PVN, PV GAS honored in Vietnam Profit500 Ranking in 2018

15:46 | 15/01/2019 Companies

(VEN) - The Vietnam Report Joint Stock Company (Vietnam Report) has announced the Profit500 Ranking, which listed the 500 most profitable companies in Vietnam in 2018. The event aimed to honour enterprises that are profitable, have potential to become key pillars of the Vietnamese economy.

pvn pv gas honored in vietnam profit500 ranking in 2018
A representative from PV Gas receives the certificate taking top 5 of the Profit500 Ranking

The top 10 of the Profit500 Ranking are The Vietnam Oil and Gas Group (PetroVietnam), The Viettel Military Industry and Telecoms Group, Samsung Electronics Vietnam, Honda Vietnam, PetroVietnam Gas Joint Stock Corporation (PV Gas), Vietnam Dairy Products Company (Vinamilk), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Hoa Phat Group, Vietnam Joint Stock Commercial Bank for Industry and Trade (Viettinbank) and Vingroup.

Thus, PetroVietnam and PV Gas ranked the first and fifth position of the Profit500 Ranking respectively. Fluctuations of crude oil prices and efforts to overcome many challenges were the main reasons for PetroVietnam and PV Gas to obtain impressive business results in 2017 and the first half of 2018 (key factors that made the Profit500 Ranking).

Business results in the first 6 months of 2018 showed that PV Gas exceeded all of its targets, including revenue increasing by 12% and post-tax profit up 30% year-on-year. With these outstanding results, PV GAS was rated higher than Vinamilk, only below under PVN, Viettel, Samsung and Honda.

pvn pv gas honored in vietnam profit500 ranking in 2018
Representatives from PetroVietnam and PV Gas at the honoring ceremony

According to the Vietnam Report’s survey, the average pre-tax profit of the top 500 most profitable companies in 2017 grew more than 65% from 2016. The ranking was conducted with the desire to improve the reputation and brand of the businesses, support businesses in attracting resources, approaching new business opportunities through building trust of partners, investors, helping businesses improve competitiveness and sustainable development in the current context of Vietnam's international economic integration.

Besides, Vietnam Report also announced the top 10 most prestigious companies in the food and beverage industry and top 10 most prestigious retailers in 2018. All the 3 rankings of Vietnam Report recorded achievements. of companies that are efficient, experienced and well-known brands that left good impressions on consumers, contributing positively to those sectors as well as the Vietnam’s socio-economic development in the 2017-2018 period.

pvn pv gas honored in vietnam profit500 ranking in 2018
Top 30 Vietnamese enterprises at the ceremony

Also in this event, Vietnam Report released the bilingual report Vietnam Earnings Insight 2018 themed “Profit trends by economic sectors in 2018-2019". According to survey results of enterprises, most enterprises gave positive assessments on the efficiency of the State’s macroeconomic management in curbing inflation, adjusting exchange rates and accessing information and legal documents. Specifically, more than 97% of enterprises rated good to very good about maintaining economic stability and improving the investment and business environment in Vietnam in the first 9 months of 2018. However, they were not satisfied about 3 issues, including the effectiveness of administrative services, infrastructure and land access. Businesses are currently promoting investment, focusing on developing high quality human resources to meet urgent requirements of the era.