11:12 | 04/12/2019 Companies
(VEN) - The Vietnam Oil and Gas Group (PVN) has been voted the country’s most profitable business, topping the 2019 Profit500 list of leading Vietnamese firms for the second year in a row.
A representative of PV Gas receives the Profit500 Ranking certificate
The announcement was made at a November 6 ceremony held by the Vietnam Report Joint Stock Company (Vietnam Report) and the online newspaper VietNamNet. PVN subsidiary PetroVietnam Gas Joint Stock Corporation (PV Gas) ranked sixth.
The Profit500 list aims to improve business reputation and brand, support businesses in attracting resources and approaching new business opportunities by building the trust of partners and investors, while helping businesses improve competitiveness and drive towards sustainable development.
In addition, Vietnam Report announced the top 10 most prestigious companies in the food and beverage industry and top 10 most prestigious retailers of 2019. The ranking criteria include efficiency, experienced, reputable brand names, and positive contribution to sectors as well as to Vietnam’s socioeconomic development in the 2018-2019 period. Vietnam Report also released the bilingual report “Vietnam Earnings Insight 2019”, themed “Profit trends by economic sectors in 2019-2020”.
Increasing profitability is the basic and indispensable goal of businesses that seek to survive and develop. The development of globalization and the instability of the world economy have posed growing challenges for Vietnamese businesses, even as they seek to attract foreign investors. In addition to profitability, domestic firms must therefore keep up with market trends, compete with experienced rivals, and exceed the threshold of sustainable profit growth.
Evaluating the business and investment environment in the first nine months of this year, many participants at the event agreed that reform and innovation efforts have had positive results, as reflected in indicators of macroeconomic management, capital assessment, and tax administration.
|A ceremony to announce the Profit500 2019 list drew the participation of leaders and former leaders of the Ministry of Information and Communications, representatives of international organizations in Vietnam, domestic and foreign experts, business representatives, and media agencies.|