biggest private-run businesses, enterprises need to have the turnover of VND300bil at least.


The detailed information and the lists are available at


Top 10 businesses of VNR500





The Vietnam National Oil and Gas Group (PetroVietnam)


The Vietnam National Petroleum Corporation (Petrolimex)


The Electricity of Vietnam (EVN)


The Vietnam Coal and Mineral Industries Group (Vinacomin)


The Vietnam Post and Telecommunication Group (VNPT)


Petrolimex Saigon


The Vietnam Shipbuilding Industry Group (Vinashin)


The Vietnam Textile and Garment Group (Vinatex)


Vietnam Airlines Corporation


Honda Vietnam


According to Vu Dang Vinh, CEO of Vietnam Report, more than 1,200 files and sets of documents were sent to the VNR500 organising board for reference in determining rankings. Vinh said this should be seen as a good sign, showing that the business environment in Vietnam is marching towards transparency to come in line with international practice.


The 2008 VNR500 shows some several outstanding features:


First, the VNR500 demonstrates the domination of the state-owned economic sector. Economic groups and general corporations have been playing the key role in Vietnam’s national economy. State-owned corporations have high rankings and account for more than half of the enterprises on the list.


Second, the VNR500 shows the big changes of Vietnam’s economy. 21.5% of businesses in the 2007 VNR500 are not in the 2008 VNR500.


Third, the 2008 VNR500 reflects changes in the rankings of businesses in the fields of oil and gas, fuel, gold, steel, seafood and real estate due to the fluctuations of domestic and international market prices.


Fourth, the private economic sector, though having obtained encouraging results, is still not strong enough. They account for 24% of total businesses on the list of the top 500 businesses.


The VNR500 is the result of the survey scientifically conducted by Vietnam Report with the consultancy of domestic and international experts, led by Prof John Quelch, Associate Dean of Harvard Business School.


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